A estrutura de capital, os dividendos e os juros sobre o capital próprio: evidências empíricas no caso brasileiro de 1995 a 2004

AUTOR(ES)
DATA DE PUBLICAÇÃO

2006

RESUMO

Capital structure and dividend are among the most studied subjects of financial literature. However, only in 2002 the jointly analysis of these two subjects was done pioneerly by Fama and French who tested predictions of tradeoff and pecking order theories for those variables simultaneously in a work that studied American companies from 1965 to 1999. Jointly analysis means to recognize that capital structure is influenced by dividend and vice-versa and the consequence is an endogeneity problem. According to Cochrane (2005), one of the most common statistical problems existing in large numbers of empirical works is not to correct residual correlation in cross section or panel data regressions. Fama and MacBeth (1973) methodology is one way to correct this statistical problem and was used by Fama and French (2002). In Brazil, since 1996, besides dividend it has been allowed, by new law, to pay to shareholders interest on owners equity. This interest on owners equity reduce firm income tax and has the advantage of not to be mandatory, like dividend is in Brazil. In addition to those advantages, the income tax bracket on interest on owners equity is lower than the most of the investor incomes. The main objective this research is to do a jointly analysis of dividend, interest on owners equity and capital structure for Brazilian firms from 1995 to 2004. The results of this research are compared to predictions of tradeoff and pecking order theories, according to the model proposed by Fama and French (2002). To test empirical evidences four hypothesis with dividend, interest on owners equity and leverage as dependent variables are considered. Generally speaking, results confirmed the major part of the theories predictions. However, Brazilian firm income payout was too low when compared to American firm. Profitability was the most important and influential explanatory variable either for income payout as to leverage.

ASSUNTO(S)

estrutura de capital juros dividendos capital structure dividends administracao de empresas

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