Decisões de financiamento e valor da empresa no Brasil
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Data
2022
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Castro Júnior, Francisco Henrique Figueiredo de
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The study proposes to measure how the value of Brazilian companies is related to financial expenses and also to the payment of dividends and interest on equity. The tax hypothesis predicts that company value is negatively related to dividend payments and positively related to debt. The study covered a sample with an annual average of 299 national companies, in a 13-year panel, the sample period ranges from 2007 to 2019. The regressions of this work were estimated using fixed effects with panel data with standard error correction enterprise-level clusters and dual enterprise-time clusters. In this work, no conclusive results were found on the relationship between the company's value and financial expenses (leverage). However, robust results were found that there is a significant relationship between the value of Brazilian companies with payments of dividends and interest on equity, investments in assets, variation in company size and Capex. The value of Brazilian companies is positively related to current levels of dividends paid, future changes in dividends, changes in future proportions of dividends. The value of Brazilian companies is positively related to investments and the expectation of future future variation in the size of the company in assets. Current and future Capex expenses are positively related to the value of Brazilian companies and the value of Brazilian companies is negatively related to past Capex expenses.