Página 1 dos resultados de 771 itens digitais encontrados em 0.003 segundos

WHAT THE STUDIES CONDUCTED IN BRAZIL REGARDING DIVIDEND POLICY REVEAL

Martins, Andressa Iovine; Fama, Rubens
Fonte: FUNDACAO GETULIO VARGAS; SAO PAULO SP Publicador: FUNDACAO GETULIO VARGAS; SAO PAULO SP
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.42%
This paper consists of a review of the literature about dividend policy in Brazil, focusing on the empirical studies conducted from 1990 to 2010 that were published in major Brazilian administration, accounting and finance journals and major conference proceedings on this subject. The analyzed sample comprised 39 studies using various methods and conducted in various periods. Based on the model of Harris and Raviv (1991), this paper grouped studies according to model type, and it found five main categories. We were able to find some tendencies, such as: dividend policy relevance in the Brazilian market; confirmation of existence of agency problems; conflicting findings regarding the clientele hypothesis; tax signaling in, and tax impact on, defining dividend policy; non-conflicting findings regarding key factors of dividend policy..

Apuração, declaração e pagamento do dividendo mínimo obrigatório nas companhias brasileiras; Accounting, declaration and payment of the minimum mandatory dividend at Brazilian companies

Robert, Bruno
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 19/06/2009 Português
Relevância na Pesquisa
37.59%
Este trabalho examina a disciplina legal do dividendo mínimo obrigatório, a partir da compreensão de suas funções dentro da organização societária e das implicações práticas de sua existência, manifestáveis ao longo do procedimento de formação e partilha do lucro social. Trata-se de estudo que, embora gravite em torno do art. 202 da Lei das Sociedades por Ações, estende-se para os fundamentos do direito societário, excursionando por temas que vão desde as razões da celebração do contrato de sociedade e da função empresarial do lucro até as mais modernas reflexões a respeito do conflito de interesses e do papel dos administradores e dos controladores na sociedade. Além de uma análise detalhada das etapas de apuração, declaração e pagamento do dividendo mínimo obrigatório, o estudo oferece as seguintes principais proposições: (i) a de que o dividendo mínimo obrigatório consiste em solução contratual, estimulada pela lei, para redução dos custos da decisão de partilha do lucro social; (ii) a de que o direito ao dividendo é diverso do direito de participação nos lucros sociais e de que aquele, ao contrário deste último, é tanto derrogável, quanto renunciável; e (iii) a de que o dividendo mínimo obrigatório possui natureza substancialmente específica...

Investor sentiment and the market reaction to dividend news: European evidence

Vieira, Elisabete F. Simões
Fonte: Emerald Publicador: Emerald
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.62%
Purpose: This paper examines the effect of investor sentiment on the market reaction to dividend change announcements. Design/methodology/approach: We use the European Economic Sentiment Indicator data, from Directorate General for Economic and Financial Affairs (DG ECFIN), as a proxy for investor sentiment and focus on the market reaction to dividend change announcements, using panel data methodology. Findings: Using data from three European markets, our results indicate that the investor sentiment has some influence on the market reaction to dividend change announcements, for two of the three analysed markets. Globally, we find no evidence of investor sentiment influencing the market reaction to dividend change announcements for the Portuguese market. However, we find evidence that the positive share price reaction to dividend increases enlarges with sentiment, in the case of the UK markets, whereas the negative share price reaction to dividend decreases reduces with sentiment, in the French market. Research limitations/implications: We have no access to dividend forecasts, so, our findings are based on naïve dividend changes and not unexpected change dividends. Originality/value: This paper offers some insights on the effect of investor sentiment on the market reaction to firms’ news...

Does the market reaction to dividend news is influenced by investor sentiment?

Vieira, Elisabete F. Simões
Fonte: Universidade de Aveiro Publicador: Universidade de Aveiro
Tipo: Conferência ou Objeto de Conferência
Português
Relevância na Pesquisa
37.53%
We analyse whether the investor sentiment affects the market reaction to dividend change announcements. We use the European Economic Sentiment Indicator data, from Directorate General for Economic and Financial Affairs (DG ECFIN), as a proxy for investor sentiment and focus on the market reaction to dividend change announcements. Our results indicate that the investor sentiment have some influence on the market reaction to dividend change announcements, for two of the three analysed markets. Globally, we find no evidence of investor sentiment influencing the market reaction to dividend change announcements for the Portuguese market. However, we find evidence that the positive share price reaction to dividend increases enlarges with sentiment, in the case of the UK markets, whereas the negative share price reaction to dividend decreases reduces with sentiment, in the French market.

