A concentração do controle acionário e a política de dividendos das empresas listadas na Bovespa: uma abordagem exploratória à luz da teoria de agência

Dalmácio, Flávia Zóboli; Corrar, Luiz João

doi:10.11606/rco.v1i1.34694

Cited by 19 publications

(17 citation statements)

References 4 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…In such cases, the majority shareholder has greater power over the managers in the definition of dividends. A positive sign is anticipated (Dalmácio & Corrar, 2007).…”

Section: Table 1 Summary Of Factors That Influence Dividend Paymentsmentioning

confidence: 99%

“…Such studies include Dalmatius and Corrar (2007), Setia-Atmaja, Tanewski, and Skully (2009), Jo and Pan (2009) and Holland and Coelho (2012). Dalmácio and Corrar (2007) Gompers, Ishii, and Metrick's (2003) G index of governance. They found that firms with entrenched managers are more likely to pay dividends and that doing so lowers cash holdings, thus rendering firms more vulnerable to hostile takeovers.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Loss & Sarlo Neto (2003), Dalmácio & Corrar (2007) This involves three factors: (a) companies controlled by holdings should pay higher dividends, as economic groups face fewer cash flow risks than individual companies; (b) companies enjoying concentrated shareholder control can pay fewer dividends if minority shareholder expropriation is present and vice versa; and (c) companies of greater shareholding dispersion should pay fewer dividends, as managers tend to protect company funds to secure their own interests.…”

Section: Controlmentioning

confidence: 99%

See 2 more Smart Citations

Determinant Factors of Dividend Payments in Brazil

Forti

Peixoto

Alves

2015

Rev. contab. finanç.

View full text Add to dashboard Cite

This study identifies factors that shaped cash disbursement distribution policies employed by Brazilian public companies listed on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA) from 1995 to 2011. Relationships between Dividends/Total Assets and potential determinants discussed in the literature, including firm size, corporate governance, profitability, leverage, market to book, liquidity, investment, risk, profit growth, information asymmetry and agency conflict, are examined. The following econometric methods are employed: (1) Tobit, given the nature of the dividend data, and (2) the Generalized Method of Moments (GMM) to control for endogenous regressors. Significant positive variables found include size, return on assets (ROA), market to book, liquidity and profit growth. It can thus be inferred that larger firm size, profitability, market value, liquidity and profit growth correlate with greater firm propensity to distribute money to shareholders, thus supporting the theory of corporate finance. Significant negative variables found include leverage, liquidity squared, capex, beta and tag along 100%. It is thus inferred that more significantly leveraged companies that invest more heavily in fixed assets and that exhibit high liquidity, higher risk and less conflict between controlling and minority shareholders will be less likely to pay dividends to shareholders.

show abstract

“…In such cases, the majority shareholder has greater power over the managers in the definition of dividends. A positive sign is anticipated (Dalmácio & Corrar, 2007).…”

Section: Table 1 Summary Of Factors That Influence Dividend Paymentsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Controlmentioning

confidence: 99%

See 1 more Smart Citation

Determinant Factors of Dividend Payments in Brazil

Forti

Peixoto

Alves

2015

Rev. contab. finanç.

View full text Add to dashboard Cite

show abstract

“…They concluded that the most important determinants of an enterprise's dividend policy were the level of current and expected future earnings and the pattern or continuity of past dividends. Dalmácio and Corrar (2007) surveyed on management views on corporate dividend policy in Portugal. This paper focuses on the dividend policy of the companies listed on the Lisbon Stock Exchange (LSE), from the viewpoint of their managers.…”

Section: Empirical Evidence Ofmentioning

confidence: 99%

Factors Influencing Dividend Policy in Bangladesh: Survey Evidence from Listed Manufacturing Companies in Dhaka Stock Exchange

Islam¹,

Adnan²

2018

EJOBSAT

View full text Add to dashboard Cite

A firm considers various factors when approaching a dividend policy decision. To analyze the determinants of dividend policy in the context of Bangladesh, questionnaire survey has been done from financial decision makers of sample companies. The nonparametric test and factor analysis is used for interpreting results. The research finding exhibits that in the first stage, the economic related factor, legal constraint factor, capital market related factor, residual policy factor, capital source factor and clientele factors are considered in dividend decision making. Then in the second stage, the companies follow the preceding years’ pattern of dividend payment. In the next stage, dividend decision is made mainly on the level of earnings and liquidity. The decision maker, investors and other stakeholders should follow these findings.

show abstract

“…Algumas pesquisas evidenciam que diversos fatores institucionais correlacionam-se com as distintas políticas de dividendos (ADJAOUD; BEN-AMAR, 2010; AL SHABIBI; RAMESH, 2011;DALMÁCIO;CORRAR, 2007;FONTELES et al, 2012;HAHN et al, 2010;JIRAPORN;KIM;KIM, 2008;MOTA, 2007;SANTANA, 2005;SROUR, 2005), muitas delas realizadas em economias desenvolvidas, e apresentando resultados divergentes. Diante disso, o presente estudo tem como objetivo geral identificar os principais fatores correlacionados às políticas de dividendos nas empresas do setor elétrico.…”

Section: Introductionunclassified

Políticas De Dividendos Em Empresas Do Setor Elétrico

2018

View full text Add to dashboard Cite

Com base na Teoria do Pássaro na Mão, foram identificados alguns fatores que se correlacionam com as políticas de dividendos adotadas pelas empresas do setor elétrico listadas na BM&FBovespa. Analisaram-se os demonstrativos financeiros e formulários de referência de 33 empresas, alusivos a 2014. Também foram extraídos dados do sistema Economática®, e a investigação envolveu a análise de correlação de Spearman e a análise de homogeneidade (Homals). Considerou-se como política de dividendos a análise conjunta dos índices Payout Ratio e Dividend Yield. A partir das recomendações da literatura foram levantadas seis hipóteses, as quais relacionam a política de dividendos com as variáveis: segmento de listagem, concentração acionária, fluxo de caixa, tamanho, risco e origem do capital. Constatou-se associação entre empresas com maior fluxo de caixa e participantes do Novo Mercado e Payout e Yield altos, corroborando os preceitos da Teoria do Pássaro na Mão. Entretanto, a análise de correlação indicou apenas à aceitação da hipótese H3, que previa que o fluxo de caixa se correlacionaria com a política de dividendos. Nenhuma evidência pode ser inferida sobre a correlação entre as políticas de dividendos das empresas e os demais fatores investigados. Os resultados trazem implicações para a compreensão das políticas de dividendos e para a governança corporativa no mercado de capitais brasileiro. As evidências observadas para a amostra contribuem para os gestores na identificação dos fatores que se correlacionam com a política de dividendos nas empresas e para os investidores que pretendem decidir em que alocar seu capital.Palavras-chave: Políticas de dividendos. Teoria do Pássaro na Mão. Setor elétrico.

show abstract

A concentração do controle acionário e a política de dividendos das empresas listadas na Bovespa: uma abordagem exploratória à luz da teoria de agência

Cited by 19 publications

References 4 publications

Determinant Factors of Dividend Payments in Brazil

Determinant Factors of Dividend Payments in Brazil

Factors Influencing Dividend Policy in Bangladesh: Survey Evidence from Listed Manufacturing Companies in Dhaka Stock Exchange

Políticas De Dividendos Em Empresas Do Setor Elétrico

Contact Info

Product

Resources

About