Ensaios sobre a política de dividendos: evidências dos impactos da gestão do capital de giro, do crédito comercial internacional e da regionalidade

Abstract

Contextualization: Dividend policy is at the heart of understanding corporate finance, but it is still a complex and controversial topic in the literature. On the other hand, working capital management, although commonly treated as an operational function, more recent research has shown its impact on long-term finance. This change in perspective opens up space for innovative research. In this context, this research proposes to analyze the impacts of working capital management and regionality on companies' dividend policy, incorporating in an unprecedented way the analysis of the impact of international trade credit on the index of dividends distributed to shareholders.

Objective: The main objective of the thesis is to analyze the determinants of the dividend policy of Brazilian companies, focusing on working capital management, international trade credit and geographic location. The first essay, of a theoretical nature, sought to explain, based on the main theories and empirical evidence, how working capital management and international trade credit influence profit distribution decisions. The second empirical essay aimed to test the hypotheses formulated in the theoretical essay, using data from Brazilian companies. The third essay investigated the impact of the location of the company's headquarters in the national financial center, specifically in the city of São Paulo, on its dividend policy, exploring the effects of regionality in the context of corporate finance.

Method: The first study was developed as a theoretical essay. The second and third essays are empirical research conducted using Tobit regression models with panel data, applied to a sample of 355 non-financial, publicly traded companies listed on B3, from 2010 to 2021.

Results: The results indicate that companies with a shorter cash conversion cycle and shorter average collection and storage periods tend to distribute more dividends. On the other hand, no statistically significant relationship was identified between international trade credit and the average payment period with the dividend policy. Furthermore, contrary to theoretical expectations, the results did not confirm the hypothesis that companies headquartered in the city of São Paulo, considered the national financial center, distribute more dividends to their shareholders.

Adherence of the research with the PPGAdm concentration area (Regionality and Management) and with the research line: The study adheres to the Regionality and Management concentration area and the Organizational Management and Regionality research line (finance theme) by addressing one of the aspects of the financial management of organizations, namely the impacts of internationalization on corporate finance, considering the implications for companies that are part of the region in which UFU has greater influence, which provides support for its development.

Impact and innovative character in intellectual production: The evidence on the determinants of dividend policy in an emerging market such as Brazil is expanded by analyzing the little-explored impact that this policy suffers due to short-term decisions. Furthermore, the influence of international commercial credit on the index of distributed dividends is analyzed for the first time.

Economic, social and regional impact: Economically, the results guide managers in formulating more efficient dividend policies and help investors identify companies with greater distribution potential, including based on regional characteristics. Socially, the research increases the transparency of corporate financial decisions and contributes to reducing information asymmetry between companies and investors, strengthening confidence in the capital market. Regionally, the study challenges the premise that companies located in national financial centers, such as the city of São Paulo, tend to distribute more dividends, reinforcing that dividend policy is explained by the firm's fundamentals, not its location.

Regional implications: The economic and social implications of this research can be extended to companies in the region where UFU has the greatest influence, namely the mesoregions of Triângulo Mineiro, Alto Paranaíba, southern Goiás and eastern Mato Grosso do Sul. The results of the third trial indicate that the dividend policy of companies headquartered outside the national financial center... is not statistically different from those located in the center, which suggests that other governance and performance factors override the geographic effect.

Sustainable Development Goals met in the research: The research promotes SDG 8, by working on how obtaining financial resources from international trading partners, which is considered an alternative to obtaining resources from financial institutions, influences the financial management of companies, contributing to their economic growth and that of the country. It also promotes SDG 17, which provides for the incentive to exports from less developed countries, in order to facilitate their access to the market and increase their share in global exports. Thus, studying the impacts of obtaining credit from foreign suppliers contributes to broadening the understanding of the factors that influence the financial management of companies that operate or intend to operate internationally.