An Arbitrage Model for the Stock Price Adjustment in the Dividend Period

Borges, Maria Rosa
Fonte: ISEG – Departamento de Economia Publicador: ISEG – Departamento de Economia
Tipo: Outros
Publicado em //2007 Português
Relevância na Pesquisa
37.34%
Following a dividend distribution, investors expect the stock price to decrease on the ex-dividend day. With no market imperfections, the price decrease should exactly match the amount of the dividend, thus eliminating all opportunities for profitable arbitrage. Allowing for different taxes on dividends and on capital gains results in a stock price adjustment ratio different from one, but there is still a unique equilibrium. With a simple model, considering four types of investors, we show that the consideration of transaction costs results in multiple possible equilibria (equilibrium zone), defined by the arbitrage boundaries of each type of investors. We also show that trading activity by the different types of investors is reflected in abnormal trading volume.

Costly Dividend Signaling: The Case of Loss Firms with Negative Cash Flows

Joos, Peter; Plesko, George
Fonte: MIT - Massachusetts Institute of Technology Publicador: MIT - Massachusetts Institute of Technology
Tipo: Trabalho em Andamento Formato: 205673 bytes; application/pdf
Português
Relevância na Pesquisa
37.48%
We examine the dividend-signaling hypothesis in a sample of firms for which dividend increases are particularly costly, namely loss firms with negative cash flows. When compared to loss firms with positive cash flows, we find the predictive power of dividend increases for future return on assets to be greater for loss firms with negative cash flows, consistent with the predictive power of the dividend signal being stronger when its cost is higher. Our results provide support for the dividend-signaling hypothesis and have broader implications since loss firms comprise a large and increasing share of publicly-traded firms.

Dividend persistence and return predictability

Powell, John G; Shi, Jing; Smith, Tom
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 274845 bytes; 350 bytes; application/pdf; application/octet-stream
Português
Relevância na Pesquisa
37.53%
Evidence of dividend yield return predictability has been presented so widely and consistently that the result has tended to be generally accepted. This paper shows that return predictability of the dividend yield is a spurious result that is due to dividend persistence and finds that standard dividend behaviour explanatory models are also affected by the spurious regression problem. A simulation procedure is utilized to take account of a spurious correlation that compounds the spurious regression problem when the dependent and independent variables in a time series regression are ratios composed of common component variables. The paper’s results therefore imply that extreme care should be taken when using ratios as predictor or explanatory variables in time series regression. The paper introduces a reformulated Lintner first difference dividend behaviour model that is not subject to spurious regression.; no

Concentrated ownership, no dividend payout requirement and capital structure of REITs: evidence from Turkey

Erol, I.; Tirtiroglu, D.
Fonte: Springer US Publicador: Springer US
Tipo: Artigo de Revista Científica
Publicado em //2011 Português
Relevância na Pesquisa
37.07%
This paper studies empirically the capital structure of Turkish REITs as they offer unique and so far untested angles. They do not have to pay out dividends, yet enjoy the exemption from paying corporate taxes since their legal foundation in 1998. Several financial meltdowns occurred in the last three decades, keeping investors with a doubt about Turkey’s financial and political stability. The last meltdown in 2001 is part of the sample period. Findings show that Turkish REITs employ little long-term debt in their capital structure. The legal requirement that a leader entrepreneur be present with a minimum equity position of 25% introduces the agency problem between the majority and minority owners. The leader entrepreneurs, as non-taxable institutional investors, appear to dictate Turkish REITs’ dividend and debt policies and deplete REITs’ dividends, causing them to go to the long-term debt market. The financial meltdown of 2001 exerts negative short-term and positive long-term influence on the debt ratios while inflation’s effect is negative. Firm size, REITs’ engagement in development and stock market development influence debt ratios positively; tangibility and a few firm, ownership, and country-specific determinants appear to have either mixed or no influence on Turkish REITs’ debt policies.; Isil Erol...

