Relação entre diferentes decisões financeiras no Brasil: Investimento, Financiamento e Payout

Matheus da Costa Gomes; João Paulo Augusto  Eça; Marlos  Fernandes; Mauricio Ribeiro  do Valle

doi:10.18046/j.estger.2023.166.5180

Relationship among financial decisions in Brazil: Investment, Financing, and Payout

Authors

Matheus da Costa Gomes Pesquisador, Departamento de Contabilidade, Universidade de São Paulo, São Paulo, Brasil. https://orcid.org/0000-0002-4611-6047
João Paulo Augusto Eça PhD student, Departamento de Contabilidade, Universidade de São Paulo, São Paulo, Brasil.
Marlos Fernandes PhD student, Departamento de Contabilidade, Universidade de São Paulo, São Paulo, Brasil.
Mauricio Ribeiro do Valle Prof. Dr. Livre-docente, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto, Universidade de São Paulo, São Paulo, Brasil.

DOI:

https://doi.org/10.18046/j.estger.2023.166.5180

Keywords:

payout, inversión, financiamiento, Theory of Payout Policy, suavizado de dividendos

Abstract

This paper aims to analyze whether investment and financing decisions are related to the payout policy in publicly traded Brazilian companies based on the Theory of Payout Policy. We analyzed a sample of 307 companies listed on B3 between 2010 and 2018 using a linear regression model with panel data (with firm fixed effects). The results show that investment decisions (Capex) positively affect the payout, as well as financing decisions (leverage). We concluded that this policy must be joined together with the financing and investment policies for a better understanding.

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Published

2023-03-16

Issue

Vol. 39 No 166 Ene - Mar 2023

Section

Research articles

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How to Cite

Relationship among financial decisions in Brazil: Investment, Financing, and Payout. (2023). Estudios Gerenciales, 39(166), 13-23. https://doi.org/10.18046/j.estger.2023.166.5180