Os fatores determinantes da distribuição de dividendos no Brasil

Abstract

This study analyzes the determinants of dividend distribution policy in Brazilian publicly traded companies between 2010 and 2024. The research adopted a quantitative approach, utilizing multiple linear regression through Ordinary Least Squares (OLS) with Petersen’s (2009) robust standard errors, based on a consolidated sample of 2,269 observations. The results indicate that profitability and liquidity exert a positive and statistically significant influence on the payout ratio. These findings suggest that the capacity for generating results and the availability of short-term resources are fundamental pillars for shareholder remuneration, reducing dependence on third-party capital and signaling operational maturity to the capital market. Conversely, the level of indebtedness and corporate governance mechanisms showed a negative relationship with profit distribution. The evidence reveals that more leveraged companies prioritize cash flow for debt servicing, while robust governance structures may favor the strategic retention of earnings for internal reinvestment. Variables such as company size and financial flexibility did not demonstrate individual statistical significance, possibly due to the presence of multicollinearity in the model. This study broadens the understanding of national financial dynamics and provides insights for investors to anticipate strategic decisions in light of imminent regulatory and tax changes in Brazil.