46580

André Ricardo Moncaio Zanon
Clésio Gomes de Araújo
André Nunes

Revista de Gestão, Finanças e Contabilidade

This paper intends to verify the influence of the decision to distribute dividends on the value of companies. There are studies which support that dividend policy is relevant for the determination of the value of the companies, while other studies, following the work of Modigliani and Miller, which support that distribution of dividends is irrelevant. To achieve that objective, a model was created to verify the relationship between the market value and the distributed dividends, using the Market to Book (ratio between market value and book value of the company) and Payout (ratio between dividends and company's earnings per share). The methodological procedure utilized was a regression with panel data estimated to verify a possible impact of the distribution of profits on the market value of the selected companies, using data from 33 companies that were listed at the same time in the Ibovespa and the Novo Mercado, in June 2017, based on the quarterly accounting information disclosed in the period from 01/01/2000 to 03/31/2017. As results of the research, no evidence was found that there is a relationship between the market value of the companies analyzed and the level of dividend distribution adopted in the period. However, when dividend distributions are disregarded in periods of loss, it is possible to infer that there is a positive relationship between the market value of the companies and the level of dividend distribution adopted.

Dividend policy, Market value, New Market, Payment

ZANON, A. R. M.; ARAÚJO, C. G.; NUNES, A. Influência da Política de Dividendos no Valor de Mercado das Empresas Brasileiras . Revista de Gestão, Finanças e Contabilidade, v. 7, n. 3, p. 326-339, 2017.

Zanon, A. R. M., Araújo, C. G., & Nunes, A. (2017). Influência da Política de Dividendos no Valor de Mercado das Empresas Brasileiras . Revista de Gestão, Finanças e Contabilidade, 7(3), 326-339.

https://www.spell.org.br/documentos/ver/46580/influence-of-dividend-policy-on-market-value-of-brazilian-companies--/i/en

Artigo

Português

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