A política de dividendos como geradora de economia fiscal e do desenvolvimento do mercado de capitais: uma proposta criativa

Jairo Laser Procianoy and Beatriz Trois Cunha Poli

RAE - Revista de Administração de Empresas, 1993, vol. 33, issue 4

Abstract: Local Brazilian businessmen, normally, complains about every time higher taxes. Due to no tax on dividends and high taxes on capital gains, we suggest an innovative dividend policy by te companies aiming to reduce taxation for investors and to create conditions to develop the Brazilian capital market. Investors will find higher liquidity in the stock markets and, as a consequence, better valuation for their shares. In this paper, we analyze the applicability of our suggestion for dividend policy.

Date: 1993
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