Política do pagamento de dividendos e de juros sobre capital próprio nos períodos de recessão e crescimento econômico em empresas listadas na B3

Abstract

This research aimed to investigate possible variations in dividend payment policies in the form of dividends and interest on equity of companies listed on the Brazilian stock exchange in economic scenarios of recession and growth. To this end, an explanatory research with quantitative approach was conducted through documentary research. The study featured a sample of 245 companies that had their profits and earnings paid analyzed from 2015 to 2018 using descriptive statistics and the Wilcoxon Sign Rank Test. The results show a decrease in corporate profits in recession scenarios compared to economic growth scenarios, however, this situation does not impact their earnings payment policies, thus maintaining the amounts of these payments even during the crisis years. The combination of these factors leads to an increase in the ratio of earnings paid to net income in recession scenarios. The findings of this research are in line with the premise that managers are resistant to changing the earnings payment policy to avoid investor reactions affecting the company's market value.