Distribuição de dividendos e valor de empresas listadas na B3

Abstract

The relationship between dividends and firm’s value is a recurring theme in the scientific literature. However, its existence is still non-consensual. One of the gaps in studies is the use of statistical procedures aimed at analyzing the average of the sample. However, since the clientele may be in favor or against the distribution of dividends, the ends of the samples are the sensitive points to study. With this proposition, international findings have suggested that non-dividend companies are better valued by the market than companies that make a small distribution of profits, while companies with higher dividend payouts are better valued across the sample. This relationship has been described as “J-Shaped”. Using these findings and supported by the “Bird-in-Hand” Theory, which argues for the relevance of the dividend to firm value, and the Agency Theory, this study aimed to identify the existence of the "J-Shaped" relationship in the Brazilian stock market. To this end, a sample of 3,556 observations, from 271 companies, from 1996 to 2018, was divided as non-dividend payers (DIV0) and dividend payers, then divided into five groups classified according to the dividend distributed (DIV1 to DIV5). Through panel data, it was concluded that the relationship between dividends and firm’s value in the Brazilian stock market does not show the “J-Shaped”, more similar to a linear relationship. Also, the relevance of dividends in the firm’s value in the Brazilian market was confirmed. Additionally, tests were conducted by scenarios of changes in the dividend policy (payment/non-payment), variations in the economic scenario and to knowledge of the influence of the presence of the Government as a high shareholder. All tests confirmed the relevance of dividends to company value and provided evidence of anti-Agency behavior by investors. This pro-dividend behavior of the Brazilian market was credited to specific factors such as informational asymmetry, high share concentration, low stock liquidity and attractive interest rates in the financial market, as well as investor behavioral characteristics such as risk mitigation and haste in return on invested capital.