Índices contábeis e a decisão do pagamento de dividendos

Vancin, Daniel Francisco; Procianoy, Jairo Laser

doi:10.5007/2175-8069.2016v13n28p57

Cited by 5 publications

(13 citation statements)

References 21 publications

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“…Since it is a dummy variable, the minimum and maximum values were 0 and 1, respectively. After winsorizing process, as far as payout is concerned, the average observed was 2.130, with a standard deviation of 0.766, a result close to that observed by Vancin and Procianoy (2016), who studied the relevant aspects for dividend distribution in Brazil between 2007 and 2013. The average DY was 2.00, with a standard deviation of 4.688, a higher result than that documented by Pinto (2017).…”

Section: Resultssupporting

confidence: 80%

Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro

Martucheli¹,

Ribeiro²,

Silva³

et al. 2021

CGG

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Objective: To observe the dividend distribution behavior of Brazilian stock market [B]³ listed companies, comparing periods of expansion and recession in the Brazilian economy.Method: Two panel data models were carried out, with the payout index and the dividend yield index as dependent variables and a dummy classified as 1 for years of economic recession and 0 for years of economic rise as an independent variable. In addition, the financial leverage, size and earnings per share control variables were added to the model.Originality/Relevance: The study addressed the distribution of dividends according to the cycle of the Brazilian economy, which makes the research original, since no similar studies were found.Results: Regardless of the proxy used for dividend distribution, companies increase dividend distribution in periods of recession, when there is greater market uncertainty. Regarding the control variables, for the model estimated using the proxy payout index, all variables were significant, while for the model that has the proxy dividend yield as a dependent variable, earnings per share were not significant.Theoretical/Methodological contributions: Identification of the economic aspect in the dividend policy of Brazilian companies and in the creation of value for shareholders in periods of economic recession.

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Section: Resultssupporting

confidence: 80%

Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro

Martucheli¹,

Ribeiro²,

Silva³

et al. 2021

CGG

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“…This result is in line with Zhang's (2018) and Forti et al (2015), who deem the performance and asset size variables responsible for the distribution of dividends. In the study by Vancin and Procianoy (2016a), the determinant variables of dividend were income instability and asset growth; both had a negative relationship with dividends and ROE and company size, which were positively linked to shareholder remuneration. The results found here diverge from the literature in the fact that asset growth presents a positive and significant coefficient for both specifications, which is counterintuitive.…”

Section: Resultsmentioning

confidence: 96%

“…Companies with high levels of investment are usually required to retain their profits to finance such investments without changing debt levels (Forti et al, 2015). Companies with revenue irregularities are likely to be less committed to paying dividends (Vancin & Procianoy, 2016a, 2016b; to capture this effect, we used the variable revenue instability. When increasing assets, companies need resources.…”

Section: Methodsmentioning

confidence: 99%

“…Companies with revenue irregularities are likely to be less committed to paying dividends (Vancin & Procianoy, 2016a, 2016b); to capture this effect, we used the variable revenue instability . When increasing assets, companies need resources.…”

Section: Methodsmentioning

confidence: 99%

“…When increasing assets, companies need resources. Therefore, the resources used for asset growth compete with dividends payout (Vancin & Procianoy, 2016a, 2016b). Current liquidity seeks to control the effect of companies that offer more security so that their managers can maintain or increase dividend payout levels (de Moura, Padilha, & Silva, 2016; Forti et al , 2015; Vancin & Procianoy, 2016a; Martins & Famá, 2012).…”

Section: Methodsmentioning

confidence: 99%

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Stock options: do they influence dividend payments?

Muniz

Galdi

Damasceno

2021

RAUSP

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Purpose This study aims to investigate whether there is any influence of the option plan to purchase shares protected from dividends to determine the distribution of dividends in Brazilian companies. Design/methodology/approach The authors used a Tobit dynamic and regressive regression model because their sample has an index higher than 30% of companies that do not pay dividends. The sample includes companies that pay dividends or not and pay their executives with executive stock option plans and is composed of 1,990 observations from 356 companies from 2010 to 2016. Findings The results indicated that the presence of a dividend protection clause has a positive association with the distribution of dividends. The authors sought to clarify that companies with a stock option plan protected by the distribution of dividends face fewer restrictions on the distribution of dividends. The authors found that most companies still use only stock options to benefit middle-ranking positions and fit the plan in their remuneration policy. The monitoring of these plans lasts an average of seven years, and specific acquisition conditions are not established with their beneficiaries, who must remain in the company and observe performance metrics. Originality/value This study is relevant because the relationship between dividends and stock options has not yet been analyzed in Brazil, especially concerning a dividend-protected option plan, which is a relatively recent modality, even unknown to some companies.

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Desarrollo teórico y evidencia empírica de la política de dividendos: una revisión de literatura en Iberoamérica

et al. 2021

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La política de dividendos en una organización está relacionada con las decisiones de inversión y endeudamiento, claves para su permanencia en el tiempo. El objetivo de este documento es examinar la evidencia empírica y desarrollo teórico en políticas de dividendos a partir de una revisión de literatura. La metodología de la revisión fue la búsqueda en las bases de datos Scopus, Ebsco, Redalyc y Google Académico, a partir de las palabras clave y teniendo en cuenta estudios realizados en Iberoamérica. El principal hallazgo obtenido es que la mayoría de los estudios están a favor del enfoque de la relevancia de la política de dividendos mediante el uso de modelos cuantitativos enfocados a identificar sus determinantes. Se concluye que la estructura teórica del pago de dividendos se fortaleció con el estudio de las imperfecciones de los mercados financieros y que las teorías más contrastadas en la región corresponden a las del enfoque de la relevancia, en particular, costos de agencia y valor informativo de los dividendos. Los países donde se concentran la mayoría de las investigaciones son Brasil, Chile y España.

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Índices contábeis e a decisão do pagamento de dividendos

Cited by 5 publications

References 21 publications

Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro

Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro

Stock options: do they influence dividend payments?

Desarrollo teórico y evidencia empírica de la política de dividendos: una revisión de literatura en Iberoamérica

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