Políticas de dividendos no Brasil: um modelo de apoio à decisão / Dividend policy in Brazil: a model for decision support
AUTOR(ES)
Marcelo Augusto Ambrozini
FONTE
IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia
DATA DE PUBLICAÇÃO
31/10/2011
RESUMO
From the financial management point of view, the objective of a company is to promote the maximization of their shareholders economical wealth. So, an investment decision could only be accepted if the return on this investment surpass the capital spend to generate it. In financing decisions, the goal is to achieve the companys optimal capital structure leading to the minimization of the weighted average cost of capital of the company, consequently, the maximization of the shareholder wealth. But, unlike the investment and financing decisions, the dividends decisions do not have as a guiding principle a single parameter to be followed, since several financial, legal, fiscal and even behavioral factors affect this decision. The financial management literature presents a model of dividends decisions called Residual Dividend Model (RDM), a model in which the percentage of dividends to be shared is determined based on accounting net profit, on the equity target measure and on the capital budget. However, besides not to prioritize the maximization of the shareholders wealth, it is understood that the RDM fails to address some important variables that should be taken into account when setting the dividend payout, as showed by the financial management literature. The present study aimed to verify by an empirical research whether the managers of Brazilian public companies take into account the various factors presented by academic studies as being essential for the dividend decisions. And then it was proposed a conceptual model to support the decision making process for the profit destination which takes into consideration factors such as economic value to shareholders, the particularities of Brazilian legal and tax systems, the distortion caused by the inflation in the accounting profit, the optimal capital structure of the company, the existence of future projects with positive net present value, free cash flow to shareholders, among others. This model aims to provide a decision map concept wider than the RDM and it is expected to provide a more appropriate parameter for the dividends decisions by the Brazilian business managers.
ASSUNTO(S)
administração financeira decision model dividendos dividends financial management modelo de decisão
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