A política de dividendos é um tema amplamente pesquisado no Brasil e no mundo ao longo de várias décadas. Consequentemente, inúmeras teorias foram desenvolvidas para explicar esse assunto. Contudo, recentemente, o arcabouço da Teoria de Agência tem proporcionado novas descobertas sobre os fatores que influenciam as políticas de dividendos das empresas. Especificamente, foram propostas teorias que sugerem que os dividendos refletem boas práticas de governança corporativa, tornando a distribuição de proventos um complemento à proteção legal do acionista. Em contrapartida, em um ambiente com proteção mais fraca e regras menos rígidas de governança, a distribuição de dividendos atua de maneira substituta à essa carência de proteção. No Brasil, devido às características legais mais frágeis quando comparada com mercados como o Norte Americano e do Reino Unido, seria esperado uma situação na qual os dividendos fossem substitutos à proteção oferecida pelos padrões de governança. Entretanto, pesquisas relacionadas à América Latina, aos mercados emergentes e, mais especificamente, ao mercado brasileiro, têm apontado para situações diferentes do que é apontado pela teoria, mas não de maneira unânime. Além disso, considerando o ambiente institucional brasileiro, de elevada concentração de propriedade, estudos anteriores não conseguiram determinar de que forma esse fenômeno influencia a política de dividendos das companhias. Assim, para contribuir com essa discussão, este trabalho investiga conjuntamente como a governança corporativa e a concentração de propriedade afetam as políticas de dividendos das empresas brasileiras. Esta pesquisa abrangeu 171 empresas no período de 2008 a 2017. De maneira inédita, foi utilizada como variável dependente o valor total dos dividendos dividido pelo patrimônio líquido. Os resultados das estimações por efeitos fixos com erros-padrão robustos por empresas mostraram uma relação positiva entre as proxys para governança corporativa e concentração de propriedade com a distribuição de dividendos. Como contribuições adicionais, foi mostrado que os resultados da estimação com a variável dependente dividendos pelo patrimônio líquido são melhores que os resultados da estimação com a variável dependente payout. Também foi identificado que a propriedade dispersa e altamente concentrada afetam positivamente e de maneira mais intensa a distribuição de dividendos, em comparação com outros níveis de propriedade do maior acionista / The dividend policy is a widely researched topic in Brazil and the world over several decades. Consequently, numerous theories have been developed to explain this subject. However, recently, the Agency Theory framework has provided new insights into the factors that influence corporate dividend policies. Specifically, theories have been proposed that suggest that dividends reflect good corporate governance practices, making the distribution of proceeds a complement to shareholder legal protection. On the other hand, in an environment with weaker protection and less rigid rules of governance, the distribution of dividends acts in a substitute way to this lack of protection. In Brazil, due to the more fragile legal characteristics when compared to markets such as the United States and the United Kingdom, a situation in which dividends would be a substitute for the protection offered by governance standards would be expected. However, research related to Latin America, emerging markets and, more specifically, the Brazilian market, have pointed to different situations than is pointed out by theory, but not unanimously. Moreover, considering the Brazilian institutional environment, with a high concentration of ownership, previous studies have not been able to determine how this phenomenon influences the companies\' dividend policy. Thus, to contribute to this discussion, this work investigates jointly how corporate governance and concentration of ownership affect the dividend policies of Brazilian companies. This survey covered 171 companies in the period from 2008 to 2017. In an unprecedented way, the total amount of dividends divided by shareholders\' equity was used as the dependent variable. The results of fixed-effect estimate with robust standard errors by companies showed a positive relationship between the proxies for corporate governance and concentration of ownership with the distribution of dividends. As additional contributions, it was shown that the results of the estimation with the dependent variable dividends by the equity are better than the results of the estimation with the dependent variable payout. It has also been identified that dispersed and highly concentrated ownership positively and more sharply affect the distribution of dividends as compared to other ownership levels of the largest shareholder

