Política de Dividendos e Desempenho Econômico-Financeiro: Um Estudo nas Companhias do Estado de Minas Gerais

Content Provider	Semantic Scholar
Author	Silva, Altieres Frances Oliveira, Rainer Silva De Cardoso, Guilherme Freitas Ribeiro, Kárem Cristina De Sousa
Copyright Year	2019
Abstract	The relationship between the dividend policy and the economic-financial performance of the organizations allows us to analyze aspects relevant to the characteristics of the markets. Considering that national development involves the understanding of regional differences, this article aimed to analyze this relationship between dividend policy and economic and financial performance for companies listed on the Brazilian Stock Exchange (B3) and headquartered in the state of Minas Gerais. We used the Economatica database to obtain the group of proxy variables for dividend policy (dividends paid, dividends paid per share and dividend yield), economic-financial performance (ROA, ROE, net income, earnings per share and liquidity) and control (total assets). The canonical correlation was applied to verify the associations. The results showed that, from 2010 to 2017, the dividend policy of the companies analyzed correlated positively with the proxy variables of economic-financial performance, except for liquidity. The strongest associations obtained were between the dividends paid and the variables net profit and total assets, thus suggesting that the distribution of dividends is an interest factor in these companies, contrary to the Theory of Dividend Irrelevance. The proposed model presented a total redundancy margin of 0.3124, indicating that the independent variables used explain 31.24% of the average variance of the variables used as proxy for dividend policy. The present research presented relevant information about the characteristics of the companies of an important economic region and provided subsidies for the development of future research that advances in the analyzes developed from a regional perspective.
Starting Page	77
Ending Page	89
Page Count	13
File Format	PDF HTM / HTML
DOI	10.21714/2446-9114rmc2019v20n3t06
Volume Number	20
Alternate Webpage(s)	https://revista.crcmg.org.br/index.php?journal=rmc&op=download&page=article&path%5B%5D=1034&path%5B%5D=577664
Alternate Webpage(s)	https://doi.org/10.21714/2446-9114rmc2019v20n3t06
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article