Preponderant factors in the definition of dividend policies in Brazil | Zendy

Augusto Ambrozini Marcelo | Zendy; Pimenta Junior Tabajara | Zendy

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Preponderant factors in the definition of dividend policies in Brazil

Author(s) -

Augusto Ambrozini Marcelo,

Pimenta Junior Tabajara

Publication year - 2015

Publication title -

african journal of business management

Language(s) - English

Resource type - Journals

ISSN - 1993-8233

DOI - 10.5897/ajbm2015.7722

Subject(s) - dividend policy , dividend , shareholder , business , cash , stock (firearms) , legislation , profit (economics) , inflation (cosmology) , profit sharing , finance , accounting , economics , corporate governance , microeconomics , engineering , mechanical engineering , physics , theoretical physics , political science , law

The aim of this study was to verify whether company managers take into account the factors assigned by the literature as the one to influence dividend policies the most in decisions regarding profit sharing. The research was made with 106 public companies in Brazil. The results showed that managers give more attention to factors such as legislation, Articles of Incorporation, cash availability, opportunities for future investments, budget, and expectations regarding future profits. In consideration, factors such as the effect of inflation, policies regarding dividends of other companies, alternative investment sources for shareholders, and gains or losses with stock variation are taken less into account. Key words: Dividend policy, decision process, management of results.

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