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Relacao entre diferentes decisoes financeiras no Brasil: Investimento, Financiamento e Payout

Author

Listed:
  • Matheus da Costa Gomes
  • João Paulo Augusto Eça
  • Marlos Fernande
  • Mauricio Ribeiro do Valle

Abstract

Este trabalho tem por objetivo analisar se as decisoes de investimento e de financiamento sao fatores relacionados as decisoes de payout nas empresas brasileiras de capital aberto. Com base na Teoria da Política de Payout, analisou-se uma amostra composta por 307 companhias listadas na B3, no período entre 2010-2018, utilizando um modelo de regressao linear com dados em painel (com efeitos fixos da firma). Os resultados apontam que as decisoes de investimento (Capex) afetam positivamente o payout, assim como as decisoes de financiamento (alavancagem) também se mostraram positivamente relacionadas ao payout das empresas. Conclui-se que a política de payout deve ser posta em conjunto com as políticas de financiamento e de investimento, para uma melhor compreensao da primeira.

Suggested Citation

  • Matheus da Costa Gomes & João Paulo Augusto Eça & Marlos Fernande & Mauricio Ribeiro do Valle, 2023. "Relacao entre diferentes decisoes financeiras no Brasil: Investimento, Financiamento e Payout," Estudios Gerenciales, Universidad Icesi, vol. 39(166), pages 13-23, March.
    • Handle: RePEc:col:000129:020671
    DOI: 10.18046/j.estger.2023.166.5180
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    More about this item

    Keywords

    payout; investimento; financiamento; Teoria da Política de Payout; suavização de dividendos;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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