RELAÇÃO ENTRE CONSELHO DE ADMINISTRAÇÃO E A POLÍTICA DE DIVIDENDOS: EVIDÊNCIAS DO BRASIL
DOI:
https://doi.org/10.22277/rgo.v16i1.7152Palavras-chave:
Conselho de administração, Política de dividendos, InvestidoresResumo
Objetivo: A presente pesquisa teve como objetivo analisar a relação entre a composição dos conselhos de administração e a política de dividendos nas empresas não financeiras listadas na Brasil, Bolsa, Balcão (B3).
Método/abordagem: A pesquisa utilizou dados dos anos de 2010 a 2020 das empresas brasileiras não financeiras retirados da base de dados Economática e dos Formulários de Referência. Para obtenção dos resultados foram utilizados os métodos de regressão Logit, Tobit e GMM no software Stata.
Principais Resultados: Os resultados mostraram que o tamanho do conselho, a independência, a diversidade e dualidade do CEO causam impacto na declaração dos dividendos, no entanto, apenas o tamanho, o gênero e a dualidade do CEO impactam na política de pagamento de dividendos. Já a expertise financeira e a indicação pelos controladores não têm relação com a política de dividendos.
Contribuições teóricas/práticas/sociais: Na prática, os resultados demonstram que a composição dos conselhos de administração no Brasil é importante instrumento de proteção aos acionistas, principalmente os minoritários. No entanto, todos os investidores em geral devem levar a composição em conta, dado que a distribuição de dividendos faz parte da remuneração que eles esperam, e as empresas devem observar suas composições, uma vez que as características dos conselhos podem expropriar investidores.
Originalidade/relevância: Esta pesquisa é a primeira no cenário brasileiro ao analisar, de forma conjunta, diferentes aspectos da composição dos conselhos de administração na distribuição de dividendos. A pesquisa torna-se relevante ao explorar os efeitos da governança corporativa em decisões estratégicas das empresas como a política de dividendos.
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