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ARTÍCULO
TITULO

Driving factors of the dividend policy of the Brazilian financial institutions

Mariana Lanner de Araujo Simon    
Jairo Laser Procianoy    
Roberto Frota Decourt    

Resumen

This paper studies the determinants of the dividend policy of Brazilian financial institutions, in a sample of banks with commercial credit portfolios listed in B3 from 2000 to 2017, totaling 245 observations, using panel data with fixed effects. The results show that the determinants of the dividend policy are: Return on Equity, which has a negative effect, and Concentration of Stock Control, which has a positive effect on the payout. The results also indicate that financial institutions are concerned with the signaling effect of dividends and the ability of dividends to mitigate agency problems.

PÁGINAS
pp. 87 - 116
MATERIAS
ECONOMÍA

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