DIVIDEND YIELD AND INTEREST ON OWN CAPITAL VERSUS STOCK RETURN
The aim of this study is to investigate the relation between dividend yield and interest on own capital and stock return. Miller & Modigliani’s (M&M, 1961) Dividend Irrelevance Theory and Gordon & Lintner’s (1963) Birdin-the-Hand Theory serve as the theoretical framework, besides Brazili...
| Autores: | , , |
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| Tipo de documento: | artigo |
| Estado: | Versão publicada |
| Data de publicação: | 2012 |
| País: | Brasil |
| Recursos: | Academia Brasileira de Ciências Contábeis (Abracicon) |
| Repositório: | Revista de Educação e Pesquisa em Contabilidade |
| Idioma: | português espanhol inglês |
| OAI Identifier: | oai:ojs.www.repec.org.br:article/223 |
| Acesso em linha: | https://www.repec.org.br/repec/article/view/223 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Dividendos Retorno ANACOR Regresión Datos en Panel Regressão Dados em Painel. Dividends Return Regression Panel Data |
| Resumo: | The aim of this study is to investigate the relation between dividend yield and interest on own capital and stock return. Miller & Modigliani’s (M&M, 1961) Dividend Irrelevance Theory and Gordon & Lintner’s (1963) Birdin-the-Hand Theory serve as the theoretical framework, besides Brazilian studies on the theme. In view of its objectives, this research is classified as descriptive and the empirical-analytic approach will be used to treat the data. Analysis data were collected from Economática software. The sample consisted of companies traded on the São Paulo Stock Exchange (Bovespa). The period between 1995 and 2008 was analyzed. Before regression analysis with panel data, the multivariate correspondence analysis (Anacor) technique was used for an exploratory analysis of the study variables. The results indicated that dividend yield and interest on own capital are related with stock return, so that the study hypothesis was not rejected. Based on the use of regression with fixed effects, applying the ordinary least squares method, with R2 equal to approximately 47.55%, it was verified that dividend yield and interest on own capital are inversely related with stock return. Through this research, the intent is to provide and expand empirical evidence on the theme and offer support for future research. |
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