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Abstract(s)
Os fatores que definem a política de dividendos de uma empresa têm sido tema de ampla pesquisa por parte dos investigadores ao longo dos vários anos. Até hoje os investigadores não conseguiram chegar a um consenso, sendo que alguns autores chamam a política dos dividendos dividend puzzle. Em termos gerais, as empresas de maior dimensão, mais antigas e mais rentáveis evidenciam maior propensão para a distribuição de dividendos. Talvez porque estas empresas não necessitam de investimentos de valor tão elevado, e, por conseguinte, tendem a acumular cash flows excedentários. A acumulação de cash flows excedentários, por sua vez, pode originar problemas de agência, na medida em que os gestores, neste contexto, têm tendência de consumir benefícios pecuniários e não pecuniários em excesso ou a optar por investimentos de elevado risco.
A presente dissertação tem como objetivo igualmente, analisar a influência dos custos de agência do capital próprio e o ciclo de vida, na política de dividendos das empresas. Procuramos assim, contribuir para discussão sobre o tema de dividendos, analisando as empresas cotadas no mercado nacional, verificando se os dividendos são um instrumento eficiente para ajudar a reduzir os problemas de agência. A amostra deste estudo inclui as empresas portuguesas cotadas na bolsa de valores de Lisboa, sendo representada por 43 empresas não financeiras, durante um período temporal de 9 anos, entre 2010 e 2018. As conclusões retiradas através das regressões logísticas e regressões lineares múltiplas, indicam que a decisão de distribuir dividendos é influenciada pelo ciclo de vida da empresa e também, pelos custos de agência de capital próprio. Observa-se igualmente que o ciclo de vida influencia o payout pago pelas empresas.
The factors that define a company's dividend policy have been the subject of extensive research by researchers over several years. Until today, researchers have failed to reach consensus, and some authors call dividend policy the dividend puzzle. In general terms, the largest, oldest and most profitable companies choose to distribute dividends. This is because these companies don’t need the high value investments, and therefore accumulate free cash flows. In general terms, the largest, oldest and most profitable companies show a greater propensity for the distribution of dividends. Perhaps because these companies do not need investments of such a high value, and therefore tend to accumulate free cash flows. The accumulation of free cash flows, in turn, can lead to agency problems, as managers, in this context, tend to consume pecuniary and non-pecuniary benefits in excess or to opt for high risk investments. This dissertation also aims to analyse the influence of agency costs of equity and the life cycle, on the dividend policy of companies. We thus seek to contribute to the discussion on the topic of dividends, analysing companies listed on the national market, verifying whether dividends are an efficient instrument to help reduce agency problems. The sample of this study includes Portuguese companies listed on the Lisbon stock exchange, being represented by 43 non-financial companies, over a period of 9 years, between 2010 and 2018. The conclusions drawn through logistic regressions and multiple linear regressions, indicate that the decision to distribute dividends is influenced by the life cycle of the company and also by the costs of an equity agency. It is also observed that the life cycle influences the payout paid by companies.
The factors that define a company's dividend policy have been the subject of extensive research by researchers over several years. Until today, researchers have failed to reach consensus, and some authors call dividend policy the dividend puzzle. In general terms, the largest, oldest and most profitable companies choose to distribute dividends. This is because these companies don’t need the high value investments, and therefore accumulate free cash flows. In general terms, the largest, oldest and most profitable companies show a greater propensity for the distribution of dividends. Perhaps because these companies do not need investments of such a high value, and therefore tend to accumulate free cash flows. The accumulation of free cash flows, in turn, can lead to agency problems, as managers, in this context, tend to consume pecuniary and non-pecuniary benefits in excess or to opt for high risk investments. This dissertation also aims to analyse the influence of agency costs of equity and the life cycle, on the dividend policy of companies. We thus seek to contribute to the discussion on the topic of dividends, analysing companies listed on the national market, verifying whether dividends are an efficient instrument to help reduce agency problems. The sample of this study includes Portuguese companies listed on the Lisbon stock exchange, being represented by 43 non-financial companies, over a period of 9 years, between 2010 and 2018. The conclusions drawn through logistic regressions and multiple linear regressions, indicate that the decision to distribute dividends is influenced by the life cycle of the company and also by the costs of an equity agency. It is also observed that the life cycle influences the payout paid by companies.
Description
Mestrado em Análise Financeira
Keywords
Política de dividendos Ciclo de vida Custos de agência Free cash flow Payout Dividend policy Life cycle Agency costs
Citation
Alves, K. G. (2020). A influência dos dividendos na mitigação dos custos de agência. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/13566