Influencia del Gobierno Corporativo en las Empresas Familiares en su comportamiento contable - financiero, en crisis económicas y /o sanitarias: Ecuador, periodo 2020

Abstract

The study focuses on identifying the factors that make up the capital structure in Family Businesses, for those companies that are not listed on the Stock Market, from the initial generation - founding partner, to the following generations, where the perspectives are not the themselves. Each generation has different arguments regarding financing and dividend payment policies. We present alternative solutions for financial issues in Family Businesses, their impact, entrepreneurial performance and the creation of trans-generational wealth through finance; The literature regarding capital structure and models that shed light on Corporate Governance in investment and financing decision-making is studied. The study shows the different peculiarities of Family Businesses, which demonstrate the particularities and preference for one type of capital structure to the detriment of others. Small and medium-sized companies that present a Corporate Governance with healthy control and execution practices, present agile and lasting changes, better processes, a stable governance structure, the actors know their roles and responsibilities, pursue a family protocol and family discipline is predominant . If the medium and large family businesses with owners within the Board of shareholders, present a lost element, growth has stopped, and it is here that the entrepreneur or managing director can make a significant contribution and cause the growth of the Company family.  Finally, we have identified the exogenous risk factors that impact its performance; and if these factors affect the micro, small and medium family businesses differently according to their activity.