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This article investigates the maximizing shareholder value strategy for a sample of non-financial publicly held companies between 1997 and 2013. It also estimates the latter impact over employment on firms’ respective sectors of activity. In order to estimate such effects the Two-Stage Least Squares method was used, with support the Chain Reaction Theory. Results indicate that increases in shared dividends, via maximizing shareholder value strategy, have negative effects over the productive investment in which, by its turn, slow down the employment creation.

EMPRESAS NÃO FINANCEIRAS E O IMPACTO DA ESTRATÉGIA MAXIMIZING SHAREHOLDER VALUE SOBRE O EMPREGO NO BRASIL