Ownership structure effect on relationship between information asymmetry and payment policy

Detalhes bibliográficos
Autor(a) principal: Sobrinho, Erica Juvercina
Data de Publicação: 2021
Outros Autores: Tavares, Vitor Borges, Silva, Pablo Rogers
Tipo de documento: Artigo
Idioma: por
Título da fonte: Research, Society and Development
Texto Completo: https://rsdjournal.org/index.php/rsd/article/view/15293
Resumo: Defining a shareholder payment policy depends on a corporate decision-making framework, or what may lead to conflicts of interest. In this context, the present study analyzes the moderating effect of ownership structure on the relationship between information asymmetry and payment policy of publicly traded Brazilian companies. The results do not reject the hypothesis (H1) that information asymmetry positively affects compensation when triggering. Regarding the moderating effect of ownership structure (H2), the results were not consensual, as ownership structure moderated the relationship between asymmetry and payment policy in only one of the two information asymmetry proxies. Thus, this research contributes to literature and stakeholders in the Brazilian stock market, presenting different perspectives, or moderating effect of ownership structure on the relationship between information asymmetry and shareholder valuation.
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spelling Ownership structure effect on relationship between information asymmetry and payment policyEfecto de la estructura de propiedad sobre la relación entre asimetría de información y política de pagosEfeito da estrutura de propriedade na relação entre assimetria de informação e política de pagamentosPayment policyInformation asymmetryShareholding structure.Política de pagosAsimetría de informaciónEstructura accionarial.Política de pagamentosAssimetria de informaçãoEstrutura acionária.Defining a shareholder payment policy depends on a corporate decision-making framework, or what may lead to conflicts of interest. In this context, the present study analyzes the moderating effect of ownership structure on the relationship between information asymmetry and payment policy of publicly traded Brazilian companies. The results do not reject the hypothesis (H1) that information asymmetry positively affects compensation when triggering. Regarding the moderating effect of ownership structure (H2), the results were not consensual, as ownership structure moderated the relationship between asymmetry and payment policy in only one of the two information asymmetry proxies. Thus, this research contributes to literature and stakeholders in the Brazilian stock market, presenting different perspectives, or moderating effect of ownership structure on the relationship between information asymmetry and shareholder valuation.La definición de una política de pagos a accionistas depende de un marco de decisión a nivel corporativo, que puede generar conflictos de interés. En este contexto, el presente estudio analizó el efecto moderador de la estructura de propiedad sobre la relación entre la asimetría de información y la política de pago de dividendos de las empresas brasileñas que cotizan en bolsa. Los resultados no rechazan la hipótesis (H1) de que la asimetría de información afecta positivamente la retribución al accionista. En cuanto al efecto moderador de la estructura de propiedad (H2), los resultados no fueron consensuados, ya que la estructura de propiedad moderó la relación entre asimetría y política de pago en solo uno de los dos proxies de asimetría de información. Así, esta investigación contribuye a la literatura y a los interesados en el mercado de valores brasileño al presentar, desde diferentes perspectivas, el efecto moderador de la estructura de propiedad sobre la relación entre asimetría de información y remuneración al accionista.A definição de uma política de pagamentos aos acionistas depende de um arcabouço de decisões no âmbito corporativo, o que pode gerar conflitos de interesses. Nesse contexto, o presente estudo analisou o efeito moderador da estrutura de propriedade na relação entre assimetria de informação e a política de pagamento de dividendos das empresas brasileiras de capital aberto. Os resultados não rejeitam a hipótese (H1) de que a assimetria de informação afeta positivamente a remuneração ao acionista. Em relação ao efeito moderador da estrutura de propriedade (H2), os resultados não foram consensuais, pois a estrutura de propriedade moderou a relação entre assimetria e política de pagamentos em apenas uma das duas proxies de assimetria de informação. Dessa forma, esta pesquisa contribui com a literatura e com os interessados no mercado de ações brasileiro ao apresentar, de diferentes perspectivas, o efeito moderador da estrutura de propriedade na relação entre assimetria de informação e remuneração ao acionista.Research, Society and Development2021-05-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://rsdjournal.org/index.php/rsd/article/view/1529310.33448/rsd-v10i5.15293Research, Society and Development; Vol. 10 No. 5; e52010515293Research, Society and Development; Vol. 10 Núm. 5; e52010515293Research, Society and Development; v. 10 n. 5; e520105152932525-3409reponame:Research, Society and Developmentinstname:Universidade Federal de Itajubá (UNIFEI)instacron:UNIFEIporhttps://rsdjournal.org/index.php/rsd/article/view/15293/13664Copyright (c) 2021 Erica Juvercina Sobrinho; Vitor Borges Tavares; Pablo Rogers Silvahttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSobrinho, Erica JuvercinaTavares, Vitor BorgesSilva, Pablo Rogers2021-05-17T18:20:49Zoai:ojs.pkp.sfu.ca:article/15293Revistahttps://rsdjournal.org/index.php/rsd/indexPUBhttps://rsdjournal.org/index.php/rsd/oairsd.articles@gmail.com2525-34092525-3409opendoar:2024-01-17T09:36:09.291414Research, Society and Development - Universidade Federal de Itajubá (UNIFEI)false
dc.title.none.fl_str_mv Ownership structure effect on relationship between information asymmetry and payment policy
Efecto de la estructura de propiedad sobre la relación entre asimetría de información y política de pagos
Efeito da estrutura de propriedade na relação entre assimetria de informação e política de pagamentos
title Ownership structure effect on relationship between information asymmetry and payment policy
spellingShingle Ownership structure effect on relationship between information asymmetry and payment policy
Sobrinho, Erica Juvercina
Payment policy
Information asymmetry
Shareholding structure.
