Bank Dividends and Signaling to Information-Sensitive Depositors

Forti, Cristiano Augusto Borges; Schiozer, Rafael Felipe

doi:10.2139/ssrn.2139725

Cited by 18 publications

(51 citation statements)

References 58 publications

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“…Essa relação negativa nos leva a questionar por que as instituições financeiras menos rentáveis poderiam distribuir mais dividendos? Uma provável explicação está relacionada com a maior propensão ao efeito sinalizador dos dividendos, verificados na literatura do setor financeiro (Forti & Schiozer, 2015). Tal premissa está relacionada com a hipótese de que a estabilidade ou um aumento na distribuição de dividendos sinaliza bons resultados futuros ao mercado.…”

Section: Resultados Das Regressõesunclassified

“…Segundo Fonteles et al (2012) e Silva & Dantas (2015), as instituições financeiras brasileiras têm a característica de pagar dividendos regularmente, o que pode ser um atrativo para os investidores. Tendo em vista que as decisões de política de dividendos transmitem um conteúdo informacional implícito para investidores e consumidores de serviços bancários, pagar dividendos regularmente e de forma previsível pode evitar uma sinalização negativa ao mercado (Forti & Schiozer, 2015).…”

Section: Revisão De Literaturaunclassified

“…Os resultados da presente pesquisa podem ser verificados na regressão de dados em painel com efeitos fixos da tabela 6. Nessa regressão, pode-se observar significância estatística negativa no Retorno sobre o Patrimônio Líquido (ROE), indicando que a baixa rentabilidade de instituições pode ter relação com uma alta distribuição de dividendos, por conta da intenção de sinalizar bons resultados futuros por meio da política de dividendos (Forti & Schiozer, 2015;Kauko, 2012).…”

Section: Considerações Finaisunclassified

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Fatores determinantes da política de dividendos das instituições financeiras brasileiras

2019

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Este artigo busca identificar os fatores determinantes da política de dividendos das instituições financeiras brasileiras, em uma amostra composta por bancos comerciais e bancos múltiplos com carteira comercial, listados na B3 no período de 2000 a 2017, totalizando 245 observações, utilizando dados em painel com efeitos fixos. Os resultados indicam que os fatores determinantes da política de dividendos são: Retorno sobre o Patrimônio Líquido, com efeito negativo e Concentração do Controle Acionário, com efeito positivo no payout. Os resultados indicam também uma preocupação com o efeito sinalizador dos dividendos e o papel dos dividendos em mitigar os problemas de agência.

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Section: Resultados Das Regressõesunclassified

Section: Revisão De Literaturaunclassified

Section: Considerações Finaisunclassified

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Fatores determinantes da política de dividendos das instituições financeiras brasileiras

2019

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“…Managers, who possess inside information about firm's future, sustainable earnings and growth, need to convey it to information-sensitive investors with a purpose to obtain a positive reaction of the stock market. The dividend announcement is an appropriate tool for it [Bhattacharya 1979, Forti and Schiozer 2015, John and Williams 1985Rock 1985, Kuzucu 2015]. An increase in dividend payments may be used by management as a signal of the good firm's prospect and perceived by investors respectively.…”

Section: Signaling Theorymentioning

confidence: 99%

Untitled

2016

Metody Ilościowe W Badaniach Ekonomicznych

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The fast advancing global information infrastructure (including information technology and computer networks such as the internet and telecommunications systems enable the development of electronic commerce at a global level. The nearly universal connectivity which the Internet offers has made it an invaluable business tool. These developments have created a new type of economy, which many call the 'digital economy'. The aim of this paper is to offer the reader a means by which human involvement in e-banking may be evaluated and improved. At the heart of this problem lies a need to characterise human involvement, since, once the issues are clear, the specific e-banking factors can be related to them in the form of a model. In this work we therefore take as our task: 1. What do we mean by human involvement or participation, and how does this compare to the often overwhelmingly technology-based approaches to information systems developments? 2. Where might human involvement be grounded theoretically? 3. How is this theoretical grounding to be taken forward to a set of pragmatic approaches to be applied by practising managers? E-banking owes its existence to a revolution in the enabling technologies. In this paper, however, we are less concerned with the technologies in themselves, and more with how value and advantage may be leveraged from them. To understand the issues here we need to go back to their roots, which lie in the adoption and application of information technology. In the early days of IT, most approaches to its implementation and management focused on the technology (the so-called "technology-based" approach). The sections which follow therefore begin with this, before outlining the more recent human-centred methods which are of such value in e-banking. Consequently, we will first look at participation from a recent historical perspective, and use this to develop an approach to human involvement which is applicable to the domain of e-banking. Finally, we will present action guidelines for human involvement in e-banking, and describe how these may be used to evaluate and implement e-banking solutions which are true to participative needs.

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“…Theis et al, (2010) found that U.S. banks tried to maintain stable dividends even during the recent financial crisis; in fact, no other correlate of dividends had as much explanatory power. Forti and Schiozer (2012) found that banks are more likely to pay high dividends if they rely on information-sensitive institutional depositors, and this behaviour became more pronounced during the financial crisis. However, there seem to be no detailed comparative studies on differences between banks' and non-banks' dividend policies.…”

Section: The Model and Previous Empirical Literaturementioning

confidence: 99%

Does Opaqueness Make Equity Capital Expensive for Banks?

Kauko

2015

rev.econ.rosario

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Bank managers often claim that equity is expensive, which contradicts the Modigliani-Miller irrelevance theorem. An opaque bank must signal its solvency by paying high and stable dividends in order to keep depositors tranquil. This signalling may require costly liquidations if the return on assets has been poor, but not paying the dividend might trigger a run. A strongly capitalised bank should keep substantial amounts of risk-free yet non-productive currency because the number of shares is high, which is costly. The dividend is informative of the state of the bank; rational depositors react to it.

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Bank Dividends and Signaling to Information-Sensitive Depositors

Cited by 18 publications

References 58 publications

Fatores determinantes da política de dividendos das instituições financeiras brasileiras

Fatores determinantes da política de dividendos das instituições financeiras brasileiras

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Does Opaqueness Make Equity Capital Expensive for Banks?

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