Submitted by Luciana Fernandez (lucianalopescsf@gmail.com) on 2017-12-19T22:08:09Z No. of bitstreams: 1 Dissertação - Luciana Lopes - FGV MEX 2017 final.pdf: 9572334 bytes, checksum: c289a6af3459a55d5724d697acf092aa (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-12-20T11:29:15Z (GMT) No. of bitstreams: 1 Dissertação - Luciana Lopes - FGV MEX 2017 final.pdf: 9572334 bytes, checksum: c289a6af3459a55d5724d697acf092aa (MD5) / Made available in DSpace on 2017-12-26T18:37:16Z (GMT). No. of bitstreams: 1 Dissertação - Luciana Lopes - FGV MEX 2017 final.pdf: 9572334 bytes, checksum: c289a6af3459a55d5724d697acf092aa (MD5) Previous issue date: 2017-11-24 / Este estudo pretende inferir sobre a influência que a política tributária brasileira de dividendos exerce, quando prevê a isenção do imposto, na capacidade das empresas de angariarem recursos através do investimento direto, especificamente as empresas L TOA. Para atender ao objetivo deste trabalho, a metodologia utilizada foi a pesquisa qualitativa, do tipo exploratório e explicativa, considerando uma amostragem não probabilística, usando a seleção por julgamento. Foram realizadas entrevistas semiestruturadas em profundidade com 16 profissionais. Os dados obtidos foram analisados por meio da técnica de análise de entrevista utilizando o método de análise de conteúdo à luz das seguintes categorias: atratividade na captação de recursos, planejamento tributário, falta de transparência e divulgação, carga tributária e risco, e boa prática para a sociedade. Os resultados da pesquisa demonstraram que a política de dividendos é um instrumento de atratividade para o investimento, especialmente o estrangeiro. Todavia, o investidor brasileiro vê risco na prática dado o histórico de constantes mudanças na legislação brasileira e no inócuo esclarecimento e divulgação sobre o tema. Salientam-se as limitações do estudo quanto à difícil organização das informações colhidas nas entrevistas: a pouca sistematização, a dificuldade de expressão do entrevistado; a incompreensão acerca das perguntas; a disposição do entrevistado em dar informações; e a retenção de dados importantes por parte dos entrevistados. A partir desses resultados a autoridade política pode identificar pontos de melhoria, objetivando otimizar a aplicabilidade da política atual. Ao identificar focos que inibem o engajamento da sociedade, os cidadãos podem avaliar o papel e importância do investimento privado no desenvolvimento da economia brasileira. / This study intends to infer about the influence that the Brazilian tax policy of dividends exerts, when it foresees the exemption of the tax, in the ability of the companies to raise resources through the direct investment, specifically the companies LTDA.In order to meet the objective of this study, the methodology used was the qualitative research, of the exploratory and explanatory type, considering a non-probabilistic sampling, using selection by judgment. In-depth semi-structured interviews were conducted with 16 professionals. The data obtained were analyzed through the interview analysis technique using the content analysis method in light of the following categories: attractiveness in fundraising, tax planning, lack of transparency and disclosure, tax burden and risk, and good practice for the society.The research results showed that the dividend policy is an instrument of attractiveness for investment, especially to foreigner. However, the Brazilian investor sees risk in practice given the history of constant changes in Brazilian legislation and in innocuous clarification and disclosure on the subject.The limitations of the study regarding the difficult organization of the information collected in the interviews are highlighted: the lack of systematization, the interviewee's difficulty of expression; misunderstanding about the questions; the willingness of the interviewee to give information; and the retention of important data by respondents.From these results the political authority can identify improvement points, aiming to optimize the applicability of the current policy.By identifying focuses that inhibit the engagement of society, citizens can assess the role and importance of private investment in the development of the Brazilian economy.

