Author
Abstract
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.
Suggested Citation
Fuente Herrero, Gabriel de la & Da Silva, Jos‚ Mar¡a, 2007.
"Dividendo, expropiaci¢n y oportunidades de crecimiento en la empresa brasile¤a,"
Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas".
2007-03, 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 Docto.
Handle:
RePEc:ntd:wpaper:2007-03
Download full text from publisher
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ntd:wpaper:2007-03. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fortuna-Lindo, Jose M.). General contact details of provider: http://edirc.repec.org/data/ntuvaes.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
We have no references for this item. You can help adding them by using this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.