Finalmente, apresentamos algumas limitações ao nosso trabalho e pistas para pesquisas futuras. As limitações deste estudo estão associadas à amostra, ao índice de governo e ao rácio utilizado para calcular a distribuição dos dividendos. No nosso estudo, utilizámos 17 países da Europa Ocidental. Quando comparamos a nossa amostra com uma amostra de países emergentes, notamos que têm, quanto às medidas de governo das sociedades relativas ao país, características muito próximas. Por isso, poderia proceder-se a uma escolha de países mais representativos de uma amostra de países desenvolvidos. Realizámos o nosso estudo com o índice CGQ disponibilizado pelo ISS, apesar de ser um índice bastante completo, ele já tem um sucessor, o Governance Risk Indicators. Seria interessante utilizar este novo índice para testar as hipóteses estabelecidas. O índice é similar ao CGQ mas evolui em alguns
resultado analisa-se em termos absolutos. Por fim, neste estudo utilizámos como medida de distribuição dos dividendos, o rácio entre os dividendos e os lucros. Mas é obviamente possível utilizar outras medidas alternativas como o rácio entre os dividendos e as vendas ou o rácio entre o dividendo e o cash-flow ou ainda o rácio entre os dividendos e os ativos como foi utilizado por Jiraporn et al. (2011).
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