<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232023000100013</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2023.166.5180</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Relação entre diferentes decisões financeiras no Brasil: Investimento, Financiamento e Payout]]></article-title>
<article-title xml:lang="es"><![CDATA[Relación entre diferentes decisiones financieras en Brasil: Inversión, Financiamiento y Payout]]></article-title>
<article-title xml:lang="en"><![CDATA[Relationship among financial decisions in Brazil: Investment, Financing, and Payout]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[da Costa Gomes]]></surname>
<given-names><![CDATA[Matheus]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Augusto Eça]]></surname>
<given-names><![CDATA[Joao Paulo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fernandes]]></surname>
<given-names><![CDATA[Marlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[do Valle]]></surname>
<given-names><![CDATA[Mauricio Ribeiro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade de Sao Paulo Departamento de Contabilidade ]]></institution>
<addr-line><![CDATA[Sao Paulo ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade de Sao Paulo Departamento de Contabilidade ]]></institution>
<addr-line><![CDATA[Sao Paulo ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade de Sao Paulo Departamento de Contabilidade ]]></institution>
<addr-line><![CDATA[Sao Paulo ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidade de Sao Paulo Faculdade de Economia ]]></institution>
<addr-line><![CDATA[Sao Paulo ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>39</volume>
<numero>166</numero>
<fpage>13</fpage>
<lpage>23</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232023000100013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232023000100013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232023000100013&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este trabalho tem por objetivo analisar se as decisoes de investimento e de financiamento sao fatores relacionados as decisoes de payout nas empresas brasileiras de capital aberto. Com base na Teoria da Politica de Payout, analisou-se uma amostra composta por 307 companhias listadas na B3, no periodo entre 2010-2018, utilizando um modelo de regressao linear com dados em painel (com efeitos fixos da firma). Os resultados apontam que as decisoes de investimento (Capex) afetam positivamente o payout, assim como as decisoes de financiamento (alavancagem) tambem se mostraram positivamente relacionadas ao payout das empresas. Conclui-se que a politica de payout deve ser posta em conjunto com as politicas de financiamento e de investimento, para uma melhor compreensao da primeira. Classificacoes JEL: G32; G35.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo tiene como objetivo analizar si las decisiones de inversion y financiamiento son factores relacionados con las decisiones de payout en empresas brasilenas que cotizan en bolsa. Basados en la Theory of Payout Policy, analizamos una muestra compuesta por 307 empresas listadas en B3 en el periodo 2010-2018 utilizando un modelo de regresion lineal con datos de panel (con efectos fijos firmes). Los resultados muestran que las decisiones de inversion (Capex) afectan positivamente el payout, al igual que las decisiones de financiación (apalancamiento). Se concluye que esta politica se debe articular con aquellas de financiamiento e inversion para comprenderla mejor.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[payout]]></kwd>
<kwd lng="pt"><![CDATA[investimento]]></kwd>
<kwd lng="pt"><![CDATA[financiamento]]></kwd>
<kwd lng="pt"><![CDATA[Teoria da Politica de Payout]]></kwd>
<kwd lng="pt"><![CDATA[suavizacao de dividendos]]></kwd>
<kwd lng="es"><![CDATA[payout]]></kwd>
<kwd lng="es"><![CDATA[inversion]]></kwd>
<kwd lng="es"><![CDATA[financiamiento]]></kwd>
<kwd lng="es"><![CDATA[Theory of Payout Policy]]></kwd>
<kwd lng="es"><![CDATA[suavizado de dividendos]]></kwd>
<kwd lng="en"><![CDATA[payout]]></kwd>
<kwd lng="en"><![CDATA[investment]]></kwd>
<kwd lng="en"><![CDATA[financing]]></kwd>
<kwd lng="en"><![CDATA[Theory of Payout Policy]]></kwd>
<kwd lng="en"><![CDATA[dividend smoothing]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abor]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Bokpin]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets]]></article-title>
<source><![CDATA[Studies in Economics and Finance]]></source>
<year>2010</year>
<volume>27</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>180-94</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Akbar]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Rehman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ormrod]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of recent financial shocks on the financing and investment policies of UK private firms]]></article-title>
<source><![CDATA[International Review of Financial Analysis]]></source>
<year>2013</year>
<volume>26</volume>
<page-range>59-70</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ardestani]]></surname>
<given-names><![CDATA[H. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Rasid]]></surname>
<given-names><![CDATA[S. Z. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Basiruddin]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Mehri]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dividend Payout Policy, Investment Opportunity Set and Corporate Financing in the Industrial Products Sector of Malaysia]]></article-title>
<source><![CDATA[Journal of Applied Finance and Banking]]></source>
<year>2013</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>123-36</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baker]]></surname>
<given-names><![CDATA[H. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ridder]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rasbrant]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investors and dividend yields]]></article-title>
<source><![CDATA[The Quarterly Review of Economics and Finance]]></source>
<year>2020</year>
<volume>76</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>386-95</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baker]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wurgler]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Catering Theory of Dividends]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2004</year>
<volume>59</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1125-65</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barros]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Matos]]></surname>