O fim da obrigatoriedade da correção monetária das demonstrações contábeis em 1995, fez com que as empresas brasileiras deixassem de reconhecer os efeitos da inflação na apuração dos seus resultados. Porém, mesmo com a aparente estabilização monetária promovida pelo Plano Real, a inflação acumulada de janeiro de 1996 a dezembro de 2004 ultrapassou 160% de acordo com dois dos principais indicadores nacionais. A inflação não deixou de existir com a extinção da correção monetária e, as empresas inseridas nesse contexto de alta generalizada dos preços, simplesmente deixaram de reconhecer seus efeitos na apuração de seus resultados. Nesse trabalho, coletamos as demonstrações contábeis de todas as empresas não financeiras de capital aberto listadas na Bolsa de Valores de São Paulo no período de 1996 a 2004 e procedemos com a Correção Monetária de Balanço, de acordo com a metodologia prevista na legislação brasileira. Os resultados do Teste de Diferença de Médias para Observações Emparelhadas e o Teste de Postos com Sinais de Wilcoxon para Pares Combinados mostraram que a desconsideração dos efeitos inflacionários distorceu o lucro das 255 empresas da amostra com um nível de confiança de 99%. Os resultados da correção monetária foram então comparados com o total de lucros distribuídos em dividendos por essas empresas, agrupadas em dezoito setores de diferentes atividades econômicas. As análises do índice de correlação de Pearson forneceram evidências de que os setores que mais ganharam com a inflação foram também aqueles que mais distribuíram dividendos aos acionistas e os setores que mais perderam com a corrosão do poder aquisitivo da moeda foram os que menos tiveram capacidade de distribuir lucro. O estudo empírico fornece uma visão mais clara de como a inflação tem impactado o lucro das empresas brasileiras e como o seu não reconhecimento pode afetar a distribuição desse lucro e a riqueza dos acionistas. / The end of obligatory price level adjustment of financial statements in 1995 accounts for Brazilian companies not recognition of the inflation effects in profit determination. However, even with the apparent monetary stabilization cause by the Real Plan, the accumulated inflation from January 1996 to December 2004 surpassed 160%, according to two of the main national indicators. Even with the end of price level adjustment, inflation still exists and the companies included in this ambit of generalized price increase, simply did not recognize their profit determination. For this work, we collected incomes statements of all non-financial Brazilian stock companies listed at São Paulo Stock Exchange from 1996 to 2004 and dealt with the Price Level Adjustment according to the methodology foreseen in Brazilian Legislation. The results of the T-Test and Wilcoxon Matched-Pairs Signed-Ranks Test showed that the lack of consideration for inflationary effects distorted the profit of the 255 companies of the sample with a 99% level of reliance. The results of price level adjustment were, then, compared to the total profit distributed in dividends by these companies, joint into eighteen sectors of different economical activities. The analyses of Pearson\'s index of correlation evidenced that the sectors that had most of the benefit from inflation were also the ones that participated more in the distribution of the dividends to the shareholders and the sector that have lost more with the purchasing power degradation were the ones that had less capacity to distribute profit. The empiric study provides a better understanding of how inflation has caused impact on Brazilian companies profit and how not recognizing inflation can affect the distribution of this profit and the richness of the shareholders.

Increasing evidence suggests the personal traits of chief executive officers (CEOs) can influence corporate policies. We examine how one dimension, past professional experiences, can affect corporate payout policy. Exploiting exogenous CEO turnovers and future employment, we hypothesize that CEOs experiencing a distress event in their past career alter the corporate payout policy at their subsequent firm of employment. We discover that CEOs having experienced prior professional career distress are less likely to pay dividends and use repurchases and pay out lower levels for each type of payout. Additionally, when CEOs with distress do have a payout policy greater than zero dollars, there exists a preference toward the use of repurchases in the payout policy, adding to the literature of substitution and differences between the two forms of payout. We find that dividend smoothing is reduced by CEOs that have past professional distress. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2019. / FAU Electronic Theses and Dissertations Collection

This study examines the reactions of market makers and investors to large dividend increases to identify the motives for dividend increases. Uniquely, this study simultaneously tests the signaling and agency abatement motivations as explanations of the impact of dividend increases on stock prices and bid-ask spreads. The agency abatement hypothesis argues that increased dividends constrict management's future behavior, abating the agency problem with shareholders. The signaling hypothesis asserts that dividend increases signal that managers expect higher or more stable cash flows in the future. Mean stock price responses to dividend increase announcements during 1995 are examined over both short ( _1, 0) and long ( _1, 504) windows. Changes in bid-ask spreads are examined over a short ( _1, 0) window and an intermediate (81 day) period. This study partitions dividend increases into a sample motivated by agency abatement and a sample motivated by cash flow signaling. Further, this study examines the agency abatement and cash flow signaling explanations of relative bid-ask spread responses to announcements of dividend increases. Estimated generalized least squares models of market reactions to sampled events support the agency abatement hypothesis over the cash flow signaling hypothesis as a motive for large dividend increases as measured by Tobin's Q and changes in the distribution of cash flows.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.

