Testando as previsões de trade-off e pecking order sobre dividendos e dívida no Brasil
DOI:
https://doi.org/10.1590/S0101-41612005000100002Keywords:
dividends, debt, trade-off, pecking order, BrazilAbstract
This article shows that the Brazilian companies have a low target payout ratio, although the local tax code favors dividends' distributions. The dividends paid present fast adjustment to current earnings, but part of the short-term variation in earnings is still absorbed by debt. Confirming predictions shared by the trade-off and pecking order models, more profitable firms and less levered firms have higher dividend payouts. Consistent with the pecking order model, dividends do not vary in the short-term to accommodate investments. Finally, more profitable firms and firms with fewer investments are less levered, accepting the pecking order hypothesis against the trade-off one.Downloads
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