Produção Nacional
DISTRIBUIÇÃO DE DIVIDENDOS E DE JUROS SOBRE O CAPITAL PRÓPRIO VERSUS RETORNO DAS AÇÕES
2012; Conselho Federal de Contabilidade (CFC); Volume: 6; Issue: 2 Linguagem: Inglês
10.17524/repec.v6i2.223
ISSN1981-8610
AutoresRenato Marques Corso, José Roberto Kassai, Gerlando Augusto Franco Sampaio Lima,
Tópico(s)Corporate Finance and Governance
ResumoThe aim of this study is to investigate the relation between dividend yield and interest on own capital and stock return. Miller & Modigliani’s (M&M, 1961) Dividend Irrelevance Theory and Gordon & Lintner’s (1963) Birdin-the-Hand Theory serve as the theoretical framework, besides Brazilian studies on the theme. In view of its objectives, this research is classified as descriptive and the empirical-analytic approach will be used to treat the data. Analysis data were collected from Economática software. The sample consisted of companies traded on the São Paulo Stock Exchange (Bovespa). The period between 1995 and 2008 was analyzed. Before regression analysis with panel data, the multivariate correspondence analysis (Anacor) technique was used for an exploratory analysis of the study variables. The results indicated that dividend yield and interest on own capital are related with stock return, so that the study hypothesis was not rejected. Based on the use of regression with fixed effects, applying the ordinary least squares method, with R2 equal to approximately 47.55%, it was verified that dividend yield and interest on own capital are inversely related with stock return. Through this research, the intent is to provide and expand empirical evidence on the theme and offer support for future research.
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