Assimetria de Informações e Pagamento de Proventos na Bovespa
[Asymmetric Information and Dividends Payment at Bovespa]
AbstractIn this research it is evaluated the effect of the asymmetric information, the agency costs and the property structure in the determination of the dividend payments. The Tobit regression model was used for censured data, giving consistence to the estimates with the payout index truncated at zero. They were considered the statements of 178 open companies quoted at Bovespa, in the period of 2000-2004. It was verified that the probability of dividend payments increases with the growth possibilities, the size, the cash flow, the decrease of the company’s debt and the adhesion of the company to the governance levels. Companies with ADRs at NYSE, or with smaller asymmetric information, pay smaller dividends, what is in line with the signaling hypothesis. It was verified a negative relationship of the dividend payments with the growth opportunities and positive with the cash flow, as foreseen by the pecking order hypothesis. Lastly, after controlling by asymmetric information, the property concentration for the controller (insider) presented a negative relationship with the dividends policy.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 1673.
Date of creation: 30 Sep 2006
Date of revision:
Dividends; asymmetric information; agency costs; property structure;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
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