Determinantes da política de dividendos: uma análise da empresa brasileira

Abstract

Investment and financing decisions are relevant to the company in terms of sense of being associated with its growth. Profit sharing is another important decision of the company that is at the heart of the company's relationship with the shareholder. Different theories have suggested motivations for a higher or lower remuneration to the shareholder through the dividend policy, as well as suggesting the possible attributes of the company that may be associated with this level of dividend distribution. This job aims to analyze the dividend distribution policy of the Brazilian company from the perspective of the Agency Theory, when considering the possible effects of the determinants of dividend policy, in particular corporate governance. Governance is expected to company is able to reduce agency conflicts between shareholders and managers. In this context, adequate remuneration to the shareholder is relevant, always observing the balance with other company policies. The sample is a composite data panel by 936 annual observations from 132 companies, in the period from 2010 to 2017, based on data collected in the Economática system of companies with shares traded on the BM & FBOVESPA, and data from the companies' reference form made available by the CVM. The work also uses primary data, with the application of questionnaires and interviews with company executives. The empirical study, based on methods econometrics, presents results that indicate a tendency towards a substitution of the weakness in the corporate governance structure due to better dividend remuneration (substitute model) when observing an inverse effect of corporate governance on the level of dividend distribution. From the interviews and questionnaires, with the analysis via Atlas.ti, it was found that, from the perspective of the executives, there is a relationship between corporate governance and dividend policy. Additionally, it was observed that the executives consider it more opportune to allocate the surplus profit in profitable projects, to generate value for the business, which pays dividends. This thesis seeks to present a academic contribution in investigating the determinants of the payment of dividends by quantitative and qualitative methodology, expanding the spectrum of collection and data processing. Contribution is also made to the test and acceptance of the substitute model hypothesis, from the CGIndex, for studies involving payment of dividends from Brazilian companies.