Banca de QUALIFICAÇÃO: GIOVANNA TONETTO SEGANTINI

Uma banca de QUALIFICAÇÃO de DOUTORADO foi cadastrada pelo programa.
DISCENTE : GIOVANNA TONETTO SEGANTINI
DATA : 19/11/2018
HORA: 14:00
LOCAL: Setor V, Sala D3
TÍTULO:

Essays about mandatory dividend: what does the mandatory dividend have to inform to the market?

PALAVRAS-CHAVES:

Mandatory dividend; Signaling theory; Agency Theory; Market reaction; Earnings quality. 

PÁGINAS: 68
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
RESUMO:

This research aims to investigate the influence of the mandatory dividend rule on the informational content of dividend announcements. Initially, we observed how market react to unexpected quarterly and annual dividend change. Then, we related the dividend status to earnings quality. The sample consist in firms listed on Brazil, Chile and Greece, countries that have minimum mandatory rule, from 2000 to 2017. Fundamental and financial data are collected at Compustat Global and Bloomberg, and analyst forecast are from IBES. Analysts have optimistic forecast for the distribution of dividends and 81.3 \% of companies are worried about disclosing dividend equal or greater than the minimum mandatory. Through event study, cumulative abnormal returns (CAR) are significantly positive for dividend announcement greater than minimum mandatory, which indicates that the information content to the market is related to the changes according the minimum required by legislation. Unexpected negative announcement of dividend and earnings triggered negative market reaction. Larger firms implies less market reaction, while CAR are positively related to higher ROA. Take into account growth opportunity, measure by Tobin's Q ratio,  the findings are not consistent to the dividend signaling theory. The second part of the study aims to investigate whether the mandatory dividend rule can affect the quality earnings reported.
Previous studies have shown that companies that pay dividends have more earnings persistence and  low discretionary accruals, which implies better earnings quality. However, the distribution of a minimum mandatory amount modifies the incentives for managers to distribute dividends, which can therefore affect the accounting choices to measure the result.

MEMBROS DA BANCA:
Presidente - 1802347 - VINICIO DE SOUZA E ALMEIDA
Interno - 3220688 - ALEXANDRO BARBOSA
Interno - 1543333 - ANDERSON LUIZ REZENDE MOL