Banca de DEFESA: Lúcia Andréa Costa Silva

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Lúcia Andréa Costa Silva
DATE: 31/03/2021
TIME: 10:00
LOCAL: Online, por meio de videoconferência
TITLE:

Impacts of Capital Structure and Dividend Distribution Policy on the Market Value of Common Shares of Publicly Held Companies in the Brazilian Electric Sector

KEY WORDS:

Capital Structure; Dividend Policy; Asset Pricing; Electric Sector

PAGES: 140
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

The choice of the capital structure and dividend distribution policy of a company is considered a complex decision because it involves several factors such as risk and return that may impact on the value of the companies. From Portfolio Theory by Markowitz (1952), there were further contributions on the pricing of assets and models that explain the process of generating stock returns. The debate on capital structure and dividend policy was intensified after the works of Modigliani and Miller (1958, 1961) as it contradicted the mainstream and aimed to show that the effect of capital and dividend policy structure of a company, in a perfect market, did not influence the value and proposed that the value of the firm is determined by the investments. Since then, there has been an intensification of theoretical and empirical studies on the issues, but there is still no consensus, continuing to attract new research. The electric sector needs an intensive use of capital to finance electric generation, transmission and distribution activities to ensure supply in the country. In this context, defining the capital structure and the dividend distribution policy, based on attracting and maintaining robust investments, can be determining factors for obtaining results capable of remunerating: i) the capital invested; ii) the risks inherent to the activity and iii) guarantee quality and fair price in the provision of the public service. As a result, the objective of this dissertation was to verify the impacts of the capital structure and the dividend policy on the market value of common shares, publicly-held companies, of the electric sector traded in “Brasil - Bolsa - Balcão [B]³”. This is a quantitative survey, with a sample por 30 companies. Data were collected in the Bloomberg system and analyzed for the period 20 10 to 2019. In econometric terms, it was decided to use regression with panel data. After the tests, the Data Model in a Fixed Effects Panel was adopted, which proved to be statistically significant at 5%. As dependent variable we used the Return of Common Shares and as variables explanatory: the Market-to-Book Ratio, Size, Price-Earnings Ratio, Beta, Financial Leverage (proxy for Capital Structure), Dividend Yield (proxy for Dividend Policy) and Difference Settlement Price - PLD. The results showed a negative and significant relationship between the dividend policy and the return on shares, however, the Capital Structure presented a negative relationship and without statistical significance at 5% with the returns. Also noteworthy was the statistical and positive significance between the returns with the Book-to-Market Index and Size, and the negative relationship with the PLD. The variable Price-Earnings Ratio and Beta were not statistically significant at 5%.

BANKING MEMBERS:
Presidente - HUDSON FERNANDES AMARAL - UFMG
Interna - LAISE FERRAZ CORREIA
Externo à Instituição - EWERTON ALEX AVELAR - UFMG