Efeitos da regulação da agência nacional de saúde suplementar (ANS) sobre a distribuição de resultados em operadoras de planos de saúde

Abstract

ABSTRACT Objective: This paper presents the results of a study that aimed at analyzing the determinants of payout ratio of Brazilian healthcare providers (OPS) under the Supplementary Health Agency (ANS) regulation. It focuses on OPS classified as medical cooperative (COM) and group medicine (MDG). Foundation: The dividend policy is one of the most important decisions in corporative finance. Several studies have analyzed the variables that explained this decision. However, these studies usually focus on public companies and they do not address the regulation role. Methodology: The developed research can be classified as a quantitative, descriptive and explanatory one. The employed sample consisted of healthcare OPS whose 2010-2016 data are publicly available on the ANS website. Data analysis followed these techniques: descriptive statistics, and data panel regression. Results: We verified that the MDG distribute higher portion of their results compared to COM. The estimated models fit the data very well, what indicates the adequacy of traditional variables for explaining the phenomenon. In relation to regulation variables, we observed that the region of location of OPS was the major determinant variable for explaining payout ratios. Contributions: The developed research offers a range of contributions, such as: (a) it addressed the gap in literature about payout in private companies; (b) enhanced the relevance of regulation in explaining payout ratios; (c) it also indicated the validity of traditional variables in models, as a way of explaining OPS payout; and (d) it proposed regulatory variables to help explain this phenomenon on these organizations.