A influência da responsabilidade social corporativa sobre a política de dividendos no contexto brasileiro

Abstract

In this study, our objective was to elucidate the dynamics of Corporate Social Responsibility (CSR) and its impact on dividend policy within the Brazilian context. The significance of this research is underscored by the relevance of the themes within the corporate sphere, where the CSR agenda highlights the importance of wealth generation with a critical perspective, grounded on sound corporate management practices in CSR. Specifically, this study addressed the following question: How does CSR, as reported by publicly listed Brazilian companies, influence their dividend policy. To this end, a documentary, descriptive, and quantitative research was conducted over the period from 2012 to 2022. The population comprised 580 companies, of which only 136 that had ESG scores were included in the sample. Three independent variables were utilized, namely Payout, Total Dividend, and Dividend Yield, while eight variables served as dependent variables. The findings demonstrate that ESG scores have a positive and significant correlation with dividend policy in the proxies of Total Dividend and Dividend Yield. The study concludes that companies with higher CSR ratings, as evidenced here by the ESG proxy, have a more favorable dividend policy. However, although the Payout proxy showed a positive correlation, its level of significance was not satisfactory. This study offers significant practical contributions, aiding managers of Brazilian companies in understanding how ESG scores influence dividend policy and its stability, while balancing corporate interests with corporate social responsibility (CSR). The results enable managers to develop strategies focused on CSR practices to attract dividend-interested investors, encouraging the incorporation of sustainable practices in resource allocation. For future studies, it is suggested to explore themes related to those discussed in this study, using additional variables such as profit margin, company life cycle stage, and sales turnover to better understand the level of dividend payments. A detailed analysis of the ESG variable, breaking it down into its subdimensions, is also recommended to investigate how these impact the size and volume of dividend payments.