Dividends, interest on equity and payout levels: An investigative study on the dividend distribution policy adopted by listed on the BM&FBovespa
This study investigated the dividend distribution policy adopted by companies listed on the Stock Exchange of São Paulo between 2002 to 2013. Thus, it sought to identify whether companies paid (or not) dividends; when distributed, is made through dividends and / or Interest on Equity; and, the payou...
| Main Authors: | , , |
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| Format: | Article |
| Language: | Portuguese |
| Published: |
Universidade Federal de Santa Catarina
2018-12-01
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| Series: | Revista Contemporânea de Contabilidade |
| Subjects: | |
| Online Access: | https://periodicos.ufsc.br/index.php/contabilidade/article/view/47914 |
| Summary: | This study investigated the dividend distribution policy adopted by companies listed on the Stock Exchange of São Paulo between 2002 to 2013. Thus, it sought to identify whether companies paid (or not) dividends; when distributed, is made through dividends and / or Interest on Equity; and, the payout levels adopted. The results show that the majority adopts to pay 25% of the adjusted net profit as minimum dividends, possibly to guarantee legal participation in company profits to managers. However, when they distribute dividends pay above the minimum, there being Incremental Payout. On the distribution form, they prefer adopt dividends as a form of investor remuneration or have been in them composition. Also seen that companies avoid changing the adopted distribution policy, maintaining the form of remuneration and the payout level. |
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| ISSN: | 1807-1821 2175-8069 |