Efeitos da governança corporativa sobre o pagamento de dividendos das empresas brasileiras listadas na B3

Abstract

The present report aimed at analyzing implications of Corporate Governance on payment dividends of Brazilian companies listed in B3. The study is based on theories about Corporate Governance and dividend distribution. A Corporate Governance Trade Index (IGCT) was established, which is composed by twenty binary and objective questions. The study is an explanatory research with quantitative approach. The data collection were comprised by 227 Brazilian companies listed in Brasil, Bolsa, Balcão (B3) in 2016. A descriptive and a regression analysis were made. Regression analysis was estimated in a robust model of Generalized Least Squares (GLS). The results showed that there is a positive and significant relationship between Corporate Governance and dividends payment; this represents the higher quality of Corporate Governance the greater is the dividends distribution of studied companies. In this sense, it is understood that Corporate Governance, since it has positive effects on dividends payment of publicly traded companies, is a relevant factor in the decision-making on investment in shares.