Fatores determinantes para adoção de planos de opções de ações em companhias abertas brasileiras

Moura, Geovanne Dias de; Padilha, Edilson Sidnei; Silva, Tarcísio Pedro da

doi:10.17524/repec.v10i3.1361

Cited by 2 publications

(3 citation statements)

References 25 publications

(87 reference statements)

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“…Therefore, the resources used for asset growth compete with dividends payout (Vancin & Procianoy, 2016a, 2016b). Current liquidity seeks to control the effect of companies that offer more security so that their managers can maintain or increase dividend payout levels (de Moura, Padilha, & Silva, 2016; Forti et al , 2015; Vancin & Procianoy, 2016a; Martins & Famá, 2012).…”

Section: Methodsmentioning

confidence: 99%

“…The company’s financial performance was measured through return on equity (ROE), indicating that more profitable companies pay more dividends than others. In addition, the literature indicates that larger companies are more likely to pay dividends than smaller ones (Zhang, 2018; de Moura et al , 2016; Forti et al , 2015; Vancin & Procianoy, 2016a, 2016b; Fonteles, Peixoto Júnior, de Vasconcelos, & De Luca, 2013; Martins & Famá, 2012).…”

Section: Methodsmentioning

confidence: 99%

“…The independent variables, the object of this study, are detailed below: Stock option plan = binary variable that aims to show whether the company has the plan or not. If it does not have a plan, the variable will be represented by 0; otherwise, it takes value 1.It is expected that there is a negative correlation with the dependent variable, that is, companies that adopt stock options distribute fewer dividends (de Moura, Padilha, & Silva, 2016; Perobelli, Lopes, & Silveira, 2012). …”

Section: Methodsmentioning

confidence: 99%

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Stock options: do they influence dividend payments?

Muniz

Galdi

Damasceno

2021

RAUSP

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Purpose This study aims to investigate whether there is any influence of the option plan to purchase shares protected from dividends to determine the distribution of dividends in Brazilian companies. Design/methodology/approach The authors used a Tobit dynamic and regressive regression model because their sample has an index higher than 30% of companies that do not pay dividends. The sample includes companies that pay dividends or not and pay their executives with executive stock option plans and is composed of 1,990 observations from 356 companies from 2010 to 2016. Findings The results indicated that the presence of a dividend protection clause has a positive association with the distribution of dividends. The authors sought to clarify that companies with a stock option plan protected by the distribution of dividends face fewer restrictions on the distribution of dividends. The authors found that most companies still use only stock options to benefit middle-ranking positions and fit the plan in their remuneration policy. The monitoring of these plans lasts an average of seven years, and specific acquisition conditions are not established with their beneficiaries, who must remain in the company and observe performance metrics. Originality/value This study is relevant because the relationship between dividends and stock options has not yet been analyzed in Brazil, especially concerning a dividend-protected option plan, which is a relatively recent modality, even unknown to some companies.

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