Dividend policy and cash flows: a study in the light of the Theory of Signs

Detalhes bibliográficos
Autor(a) principal: Viana Jr., Dante Baiardo Cavalcante
Data de Publicação: 2015
Outros Autores: Ponte, Vera Maria Rodrigues
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Ciências Administrativas (Fortaleza. Online)
Texto Completo: https://ojs.unifor.br/rca/article/view/3675
Resumo: The present study investigates, from the perspective of the Theory of Signs, the relationship between the distribution of dividends and the future cash flows of 47 companies listed on the BM&FBovespa between 2007 and 2013, containing 329 observations. This is a study of descriptive and exploratory nature, with respect to their goals, and quantitative approach, to the extent that the data collected were subjected to statistical tests. Data analysis occurred using a multiple regression model, using a panel data analysis, adopting as the dependent variable ROA t (cash flow proxy) and as independent variables Div./Stock in t-1 (dividend policyproxy), and other control variables. In regression analysis, it was found that the variable Div./Stock cannot explain with significance the ROA, rejecting the hypothesis of the study. This research contributes to broaden the spectrum of research on the dividend policy, helping in the understanding of possible explanatory factors for the position of Brazilian companies with respect to the subject. Keywords: Dividend Policy. Cash Flow. Signaling Theory.
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spelling Dividend policy and cash flows: a study in the light of the Theory of SignsPolítica de dividendos e fluxos de caixa: um estudo à luz da Teoria da Sinalização (Dividend policy and cash flows: a study in the light of the Theory of Signs)The present study investigates, from the perspective of the Theory of Signs, the relationship between the distribution of dividends and the future cash flows of 47 companies listed on the BM&FBovespa between 2007 and 2013, containing 329 observations. This is a study of descriptive and exploratory nature, with respect to their goals, and quantitative approach, to the extent that the data collected were subjected to statistical tests. Data analysis occurred using a multiple regression model, using a panel data analysis, adopting as the dependent variable ROA t (cash flow proxy) and as independent variables Div./Stock in t-1 (dividend policyproxy), and other control variables. In regression analysis, it was found that the variable Div./Stock cannot explain with significance the ROA, rejecting the hypothesis of the study. This research contributes to broaden the spectrum of research on the dividend policy, helping in the understanding of possible explanatory factors for the position of Brazilian companies with respect to the subject. Keywords: Dividend Policy. Cash Flow. Signaling Theory.O estudo investiga, pela ótica da Teoria da Sinalização, a relação entre a distribuição de dividendos e os fluxos de caixa futuros de 47 companhias listadas na BM&FBovespa entre 2007 e 2013, compreendo 329 observações. Trata-se de estudo de natureza exploratória e descritiva, no que diz respeito aos seus objetivos, e de abordagem quantitativa, na medida em que os dados coletados foram submetidos a testes estatísticos. A análise dos dados deu-se com o uso de um modelo de regressão múltipla, por meio de uma análise de dados em painel, adotando-se como variável dependente o ROA em t (proxy do fluxo de caixa) e como variáveis independentes Div./Ação em t-1 (proxy da política de dividendos), além de outras variáveis de controle. Na análise de regressão, verificou-se que a variável Div./Ação não pode explicar o ROA de forma significativa, rejeitando-se a hipótese do estudo. A pesquisa contribui para ampliar o espectro da pesquisa acerca da política de dividendos, ajudando na compreensão de possíveis fatores explicativos para a postura das companhias brasileiras no que diz respeito ao assunto. DOI: 10.5020/2318-0722.2015.v21n1p211Universidade de Fortaleza2015-10-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.unifor.br/rca/article/view/3675Revista Ciências Administrativas; v. 21 n. 1 (2015)2318-0722reponame:Revista Ciências Administrativas (Fortaleza. Online)instname:Universidade de Fortaleza (UNIFOR)instacron:UNIFORporhttps://ojs.unifor.br/rca/article/view/3675/pdfViana Jr., Dante Baiardo CavalcantePonte, Vera Maria Rodriguesinfo:eu-repo/semantics/openAccess2020-04-02T18:29:07Zoai:ojs.ojs.unifor.br:article/3675Revistahttps://periodicos.unifor.br/rcahttp://ojs.unifor.br/index.php/rca/oai||revcca@unifor.br|| sergioforte@unifor.br2318-07221414-0896opendoar:2020-04-02T18:29:07Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR)false
dc.title.none.fl_str_mv Dividend policy and cash flows: a study in the light of the Theory of Signs
Política de dividendos e fluxos de caixa: um estudo à luz da Teoria da Sinalização (Dividend policy and cash flows: a study in the light of the Theory of Signs)
title Dividend policy and cash flows: a study in the light of the Theory of Signs
spellingShingle Dividend policy and cash flows: a study in the light of the Theory of Signs
Viana Jr., Dante Baiardo Cavalcante
title_short Dividend policy and cash flows: a study in the light of the Theory of Signs
title_full Dividend policy and cash flows: a study in the light of the Theory of Signs
title_fullStr Dividend policy and cash flows: a study in the light of the Theory of Signs
title_full_unstemmed Dividend policy and cash flows: a study in the light of the Theory of Signs
title_sort Dividend policy and cash flows: a study in the light of the Theory of Signs
author Viana Jr., Dante Baiardo Cavalcante
author_facet Viana Jr., Dante Baiardo Cavalcante
Ponte, Vera Maria Rodrigues
author_role author
author2 Ponte, Vera Maria Rodrigues
author2_role author
dc.contributor.author.fl_str_mv Viana Jr., Dante Baiardo Cavalcante
Ponte, Vera Maria Rodrigues
description The present study investigates, from the perspective of the Theory of Signs, the relationship between the distribution of dividends and the future cash flows of 47 companies listed on the BM&FBovespa between 2007 and 2013, containing 329 observations. This is a study of descriptive and exploratory nature, with respect to their goals, and quantitative approach, to the extent that the data collected were subjected to statistical tests. Data analysis occurred using a multiple regression model, using a panel data analysis, adopting as the dependent variable ROA t (cash flow proxy) and as independent variables Div./Stock in t-1 (dividend policyproxy), and other control variables. In regression analysis, it was found that the variable Div./Stock cannot explain with significance the ROA, rejecting the hypothesis of the study. This research contributes to broaden the spectrum of research on the dividend policy, helping in the understanding of possible explanatory factors for the position of Brazilian companies with respect to the subject. Keywords: Dividend Policy. Cash Flow. Signaling Theory.
publishDate 2015
dc.date.none.fl_str_mv 2015-10-01
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://ojs.unifor.br/rca/article/view/3675
url https://ojs.unifor.br/rca/article/view/3675
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojs.unifor.br/rca/article/view/3675/pdf
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 Universidade de Fortaleza
publisher.none.fl_str_mv Universidade de Fortaleza
dc.source.none.fl_str_mv Revista Ciências Administrativas; v. 21 n. 1 (2015)
2318-0722
reponame:Revista Ciências Administrativas (Fortaleza. Online)
instname:Universidade de Fortaleza (UNIFOR)
instacron:UNIFOR
instname_str Universidade de Fortaleza (UNIFOR)
instacron_str UNIFOR
institution UNIFOR
reponame_str Revista Ciências Administrativas (Fortaleza. Online)
collection Revista Ciências Administrativas (Fortaleza. Online)
repository.name.fl_str_mv Revista Ciências Administrativas (Fortaleza. Online) - Universidade de Fortaleza (UNIFOR)
repository.mail.fl_str_mv ||revcca@unifor.br|| sergioforte@unifor.br
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