Este estudo busca identificar os fatores que determinam a política de distribuição de proventos das empresas brasileiras de capital aberto listadas na BM&FBOVESPA, no período de 1995 a 2011. Para tanto, investigou-se a relação entre Dividendos/Ativo Total e possíveis determinantes apontados pela literatura como: tamanho da firma, governança corporativa, rentabilidade, alavancagem, market to book, liquidez, investimentos, risco, crescimento dos lucros, assimetria informacional e conflitos de agency. Adotaram-se os métodos econométricos: (1) Tobit, pela natureza dos dados de dividendos, e (2) Generalized Method of Moments (GMM), para controlar por regressores endógenos. Como principais resultados, constatou-se que as variáveis significantes e positivas foram: Tamanho, ROA, Market to Book, Liquidez e Crescimento dos Lucros. Isto é, pode-se inferir que, quanto maior o tamanho da empresa, sua rentabilidade, seu valor de mercado, sua liquidez e o crescimento dos seus lucros, maior será a propensão desta firma em distribuir dinheiro aos acionistas, o que se alinha com a teoria de finanças corporativas. Por outro lado, constatou-se que as variáveis significantes e negativas foram: Leverage, Liquidez elevada ao quadrado, Capex, Beta e Tag Along 100%. Infere-se que empresas mais alavancadas, que investem mais em ativo imobilizado, possuem liquidez muito elevada, maior risco e menor conflito entre controladores e minoritários, terão uma menor propensão a pagar dividendos aos acionistas.
This study identifies factors that shaped cash disbursement distribution policies employed by Brazilian public companies listed on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA) from 1995 to 2011. Relationships between Dividends/Total Assets and potential determinants discussed in the literature, including firm size, corporate governance, profitability, leverage, market to book, liquidity, investment, risk, profit growth, information asymmetry and agency conflict, are examined. The following econometric methods are employed: (1) Tobit, given the nature of the dividend data, and (2) the Generalized Method of Moments (GMM) to control for endogenous regressors. Significant positive variables found include size, return on assets (ROA), market to book, liquidity and profit growth. It can thus be inferred that larger firm size, profitability, market value, liquidity and profit growth correlate with greater firm pro pensity to distribute money to shareholders, thus supporting the theory of corporate finance. Significant negative variables found include leverage, liquidity squared, capex, beta and tag along 100%. It is thus inferred that more significantly leveraged companies that invest more heavily in fixed assets and that exhibit high liquidity, higher risk and less conflict between controlling and minority shareholders will be less likely to pay dividends to shareholders.
Stock markets have been rapidly developed around the world during the last 20 years. Accordingly, there is sincere academic interest in understanding the determinants of this phenomenon. Most studies advocate that the development of a stock market is influenced by a few individual country variables such as the origin of its legal system, enforcement of law, accounting patterns, transparency, corporate ownership structure, and the level of creditor and minority investor protection. This paper extends previous empirical literature concerning the determinants of stock market development. We built a unique sample of 50 countries, ranging from those with emerging to developed economies. From a set of 60 potential variables, 12 factors were employed using multiple regression. The research breaks new ground by using different constructs taken from financial literature, such as the Human Development Index (HDI, 2010), Managerial Skills of Entrepreneurs and Democracy of the Country. Results showed that more factors may influence the development of stock markets, such as the adaptability of firms and the openness of a country, helping avoid the multicollinearity effects that may have affected earlier studies.