Economic and political environment are rapidly changing and increasingly becoming fierce international competition in recent years. So companies must change their organizational structure to adapt to the competitive environment and the pursuit of high-profit governance policies. Study has shown that financial neighboring services (which is also called leasing industry) layoffs by organizational changes are rising from the uncertainty and psychological contract breach and damage. There for high-performance doctrine of internal staff and high turnover attitude show Leasing Services-oriented by leaps and bounds that impact competitive development, especially in the service competitiveness of Mainland China leasing industry¡C According to different personal attributes that explore the differences of employees in all aspects of this study. The Financial service workers that where interview for this research over the years, leasing and verify the research aspects of banking sector progress of human relationship. In conclusion with this research I try to understand how people work. We are divided to how each of us work and how long we stay to get the job done¡C

Magistro baigiamuoju darbu „Europos Teisingumo Teismo jurisprudencija tiesioginių mokesčių srityje” siekiama atskleisti svarbiausias Europos Teisingumo Teismo suformuluotas Europos Bendrijos steigimo sutarties interpretavimo tiesioginių mokesčių srityje taisykles. Autorė trumpai pristato pagrindinius tiesioginių mokesčių ir netiesioginių mokesčių atribojimo kriterijus, apžvelgia, kokiomis Europos Bendrijos sutarties nuostatomis vadovaujantis Europos Sąjungos institucijos yra kompetentingos priimti teisės aktus tiesioginių mokesčių srityje, detaliai analizuoja Europos Bendrijos sutartyje įtvirtintų pagrindinių laisvių taikymo tiesioginiams mokesčiams klausimus, pateikia detalią diskriminaciją ir nediskriminacinius apribojimus tiesioginių mokesčių srityje pateisinančių argumentų analizę, atskleidžia pagrindines Europos Teisingumo Teismo suformuluotos taisykles tiesioginių mokesčių srityje. / The thesis Jurisprudence of the European Court of Justice in the Field of Direct Taxes seeks to reveal the essential rules set by the European Court of Justice for the interpretation of the Treaty Establishing the European Community (further – the Treaty) in the field of direct taxes. The author gives a short presentation on criteria for the separation of direct and indirect taxes, reviews the provisions of the Treaty which are being followed by the European Union institutions to be competent to adopt legal acts in the field of direct taxes, thoroughly examines the issues of the application of the fundamental freedoms established by the Treaty to the direct taxes, provides a detailed analysis of arguments justifying discriminatory and non-discriminatory restraints for direct taxes, reveals the main rules formulated by the European Court of Justice for direct taxes.

Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2003.

This dissertation examines four specific aspects of capital structure and dividend policy. The first issue concerns the determinants of capital structure dynamics. The primary objective is to examine whether stock returns are important factors in firm???s capital structure choice, and if so, whether this effect is persistent. In so doing, we use a data set which (1) avoids the complexity of tax rates faced by previous studies, (2) we introduce new variables that are unique to Oman, and (3) we distinguish empirically between bank debt and non-bank debt. We find stock returns are a first order determinant of capital structure. Firms do show some tendency to rebalance towards their target capital structure. However, the impact of stock returns dominates the effects of rebalancing. We also find new evidence that firms do take countermeasures to offset changes in their leverage that stem from equity value variations, but do so at a low speed. The next topic studied concerns the ex-dividend day behaviour. We investigate this issue using a unique data set where there are no taxes on dividends and capital gains and stock prices are decimalized. In this economy, any price decline that is smaller than the dividends can not be attributed to taxes and price discreteness. We find that the stock price drops by less than the amount of dividends and there is a significant positive ex-day return. We are able to account for our results using market microstructure models. The third issue investigated is the stock price reaction to dividend announcements. Tax-based signaling models argue that dividends would not have information and be informative if it is not for the higher taxes on dividends relative to capital gains that they apply to shareholders. The absence of personal taxes in Oman presents a valuable opportunity to test this prediction. Our results show that the announcements of dividend increases (decreases) are associated with a stock price increase (decrease) which contradicts the tax-based signaling models. The final chapter analyzes the determinants and stability of dividend policy of financial and non-financial firms. Investigating this issue is important for at least two reasons. First, Omani firms distribute almost 100% of their profits in dividends which led the Capital Market Authority (CMA) to issue a circular (number 12/2003) arguing that firms should retain some of their earnings for ???rainy days???. This allows us understand the characteristics of firms that pay dividends. Second, firms are highly levered mainly through bank loans which render the role of dividends in reducing the agency costs less important. Unlike most previous studies, we include both dividend paying and non-dividend paying firms to avoid a selection bias. We find that there are some common factors that determine dividend policy of both financial and non-financial firms and there are some factors that affect only non-financial firms. We also find that the factors that influence the probability to pay dividends are the same factors that drive the amount of dividends paid for both financial and non-financial firms. We document that non-financial firms adopt a policy of smoothing dividends while financial firms do not have a stable dividend policy.