Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market

Detalhes bibliográficos
Autor(a) principal: Martucheli, Camila Teresa
Data de Publicação: 2021
Outros Autores: Ribeiro, João Eduardo, Silva, Eduardo Amat, Souza, Antônio Artur de, Pinheiro, Juliano Lima
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Contabilidade, Gestão e Governança
Texto Completo: https://revistacgg.org/index.php/contabil/article/view/2338
Resumo: 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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spelling Dividend Policy and Recession Periods: Evidence in the Brazilian Capital MarketPolítica de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais BrasileiroEconomic cycleDividend policyPayout indexDividend yield indexCiclo econômicoPolítica de dividendosÍndice payoutÍndice dividend yield.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.Objetivo: Observar o comportamento da distribuição de dividendos das empresas listadas na B3, comparando os períodos de expansão e de recessão na economia brasileira.Método: Foram realizados dois modelos de dados em painel, o qual contaram com o índice payout e com o índice dividend yield como variáveis dependentes e uma dummy classificada como 1, para os anos em que houve recessão econômica e 0 para os anos em que houve ascensão econômica, como variável independente. Além disso, foram acrescentadas ao modelo, as variáveis de controle alavancagem financeira, tamanho e o lucro por ação.Originalidade: O estudo abordou a distribuição de dividendos de acordo com o ciclo da economia brasileira, o que torna a pesquisa original, uma vez que não foram encontrados estudos semelhantes.Resultados: Independentemente da proxy de distribuição de dividendos utilizada, as empresas aumentam a distribuição de dividendos em períodos de recessão, quando há maior incerteza no mercado. No que tange às variáveis de controle, para o modelo estimado utilizando a proxy índice payout, apenas a alavancagem financeira não se mostrou significante, enquanto o tamanho e o lucro por ação foram positivamente significantes.  No modelo que tem a proxy dividend yield como variável dependente, o lucro por ação não se mostrou significante, ao passo que a alavancagem financeira e o tamanho se mostraram negativamente correlacionadas ao dividend yield. Contribuições: Identificação do aspecto economômico na política de dividendos das empresas brasileiras e na criação de valor para os acionistas em períodos de recessão econômica.Contabilidade Gestão e Governança2021-04-26info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/233810.51341/1984-3925_2021v24n1a3Contabilidade Gestão e Governança; v. 24 n. 1 (2021); 37-541984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/2338/674https://revistacgg.org/index.php/contabil/article/view/2338/681Copyright (c) 2021 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessMartucheli, Camila TeresaRibeiro, João EduardoSilva, Eduardo AmatSouza, Antônio Artur dePinheiro, Juliano Lima2022-09-22T08:49:31Zoai:oai.jamg.cloud:article/2338Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2022-09-22T08:49:31Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false
dc.title.none.fl_str_mv Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
Política de Dividendos e Períodos de Recessão: Evidências no Mercado de Capitais Brasileiro
title Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
spellingShingle Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
Martucheli, Camila Teresa
Economic cycle
Dividend policy
Payout index
Dividend yield index
Ciclo econômico
Política de dividendos
Índice payout
Índice dividend yield.
title_short Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
title_full Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
title_fullStr Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
title_full_unstemmed Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
title_sort Dividend Policy and Recession Periods: Evidence in the Brazilian Capital Market
author Martucheli, Camila Teresa
author_facet Martucheli, Camila Teresa
Ribeiro, João Eduardo
Silva, Eduardo Amat
Souza, Antônio Artur de
Pinheiro, Juliano Lima
author_role author
author2 Ribeiro, João Eduardo
Silva, Eduardo Amat
Souza, Antônio Artur de
Pinheiro, Juliano Lima
author2_role author
author
author
author
dc.contributor.author.fl_str_mv Martucheli, Camila Teresa
Ribeiro, João Eduardo
Silva, Eduardo Amat
Souza, Antônio Artur de
Pinheiro, Juliano Lima
dc.subject.por.fl_str_mv Economic cycle
Dividend policy
Payout index
Dividend yield index
Ciclo econômico
Política de dividendos
Índice payout
Índice dividend yield.
topic Economic cycle
Dividend policy
Payout index
Dividend yield index
Ciclo econômico
Política de dividendos
Índice payout
Índice dividend yield.
description 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.
publishDate 2021
dc.date.none.fl_str_mv 2021-04-26
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/2338
10.51341/1984-3925_2021v24n1a3
url https://revistacgg.org/index.php/contabil/article/view/2338
identifier_str_mv 10.51341/1984-3925_2021v24n1a3
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/2338/674
https://revistacgg.org/index.php/contabil/article/view/2338/681
dc.rights.driver.fl_str_mv Copyright (c) 2021 Revista Contabilidade, Gestão e Governança
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Revista Contabilidade, Gestão e Governança
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Contabilidade Gestão e Governança
publisher.none.fl_str_mv Contabilidade Gestão e Governança
dc.source.none.fl_str_mv Contabilidade Gestão e Governança; v. 24 n. 1 (2021); 37-54
1984-3925
1984-3925
reponame:Contabilidade, Gestão e Governança
instname:Universidade de Brasília (UnB)
instacron:UNB
instname_str Universidade de Brasília (UnB)
instacron_str UNB
institution UNB
reponame_str Contabilidade, Gestão e Governança
collection Contabilidade, Gestão e Governança
repository.name.fl_str_mv Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)
repository.mail.fl_str_mv jamg.cgg@gmail.com
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