The distribution of the company\'s profits is an important topic to be considered by investors in the allocation of its financial resources. This source of funds is also important for the company, since the profits of retention can finance new projects for their growth. There is no consensus on the payment of dividends, especially by regulatory peculiarities involving this issue in Brazil. The financial sector is often excluded from the samples by financial and accounting characteristics of this sector, despite significant as developers of popular economy and source of funding for companies. This research intended to relate the distribution of dividends and interest on capital of financial institutions with the highest levels of Corporate Governance of BM&FBOVESPA. The allocation of investor´s resources objectively to maximize their profits with little risk as possible, and at that point, the Corporate Governance provides mechanisms that would contribute in this direction. Using only public data available, all the informations were collected in the Central Bank of Brazil website, the CVM website and in the website of banks. With a sample of 98 companies totaling 702 observations for the period 2002-2014, and by linear regression by Stepwise adaptive method, the results indicated a positive association between the distribution of dividends, here represented by the dependent variable Earnings and the highest Levels of Corporate Governance. Also appointed a negative relationship between the same dependent variable and government control of financial institutions, and significant results with ROE variables, Debts, TJLP and LogATIVO, however, as well as the relationship with the mechanisms of Corporate Governance, was expected more consistent results to the macroeconomic factors. / A distribuição dos lucros da empresa é um tópico importante a ser analisado pelo investidor na alocação de seus recursos financeiros. Esta fonte de recursos também é importante para a empresa, pois a retenção de parte dos lucros pode financiar novos projetos para o seu crescimento. Ainda não há consenso sobre o pagamento de Dividendos, especialmente pelas peculiaridades regulatórias que envolvem este tema no Brasil. O setor financeiro é quase sempre excluído das amostras pelas características financeiras e contábeis deste setor, apesar de significativo como fomentador da economia popular e fonte de financiamento para as empresas. Nesta pesquisa buscou-se relacionar a distribuição dos Dividendos e dos Juros Sobre o Capital Próprio das instituições financeiras aos níveis de Governança Corporativa da BM&FBOVESPA. A alocação dos recursos dos investidores objetiva a maximização dos seus lucros, com o menor risco possível e, nesse ponto, a Governança Corporativa oferece mecanismos que contribuiriam nessa direção. Foram utilizados dados públicos disponibilizados pelo BACEN, pela CVM e pelos bancos em seus sites. Com uma amostra de 98 companhias totalizando 702 observações referentes ao período de 2002 a 2014, e por meio da regressão linear pelo método adaptativo Stepwise, os resultados apontaram para associação positiva entre a distribuição de Dividendos, aqui representada pela variável dependente Proventos e os Níveis de Governança Corporativa mais exigentes. Também foi indicada a relação negativa entre a mesma variável dependente e o controle governamental das instituições financeiras, e resultados significativos com as variáveis ROE, Dívidas, TJLP e LogATIVO, porém, assim como a relação com os mecanismos de Governança Corporativa, esperavam-se resultados mais consistentes para as variáveis macroeconômicas. / Mestre em Administração

L’usufruit est essentiellement envisagé comme un droit réel portant sur un bien immobilier.Jadis, les immeubles constituaient l’élément le plus important du patrimoine des particuliers. Depuis un siècle, il y a une transformation de la nature des patrimoines caractérisé par le développement des fortunes mobilières à côté de celle immobilières.L'objet de l'usufruit des droits sociaux se trouve au confluent de deux disciplines totalement étrangères l’une à l’autre : le droit des biens et le droit des sociétés.Le droit des biens tend à privilégier l’approche réelle de la matière, ce qui peut conduire à négliger la spécificité de l’objet de l’usufruit. Alors que le droit des sociétés met l’accent sur les mécanismes internes de la société et du droit d’associé, ce qui peut perdre de vue que ce droit est envisagé comme un bien.L’ouvrage explore les différents mécanismes d’utilisation de ce procédé d’ingénierie patrimoniale aussi bien en matière d’optimisation qu’en matière de transmission fiscales. Il envisage aussi d’expliciter les différents aspects de conciliation que requiert l’application de cet outil juridique et financier au sein de la société.Cette thèse encouragera le législateur libanais à introduire et adopter la notion de l’usufruit des droits sociaux au Liban et permettra de mettre en place une étude mise à jour et plus riche en la matière. / Usufruct is a right in rem allowing to use and to enjoy the property of another. Whilst previously, real estates and immovable properties were one’s most valuable assets, with time we have witnessed a shift in the market environment and the development of wealth in movables.In light of the foregoing, usufruct which was initially applicable in real estate, has been applied in other types of property such as corporate shares and stocks. Being relatively a recent development, there is an absence in the French system of adequately applicable legal texts to the usufruct of shares and stocks and accordingly it is subject to both the property law and company law. This gives rise to a number of difficulties because whereas the property law focuses on the various forms of ownership and the legal relationship with the rem, and emphasizes on proprietorship rights; the company law studies the interaction of the shareholders and other stakeholders with the company specifying their rights and duties and thus may lose sight that the usufruct is a property right. With this research I intend to explore the different mechanisms and contexts in which usufruct is used as a legal & financial tool for tax optimization and cost cutting mostly elucidated during inheritance. On the other hand, I will elaborate the way of utilizing it by a shareholder within the company.Finally, I hope that my thesis will contribute to encourage the Lebanese legislator in introducing this notion into Lebanon by developing the relevant laws and will provide an updated and thorough study of shares and stocks usufruct.

[pt] Este trabalho mostra que as regras brasileiras de dividendos mínimos fazem com que a distribuição de proventos no Brasil seja alta relativamente aos Estados Unidos, apesar da fraca proteção oferecida pela lei das S.A. aos acionistas minoritários no Brasil. Ainda assim, subterfúgios legais permitem que 42% de uma ampla amostra de empresas não financeiras com ações listadas na Bovespa distribuem menos dividendos do que o previsto em estatuto. Tal retenção de ganhos poderia ser benéfica aos acionistas, visto que garante financiamento a novos projetos. Entretanto, dados de investimentos das empresas listadas na Bovespa mostram que este não parece ser o caso: à exceção de períodos com forte restrição ao crédito, a regra brasileira de dividendos mínimos protege os acionistas minoritários sem prejudicar a capacidade das firmas financiarem oportunidades de investimento. / [en] This paper shows that Brazil s mandatory dividend rules partly explain why its average dividend yield is higher than in the U.S. And yet, several Brazilian firms bypass the mandatory dividend rules. We show that 42% of a broad sample of nonfinancial firms with shares listed at Bovespa use legal loopholes to pay fewer dividends than the amount that their statutes call for. The data suggest that the main reason for these firms to bypass the dividend rules is not to ensure financing for new projects. Instead, lower dividend payments seem to pave the way for the controlling shareholders to dilute the cash-flow rights of minority shareholders. Thus, short of credit crunch, the Brazilian mandatory dividend rules do protect minority shareholders, without making harder for firms to finance investment opportunities.

