Banca de DEFESA: Thais Silva Alves Marques

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Thais Silva Alves Marques
DATE: 20/09/2023
TIME: 10:00
LOCAL: Online, por meio de webconferência
TITLE:

Dividend Policy and Market Liquidity of Stocks on the Brazilian Stock Market

KEY WORDS:

Dividend policy; stock liquidity; emerging markets; Brazilian stock market

PAGES: 55
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

The objective of this study was to analyze whether the liquidity of stocks affects the dividend policy of companies listed on the Brazilian capital market. Empirical evidence points to the existence of a relationship between liquidity and dividend policy in the stock market, but the results are divergent, making it difficult to reach a consensus on this topic. The research sample comprised only shares of companies traded in Brazil, an emerging Latin American country, from 2010 to 2021. The Fixed Effects Panel Data regression model was used to estimate 8 models, with 4 of them having dividend yield as the dependent variable, and the other 4 having payout. The independent variables for liquidity included trading volume, number of shares, number of trades, and the negotiability index. Additionally, the study included control variables such as beta, size, growth, leverage, profitability, and corporate governance. In the results, models 1 and 7 rejected the hypothesis of the negative effect of liquidity, reflecting a positive impact on dividend policy, which supports the findings of Griffin (2010). On the other hand, for models 5 and 6, the hypothesis of the study was not rejected, corroborating the negative effect of liquidity on dividend policy, as found in the research by Vo (2022). In the other models, liquidity was not statistically significant, consistent with the findings of Lee and Yoon (2017). Market risk, size, and corporate governance were the factors that showed the most significance at the 5% level in most models, indicating an effect on dividend policy. The other explanatory variables did not perform well in explaining dividend yield and payout. The results found in this study are relevant to assist in expanding knowledge about the subject in relation to the Brazilian stock market, thus contributing to an understanding of the relationship between market liquidity phenomena (market finance) and dividend policy (corporate finance), which can be seen as an out-of-sample test of the relationship observed in developed markets.

COMMITTEE MEMBERS:
Interno - HUDSON FERNANDES AMARAL - UFMG
Externa à Instituição - JOYCE MARIELLA MEDEIROS CAVALCANTI - UnP
Presidente - LAISE FERRAZ CORREIA