Proteção ao Credor em Países de Origem Civil e Política Corporativa Dividendos: Uma Análise dos Modelos de Resultado e de Substituição
DOI:
https://doi.org/10.21434/IberoamericanJCG.v8i.85Keywords:
Proteção ao credor, Legislação civil, Dividendos, Modelo de resultado, Modelo de substituiçãoAbstract
Este artigo investiga os efeitos dos mecanismos de proteção ao credor sobre as políticas corporativas de dividendos, à luz dos modelos de agência de resultado e de substituição. Os resultados empíricos estão baseados em dados de 6.191 empresas, em 27 países de direito civil, durante o período de 2008 a 2017. Para dar suporte às hipóteses formuladas, são apresentadas estatísticas resumidas, regressões Tobit e o Método Generalizado de Momentos (GMM). Os resultados sugerem que, em países de origem civil, a alta proteção ao credor reduz os dividendos de empresas com maiores oportunidades de investimento. Inversamente, quando da baixa proteção à dívida, as empresas pagam mais dividendos. Deste modo, é possível concluir que, em países de origem civil, sob a perspectiva do credor, as políticas de dividendos não são consistentes com os modelos de resultado e de substituição.
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