Relação entre a distribuição de dividendos e o preço da ação das empresas listadas na B3

Abstract

This study aimed to analyze if there’s relation between distribution of dividends and the stock price of companies listed in Brasil, Bolsa, Balcão (B3), and whether this relation is influenced by the company’s sector. The research was based on the Dividend Relevance Theory (LINTNER, 1956; GORDON, 1959) and by the Dividend Irrelevance Theory (MILLER; MODIGLIANI, 1961) and sought to verify which one prevails in the Brazilian capital market. The sample consisted of 154 companies between 2010 and 2015, adding up to 924 companies per year. In order to reach the proposed objective, it was estimated a quantile regression model, with profitability as dependent variable through the stock valorization and as independent variables the dividend yield and payout, in addition to control, size and risk of profit generation. The results showed statistical significance at the level of 5%, and point to a positive relation between dividend yield and stock valorization. As for the payout, size and risk of profit generation variables, only size presented significance in the 0,25 quantile. When segregated by sector, the only activities in which a statistically relevant relation was observed were Industrial Goods, in the 0,25 quantile, and Oil, Gas and Biofuels. However, the dividend policy was not considered a good criterion for choosing assets in the Industrial Goods sector, since it only exerts influence on the price of companies with the lowest return and, by the total return analysis, it is noted that cash earnings do not compensate for this low profitability.