<given-names><![CDATA[P. V.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarmento]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What Firm&#8217;s Characteristics Drive the Dividend Policy? A Mixed-Method Study on the Euronext Stock Exchange]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>2020</year>
<volume>115</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>365-77</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bliss]]></surname>
<given-names><![CDATA[B. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cheng]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Denis]]></surname>
<given-names><![CDATA[D. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate payout, cash retention, and the supply of credit: Evidence from the 2008-2009 credit crisis]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2015</year>
<volume>115</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>521-40</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brav]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Harvey]]></surname>
<given-names><![CDATA[C. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Michaely]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Payout policy in the 21st century]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2005</year>
<volume>77</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>483-527</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Damijan]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate financial soundness and its impact on firm performance: implications for corporate debt restructuring in Slovenia]]></article-title>
<source><![CDATA[Post-Communist Economies]]></source>
<year>2018</year>
<volume>30</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>156-92</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[DeAngelo]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
<name>
<surname><![CDATA[DeAngelo]]></surname>
<given-names><![CDATA[L,]]></given-names>
</name>
<name>
<surname><![CDATA[Skinner]]></surname>
<given-names><![CDATA[D. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reversal of fortune Dividend signaling and the disappearance of sustained earings growth]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1996</year>
<volume>40</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>341-71</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Favero]]></surname>
<given-names><![CDATA[L. P. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dados em painel em contabilidade e financas: teoria e aplicacao]]></article-title>
<source><![CDATA[Brazilian Business Review]]></source>
<year>2013</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>131-56</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forti]]></surname>
<given-names><![CDATA[C. A. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Freitas]]></surname>
<given-names><![CDATA[K. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relacao entre os Dividendos e a Classificacao de Rating de Empresas Brasileiras]]></article-title>
<source><![CDATA[Revista Contemporânea de Contabilidade]]></source>
<year>2020</year>
<volume>17</volume>
<numero>42</numero>
<issue>42</issue>
<page-range>120-37</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forti]]></surname>
<given-names><![CDATA[C. A. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Peixoto]]></surname>
<given-names><![CDATA[F. M.]]></given-names>
</name>
<name>
<surname><![CDATA[&amp; Alves]]></surname>
<given-names><![CDATA[D. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fatores Determinantes do Pagamento de Dividendos no Brasil]]></article-title>
<source><![CDATA[Revista Contabilidade &amp; Finanças]]></source>
<year>2015</year>
<volume>26</volume>
<numero>68</numero>
<issue>68</issue>
<page-range>167-80</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Futema]]></surname>
<given-names><![CDATA[M. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Basso]]></surname>
<given-names><![CDATA[L. F. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kayo]]></surname>
<given-names><![CDATA[E. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estrutura de capital, dividendos e juros sobre o capital proprio: testes no Brasil]]></article-title>
<source><![CDATA[Revista Contabilidade &amp; Finanças]]></source>
<year>2009</year>
<volume>20</volume>
<numero>49</numero>
<issue>49</issue>
<page-range>44-62</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Grullon]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Michaely]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Information Content of Share Repurchase Source]]></article-title>
<source><![CDATA[Jounal of Finance]]></source>
<year>2004</year>
<volume>59</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>651-80</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Higgins]]></surname>
<given-names><![CDATA[R. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The corporate dividend-saving decision]]></article-title>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1972</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1527-41</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hoang]]></surname>
<given-names><![CDATA[E. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Hoxha]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The sensitivity of payouts to corporate financing decisions]]></article-title>
<source><![CDATA[Journal of Financial Economic Policy]]></source>
<year>2015</year>
<volume>7</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>290-300</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hoang]]></surname>
<given-names><![CDATA[E. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Hoxha]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A tale of two emerging market economies: evidence from payout smoothing in China and Taiwan]]></article-title>
<source><![CDATA[International Journal of Managerial Finance]]></source>
<year>2020</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>361-76</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lambrecht]]></surname>
<given-names><![CDATA[B. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Lintner Model of Payout and Managerial Rents]]></article-title>
<source><![CDATA[TheJournal of Finance]]></source>
<year>2012</year>
<volume>67</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1761-810</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lambrecht]]></surname>
<given-names><![CDATA[B. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Dynamics of Investment, Payout and Debt]]></article-title>
<source><![CDATA[The Review of Financial Studies]]></source>
<year>2017</year>
