The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/1114 |
Resumo: | Based on the Dividend Relevance Theory, this study investigated the relationship between the dividend policy and the market value of the companies listed on the BM&F Bovespa. We performed correlation tests between the variables analyzed and multiple regression with data in a balanced panel. Data from 189 companies were analyzed referring to the period from 2009 to 2014. As a proxy for the market value dependent variable, we considered the logarithm of the market value available in Economática®. As an independent variable, a dividend policy was used, with the Payout Index as a proxy. In the proposed econometric model, two control variables were identified as significant in explaining the market value of firms: size and debt. The results indicate that, in general, the Payout does not prove significant vis `a vis firms’ market value. However, in an additional analysis, by segregating the sample according to economic sectors, it was found that in the Public Utilities and Non-Cyclical Consumption sectors, Payout presents a positive and significant relation in accounting for firms’ market value. Thus, the present study shows indicators that the profit distribution policy is relevant in explaining the market value of firms, based upon specific characteristics in some sectors of the economy. |
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The Influence of Dividend Policy on Market Value: Evidence in Brazilian CompaniesA Influência da Política de Dividendos sobre o Valor de Mercado: Evidências em Empresas BrasileirasDividend PolicyMarket valueDividend Relevance TheoryBased on the Dividend Relevance Theory, this study investigated the relationship between the dividend policy and the market value of the companies listed on the BM&F Bovespa. We performed correlation tests between the variables analyzed and multiple regression with data in a balanced panel. Data from 189 companies were analyzed referring to the period from 2009 to 2014. As a proxy for the market value dependent variable, we considered the logarithm of the market value available in Economática®. As an independent variable, a dividend policy was used, with the Payout Index as a proxy. In the proposed econometric model, two control variables were identified as significant in explaining the market value of firms: size and debt. The results indicate that, in general, the Payout does not prove significant vis `a vis firms’ market value. However, in an additional analysis, by segregating the sample according to economic sectors, it was found that in the Public Utilities and Non-Cyclical Consumption sectors, Payout presents a positive and significant relation in accounting for firms’ market value. Thus, the present study shows indicators that the profit distribution policy is relevant in explaining the market value of firms, based upon specific characteristics in some sectors of the economy.Com base na Teoria da Relevância dos Dividendos, o presente estudo investigou a relação entre a política de dividendos e o valor de mercado nas companhias listadas na BM&FBovespa. Trata-se de pesquisa descritiva e quantitativa, na qual se realizaram testes de correlação entre as variáveis consideradas e regressão múltipla com dados em painel balanceado. Foram analisados os dados de 189 empresas, referentes ao período de 2009 a 2014. Como proxy para a variável dependente valor de mercado, considerou-se o logaritmo do valor de mercado disponível na Economática. Como variável independente, foi utilizada a política de dividendos, tendo como proxy o Índice Payout. No modelo econométrico proposto, foram embutidas duas variáveis de controle apontadas pela literatura como significantes para explicar o valor de mercado das firmas: tamanho e endividamento. Os resultados apontam que, no geral, o payout não se mostra significativo para explicar o valor de mercado das firmas. No entanto, em uma análise adicional, segregando-se a amostra por setor econômico, constatou-se que nos setores Utilidade Pública e Consumo Não Cíclico, o payout apresenta relação positiva e significante para explicar o valor de mercado das firmas. Assim, o presente estudo levanta indícios de que a política de distribuição de lucros é relevante para explicar o valor de mercado das firmas, desde que condicionada a características particulares de alguns setores da economia.Contabilidade Gestão e Governança2017-08-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/111410.51341/1984-3925_2017v20n2a1Contabilidade Gestão e Governança; v. 20 n. 2 (2017); 175-1941984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBporhttps://revistacgg.org/index.php/contabil/article/view/1114/pdf_1Copyright (c) 2017 Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessViana Junior, Dante Baiardo CavalcanteMarques, Daianny BatistaDomingos, Sylvia Rejane MagalhãesPonte, Vera Maria Rodrigues2017-12-18T22:31:28Zoai:oai.jamg.cloud:article/1114Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2017-12-18T22:31:28Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies A Influência da Política de Dividendos sobre o Valor de Mercado: Evidências em Empresas Brasileiras |
title |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
spellingShingle |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies Viana Junior, Dante Baiardo Cavalcante Dividend Policy Market value Dividend Relevance Theory |
title_short |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
title_full |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
title_fullStr |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
title_full_unstemmed |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
title_sort |
The Influence of Dividend Policy on Market Value: Evidence in Brazilian Companies |
author |
Viana Junior, Dante Baiardo Cavalcante |
author_facet |
Viana Junior, Dante Baiardo Cavalcante Marques, Daianny Batista Domingos, Sylvia Rejane Magalhães Ponte, Vera Maria Rodrigues |
author_role |
author |
author2 |
Marques, Daianny Batista Domingos, Sylvia Rejane Magalhães Ponte, Vera Maria Rodrigues |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Viana Junior, Dante Baiardo Cavalcante Marques, Daianny Batista Domingos, Sylvia Rejane Magalhães Ponte, Vera Maria Rodrigues |
dc.subject.por.fl_str_mv |
Dividend Policy Market value Dividend Relevance Theory |
topic |
Dividend Policy Market value Dividend Relevance Theory |
description |
Based on the Dividend Relevance Theory, this study investigated the relationship between the dividend policy and the market value of the companies listed on the BM&F Bovespa. We performed correlation tests between the variables analyzed and multiple regression with data in a balanced panel. Data from 189 companies were analyzed referring to the period from 2009 to 2014. As a proxy for the market value dependent variable, we considered the logarithm of the market value available in Economática®. As an independent variable, a dividend policy was used, with the Payout Index as a proxy. In the proposed econometric model, two control variables were identified as significant in explaining the market value of firms: size and debt. The results indicate that, in general, the Payout does not prove significant vis `a vis firms’ market value. However, in an additional analysis, by segregating the sample according to economic sectors, it was found that in the Public Utilities and Non-Cyclical Consumption sectors, Payout presents a positive and significant relation in accounting for firms’ market value. Thus, the present study shows indicators that the profit distribution policy is relevant in explaining the market value of firms, based upon specific characteristics in some sectors of the economy. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-08-22 |
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/1114 10.51341/1984-3925_2017v20n2a1 |
url |
https://revistacgg.org/index.php/contabil/article/view/1114 |
identifier_str_mv |
10.51341/1984-3925_2017v20n2a1 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/1114/pdf_1 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 Contabilidade, Gestão e Governança info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 Contabilidade, Gestão e Governança |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
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. 20 n. 2 (2017); 175-194 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 |
_version_ |
1798315267657302016 |