Juros sobre capital próprio: um estudo sobre o uso ou não deste benefício fiscal pelas empresas brasileiras do setor elétrico

Abstract

The main objective of this work was to identify the behavior of the Brazilian electric sector companies regarding payment of dividends or not in the form of ”JSCP”. The survey sample was restricted to Brazilian public companies belonging to the electric sector, as classified Economática data base. The sample was formed by 59 companies, in the period between the years 2007 and 2012. Analyzed the behavior of these companies regarding the distribution of dividends in the form of ”JSCP”, questionnaires were applied to 43 companies that had the lowest efficiency in this distribution. From the stratification of these companies, some statistical tests in order to establish relationships between the differences of behavior from some possibilities listed based on the literature review on the subject were made. The main findings were: 1) State-owned enterprises have ceased to be used from any payment of “JSCP” in above other firms (significant at 1%) percent; 2) more indebted companies pay more “JSCP” than less indebted companies, (significance at 10%), 3) Among the respondent companies, the level of corporate debt seems to influence the decision on the payment of “JSCP” (significant at 1%) 4) The companies said they make the decision on payment of ”JSCP” before December, and that would, in theory, be more conservative in the distribution of “JSCP”, distributed higher percentage of “JSCP” than taking this decision before (1% significance).