<volume>30</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>3759-800</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[La Porta]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lopez-De-Silanes]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Shleifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[&amp;Vishny]]></surname>
<given-names><![CDATA[R. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Legal Determinants of External Finance]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1997</year>
<volume>52</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1131-50</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lepetit]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Meslier]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Wardhana]]></surname>
<given-names><![CDATA[L. I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reducing Agency Conflict Through Bank Dividend Payout Decisions: The Role of Opacity and Ownership Structure]]></article-title>
<source><![CDATA[AppliedEconomics]]></source>
<year>2017</year>
<volume>49</volume>
<numero>49</numero>
<issue>49</issue>
<page-range>4999-5026</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lim]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Shift of a Dividend Policy and a Leverage Policy during the 2008 Financial Crisis]]></article-title>
<source><![CDATA[International Journal of Finance &amp; Banking Studies]]></source>
<year>2016</year>
<volume>5</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>9-14</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lintner]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes]]></article-title>
<source><![CDATA[Papers and Proceedings of the Sixty-Eighth Annual Meeting of the American Economic Association]]></source>
<year>1956</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>97-113</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loss]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarlo Neto]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[O inter-relacionamento entre politicas de dividendos e de investimentos: estudo aplicado as compañías Brasileiras negociadas na Bovespa]]></article-title>
<source><![CDATA[Revista Contabilidade &amp; Finanças]]></source>
<year>2006</year>
<volume>17</volume>
<numero>40</numero>
<issue>40</issue>
<page-range>52-66</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martins]]></surname>
<given-names><![CDATA[A. I.]]></given-names>
</name>
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[O que revelam os estudos realizados no Brasil sobre politica de dividendos?]]></article-title>
<source><![CDATA[Revista de Administração de Empresas]]></source>
<year>2012</year>
<volume>52</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>24-39</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigliani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dividend policy, growth and the valuation of shares]]></article-title>
<source><![CDATA[The Journal of Business]]></source>
<year>1961</year>
<volume>34</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>411-33</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Majluf]]></surname>
<given-names><![CDATA[N. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate financing decisions when firms have information that investors do not have]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1984</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>187-221</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The capital structure puzzle]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1984</year>
<volume>39</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>575-92</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Neves]]></surname>
<given-names><![CDATA[M. E. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Payout and firm&#8217;s catering]]></article-title>
<source><![CDATA[International Journal of Managerial Finance]]></source>
<year>2018</year>
<volume>14</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>2-22</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nissim]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Ziv]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dividend Changes and Future Profitability]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2001</year>
<volume>56</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>2111-33</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrigues]]></surname>
<given-names><![CDATA[D. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Fodra]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ribeiro]]></surname>
<given-names><![CDATA[K. C. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz]]></surname>
<given-names><![CDATA[A. F]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinantes da Distribuicao de Dividendos no Brasil: Uma Analise entre Flexibilidade Financeira e Politica de Distribuicao de Resultados]]></article-title>
<source><![CDATA[Contabilidade Vista &amp; Revista]]></source>
<year>2019</year>
<volume>30</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>84-112</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Simon]]></surname>
<given-names><![CDATA[M. L. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Procianoy]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Decourt]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fatores Determinantes da Politica de Dividendos das Instituicoes Financeiras Brasileiras]]></article-title>
<source><![CDATA[Revista Brasileira de Finanças]]></source>
<year>2019</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>87-116</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vancin]]></surname>
<given-names><![CDATA[D. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Procianoy]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Os fatores determinantes do pagamento de dividendos: o efeito do obrigatorio minimo legal e contratual nas empresas brasileiras]]></article-title>
<source><![CDATA[Revista Brasileira de Finanças]]></source>
<year>2016</year>
<volume>14</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>89-123</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zagonel]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Terra]]></surname>
<given-names><![CDATA[P. R. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Pasuch]]></surname>
<given-names><![CDATA[D. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Taxation, Corporate Governance and Dividend Policy in Brazil]]></article-title>
<source><![CDATA[RAUSP Management Journal]]></source>
<year>2018</year>
<volume>53</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>304-23</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
