58676

Maria Elisabete Duarte Neves
Maria Manuela Cunha
João Vilas

Revista Brasileira de Gestão de Negócios

Objetivo – As ações das empresas de telecomunicações são conhecidas por serem ações defensivas, menos suscetíveis à volatilidade no mercado global que outros setores, e por pagarem dividendos mais elevados. Nesse contexto, este trabalho pretende estudar a influência de algumas caraterísticas especificas dessas empresas nos dividendos distribuídos. Metodologia – Para alcançar o objetivo proposto, foi utilizada a metodologia de dados em painel, especificamente o método de estimativa GMM para uma amostra constituída por 34 empresas cotadas na Europa Ocidental e na América do Norte no período compreendido entre 2007 e 2016 e no subperíodo 2008 e 2013, que compreende a crise financeira global. Resultados – Os resultados mostram que fatores específicos, como o investimento em capital fixo, o endividamento, razão book value, free cash flow (FCF), liquidez e dividendos pagos no ano anterior são determinantes na explicação dos dividendos distribuídos no período global. Para o período de crise financeira, o sinal e a significância das variáveis mantêm-se quase inalterados, sugerindo que essas empresas pagam dividendos independentemente dos ciclos econômicos, contando, na ausência de FCF, com os níveis de liquidez adequados para satisfazer os investidores nesses períodos recessivos. Contribuições – Este estudo vem contribuir para uma melhor compreensão do setor de telecomunicações e da política de dividendos efetuada pelos gestores desse setor, podendo auxiliar a análise dos investidores, outros gestores, analistas financeiros e pesquisadores do tema.

ações de telecomunicações, características específicas, Dividendos

NEVES, M. E. D.; CUNHA, M. M.; VILAS, J. Determinantes dos Dividendos no Setor de Telecomunicações. Revista Brasileira de Gestão de Negócios, v. 22, n. 3, p. 669-685, 2020.

Neves, M. E. D., Cunha, M. M., & Vilas, J. (2020). Determinantes dos Dividendos no Setor de Telecomunicações. Revista Brasileira de Gestão de Negócios, 22(3), 669-685.

https://doi.org/10.7819/rbgn.v22i3.4069

https://www.spell.org.br/documentos/ver/58676/determinantes-dos-dividendos-no-setor-de-telecomunicacoes/i/pt-br

Artigo

Português

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