O impacto das possíveis evidências de fraudes em demonstrativos financeiros na política de distribuição de dividendos das empresas listadas na B3

Abstract

The present study aimed to analyze the impact of evidence of fraud in financial statements on the dividend policy of listed companies B3 in the period between 2010 and 2017. For this, the dividends paid by the companies (Payout) were calculated based on the profit adjusted in each fiscal year and in the proxies of the factors associated with the distribution of dividends. In addition, evidence of fraud was calculated from studies by Razali and Arshad (2014), using the Financial Reporting Handling Index (IMRF) proposed by Beneich (1999). The data referring to the present study were extracted from the database of Thomson Reuters®, being distributed in data in unbalanced panel, constituted of 510 observations. The survey sample consisted of 119 companies listed in B3 in the period between 2010 to 2017. The analysis of financial statement fraud on the distribution of dividends was performed through linear regressions considering the fixed effects according to the Hausman test. Statistical tests were performed on the model variables. As a result, the variables Return on Equity (ROE), Return on Asset (ROA), indebtedness and volatility of revenues were statistically significant and presented an expected relationship with the literature. The fraud in financial reports presented a negative relation on the distribution of dividends, but not statistically significant. The present study did not present the totality of the expected result, because it presents limitations in the proxy that calculates the occurrences of frauds in financial reports (IRMF), being valid the presence of new studies in the creation of a new proxy with characteristics of the Brazilian capital market.