STATE OWNED ENTERPRISES AND PRIMARY RESULTS OF BRAZILIAN GOVERNMENT: IMPACT OF MINIMUM DIVIDEND AND INTERESTS ON EQUITY
This paper analyzes the impact of the minimum dividend and interest on equity of state owned companies on the primary results of Brazilian government. Dividend increases primary results in two ways: creates net primary revenue or substitutes primary expense by financial expense. Interest on equity h...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2012 |
| País: | Brasil |
| Institución: | Universidade Regional de Blumenau (FURB) |
| Repositorio: | Revista Universo Contábil |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs.bu.furb.br:article/2684 |
| Acceso en línea: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/2684 |
| Access Level: | acceso abierto |
| Palabra clave: | Dividend policy. Earning distribution. Fiscal policy. Shareholder remuneration. Política de dividendos. Asignación de las ganancias. Política fiscal. Remuneración a los accionistas. Política de dividendos destinação do lucro política fiscal remuneração ao acionista |
| Sumario: | This paper analyzes the impact of the minimum dividend and interest on equity of state owned companies on the primary results of Brazilian government. Dividend increases primary results in two ways: creates net primary revenue or substitutes primary expense by financial expense. Interest on equity holds the same effect, with additional reflect due to its taxation aspects. Thus, the monitoring of dividend and interest on equity can contribute to Brazilian fiscal policy. This research analyzed the 27companiest controlled directly by the Brazilian Treasury that had profit in 2009. The results revealed seven companies with lower dividend and other two companies that could remunerate the shareholders if they had absorbed past cumulated loss. It was also observed that twelve companies disclosed interest on equity lower than the limit and that this limit could be increased in nine companies with minimum dividend subject to adjustment. This shows opportunity to increase the primary result in R$ 253 million and demonstrates the practical relevance of this paper. |
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