Juros sobre capital próprio no setor elétrico brasileiro

Abstract

Decisions regarding the equity compensation policy, such as the proportion of profits that are dis-tributed, the form of distribution, and their impacts on corporate value, is a recurring theme in the corporate finance literature, with the emergence of different theories. The objective of this study is to analyze the impacts arising from the choice between dividends and interest on capital in the most representative companies in the electricity sector, from 2011 to 2016, against the background of tax optimization, from the company’s perspective. Despite presenting conceptual similarities before the legislation, both forms of distribution of results have differences as to the tax regime in which they are inserted. During the sample period, it was found that any of the times that the distribution of profits by the composition between dividends and JCP was used, a tax gain was made for the company, generating an impact on the tax burden. Even with legal and / or operational limitations imposed for the use of JCP, such gain, according to the simulation, averaged over R$ 68 million, pointing to the benefit of considering a combination of distribution of results.