Política de dividendos e criação de valor: um estudo no mercado brasileiro

Silva, José Erasmo; Morgan, Levi; Machado, Maria José de Camargo; Montebelo, Maria Imaculada de Lima

doi:10.21680/2176-9036.2019v11n1id15985

Cited by 1 publication

(3 citation statements)

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“…These are them: (i) financial leverage (LEV), calculated by the ratio between debt and total assets; (ii) size (SIZE), calculated by the natural logarithm of total assets and; (iii) earnings per share (EPS), calculated by the ratio between profit and share value. Such control variables were also used by Farooq and Ahmed (2019), Nadeem et al (2018), Silva et al (2019), among others.…”

Section: Variables and Econometric Modelsmentioning

confidence: 99%

“…The first is the payout index, calculated through the quotient between the distributed dividend and the net profit. Studies such as Saravanakumar (2011), Silva (2004), Silva et al (2019), among others, also used the payout in their models. The second proxy is the Dividend Yield (DY), obtained through the quotient between the dividend per share and the share value.…”

Section: Variables and Econometric Modelsmentioning

confidence: 99%

“…The second proxy is the Dividend Yield (DY), obtained through the quotient between the dividend per share and the share value. As an example of studies that used DY in their analyses, we can mention Leite, Bambino and Hein (2017), Pinto (2017), Silva et al (2019), among others.…”

Section: Variables and Econometric Modelsmentioning

confidence: 99%

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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: Variables and Econometric Modelsmentioning

confidence: 99%

Section: Variables and Econometric Modelsmentioning

confidence: 99%