Ownership Concentration Affects Dividend Policy of the Brazilian Firm
Resumo
O objetivo do trabalho é analisar, sob o enfoque da Teoria da Agência, se a concentração de propriedade tem efeito na política de dividendos da empresa brasileira. Especificamente, analisa-se a possibilidade de haver expropriação de acionistas minoritários através da redução da distribuição de dividendos como previsto pela hipótese expropriação.
METODOLOGIA
Para um painel de dados não balanceado, composto por 2,274 observações anuais de 254 empresas cotadas na BM&FBovespa, no período 1996-2012, modelos de política de dividendos foram estimados pelo método generalizado de momentos (GMM).
RESULTADOS E CONCLUSÕES
Os resultados indicam que a concentração de propriedade, aproximada pela presença de um acionista majoritário, de fato, tem efeito negativo sobre na distribuição de dividendos. Este resultado esta de acordo com hipótese expropriação de acionistas minoritários por parte de acionistas controladores que podem dispor de outras formas de obtenção de retorno para seu investimento.
IMPLICAÇÕES PRÁTICAS
O trabalho apresenta uma contribuição adicional para a compreensão da política de dividendos da empresa brasileira ao prover evidência no contexto do enfoque de conflitos agência. Efetivamente, a concentração de propriedade parece ter um papel relevante na determinação da política de dividendos no Brasil, sendo este papel prejudicial para acionistas minoritários.
PALAVRAS-CHAVE
Dividend Policy, Ownership Structure, Expropriation Hypothesis, Brazil.
OWNERSHIP CONCENTRATION AFFECTS DIVIDEND POLICY OF THE BRAZILIAN FIRM
OBJECTIVE
The paper aims to analyze, under the Agency Theory framework, whether ownership concentration has effects on dividend policy of the Brazilian company. Specifically, the work analyzes the possibility of expropriation of minority shareholders by reducing the dividend distribution as predicted by the expropriation hypothesis.
METHODOLOGY
For an unbalanced data panel, composed of 2,274 firm-year observations of 254 companies listed on the BM&FBovespa, in the period 1996-2012, dividend models were estimated by the generalized method of moments (GMM).
RESULTS AND CONCLUSIONS
The results indicate that ownership concentration, proxied by the presence of a major shareholder, in fact, has a negative effect on the dividend distribution. This result is in agreement with the expropriation hypothesis of minority shareholders by controlling shareholders who may have other ways of obtaining return for their investment.
PRACTICAL IMPLICATIONS
The work presents an additional contribution to the understanding of the Brazilian company's dividend policy by providing evidence in the context of the agency conflicts. Indeed, the ownership concentration seems to have an important role in determining the dividend policy in Brazil, which is harmful for minority shareholders.
KEYWORDS
Dividend Policy; Ownership Structure; Expropriation Hypothesis; Brazil.
Referências
ARELLANO, M.; BOND, S. Dynamic panel data estimation using DPD98 for Gauss: A guide for users. Mimeo. London: The Institute for Fiscal Studies, 1998.
ARELLANO, M.; BOVER, O. La econometria de datos de panel. Investigaciones Económicas, v. 14, n. 1, p. 3-45, 1990.
BARCLAY, M. J.; SMITH, C. W. J. The Capital Structure Puzzle: The Evidence Revisited. Journal of Applied Corporate Finance, v. 17, n. 1, p. 8-17, 2005.
BERTRAND, M.; MEHTA, P.; MULLAINATHAN, S. Ferreting out Tunneling: An Application to Indian Business Groups. The Quarterly Journal of Economics, v. 117, n. 1, p. 121-148, 2002.
BLACK, F. The dividend puzzle. Journal of Portfolio Management, v. 2, p. 5-8, 1976.
BLUNDELL, R.; BOND, S. R. Initial conditions and moment restrictions in dynamic panel data models. Jounal of Econometrics, v. 87, p. 115-143, 1998.
BØHREN, Ø.; JOSEFSEN, M. G.; STEEN, P. E. Stakeholder conflicts and dividend policy. Journal of Banking and Finance, v. 36, n. 10, p. 2852-2864, 2012.
BOND, S.; CHENNELLS, L.; DEVEREUX, M. Company Dividends and Taxes in the UK. Fiscal Studies, v. 16, n. 3, p. 1-18, 1995.
BRANDÃO, I. F.; CRISÓSTOMO, V. L. Concentração de propriedade e qualidade da governança da empresa brasileira. Revista Brasileira de Finanças, v. 13, n. 3, p. 438-469, 2015.
CHEN, Y. Y.; YOUNG, M. N. Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, v. 27, n. 3, p. 523-539, 2010.
CRISÓSTOMO, V. L. Inversión, Restricción Financiera y Estructura de Propiedad en Brasil. 1. ed. Saarbrücken: Editorial Académica Española (LAP LAMBERT Academic Publishing GmbH & Co. KG), 2011.
