The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms
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Publication Date: | 2019 |
Other Authors: | , |
Format: | Article |
Language: | por |
Source: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Download full: | https://doi.org/10.34624/ei.v0i18.2035 |
Summary: | The capital structure and the dividend policy are widely studied in the corporate finance field, but the results are not consensual. A vast number of studies assume the exogenous relationship between the capital structure and the respective explanatory variables, been the same for the dividend policy. Recently, academics have questioned the hypothesis that the relationship between capital structure and dividend policy is endogenous, meaning that capital structure and dividend policy decisions affect each other. In this context, this paper wants to analyse the relationship between the capital structure and the dividend policy, considering a sample of Portuguese firms, and a panel data. To the best of our knowledge, this is the first study to analyse this relationship in Portugal. We conclude that the pecking order was the most adequate theory to explain the capital structure. In addition, we find no evidence to support the irrelevance hypothesis of dividends. |
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The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firmsA relação entre a estrutura de capital e a política de dividendos: evidência nas empresas da Euronext LisbonThe capital structure and the dividend policy are widely studied in the corporate finance field, but the results are not consensual. A vast number of studies assume the exogenous relationship between the capital structure and the respective explanatory variables, been the same for the dividend policy. Recently, academics have questioned the hypothesis that the relationship between capital structure and dividend policy is endogenous, meaning that capital structure and dividend policy decisions affect each other. In this context, this paper wants to analyse the relationship between the capital structure and the dividend policy, considering a sample of Portuguese firms, and a panel data. To the best of our knowledge, this is the first study to analyse this relationship in Portugal. We conclude that the pecking order was the most adequate theory to explain the capital structure. In addition, we find no evidence to support the irrelevance hypothesis of dividends.Tanto a estrutura de capital como a política de dividendos têm sido alvo de estudo intensivo, porém, sem resultados consensuais. A maioria dos estudos assume uma relação exógena entre a estrutura de capital e as respetivas variáveis explicativas, verificando-se o mesmo na política de dividendos. Recentemente, questionou-se a hipótese da relação entre a estrutura de capital e a política de dividendos ser endógena, implicando que decisões relativamente à estrutura de capital influenciem a política de dividendos e vice-versa. Neste contexto, este trabalho pretende analisar a relação entre a estrutura de capital e a política de dividendos, tendo por base uma amostra de empresas Portuguesas, e aplicando dados em painel. Tanto quanto se sabe, este estudo é o primeiro a realizar esta análise tendo por base uma amostra de empresas portuguesas. Os resultados não permitiram encontrar evidência de uma relação significativa entre a estrutura de capital e a política de dividendos das empresas da Euronext Lisbon. Contudo, foi possível concluir que a pecking order é teoria mais adequada na explicação da estrutura de capital. Adicionalmente, não foi corroborada a hipótese da irrelevância dos dividendos.Instituto Superior de Contabilidade e Administração da Universidade de Aveiro2019-04-16T00:00:00Zjournal articlejournal articleinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://doi.org/10.34624/ei.v0i18.2035oai:proa.ua.pt:article/2035Estudos do ISCA; No 18 (2018)Estudos do ISCA; n.º 18 (2018)1646-48500873-2019reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPporhttps://proa.ua.pt/index.php/estudosdoisca/article/view/2035https://doi.org/10.34624/ei.v0i18.2035https://proa.ua.pt/index.php/estudosdoisca/article/view/2035/1603https://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessCunha, LuísRocha, AnabelaVieira, Elisabete S.2022-09-22T16:24:07Zoai:proa.ua.pt:article/2035Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:59:23.983773Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms A relação entre a estrutura de capital e a política de dividendos: evidência nas empresas da Euronext Lisbon |
title |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
spellingShingle |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms Cunha, Luís |
title_short |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
title_full |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
title_fullStr |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
title_full_unstemmed |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
title_sort |
The relationship between capital structure and dividend policy: Evidence from Euronext Lisbon firms |
author |
Cunha, Luís |
author_facet |
Cunha, Luís Rocha, Anabela Vieira, Elisabete S. |
author_role |
author |
author2 |
Rocha, Anabela Vieira, Elisabete S. |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Cunha, Luís Rocha, Anabela Vieira, Elisabete S. |
description |
The capital structure and the dividend policy are widely studied in the corporate finance field, but the results are not consensual. A vast number of studies assume the exogenous relationship between the capital structure and the respective explanatory variables, been the same for the dividend policy. Recently, academics have questioned the hypothesis that the relationship between capital structure and dividend policy is endogenous, meaning that capital structure and dividend policy decisions affect each other. In this context, this paper wants to analyse the relationship between the capital structure and the dividend policy, considering a sample of Portuguese firms, and a panel data. To the best of our knowledge, this is the first study to analyse this relationship in Portugal. We conclude that the pecking order was the most adequate theory to explain the capital structure. In addition, we find no evidence to support the irrelevance hypothesis of dividends. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-04-16T00:00:00Z |
dc.type.driver.fl_str_mv |
journal article journal article info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.34624/ei.v0i18.2035 oai:proa.ua.pt:article/2035 |
url |
https://doi.org/10.34624/ei.v0i18.2035 |
identifier_str_mv |
oai:proa.ua.pt:article/2035 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://proa.ua.pt/index.php/estudosdoisca/article/view/2035 https://doi.org/10.34624/ei.v0i18.2035 https://proa.ua.pt/index.php/estudosdoisca/article/view/2035/1603 |
dc.rights.driver.fl_str_mv |
https://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess |
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https://creativecommons.org/licenses/by/4.0/ |
eu_rights_str_mv |
openAccess |
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application/pdf |
dc.publisher.none.fl_str_mv |
Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
publisher.none.fl_str_mv |
Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
dc.source.none.fl_str_mv |
Estudos do ISCA; No 18 (2018) Estudos do ISCA; n.º 18 (2018) 1646-4850 0873-2019 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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