O impacto do fim da correção monetária no resultado das companhias brasileiras de capital aberto e na distribuição de dividendos: estudo empírico no período de 1996 a 2004 / The impact of the end of the indexation in the result of brazilian companies and in the distribution of dividends: Empiric study in the period from 1996 to 2004

AUTOR(ES)

Marcelo Augusto Ambrozini

DATA DE PUBLICAÇÃO

2006

RESUMO

The end of obligatory price level adjustment of financial statements in 1995 accounts for Brazilian companies not recognition of the inflation effects in profit determination. However, even with the apparent monetary stabilization cause by the Real Plan, the accumulated inflation from January 1996 to December 2004 surpassed 160%, according to two of the main national indicators. Even with the end of price level adjustment, inflation still exists and the companies included in this ambit of generalized price increase, simply did not recognize their profit determination. For this work, we collected incomes statements of all non-financial Brazilian stock companies listed at São Paulo Stock Exchange from 1996 to 2004 and dealt with the Price Level Adjustment according to the methodology foreseen in Brazilian Legislation. The results of the T-Test and Wilcoxon Matched-Pairs Signed-Ranks Test showed that the lack of consideration for inflationary effects distorted the profit of the 255 companies of the sample with a 99% level of reliance. The results of price level adjustment were, then, compared to the total profit distributed in dividends by these companies, joint into eighteen sectors of different economical activities. The analyses of Pearsons index of correlation evidenced that the sectors that had most of the benefit from inflation were also the ones that participated more in the distribution of the dividends to the shareholders and the sector that have lost more with the purchasing power degradation were the ones that had less capacity to distribute profit. The empiric study provides a better understanding of how inflation has caused impact on Brazilian companies profit and how not recognizing inflation can affect the distribution of this profit and the richness of the shareholders.

ASSUNTO(S)

dividends empiric study correção monetária dividendos indexation inflação distribuição de lucros

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