DEANGELO, H.; DEANGELO, L.; SKINNER, D. J. Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, v. 72, n. 3, p. 425–456, 2004.
______. Corporate Payout Policy. Foundations and Trends in Finance, v. 3, n. 2-3, p. 95-287, 2008.
DENIS, D. J.; OSOBOV, I. Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, v. 89, n. 1, p. 62-82, 2008.
DHARWADKAR, R.; GEORGE, G.; BRANDES, P. Privatization in emerging economies: An agency theory perspective. Academy of Management Review, v. 25, n. 3, p. 650-669, 2000.
DYCK, A.; ZINGALES, L. Private Benefits of Control: An International Comparison. The Journal of Finance, v. 59, n. 2, p. 537–600, 2004.
ELNATHAN, D.; GAVIOUS, I.; HAUSER, S. An analysis of private versus public firm valuations and the contribution of financial experts. The International Journal of Accounting, v. 45, p. 387-412, 2010.
FACCIO, M.; LANG, L. H. P.; YOUNG, L. Dividends and expropriation. The American economic review, v. 91, n. 1, p. 54-78, 2001.
FAMA, E. F.; BABIAK, H. Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association, v. 63, n. 324, p. 1132-1161, 1968.
FLORACKIS, C.; KANAS, A.; KOSTAKIS, A. Dividend policy, managerial ownership and debt financing: A non-parametric perspective. European Journal of Operational Research, v. 241, n. 3, p. 783-795, 2015.
GOPALAN, R.; NANDA, V.; SERU, A. Internal Capital Market and Dividend Policies: Evidence From Business Groups. Review Of Financial Studies, v. 27, n. 4, p. 1102-1142, 2014.
GORDON, M. J. Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, v. 41, n. 2, p. 99-105, 1959.
GRAHAM, J. R.; KUMAR, A. Do dividend clienteles exist? Evidence on dividend preferences of retail investors. The Journal of Finance, v. 61, n. 3, p. 1305-1336, 2006.
GUGLER, K.; YURTOGLU, B. B. Corporate governance and dividend pay-out policy in Germany. European Economic Review, v. 47, n. 4, p. 731-758, 2003.
GUTIÉRREZ URTIAGA, M.; SÁEZ LACAVE, M. I. La política de dividendos de las empresas con accionistas de control. InDret - Revista para el Análisis del Derecho, v. 3, p. 1-27, 2014.
HARADA, K.; NGUYEN, P. Ownership concentration and dividend policy in Japan. Managerial Finance, v. 37, n. 4, p. 362-379, 2011.
HARRIS, L. E.; HARTZMARK, S. M.; SOLOMON, D. H. Juicing the dividend yield: Mutual funds and the demand for dividends. Journal of Financial Economics, v. 116, n. 3, p. 433-451, 2015.
HARRIS, M.; RAVIV, A. The Theory of Capital Structure. Journal of Finance, v. 46, n. 1, p. 297-355, 1991.
HOLANDA, A. P.; COELHO, A. C. D. Estrutura de Propriedade em Firmas Brasileiras: Trajetória entre 1998-2012. Revista de Finanças Aplicadas, v. 3, p. 1-39, 2014.
JAVAKHADZE, D.; FERRIS, S. P.; SEN, N. An international analysis of dividend smoothing. Journal of Corporate Finance, v. 29, p. 200-220, 2014.
JENSEN, M. C. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, v. 76, n. 2, p. 323-329, 1986.
JIANG, Y.; PENG, M. W. Principal-principal conflicts during crisis. Asia Pacific Journal Of Management, v. 28, n. 4, p. 683-695, 2011.
JOHNSON, S.; BOONE, P.; BREACH, A.; FRIEDMAN, E. Corporate governance in the Asian financial crisis. Journal of Financial Economics, v. 58, n. 1-2, p. 141-186, 2000.
JOHNSON, S.; LA PORTA, R.; LOPEZ-DE-SILANES, F.; SHLEIFER, A. Tunneling. The American Economic Review, v. 90, n. 2, p. 22-27, 2000.
KHAN, T. Company Dividends and Ownership Structure: Evidence from UK Panel Data. The Economic Journal, v. 116, n. 510, p. C172-C189, 2006.
LA PORTA, R.; LÓPEZ-DE-SILANES, F.; SHLEIFER, A.; VISHNY, R. W. Agency Problems and Dividend Policies around the World. The Journal of Finance, v. 55, n. 1, p. 1–33, 2000.
LEAL, R. P. C.; CARVALHAL-DA-SILVA, A. L.; VALADARES, S. M. Estrutura de controle das companhias brasileiras de capital aberto. Revista de Administração Contemporânea, v. 6, n. 1, p. 7-18, 2002.
LEE, K. F. Retail minority shareholders and corporate reputation as determinant of dividend policy in Australia. Pacific-Basin Finance Journal, v. 18, n. 4, p. 351-368, 2010.
