Os Fatores Determinantes do Pagamento de Dividendos: o Efeito do Obrigatório Mínimo Legal e Contratual nas Empresas Brasileiras

Vancin, Daniel Francisco; Procianoy, Jairo Laser

doi:10.12660/rbfin.v14n1.2016.53448

Cited by 13 publications

(37 citation statements)

References 17 publications

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“…In a recent paper, Vancin and Procianoy (2016) find that the legislation has an important role in the determinants of dividend policy. They find that there is strong empirical evidence that companies paying dividends above the legal mandatory level present different determinants from those that only pay the minimum level.…”

Section: Previous Empirical Evidence On Dividend Policy In Brazilmentioning

confidence: 99%

Taxation, corporate governance and dividend policy in Brazil

Zagonel

Terra

Pasuch

2018

RAUSP

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Purpose-This study aims to analyze the influence of taxes and corporate governance on the dividend policy of Brazilian companies. Design/methodology/approach-The authors identify the changes of the tax legislation in Brazil in the period 1986-2011 and check their effect on corporate dividend policies for preferred and common shares. The authors use panel data Probit and Tobit estimation to verify the probability of companies to pay dividends under different tax regimes. The final sample comprises 672 companies, 1,159 traded stocks and 30,134 observations Findings-The authors' results suggest that changes in the tax legislation have a significant influence on dividend payments. Also, firms do not follow target payout ratios, but dividends are moderately dependent on past payments. Dividend payouts are affected by stock voting rights, privatization and dividend deductibility. Changes in regulation that reduce the agency problems among shareholders affect positively payout ratios. Practical implications-For managers, maximizing shareholders' value requires taking into account the consequences of the taxation when designing financial policies for the firm. For investors, stock portfolio selection should take into account payout behavior and how changes in dividend taxation affect stocks' value. For policymakers, the effects of changes in the tax code on corporate behavior are of utmost importance to stimulate private investment and economic growth. Originality/value-There are several tax law changes in Brazil within the period analyzed, creating a good opportunity to study the effect of taxation on dividend policy and its dynamics over time.

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Section: Previous Empirical Evidence On Dividend Policy In Brazilmentioning

confidence: 99%

Taxation, corporate governance and dividend policy in Brazil

Zagonel

Terra

Pasuch

2018

RAUSP

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“…The minimum dividend constraint imposed by law may be binding for some firms, due to their financial realities and investment opportunities, and thus we can expect that their investment and financial decisions may change relative to what would be in the absence of such constraint. Vancin and Procianoy (2016) state that there is a basic difference between the companies that pay the minimum mandatory dividend and those that pay above this amount. It is observed that the former are compelled by law to make some payment of dividends.…”

Section: Methodsmentioning

confidence: 99%

“…According to Vancin and Procianoy (2016), Brazilian reality regarding low availability of long-term resources to finance investment activities is a great incentive for high retention of cash by companies. Therefore, in general, internal financing has great importance for national company's investment policy.…”

Section: Introductionmentioning

confidence: 99%

“…In order to achieve this goal, we star our research from the premise that there is a basic difference between companies paying the minimum mandatory dividend and those paying above this amount. According to Vancin and Procianoy (2016), the formers are compelled by law to make some payment of dividends. If they could pay less than this obligatory amount, they would probably do so.…”

Section: Introductionmentioning

confidence: 99%

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Profit distribution and regulation: the impact of mandatory dividend in corporate internal funding

Vancin

Kirch

2020

Rev. contab. finanç.

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The purpose of our research is to verify the impact of mandatory dividends on Brazilian publicly traded companies, focusing on both the value of cash holdings and the impact on corporate investment. Our work aims to reach the research objective making significant improvements over the previous works on the subject. First, we separate firms according to their dividend status. Second, in addition to investment regressions, we use the value of cash approach to test the impact of mandatory dividend on corporate financial decisions. Finally, our manual data collection makes it possible to allocate the dividend distributed to its reference period. Considering our context, where sources of financing are expensive and scarce, evidences obtained by the present research has great relevance. The law aims to protect the minority investor against the expropriation of resources. However, in dealing with all cases equally, legislation ends up harming companies that rely on these resources for their financing, thereby damaging their shareholders. This article brings new evidences, from an innovative approach, on factors affecting the availability of resources and its impact on the value of cash and on corporate investment in Brazil. We analyzed a sample of 1,654 dividend distributions from 2008 to 2015, using investment and firm value regressions. Our results indicate that companies paying just the minimum dividend have higher value attached to an extra unit of cash, corroborating our view that those companies will likely use these resources to fund future profitable investments. We also find that mandatory dividend has a negative impact on investment, but only for companies paying dividends above the minimum, contrary to our expectations. We argue that the marginal value of cash approach is a more effective way to test the impact of regulation on corporate financial decisions and this last evidence may be the result of endogeneity problems in investment regressions.

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“…v. 11, n. 1, p. 58 -76, Jan./Jun. 2019, ISSN 2176 é parte do lucro das organizações paga aos investidores como forma de remuneração do seu capital investido (Kania, & Bacon, 2005;Vancin, & Procianoy, 2016).…”

Section: Política De Dividendosunclassified

Revisitando os determinantes da distribuição de dividendos: uma análise em empresas brasileiras

2018

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Resumo Objetivo: A presente pesquisa teve por objetivo investigar os determinantes da política de dividendos em companhias abertas brasileiras. Metodologia: Realizou-se uma pesquisa descritiva, com abordagem quantitativa, por meio de pesquisa documental. A população da pesquisa compreendeu as empresas de capital aberto ativas na BM&FBovespa em 2017, tendo como amostra 293 empresas entre os anos de 2010 e 2016, totalizando 1.746 observações. Resultados: Os resultados demonstraram que a rentabilidade (RENT), o tamanho da empresa (TAM) e a distribuição de dividendos no ano anterior (DIVANT) são os fatores que contribuem de forma positiva e significativa para a maior probabilidade das empresas em distribuir parte dos seus resultados em forma de dividendos, enquanto o endividamento (END) apresentou relação negativa e significativa. Contribuições do Estudo: Este estudo traz uma importante contribuição para a expansão da literatura de finanças, especialmente no que tange a identificação dos determinantes da política de dividendos em companhias aberta brasileiras na medida em que oferece resultados empíricos passíveis de comparação e confrontamento com os resultados contraditórios encontrados na literatura revisitada contribuindo, dessa forma, para com a atual agenda de produção científica acerca desta temática.

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Os Fatores Determinantes do Pagamento de Dividendos: o Efeito do Obrigatório Mínimo Legal e Contratual nas Empresas Brasileiras

Cited by 13 publications

References 17 publications

Taxation, corporate governance and dividend policy in Brazil

Taxation, corporate governance and dividend policy in Brazil

Profit distribution and regulation: the impact of mandatory dividend in corporate internal funding

Revisitando os determinantes da distribuição de dividendos: uma análise em empresas brasileiras

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