The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?

Detalhes bibliográficos
Autor(a) principal: Brito, Ricardo D.
Data de Publicação: 2009
Outros Autores: Lima, Mônica R., Silva, Júlio C.
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/400
Resumo: This paper shows that the increase in the proportion of Brazilian publicly traded firms providing cash payouts between 1990 and 2003 was due to an increase in the propensity to pay and not to changes in the companies’ characteristics. Unlike in the United States, the current Brazilian tax structure favors cash payouts over capital gains. The tax structure also makes a distinction between dividends and interest on stockholders’ equity. The latter category has become the main way of cash distribution. Big firms with high profitability and low leverage are the most likely to make cash profit distributions.
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spelling The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?O Crescimento da Remuneração Direta aos Acionistas no Brasil: Economia de Impostos ou Mudança de Características das Firmas?dividendsinterest on stockholders’ equitytax structurepayout policydividendosjuros sobre o capital própriotributospolítica de remuneraçãoThis paper shows that the increase in the proportion of Brazilian publicly traded firms providing cash payouts between 1990 and 2003 was due to an increase in the propensity to pay and not to changes in the companies’ characteristics. Unlike in the United States, the current Brazilian tax structure favors cash payouts over capital gains. The tax structure also makes a distinction between dividends and interest on stockholders’ equity. The latter category has become the main way of cash distribution. Big firms with high profitability and low leverage are the most likely to make cash profit distributions.Este trabalho demonstra que o aumento na distribuição de proventos em dinheiro pelas companhias brasileiras deveu-se a um crescimento na propensão a remunerar os acionistas e não às mudanças de características das empresas. Diferentemente dos EUA, a atual estrutura tributária brasileira favorece a remuneração direta, tornando as empresas mais propensas a tal. Analisando separadamente dividendos e juros sobre o capital próprio, observa-se que os juros sobre o capital próprio tornaram-se o principal mecanismo de distribuição direta. As firmas mais prováveis de remunerar diretamente caracterizam-se como as mais lucrativas, maiores e menos endividadas.FUCAPE Business Shool2009-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/40010.15728/bbr.2009.6.1.4Brazilian Business Review; Vol. 6 No. 1 (2009): January to April 2009; 59-77Brazilian Business Review; v. 6 n. 1 (2009): Janeiro a Abril de 2009; 59-771808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/400/614http://www.bbronline.com.br/index.php/bbr/article/view/400/615Brito, Ricardo D.Lima, Mônica R.Silva, Júlio C.info:eu-repo/semantics/openAccess2018-11-06T19:58:19Zoai:ojs.pkp.sfu.ca:article/400Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T19:58:19BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
O Crescimento da Remuneração Direta aos Acionistas no Brasil: Economia de Impostos ou Mudança de Características das Firmas?
title The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
spellingShingle The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
Brito, Ricardo D.
dividends
interest on stockholders’ equity
tax structure
payout policy
dividendos
juros sobre o capital próprio
tributos
política de remuneração
title_short The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
title_full The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
title_fullStr The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
title_full_unstemmed The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
title_sort The Growth of Direct Payouts to Shareholders in Brazil: Tax Savings or Changing Characteristics of Firms?
author Brito, Ricardo D.
author_facet Brito, Ricardo D.
Lima, Mônica R.
Silva, Júlio C.
author_role author
author2 Lima, Mônica R.
Silva, Júlio C.
author2_role author
author
dc.contributor.author.fl_str_mv Brito, Ricardo D.
Lima, Mônica R.
Silva, Júlio C.
dc.subject.por.fl_str_mv dividends
interest on stockholders’ equity
tax structure
payout policy
dividendos
juros sobre o capital próprio
tributos
política de remuneração
topic dividends
interest on stockholders’ equity
tax structure
payout policy
dividendos
juros sobre o capital próprio
tributos
política de remuneração
description This paper shows that the increase in the proportion of Brazilian publicly traded firms providing cash payouts between 1990 and 2003 was due to an increase in the propensity to pay and not to changes in the companies’ characteristics. Unlike in the United States, the current Brazilian tax structure favors cash payouts over capital gains. The tax structure also makes a distinction between dividends and interest on stockholders’ equity. The latter category has become the main way of cash distribution. Big firms with high profitability and low leverage are the most likely to make cash profit distributions.
publishDate 2009
dc.date.none.fl_str_mv 2009-01-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/400
10.15728/bbr.2009.6.1.4
url http://www.bbronline.com.br/index.php/bbr/article/view/400
identifier_str_mv 10.15728/bbr.2009.6.1.4
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/400/614
http://www.bbronline.com.br/index.php/bbr/article/view/400/615
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 6 No. 1 (2009): January to April 2009; 59-77
Brazilian Business Review; v. 6 n. 1 (2009): Janeiro a Abril de 2009; 59-77
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
_version_ 1754732238590705664

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