LEE, Y.-T.; LIU, Y.-J.; ROLL, R.; SUBRAHMANYAM, A. Taxes and dividend clientele: Evidence from trading and ownership structure. Journal of Banking & Finance, v. 30, n. 1, p. 229–246, 2006.
LINTNER, J. Distribution of Incomes of Corporations Among Dividens, Retained Earnings, and Taxes. American Economic Review, v. 46, p. 97-113, 1956.
LÓPEZ-ITURRIAGA, F. J.; CRISÓSTOMO, V. L. Do leverage, dividend payout and ownership concentration influence firms’ value creation? An analysis of Brazilian firms. Emerging Markets Finance and Trade, v. 46, n. 3, p. 80-94, 2010.
MARTINS, A. I.; FAMÁ, R. O que revelam os estudos realizados no Brasil sobre política de dividendos? Revista de Administração de Empresas, v. 52, n. 1, p. 24-39, 2012.
MAURY, B.; PAJUSTE, A. Controlling Shareholders, Agency Problems and Dividend Policy in Finland. Finnish Journal of Business Economics, v. 51, n. 1, p. 15-45, 2002.
MILLER, M. H.; MODIGLIANI, F. Dividend Policy, Growth, and the Valuation of Shares. The journal of business, v. 34, n. 4, p. 411-433, 1961.
MODIGLIANI, F.; MILLER, M. H. The Cost of Capital, Corporation Finance and Theory of Investment. The American Economic Review, v. 48, n. 3, p. 261-297, Jun/19581958.
______. Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, v. 53, n. 3, p. 433-443, Jun/19581963.
MOREIRAS, L. M. F.; TAMBOSI FILHO, E.; GARCIA, F. G. Dividendos e informação assimétrica: análise do novo mercado. Revista de Administração da Universidade de São Paulo, v. 47, n. 4, p. 671-682, 2012.
MORI, N.; IKEDA, N. Majority support of shareholders, monitoring incentive, and dividend policy. Journal of Corporate Finance, v. 30, p. 1-10, 2015.
MYERS, S. C. Determinants of Corporate Borrowing. Journal of Financial Economics, v. 5, p. 147-175, 1977.
______. The Capital Structure Puzzle. The Journal of Finance, v. 39, n. 3, p. 575-592, 1984.
NENOVA, T. The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, v. 68, n. 3, p. 325-351, 2003.
PINDADO, J.; DE LA TORRE, C. The Role of Investment, Financing and Dividend Decisions in Explaining Corporate Ownership Structure: Empirical Evidence from Spain. European Financial Management, v. 12, n. 5, p. 661-687, 2006.
PROCIANOY, J. L.; VERDI, R. S. Dividend clientele, new insights, and new questions: the Brazilian case. RAE-eletrônica, v. 8, n. 1, 2009.
RENNEBOOG, L.; TROJANOWSKI, G. Control structures and payout policy. Managerial Finance, v. 33, n. 1, p. 43-64, 2007.
RIYANTO, Y. E.; TOOLSEMA, L. A. Tunneling and propping: A justification for pyramidal ownership. Journal of Banking & Finance, v. 32, n. 10, p. 2178-2187, 2008.
SHLEIFER, A.; VISHNY, R. W. A Survey of Corporate Governance. Journal of Finance, v. 52, n. 2, p. 737-783, 1997.
SHORT, H.; ZHANG, H.; KEASEY, K. The link between dividend policy and institutional ownership. Journal of Corporate Finance, v. 8, n. 2, p. 105-122, 2002.
STEIN, J. C. Agency, information, and corporate investment. In: CONSTANTINIDES, G. M. et al (Ed.). Handbook of the Economics of Finance. Amsterdam: Elsevier, North-Holland, 2003. Cap.2. p. 111-165.
WAUD, R. Small Sample Bias due to Misspecification in the “Partial Adjustment” and “Adapted Expectations” Models. Journal of the American Statistical Association, v. 61, n. 316, p. 134–145, 1966.
WOOLDRIGDE, J. Econometric analysis of cross section and panel data. Cambridge, MA: MIT Press, 2002.
YOUNG, M. N.; PENG, M. W.; AHLSTROM, D.; BRUTON, G. D.; JIANG, Y. Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective. Journal of Management Studies, v. 45, n. 1, p. 196–220, 2008.
Apontamentos
- Não há apontamentos.
Este trabalho está licenciado sob uma Licença Creative Commons Attribution 3.0 .
_______________
Revista de Finanças Aplicadas
ISSN: 2176-8854
Contador Estatístico
Indexadores e diretórios
Adicionais
Gale Cengage Learning
Latindex - Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal
Livre - Revistas de Livre Acesso
Sumários - Sumários de Revistas Brasileiras
PKP - Public Knowledge Project