Banca de QUALIFICAÇÃO: Lúcia Andréa Costa Silva

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
DISCENTE : Lúcia Andréa Costa Silva
DATA : 30/09/2019
HORA: 14:00
LOCAL: Sala 209, prédio 12, 2º andar, Campus II, Av. Amazonas, 7675, Belo Horizonte – MG
TÍTULO:

Implications of Capital Structure and Dividend Distribution Policy on the Market Value of Shares of Companies of the Brazilian Electric Sector

PALAVRAS-CHAVES:

Capital Structure, Dividend Distribution Policy, Asset Pricing, Electric Sector

PÁGINAS: 49
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
RESUMO:

Choosing a company's capital structure and dividend distribution policy are considered complex decisions because they involve several factors such as risk and return. Decision making can become more challenging when the economic environment presents instability. Modern Portfolio Theory developed by Markowitz (1952), new contributions have emerged about asset pricing and models that explain the stock-generating process. The debate on capital structure and dividend distribution policy was intensified after the seminal works of Modigliani and Miller (1958) and Modigliani and Miller (1961), as it contradicted current thinking and sought to show that the effect of capital structure and a company's dividend distribution policy, in a perfect market, did not influence its stock price, meaning that the firm's value is determined solely by its investments. Since then, several studies, criticisms and empirical tests have been carried out contributing to the evolution of the theory. Power companies are subject to strong market and regulatory pressures. In addition, it requires capital-intensive use to fund its electricity generation, transmission and distribution activities. In this context, defining the capital structure and the dividend distribution policy, based on attracting and maintaining third party capital, may be determining factors for their survival. Considering that, the objective of this paper is to verify the implications of the capital structure and dividend policy on the market value of the shares of companies in the Brazilian electricity sector. This is a quantitative research, the research sample will be composed by the 59 companies that compose the Brazilian Electricity Sector of tha Brasil Bolsa Balcao (B3), from 2005 to 2018. Will be use the methodology developed by Fama and MacBeth (1973), which applies two-step regressions: time series and cross-section. The excess return on the portfolios in relation to the risk-free interest rate will be used as the dependent variable and the independent variables will be used: market risk, size, book-to-market, profitability and investment, according to the model five-factor asset pricing by Fama and French (2015), plus two Alavanc and Dividen proxies to capture and represent the effects of the capital structure and dividend distribution policy on the market value of the shares. This work is expected to contribute to the decision-making process of investors, managers, creditors and regulators, as well as contribute to the evolution of academic work on the topics.

MEMBROS DA BANCA:
Externo à Instituição - EWERTON ALEX AVELAR - UFMG
Presidente - HUDSON FERNANDES AMARAL
Interna - LAISE FERRAZ CORREIA