文章基本信息

标题：IMPACT OF DIVIDEND POLICY IN MARKET VALUE OF FINANCIAL INSTITUTIONS IN BRAZIL
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作者：Alexandre Oliveira Silva ; José Alves Dantas
期刊名称：Revista de Gestão, Finanças e Contabilidade
印刷版ISSN：2238-5320
出版年度：2015
卷号：5
期号：4
页码：43-63
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出版社：University of State of Bahia
摘要：This study seeks to address the lack of studies about the impact on capital market of the dividend policy practiced by financial institutions in Brazil. Aims to identify whether there is a relationship between the dividend policy adopted by the financial institutions listed on the BM&FBovespa and its market value. Using data from 25 financial institutions, for the period between the first quarter of 2000 and the second quarter of 2014 was estimated regression with panel data to test that theory applies more appropriately to Brazilian financial institutions - the irrelevance of dividends theory, proposed by Miller and Modigliani (1961), or the relevance of dividends theory, defended, among others, by Gordon (1959). Considering an empirical-analytic approach, the test results confirmed the hypothesis irrelevance of dividend policy in the market value of financial institutions. This study also evidence that smaller banks found, less leveraged, more efficient, under foreign and private capital have greater control relationship between the market value and the book value.