Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-21T17:51:48Z No. of bitstreams: 1 crise_financeira.pdf: 2510044 bytes, checksum: 47cbe8e20f5fb7074788788160ce47d0 (MD5) / Made available in DSpace on 2015-05-21T17:51:48Z (GMT). No. of bitstreams: 1 crise_financeira.pdf: 2510044 bytes, checksum: 47cbe8e20f5fb7074788788160ce47d0 (MD5) Previous issue date: 2011-05-31 / Nenhuma / A política de dividendos tem sido um dos temas mais controversos em finanças corporativas nos últimos anos, no que concerne a sua definição, por parte dos gestores, afetar ou não o valor da companhia. Sendo esta uma das questões ainda não completamente resolvidas em finanças corporativas, buscou-se identificar quais os fatores influenciaram as políticas de dividendos das empresas brasileiras com ações negociadas na BM&F Bovespa, entre 1995 e 2009, e observar como se comportaram tais políticas ante a crise financeira internacional de 2008/2009. Foi a aplicada técnica de Regressão Linear Múltipla sobre dados em painel nas amostras global e segmentadas por setor, para o objetivo de identificar os fatores, e o teste de diferença de médias para o exame do efeito da crise. No presente estudo, que teve como variável dependente a política de dividendos, substituiu-se o termo 'dividendos' por 'proventos', pois este último abrange a distribuição total, em dinheiro, em relação ao lucro líquido, envolvendo, também, os juros sobre o capital próprio, sendo chamado de índice Pay Out (PO). Os resultados indicaram relação negativa entre o retorno e o PO e positiva entre o endividamento e o PO, ambas significantes. Ao passo que os fatores tamanho, investimento e folga financeira não apresentaram significância estatística nas relações com o PO. Ambos, retorno e endividamento, apresentaram sinais de influência, surpreendentemente, contrários aos resultados encontrados em estudos anteriores. Em contrapartida, o PO passado resultou positivamente relacionado com o PO corrente, com significância estatística, conforme o esperado. Por fim, os efeitos da crise não alteraram, significativamente, os PO. O estudo ratificou um dos resultados de Lintner (1956), válido até hoje em diversos ambientes, também encontrado em tantos outros estudos, qual seja: indícios de que as empresa procuram seguir políticas de proventos estáveis e agradáveis ao "olhar" dos mercados e dos investidores. / The dividend policy has been one of the most controversial subjects in corporate finance in the past years, mainly about its definition to affect or not the firms value. As the dividend policy is one of the issues not yet fully solved in corporate finance, the aims of this study were to identifies which factors influenced the dividend policies of Brazilian firms traded on the BM & F Bovespa, between 1995 and 2009, and to observe how behaved such policies before the international financial crisis by 2008/2009. Was applied a multiple linear regression on panel data in the aggregate sample and segmented by sector to the purpose of identifying factors, and difference of means test to examine the effect of the crisis. In the present study, which was as dependent variable dividend policy, replaced the term dividends for proceeds, because this last covers the entire distribution in cash, compared to net earnings, involving also the interest on equity, called Pay Out (PO). The results indicated a negative relationship between return and PO and positive relationship between debt and PO, both significant. While the factors size, investment and financial slack did not showing statistical significance in relations with the PO. Both return and debt, showed signs of influence, unexpected, contrary to results found in previous studies. In contrast, the PO passed resulted positively related with PO current, with statistical significance, as expected. Finally, the effects of the crisis did not changing significantly the PO's. The study has ratified one of the results of Lintner (1956), valid even today in many markets, also found in many other studies, namely: evidences that firms tend to follow dividends policy stable and pleasant to the look of markets and investors.

The author conceives the presented thesis partly as a case study, when she illustrates different aspects of sanctions on a practical example defined for the purposes of this work. Furthermore, she maps different kinds of aspects related to analyzed sanctions. The thesis is divided into the introduction, five main chapters and the conclusion. Overall, the work has two parts, the first one is the introduction and the first chapter, second part consists of the definition of the practical example, from which it derives, then the second, the third, the fourth and the fifth chapter and the conclusion. In a brief introduction, the author has a think about the meaning of general terms such an obligation, a legal obligation and sanctions for breaching duties. The first chapter contains a definition of terms that are analyzed further in the work. Furthermore, the chapter continues with the general definition of sanctions, particularly from the perspective of legal theory, including the attempt on the author's own definition of sanctions. As an introduction to another part of the work is defined a model case from which the work (partially processed as a case study) further unfolds. The basis of this case is a breach of the obligation to pay out employees wages. On this basis, in the text are more fully...