{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,7]],"date-time":"2026-02-07T15:57:37Z","timestamp":1770479857024,"version":"3.49.0"},"reference-count":41,"publisher":"Revista Contabilidade Gestao e Governanca","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["CGG"],"abstract":"<jats:p>Objetivo: Investigar as diferen\u00e7as nas pol\u00edticas de distribui\u00e7\u00e3o de dividendos entre empresas dom\u00e9sticas (DCs) e multinacionais (MCs), considerando a modera\u00e7\u00e3o de mecanismos de governan\u00e7a associados \u00e0 remunera\u00e7\u00e3o dos gestores baseada em a\u00e7\u00f5es e op\u00e7\u00f5es de a\u00e7\u00f5es.\nM\u00e9todo: As an\u00e1lises s\u00e3o realizadas por meio modelos regress\u00e3o Tobit. A amostra \u00e9 composta por 41.686 observa\u00e7\u00f5es de 2.779 companhias abertas n\u00e3o financeiras, localizadas nos pa\u00edses que s\u00e3o parceiros-chave da OECD - Brasil, China, \u00cdndia, Indon\u00e9sia e \u00c1frica do Sul.\nOriginalidade\/Relev\u00e2ncia: Entre os diferenciais deste estudo est\u00e1 a an\u00e1lise do impacto de a empresa ser dom\u00e9stica ou multinacional na sua pol\u00edtica de distribui\u00e7\u00e3o de dividendos, considerando uma amostra de pa\u00edses parceiros-chave da OECD. Investiga-se ainda o efeito moderador entre essa condi\u00e7\u00e3o e a remunera\u00e7\u00e3o vari\u00e1vel dos seus executivos sobre o pagamento de dividendos.\nResultados: Os resultados confirmam que as DCs distribuem mais dividendos que MCs. Todavia, ao adotarem pol\u00edticas de remunera\u00e7\u00e3o vari\u00e1vel de seus executivos, as DCs tendem a distribuir menos dividendos, invertendo essa rela\u00e7\u00e3o.\nContribui\u00e7\u00f5es Te\u00f3ricas\/Metodol\u00f3gicas: Ratifica\u00e7\u00e3o das teorias de ag\u00eancia e sinaliza\u00e7\u00e3o. Ademais, os distintos aspectos entre as pol\u00edticas de distribui\u00e7\u00e3o de dividendos desses tipos de empresas atenuam a lacuna de conhecimento sobre esse tema.\nContribui\u00e7\u00f5es Sociais\/para a Gest\u00e3o: Para as empresas e investidores, a pesquisa permite identificar o efeito pr\u00e1tico da sua localiza\u00e7\u00e3o, bem como do efeito moderador das pol\u00edticas de remunera\u00e7\u00e3o vari\u00e1vel, na distribui\u00e7\u00e3o de dividendos. Para os pa\u00edses e reguladores, os resultados obtidos contribuem para o estabelecimento de regras que auxiliem na capta\u00e7\u00e3o de investimentos estrangeiros diretos.<\/jats:p>","DOI":"10.51341\/cgg.v28i2.3334","type":"journal-article","created":{"date-parts":[[2026,2,6]],"date-time":"2026-02-06T19:59:35Z","timestamp":1770407975000},"page":"590-616","source":"Crossref","is-referenced-by-count":0,"title":["Remunera\u00e7\u00e3o Vari\u00e1vel e Pol\u00edticas de Dividendos: Uma An\u00e1lise de Empresas Dom\u00e9sticas e Multinacionais"],"prefix":"10.51341","volume":"28","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-9409-9520","authenticated-orcid":false,"given":"Eduardo Cezar de","family":"Oliveira","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8610-6193","authenticated-orcid":false,"given":"Michele Nascimento","family":"Juc\u00e1","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0899-4930","authenticated-orcid":false,"given":"Jo\u00e3o Paulo da Torre","family":"Vieito","sequence":"additional","affiliation":[]}],"member":"28654","published-online":{"date-parts":[[2025,10,31]]},"reference":[{"key":"86694","doi-asserted-by":"crossref","unstructured":"Akhtar, S. 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