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Assimetria de Informações e Pagamento de Dividendos na Bovespa
[Assimetric information and dividends payout at the São Paulo stock exchange (Bovespa)]

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Author Info
Iquiapaza, Robert
Lamounier, Wagner
Amaral, Hudson

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Abstract

The aim of this research was to evaluate the effect of the asymmetric information, the agency costs, and the property structure in the determination of the dividend payments, in a sample of 178 open companies quoted at Bovespa. The analyzed period was between 2000 and 2004. The Tobit regression model was used in order to handle the fact that the payout is censured at zero. It was verified that companies with ADRs quoted at NYSE, a proxy for smaller asymmetric information, pay less dividends, which is in line with the signaling hypothesis. After controlling by asymmetric information, the property concentration by the controller (insider) presented a negative relationship with the dividends payment. Lastly, it was found a negative relationship of the dividend payments with opportunities of growth and positive with the cash flow, as foreseen by the pecking order hypothesis.

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File URL: http://mpra.ub.uni-muenchen.de/1673/
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File URL: http://mpra.ub.uni-muenchen.de/9449/
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File URL: http://mpra.ub.uni-muenchen.de/9450/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1673.

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Date of creation: 30 Apr 2006
Date of revision: 30 May 2008
Publication status: Published in Advances in Scientific and Applied Accounting 1.1(2008): pp. 1-14
Handle: RePEc:pra:mprapa:1673

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Related research
Keywords: Dividends asymmetric information agency costs property structure.

Find related papers by JEL classification:
G3 - Financial Economics - - Corporate Finance and Governance

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References listed on IDEAS
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  1. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September. [Downloadable!] (restricted)
  2. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-59, September. [Downloadable!] (restricted)
  3. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July. [Downloadable!] (restricted)
  4. Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring. [Downloadable!] (restricted)
  5. Short, Helen & Zhang, Hao & Keasey, Kevin, 2002. "The link between dividend policy and institutional ownership," Journal of Corporate Finance, Elsevier, vol. 8(2), pages 105-122, March. [Downloadable!] (restricted)
  6. Kalay, Avner, 1982. "Stockholder-bondholder conflict and dividend constraints," Journal of Financial Economics, Elsevier, vol. 10(2), pages 211-233, July. [Downloadable!] (restricted)
  7. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  8. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 2000. "Agency Problems and Dividend Policies around the World," Journal of Finance, American Finance Association, vol. 55(1), pages 1-33, 02. [Downloadable!] (restricted)
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  9. Mbodja Mougoué & Ramesh P. Rao, 2003. "The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 30(3-4), pages 441-478. [Downloadable!] (restricted)
  10. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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