IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS

Detalhes bibliográficos
Autor(a) principal: Victor, Fernanda
Data de Publicação: 2015
Outros Autores: Carlin, Diego de Oliveira, Mastella, Mauro
Tipo de documento: Artigo
Idioma: por
Título da fonte: ConTexto
Texto Completo: https://seer.ufrgs.br/index.php/ConTexto/article/view/51274
Resumo: The dividend policy can be seen as the way in which the company allocates its profits between dividends paid to shareholders and amounts held in the company over time, representing an important decision in the field of corporate finance, relating to the company investment and funding policy. This study aimed to test the influence of corporate (and accounting) legislation as a driver of the value formation on the dividends distributed by Brazilian companies traded at BM&FBovespa. Thus, information on 147 public companies listed on the BM&FBovespa was used, observed over 10 years (2003-2013), which were analyzed descriptively and through regressions with panel data. The results support the hypothesis of research indicating a stability in the payment of dividends, but also suggest that changes regarding the convergence of Brazilian accounting standards to international process - in special the prohibition of retained profits by listed companies, introduced by law 11.638/07 - may have an impact on the dividend policy of Brazilian companies through the statistically significant increase in dividend yield in the years following the adoption of the Law.
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spelling IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSISIMPACTOS DO PROCESSO DE CONVERGÊNCIA ÀS NORMAS INTERNACIONAIS DE CONTABILIDADE: UMA ANÁLISE DA POLÍTICA DE DIVIDENDOSDividend policyAccounting convergenceRegulatory impact.Política de dividendosConvergência contábilEfeito regulatório.The dividend policy can be seen as the way in which the company allocates its profits between dividends paid to shareholders and amounts held in the company over time, representing an important decision in the field of corporate finance, relating to the company investment and funding policy. This study aimed to test the influence of corporate (and accounting) legislation as a driver of the value formation on the dividends distributed by Brazilian companies traded at BM&FBovespa. Thus, information on 147 public companies listed on the BM&FBovespa was used, observed over 10 years (2003-2013), which were analyzed descriptively and through regressions with panel data. The results support the hypothesis of research indicating a stability in the payment of dividends, but also suggest that changes regarding the convergence of Brazilian accounting standards to international process - in special the prohibition of retained profits by listed companies, introduced by law 11.638/07 - may have an impact on the dividend policy of Brazilian companies through the statistically significant increase in dividend yield in the years following the adoption of the Law.A política de dividendos compreende a maneira pela qual a empresa destina seus lucros entre dividendos pagos aos acionistas e valores retidos na empresa ao longo do tempo, representando uma importante decisão no campo das finanças corporativas e relacionando-se com a política de investimento e financiamento da empresa. Este estudo tem como objetivo testar a influência da legislação societária (e contábil) como determinante da formação do valor distribuído na política de dividendos das empresas brasileiras negociadas na BM&FBovespa. Para tanto, utilizam-se informações relativas a 147 companhias abertas listadas na BM&FBovespa, observadas ao longo de dez anos (2003-2013), analisadas descritivamente e por meio de regressão com dados em painel. Os resultados corroboram as pesquisas que indicam uma constância no pagamento de dividendos, mas também sugerem que as mudanças ocorridas em função do processo de convergência das normas contábeis brasileiras às internacionais – em especial a proibição de retenção de lucros na conta de lucros acumulados pelas companhias abertas, inserida pela Lei nº 11.638/07 – podem ter gerado impacto sobre a política de dividendos das companhias abertas brasileiras, por meio do aumento estatisticamente significativo do índice de dividend yield nos anos que seguiram a aprovação da referida lei.UFRGS2015-02-05info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/51274ConTexto - Contabilidade em Texto; v. 14 n. 28 (2014): Set./Dez. 20142175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/51274/pdf_37Victor, FernandaCarlin, Diego de OliveiraMastella, Mauroinfo:eu-repo/semantics/openAccess2015-02-05T19:54:39Zoai:seer.ufrgs.br:article/51274Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2015-02-05T19:54:39ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
IMPACTOS DO PROCESSO DE CONVERGÊNCIA ÀS NORMAS INTERNACIONAIS DE CONTABILIDADE: UMA ANÁLISE DA POLÍTICA DE DIVIDENDOS
title IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
spellingShingle IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
Victor, Fernanda
Dividend policy
Accounting convergence
Regulatory impact.
Política de dividendos
Convergência contábil
Efeito regulatório.
title_short IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
title_full IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
title_fullStr IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
title_full_unstemmed IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
title_sort IMPACTS OF THE CONVERGENCE TO INTERNATIONAL ACCOUNTING STANDARDS: A DIVIDEND POLICY ANALYSIS
author Victor, Fernanda
author_facet Victor, Fernanda
Carlin, Diego de Oliveira
Mastella, Mauro
author_role author
author2 Carlin, Diego de Oliveira
Mastella, Mauro
author2_role author
author
dc.contributor.author.fl_str_mv Victor, Fernanda
Carlin, Diego de Oliveira
Mastella, Mauro
dc.subject.por.fl_str_mv Dividend policy
Accounting convergence
Regulatory impact.
Política de dividendos
Convergência contábil
Efeito regulatório.
topic Dividend policy
Accounting convergence
Regulatory impact.
Política de dividendos
Convergência contábil
Efeito regulatório.
description The dividend policy can be seen as the way in which the company allocates its profits between dividends paid to shareholders and amounts held in the company over time, representing an important decision in the field of corporate finance, relating to the company investment and funding policy. This study aimed to test the influence of corporate (and accounting) legislation as a driver of the value formation on the dividends distributed by Brazilian companies traded at BM&FBovespa. Thus, information on 147 public companies listed on the BM&FBovespa was used, observed over 10 years (2003-2013), which were analyzed descriptively and through regressions with panel data. The results support the hypothesis of research indicating a stability in the payment of dividends, but also suggest that changes regarding the convergence of Brazilian accounting standards to international process - in special the prohibition of retained profits by listed companies, introduced by law 11.638/07 - may have an impact on the dividend policy of Brazilian companies through the statistically significant increase in dividend yield in the years following the adoption of the Law.
publishDate 2015
dc.date.none.fl_str_mv 2015-02-05
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por Pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/51274
url https://seer.ufrgs.br/index.php/ConTexto/article/view/51274
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/ConTexto/article/view/51274/pdf_37
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv ConTexto - Contabilidade em Texto; v. 14 n. 28 (2014): Set./Dez. 2014
2175-8751
1676-6016
reponame:ConTexto
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str ConTexto
collection ConTexto
repository.name.fl_str_mv ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv fernanda.momo@ufrgs.br||contexto@ufrgs.br
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