Política de dividendos en los mercados financieros; Dividend policy in financial markets

Aja Muñoz, Héctor
Fonte: Universidade de Cantabria Publicador: Universidade de Cantabria
Tipo: Trabalho de Conclusão de Curso
Português
Relevância na Pesquisa
37.62%
RESUMEN: La decisión sobre la política de dividendos es una de las cuestiones importantes en la literatura financiera, por ser de la máxima preocupación para los gestores, dadas las implicaciones que tiene sobre los mercados financieros. Por este motivo, la gente que tiene invertido parte de sus ahorros en la bolsa a día de hoy, trata de obtener la mayor cantidad de dividendos posible obteniendo así una ayuda y una motivación para seguir teniendo sus ahorros invertidos en bolsa. Es en este punto donde entra la relevancia de la política de dividendos, que tiene como objetivo principal impulsar el bienestar económico y social de sus inversiones para maximizar el rendimiento tanto para los accionistas como para el funcionamiento futuro de la empresa. Cuando la empresa necesita financiación para realizar sus futuros proyectos puede hacerlo de varias formas como pueden ser por el modelo de reparto de dividendos, por ampliaciones de capital y también mediante el incremento de deuda con entidades de crédito. Por otra parte, para realizar el caso práctico me he basado en tres temas principales: el primero de ello ha sido realizar una evolución de la rentabilidad por dividendo de los valores que forman actualmente el Ibex 35 en el periodo 2009-2013. La segunda línea temática ha consistido en analizar el Ibex 35...

Funcional statistical time series analysis of the dividend policy of sapnish companies

Salmer??n G??mez, Rom??n; Ruiz-Medina, Mar??a Dolores
Fonte: Universidad Complutense de Madrid. Instituto de Estudios Bursatiles (IEB) Publicador: Universidad Complutense de Madrid. Instituto de Estudios Bursatiles (IEB)
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.34%
A functional statistical analysis of a data panel constituted by 33 companies in the IBEX-35, Spain, during the period 2006 to 2009, is achieved for the investigation of possible changes in the dividend policy. Empirical evidence of positive functional correlation of dividend policy changes with future changes of earnings per share is provided by the data panel studied. The functional estimation of the dividend annual increment per share, in all the companies of the sample, is obtained by implementing a functional version of Kalman filtering algorithm in an Autoregressive Hilbertian (ARH(1)) process framework.

Adverse selection, volume and transactions around dividend announcements in a continuous auction system

Rubio, Gonzalo; Tapia, Mikel
Fonte: Blackwell Publishing Publicador: Blackwell Publishing
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em //1996 Português
Relevância na Pesquisa
37.07%
We show that liquidity providers do not significantly respond to changes in information asymmetry risks, at least when we analyse their trading behaviour around dividend announcements of a representative sample of stocks in a continuous auction trading mechanism. the implicit bid-ask spread does not seem to change beyond what is normally conveyed through an increased number of transactions. We also document that the information in the trading behaviour of investors is primarily contained in the number of daily transactions.

Adverse selection, volume, and transactions around dividend announcements in a continuous auction system

Rubio, Gonzalo; Tapia, Mikel
Fonte: Universidad de Deusto Publicador: Universidad de Deusto
Tipo: Parte de Livro Formato: application/pdf
Publicado em //1995 Português
Relevância na Pesquisa
37.07%
We show that liquidily providers do nol significantly respond lo changes in information asymmelry risks, al leasl when we analyze lheir lrading behavior around dividend announcemenls of a representali ve sample of stocks in a continuous auction irading mechanism. The implicit bid-ask spread does nol seem lo change beyond what is normally conveyed through an increased number of transactions. We also document tha! ¡he information in the trading behavior of investors is primarily contained in the number of daily lransaclions.