The thesis deals with taxation of dividend income that is being paid out from or to the Czech Republic. It gives an insight into the international tax regulations and their impact on the Czech legislation. The thesis focuses on the definition of dividends and relevant tax procedures. Furthermore, it makes an assessment based on practical scenarios, on the extent of tax burden of persons, Czech tax residents that receive dividends; and the impact on Czech tax revenues in connection with dividend payout to different countries.

This master thesis deals with creation of a stock portfolio based on the economic results of the issuers listed on US stock market. The theoretical part describes basic terms and theoretical basis of financial markets and stock analysis. The practical part includes fundamental analysis based on selected methods and financial indicators. At the end there is proposal of appropriate stock portfolio structure.

The diploma thesis is dealing with a fundamental analysis. The first part of diploma thesis presents the methods and procedures of analysis. It evaluates their advantages and disadvantages. The practical part of diploma thesis is dealing with an application of fundamental analysis in assessment of financial position of concrete joint stock company ČEZ. The top of my survey is estimated a formulation of instrinsinic share value and a recommendation for shares of ČEZ.

Payout policies is one of the most discussed topics in corporate finance. Since Miller & Modigliani (1961) dividend irrelevance theory, which was based on perfect markets, many theories have been developed in order to incorporate market imperfections to payout decisions. Numerous scholars have been trying to explain why companies pay dividends, whether they should compensate investors with alternative methods such as share repurchases or not distribute cash at all. The theme has gained lots of attention during the 21-st century driven by the subprime financial crisis in 2008 and mostly recently, in 2020, due to economic impacts brought by the Covid 19 pandemic. Another important aspect that makes the study of payout policy relevant in the 21-st century is the unique impacts of unveiled trends such as globalization and volatile markets, increased importance of ecology and sustainability, emergency of fast growth firms (mainly in the Tech industry) and change characteristics of listed firms. Globally there is a tendency of reduction in the number of listed firms and also deterioration in the quality of earnings. Additionally, there is no consensus about which factors influence a firm propensity of distributing cash to shareholders, which makes the topic very intriguing. Previous research has been conducted mainly within US firms. Few studies have been conducted regarding payout policies in the Nordic countries and most of them give little attention to share repurchases and payout policy determinants. Therefore, we decided to conduct a study regarding the patterns and determinants of payout policy in the 21-st century with focus on the Nordic countries. The purposes of the study are: first, to understand the pattern of payout policies in the Nordic countries during the 21-st century and second determine if there is a relationship between a number of firm’s selected factors and firm’s payout policy. As a sub purpose we intend to examine whether the Covid 19 pandemic had any effect on Nordic firm’s payout policies. The factors investigated, namely: debt, profit, retained earnings, growth opportunities, cash holdings, size and age were identified through a detailed literature review. We collected data from Thomson Reuters DataStream Eikon covering the period between 2000 and 2020 for 1,153 firms from all Nordic countries: Denmark, Iceland, Finland, Norway and Sweden. The study follows a quantitative research method with a deductive approach, and we have based the theoretical framework on the following theories: Miller-Modigliani dividend irrelevance theory, Signaling theory, Agency theory, Life-cycle theory and Substitution and Flexibility hypotheses. In order to determine whether there is a relationship between the companies selected factors and the payout ratios we conducted ordinary least square (OLS) correlation analysis. Additional regression analysis was conducted to verify possible impacts of Covid 19 on Nordic payout policies. Results indicate that some firms’ selected characteristics such as debt, size and age have an impact on Nordic firms’ payout policy during the 21-st century. Larger firms with lower debt are more willing to pay cash dividends, while older firms tend to present higher levels of share repurchase. Firms’ characteristics showed no impact on changes in payout ratios during the initial period of Covid 19.

This thesis deals with ICE - industrial services as The company must pay a withholding tax on their invoices received. Economic activity is undertaken in Germany. Company income from the supply of goods and services. Selected issue will be resolved by the formation of a permanent establishment or establishing a subsidiary in Germany. Developed solution provides the possibility of effective expansion into foreign markets. Results of the work allows the company to decide which option is best for her.

This thesis deals with the fundamental analysis of stocks of selected European technology companies. This type of analysis is the most widely used method of valuation of the shares. The first part describes the theoretical background of the analysis current economic situation, regression analysis, analysis of corporate shares and methods of intercompany comparison necessary for practical application. In the practical part focuses on the analysis of selected companies and selecting evaluation indicators. Subsequently is determined by corporate analysis the current intrinsic value of the shares. In conclusion, a comparison is made of firms using the methods of intercompany comparison. Based on the results of the analysis will be proposed recommendations for the best investment.