payment announcements (o & Saito, 2003), the use of pecking order theory (Brito & Silva, 2005), and effects on interest on equity (Paiva & Lima, 2001), among others. Regarding the determinants of dividend payments, studies by Heineberg & Procianoy (2003) and Fonteles, Peixoto, Vasconcelos, & De Luca (2012) are notable. Heineberg & Procianoy (2003) sought to identify determinants of the cash disbursement policies6 of public panies for 1994 to 2000. The authors found that profit and cash disbursement in the previous year have the strongest effect on cash disbursement in a given year. РFonteles et al. (2012) examined the profiles of firms belonging to the Dividend Index (índice Dividendos - IDIV) of the BM&FBOVESPA and studied potential determinants of high dividend policies. The study sample
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