Fiscal effect in dividend distributions

Borges, Maria Rosa
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Artigo de Revista Científica
Publicado em //2003 Português
Relevância na Pesquisa
37.34%
The dividend irrelevancy proposition, which states that dividends have no impact on the market value of the firm, is only valid under the hypothesis of perfect markets. If market imperfections are considered, namely, the existence of taxes, then dividend distributions became relevant for the decisions of market investors. But even in the presence of taxes, it should be indifferent for the investors to trade before or after the dividend day. If rational arbitrage prevails, the stock price adjustment on the distribution day should reflect the relative taxation of dividends and capital gains. In this paper, this theoretical framework is applied to portuguese data

Effective Discipline with Adequate Autonomy : The Direction for Further Reform of China's SOE Dividend Policy

Zhang, Chunlin; Wang, Lihong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
37.72%
This note explores the desirable direction for further reform of China's state-owned enterprise (SOE) dividend policy. This study represents an effort in exploring the desirable direction for further reform. It is an extension of the previous World Bank studies (World Bank, 2005, 2007) on this subject. It argues that a sound dividend policy must generate effective discipline against insiders and leave adequate managerial autonomy to them in the meantime. Considering China's current situation in light of relevant international experience, this study recommends three actions for the government to take to deepen the reform. The first is to raise the flexibility of SOE dividend ratio by adding a dividend ratio determination mechanism to the existing system of state ownership function. The second involves government monitoring and adjustment of the average dividend ratio of all central SOEs. The third is to start integrating state capital management budget (SCMB) with the general budget. The rest of the note is organized as follows. Section two discusses the nature of the issue and the criteria that a sound dividend policy must meet. Section three-five reviews payout practices of private sector firms (mainly publicly held companies but also include privately held firms)...

Corporate dividend policies in bank-based and market-based systems : survey evidence from UK and Portugal

Archbold, Stuart; Vieira, Elisabete F. Simões
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Artigo de Revista Científica
Publicado em //2010 Português
Relevância na Pesquisa
37.42%
This paper reports the empirical results of a questionnaire survey about corporate dividend policy addressed to finance directors of UK and Portuguese listed firms. Similar to other studies (for example, Brav et al., 2005 in the US and Dhanani, 2005 in the UK), we survey 313 finance directors in the UK and 48 in Portugal to examine their views of and understanding about the dividend decision in order to compare practice with theoretical propositions to be found in the literature and to examine cross-country determinants of dividend policy. Our survey results demonstrate similarities in the responses from the UK and Portugal, but also substantive differences, particularly in respect of the interaction between dividend and investment decisions and views about the signalling consequences of dividends.

Sobre-desempeño accionario en torno al ex-dividend day en Chile

Sandoval Sepúlveda, Rodrigo
Fonte: Universidad de Chile Publicador: Universidad de Chile
Tipo: Tesis
Português
Relevância na Pesquisa
37.34%
Seminario para optar al título de Ingeniero Comercial, Mención Administración; A lo largo de la historia, se han efectuado numerosos estudios en el campo de los dividendos. El presente trabajo lleva a cabo una investigación sobre los retornos anormales de las acciones chilenas en torno a su Ex-Dividend Day, es decir, la fecha límite de suscripción para tener derecho a dividendos por parte de los accionistas, y tiene como objetivo determinar su existencia. Además, busca complementar los estudios expuestos por Castillo y Jakob (2006), y Fuenzalida y Nash (2004), esta vez, analizando específicamente los retornos anormales accionarios previos al Ex-Dividend Day. La metodología utilizada es la de “Estudio de eventos”, la cual tiene como objetivo comprobar si se ha generado algún tipo de rentabilidad extraordinaria en algún activo financiero. El principal resultado determinó la existencia de retornos anormales promedio acumulados (CAAR) significativos para un mes y dos semanas previas al Ex-Dividend Day, inclusive éste, corroborando lo expuesto por Eades, Hess and Kim en 1984.

Taxes and dividend policy under alternative tax regimes

Pattenden, Kerry; Twite, Garry
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.34%
This paper examines changes in corporate dividend policy around the introduction of a dividend imputation tax system. This represented a significant change to the Australian tax framework and allows us to test the effect of differential taxation on corpor

