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Dividendo, expropiaci¢n y oportunidades de crecimiento en la empresa brasile¤a

Este trabajo analiza la decisi¢n de dividendo de las empresas brasile¤as desde la perspectiva del conflicto entre accionistas mayoritarios y minoritarios. El problema de gobierno corporativo en los pa¡ses del civil-law confiere a la decisi¢n de dividendo dos funciones principales: mecanismo de expropiaci¢n y fuente de reputaci¢n. Nuestro estudio se centra en la relaci¢n entre el ratio de dividendo, la concentraci¢n del voto del accionista mayoritario y las oportunidades de crecimiento. La aproximaci¢n emp¡rica se realiza con una muestra de 173 empresas brasile¤as cotizadas en la Bolsa de Sao Paulo. Los resultados obtenidos de la estimaci¢n Tobit confirman nuestra hip¢tesis: el ratio de dividendo depende negativamente del porcentaje de voto del accionista mayoritario y positivamente de las oportunidades de crecimiento. Los resultados son corroborados con diferentes segmentaciones de la muestra y especificaciones del modelo. This paper analyses the dividend decision in Brazilian firms from the perspective of the conflict between large-controlling owners and minority-outside shareholders. The problem of corporate governance civil-law countries provides the dividend decision with two main functions: an expropriation mechanism and a reputation instrument. Our study focuses on the relationship among the dividend pay-out ratio, voting shares concentration and growth opportunities. Empirical propositions are tested in a sample of 173 Brazilian firms listed on Sao Paulo Stock Exchange. Results from Tobit estimation support our hypothesis: dividend pay-out ratio depends negatively on the portion of the voting capital owned by the largest shareholder, and positively on the relevance of growth opportunities. Our findings are robust to different sample segmentations and model specifications.

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Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2007-03.

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Length: 23 pages
Date of creation: Jun 2007
Handle: RePEc:ntd:wpaper:2007-03
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