49462

Vicente Lima Crisóstomo
José Wellington Brandão

Future Studies Research Journal: Trends and Strategies

O artigo analisa se empresas não financeiras como grandes acionistas da empresa brasileira ajustam a política de dividendos. Sob o marco teórico da Agência, um conjunto de boas práticas de governança corporativa é sugerido como capaz de controlar a atividade de executivos e evitar que estes incorram em problemas de risco moral e surja o problema de excesso de poder da gestão como previsto pela Hipótese do Poder Gerencial. Neste contexto, a Hipótese de Monitoramento da Gestão propõe que a política de dividendos possa ser usada como mecanismo de controle dos executivos, uma vez que a distribuição de dividendos afeta o fluxo de caixa livre disponível. Modelos de dividendos foram estimados pelo Método de Momentos Generalizados (GMM) para um painel de dados não balanceado, constituído por 1.890 observações anuais de 234 empresas listadas na BM&FBovespa no período 1996-2012. Os resultados indicam que as empresas não financeiras como grandes acionistas incrementam o pagamento de dividendos, o que leva à redução do fluxo de caixa livre. Este resultado está de acordo com a hipótese de monitoramento que prevê a redução do fluxo de caixa livre disponível para os executivos através da política de dividendos.

Brasil, Empresa não financeira como grande acionista, Estrutura de propriedade, Hipótese de monitoramento da gestão, Política de dividendos

CRISÓSTOMO, V. L.; BRANDÃO, J. W. Nonfinancial Firms as Large Shareholder Use Dividend Policy for Management Monitoring in Brazil . Future Studies Research Journal: Trends and Strategies, v. 10, n. 1, p. 109-131, 2018.

Crisóstomo, V. L., & Brandão, J. W. (2018). Nonfinancial Firms as Large Shareholder Use Dividend Policy for Management Monitoring in Brazil . Future Studies Research Journal: Trends and Strategies, 10(1), 109-131.

10.24023/FutureJournal/2175-5825/2018.v10i1.339

http://www.spell.org.br/documentos/ver/49462/firmas-nao-financeiras-como-grande-acionista-usam-politica-de-dividendos-para-monitoramento-da-gestao-no-brasil/i/pt-br

Artigo

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