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Assimetria de Informações e Pagamento de Proventos na Bovespa
[Asymmetric Information and Dividends Payment at Bovespa]

  • Iquiapaza, Robert
  • Lamounier, Wagner
  • Amaral, Hudson

In 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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1673.

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Date of creation: 30 Sep 2006
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Handle: RePEc:pra:mprapa:1673
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  1. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
  2. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-59, September.
  3. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  4. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998. "Agency Problems and Dividend Policies Around the World," NBER Working Papers 6594, National Bureau of Economic Research, Inc.
  5. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
  6. Garrett, Ian & Priestley, Richard, 2000. "Dividend Behaviour and Dividend Signaling," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(02), pages 173-189, June.
  7. Kalay, Avner, 1982. "Stockholder-bondholder conflict and dividend constraints," Journal of Financial Economics, Elsevier, vol. 10(2), pages 211-233, July.
  8. Ronald C. Lease, & Kose John, & Avner Kalay, & Uri Loewenstein, & Oded H. Sarig,, 1999. "Dividend Policy:: Its Impact on Firm Value," OUP Catalogue, Oxford University Press, number 9780875844978, March.
  9. Mbodja Mougoué & Ramesh P. Rao, 2003. "The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3-4), pages 441-478.
  10. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  11. 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.
  12. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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