This study seeks to identify the effects of the mandatory dividend in determinants of companies listed on the BM&FBovespa to pay dividends, demonstrating that the methodology proposed is a step forward in the pursuit of these determinants, mirroring the reality of actual willingness to pay. To accomplish this was used a tobit model with instrumental variables, separating the sample into three groups: the Complete Sample, ABOVE group and MINIMUM group. In total, were analyzed 1531 dividend distributions from 2007 to 2013. It was found that there is strong empirical evidence that companies paying dividends above the mandatory feature different determinants of those who only pay this. Thus, the existence of companies in the sample who pay only the mandatory dividend influence on the regression coefficients, resulting in significant biases for dividend determinants in Brazil. Because companies that pay above mandatory are the real makers of the decision to pay dividends, as companies only pay the mandatory simply comply with the legislation.

This paper presents and discusses the contributions and usage of GetDFPData, which is an open and free software for accessing corporate data from the Brazilian financial exchange, B3. The distribution and popularization of an open-source algorithm for gathering and managing financial data can improve finance research and practice in two ways. First, it increases the number and quality of research in accounting and corporate finance. Secondly, it provides retail investors with reliable data that may help their allocation decisions. Initially, we analyze the use of this kind of data in a list of recent publications to show the relevance of financial reports and corporate events data for research in the fields of accounting and finance. Finally, we illustrate the use of GetDFPData in large-scale research, an empirical and reproducible example of a corporate finance study.

Purpose This study aims to intend to check if female board representation affects performance and risk and to analyse the evolution of the demographic aspects of the presence of women on boards in Brazil. Design/methodology/approach The authors used a sample of 150 Brazilian publicly traded companies from 2010–2018, with different measures of firm performance, firm risk and women’s presence on the board. The study approach is based on a set of ordinary least squares, quantile and panel data regressions. Findings The presence of women on the board has a positive effect on all of our accounting and market performance measures. However, the result of the impact on risk is not conclusive. The study also found that the number of females on the board has a more significant effect at the lower levels of firm performance measured by return on equity, but at the higher levels when measured by Tobin’s Q. Regarding return on assets, the more significant effect happened on the extremes of the performance distribution. The study findings point that market investors place more value in female presence on the board than in director positions. Originality/value By estimating the impact of women’s presence on the boards of directors in firm performance and risk, this study aimed to verify this impact in different aspects of the company. In addition, the authors did so in a sample with many years, making it possible to evaluate the historical evolution of the feminine presence in the boards of administration as well as in the groups of directors, assisting Brazilian legislators with new evidence about the possible impacts of Draft Law 7179/2017.

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Cooperative organizations face problems with the opportunistic behavior of their members, such as the "free-rider problem". To mitigate this problem, cooperative governance systems develop strategies that aim to maximize the economic gains of cooperative members through investments in technical assistance programs. The purpose of our research is to verify if the participation in the technical assistance program increases the probability of loyalty of dairy cooperative members. To this end, we developed an econometric model with logistic regression, using secondary data extracted from the Programa Gerencial Leite. The program is developed by the cooperative system of the State of Rio Grande do Sul in Brazil and comprises 24 cooperatives. The collected data are longitudinal and include the commercial milk transactions carried out between cooperative members and cooperatives during the years 2014 to 2018, totaling 10,548 cooperative members and 28,765 observations collected and analyzed during this period. Our results indicate that participation in the technical assistance program offered by the cooperative governance increases the probability of loyalty of dairy farmers.