Implementing a Double Dividend: Recycling Ecotaxes Towards Lower Labour Taxes

Manresa, Antonio; Sancho, Ferrán
Fonte: Conselho Superior de Investigações Científicas Publicador: Conselho Superior de Investigações Científicas
Tipo: Documento de trabajo
Português
Relevância na Pesquisa
37.23%
In this paper we follow the tradition of applied general equilibrium modelling of the Walrasian static variety to study the empirical viability of a double dividend (green, welfare, and employment) in the Spanish economy. We consider a counterfactual scenario in which an ecotax is levied on the intermediate and final use of energy goods. Under a revenue neutral assumption, we evaluate the real income and employment impact of lowering payroll taxes. To appraise to what extent the model structure and behavioural assumptions may influence the results, we perform simulations under a range of alternative model and policy scenarios. We conclude that a double dividend –better environmental quality, as measured by reduced CO2 emissions, and improved levels of employment– may be an achievable goal of economic policy.; This work has been possible thanks to the financial support of the Regidoria de Medi Ambient de l'Ajuntament de Barcelona. Institutional support from research grants SEC2000-0796 and SGR2001-0029 (first author) and SEC2000-0390 and SGR2001-0164 (second author) are also gratefully acknowledged.

A relação entre o conservadorismo contábil e os conflitos entre acionistas controladores e minoritários sobre as políticas de dividendos nas empresas brasileiras listadas na Bovespa; The relation between accounting conservatism and conflicts on dividend policies between major and minor shareholders of Brazilian companies listed on Bovespa

Gonzaga, Rosimeire Pimentel; Costa, Fábio Moraes da
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; Formato: application/pdf
Publicado em 01/08/2009 Português
Relevância na Pesquisa
37.23%
O principal objetivo deste trabalho foi buscar evidências empíricas quanto à relação do conservadorismo contábil com os conflitos sobre as políticas de dividendos entre acionistas minoritários e controladores nas companhias abertas listadas na Bovespa, compreendendo o período de 1995 a 2006. Os dados foram coletados no software Economática. Para o teste das hipóteses, usou-se regressão com dados em painel utilizando como proxies para conservadorismo contábil a medida baseada em accruals utilizada por Givoly e Hayn (2000) e a baseada no book-to-market proposta por Beaver e Ryan (2000). Os resultados encontrados corroboram os achados por Ahmed et al. (2002), indicando que há relação entre o conservadorismo contábil e os conflitos sobre as políticas de dividendos entre acionistas nas empresas da amostra. Porém, não é possível afirmar sobre tal relação quando a métrica de conservadorismo baseada em book-to-market é utilizada.; The main objective of this study was to present empirical evidence on the relation between accounting conservatism and conflicts about dividend policies between majority and minority shareholders of Brazilian publicly traded companies listed on BOVESPA. Data for the period from 1995 to 2006 was retrieved from Economatica. To test the hypotheses...

A concentração do controle acionário e a política de dividendos das empresas listadas na Bovespa: uma abordagem exploratória à luz da teoria de agência; THE SHAREHOLDING CONCENTRATION AND THE DIVIDEND POLICY OF COMPANIES LISTED ON BOVESPA: AN EXPLORATORY APPROACH IN THE LIGHT OF AGENCY THEORY

Dalmácio, Flávia Zóboli; Corrar, Luiz João
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; ; ; Formato: application/pdf
Publicado em 01/12/2007 Português
Relevância na Pesquisa
37.23%
Este artigo busca, sob a perspectiva da Teoria de Agência e a partir de revisão bibliográfica, pesquisa empírica exploratória e investigações analíticas, verificar se a composição acionária das empresas brasileiras com ações negociadas na Bovespa, tem relação com a política de dividendos por elas adotada. Os resultados obtidos, por meio de testes estatísticos, sugerem a não rejeição da hipótese (H0) elaborada neste trabalho. Verificou-se que um aumento na concentração acionária provoca um aumento no valor dos dividendos pagos por ação (ON), entretanto, há uma expectativa de que aquele aumento provoque uma diminuição significativa no percentual do payout. Portanto, constatam-se indícios de que a composição acionária das empresas brasileiras possa explicar, em partes, a política de dividendos por elas adotada. Vale ressaltar que outros fatores podem influenciar os resultados empíricos como, por exemplo, a regulamentação brasileira sobre a política de dividendos e juros sobre o capital próprio, que não foram consideradas como variáveis neste trabalho.; From the perspective of Agency Theory, this paper seeks to verify if the shareholder composition of the Brazilian companies which have shares negotiated on Bovespa...