Política de pagos
Asimetría de información
Estructura accionarial.
Política de pagamentos
Assimetria de informação
Estrutura acionária.
title_short Ownership structure effect on relationship between information asymmetry and payment policy
title_full Ownership structure effect on relationship between information asymmetry and payment policy
title_fullStr Ownership structure effect on relationship between information asymmetry and payment policy
title_full_unstemmed Ownership structure effect on relationship between information asymmetry and payment policy
title_sort Ownership structure effect on relationship between information asymmetry and payment policy
author Sobrinho, Erica Juvercina
author_facet Sobrinho, Erica Juvercina
Tavares, Vitor Borges
Silva, Pablo Rogers
author_role author
author2 Tavares, Vitor Borges
Silva, Pablo Rogers
author2_role author
author
dc.contributor.author.fl_str_mv Sobrinho, Erica Juvercina
Tavares, Vitor Borges
Silva, Pablo Rogers
dc.subject.por.fl_str_mv Payment policy
Information asymmetry
Shareholding structure.
Política de pagos
Asimetría de información
Estructura accionarial.
Política de pagamentos
Assimetria de informação
Estrutura acionária.
topic Payment policy
Information asymmetry
Shareholding structure.
Política de pagos
Asimetría de información
Estructura accionarial.
Política de pagamentos
Assimetria de informação
Estrutura acionária.
description Defining a shareholder payment policy depends on a corporate decision-making framework, or what may lead to conflicts of interest. In this context, the present study analyzes the moderating effect of ownership structure on the relationship between information asymmetry and payment policy of publicly traded Brazilian companies. The results do not reject the hypothesis (H1) that information asymmetry positively affects compensation when triggering. Regarding the moderating effect of ownership structure (H2), the results were not consensual, as ownership structure moderated the relationship between asymmetry and payment policy in only one of the two information asymmetry proxies. Thus, this research contributes to literature and stakeholders in the Brazilian stock market, presenting different perspectives, or moderating effect of ownership structure on the relationship between information asymmetry and shareholder valuation.
publishDate 2021
dc.date.none.fl_str_mv 2021-05-15
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://rsdjournal.org/index.php/rsd/article/view/15293
10.33448/rsd-v10i5.15293
url https://rsdjournal.org/index.php/rsd/article/view/15293
identifier_str_mv 10.33448/rsd-v10i5.15293
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://rsdjournal.org/index.php/rsd/article/view/15293/13664
dc.rights.driver.fl_str_mv Copyright (c) 2021 Erica Juvercina Sobrinho; Vitor Borges Tavares; Pablo Rogers Silva
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Erica Juvercina Sobrinho; Vitor Borges Tavares; Pablo Rogers Silva
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Research, Society and Development
publisher.none.fl_str_mv Research, Society and Development
dc.source.none.fl_str_mv Research, Society and Development; Vol. 10 No. 5; e52010515293
Research, Society and Development; Vol. 10 Núm. 5; e52010515293
Research, Society and Development; v. 10 n. 5; e52010515293
2525-3409
reponame:Research, Society and Development
instname:Universidade Federal de Itajubá (UNIFEI)
instacron:UNIFEI
instname_str Universidade Federal de Itajubá (UNIFEI)
instacron_str UNIFEI
institution UNIFEI
reponame_str Research, Society and Development
collection Research, Society and Development
repository.name.fl_str_mv Research, Society and Development - Universidade Federal de Itajubá (UNIFEI)
repository.mail.fl_str_mv rsd.articles@gmail.com
_version_ 1797052749341261824

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