NOW THAT DISTRIBUTE DIVIDENDS AND ADOPT CORPORATE GOVERNANCE HAS ABNORMAL RETURNS IN THEIR ACTIONS?

Ball and Brown (1968) reported that net income is relevant for investors in order to decide whether or not to invest in the company, thus the information produced by the financial statements may explain the stock returns. This study aims to analyze the influence of dividend policy and the governance...

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Principais autores: da Silva, Silvio Freitas, Formentini, Bruno Fraislebem, Reina, Donizete, Sarlo Neto, Alfredo
Formato: Online
Idioma:por
Publicado em: Portal de Periódicos Eletrônicos da UFRN
Endereço do item:https://periodicos.ufrn.br/ambiente/article/view/7153
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Resumo:Ball and Brown (1968) reported that net income is relevant for investors in order to decide whether or not to invest in the company, thus the information produced by the financial statements may explain the stock returns. This study aims to analyze the influence of dividend policy and the governance level in abnormal stock returns of companies listed on the BM & FBOVESPA. This research is quantitative, with analysis of 255 companies, about the dividend payment announcement impacts on the abnormal return of shares by means of regression model. The results showed that the abnormal returns had wide variations and there is a direct relationship between dividend yields and abnormal stock returns, contrasting the study of Novis Neto and Saito (2003). However, they corroborated Nagem and Amaral (2012), when it comes to abnormal returns, they had large variations without a direct relationship between dividend yields and abnormal stock returns; the corporate governance variable showed insignificant results, with evidence that it does not influence the abnormal stock returns; and companies listed in some different Ibovespa levels of corporate governance had no significance in the power of informativeness of abnormal return. Keywords: Dividend Distribution. Abnormal Return of the Shares. Informativeness. Corporate Governance.

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