5 O que a pesquisa acadêmica diz sobre pagamento de dividendos comentada em 22/05/2023 15:59 Ações bastteca em 22/05/23 8:59 comentada em 22/05/2023 15:59 If this theorem is correct, then a firm that pays a regular dividend equal to about half of its normal earnings will be worth the same as an otherwise similar firm that pays no dividends and will never pay any dividends. Can that be true? How can a firm that will never pay dividends be worth anything at all?Actually, there are many ways for the stockholders of a firm to take cash out without receivingdividends. The most obvious is that the firm can buy back some of its shares. This has the advantage that most investors are not taxed as heavily on shares sold as they are on dividends received. [...]Under the assumptions of the Modigliani-Miller theorem, a firm has value even if it pays no dividends. Indeed, it has the same value it would have if it paid dividends.Black, F., 1976. The dividend puzzle. The Journal of Portfolio Management, 2(2), pp.5-8.We argue in our model that managers try to satisfy their investors’ preferences. According to our theory, managers try to maximize company value this way which will lead to higher bonus payments and help them keep their jobs.This assumption has also further implications that need to be investigated. If managers indeed use dividend payouts to cater to their investors’ needs, the relationship between dividend policy and firm value should also be related to investor preferences (Brockman and Unlu, 2009). In order to test this hypothesis, we rely on a method applied by Faulkender and Wang (2006) to analyze the impact of cash holdings on excess market returns.[...]We find in both cases that excess market returns are indeed increasingly positively correlated with dividend payouts in countries with high values for Loss Aversion and Ambiguity Aversion and low values for Patience. This suggests that investors with high loss and ambiguity aversion and low patience value changes in dividend payouts more favorably and are willing to pay more to purchase stocks that distribute higher dividends.Breuer, W., Rieger, M.O. and Soypak, K.C., 2014. The behavioral foundations of corporate dividend policy a cross-country analysis. Journal of Banking & Finance, 42, pp.247-265.Resumo da história: o pagamento de dividendos não deveria influenciar na escolha de empresas por investidores. Porém, o puzzle é que os investidores se importam muito com os dividendos, e o motivo são vieses psicológicos como aversão à perda (medo de perder, e por isso quer "realizar" lucro), aversão à ambiguidade (ficar acompanhando o mercado o tempo todo por medo da incerteza) e falta de paciência.
