Abstract

DA COSTA GOMES, Matheus; AUGUSTO ECA, Joao Paulo; FERNANDES, Marlos  and  DO VALLE, Mauricio Ribeiro. Relationship among financial decisions in Brazil: Investment, Financing, and Payout. estud.gerenc. [online]. 2023, vol.39, n.166, pp.13-23.  Epub Mar 16, 2023. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2023.166.5180.

This paper aims to analyze whether investment and financing decisions are related to the payout policy in publicly traded Brazilian companies based on the Theory of Payout Policy. We analyzed a sample of 307 companies listed on B3 between 2010 and 2018 using a linear regression model with panel data (with firm fixed effects). The results show that investment decisions (Capex) positively affect the payout, as well as financing decisions (leverage). We concluded that this policy must be joined together with the financing and investment policies for a better understanding.

Keywords : payout; investment; financing; Theory of Payout Policy; dividend smoothing.

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