Value creation: a study with focus in government grant
Abstract
The objective of this study was to analyze whether there is a relationship between the receipt of a government grant (SUB) with the dividends payout (Payout-PO) and /or the generation of value through the Free Cash Flow to the Shareholder (FCFE). The sample comprises the non-financial companies integrant to the IBRX100, between 2012 and 2016. The statistical techniques of description, mean difference and logistic regression were used. The results show that there was an increase in the amount distributed grants of approximately 300%. Regarding the PO, it was verified that there wasn’t advantage in favor the companies that receive grants in relation to the ones that doesn’t. In relation to the FCFE, it is inferred that the grants are contributing to the creation of value for the shareholder in this respect. Logistic regression results indicated that there was a relationship between the dependent variable, the receipt of SUB, and the independent variable size. In addition, ROE was also significant.
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