Name: ANA CAROLINA DOS SANTOS SOUZA

Publication date: 26/11/2019
Advisor:

Namesort descending Role
RODRIGO SIMONASSI SCALZER Advisor *

Examining board:

Namesort descending Role
ALFREDO SARLO NETO Internal Examiner *
RODRIGO SIMONASSI SCALZER Advisor *
TALLES VIANNA BRUGNI External Examiner *

Summary: This study investigates the influence of the cash distribution on the informativeness of earnings considering the effect of financial constraints on the Brazilian shares of firms listed in B3. The sample consisted of 223 companies from 2011 to 2018, totaling 1162 observations per variable. The data used in this research were collected in the ComDinheiro software database, in the financial statements and in the minutes of the meetings available on the Securities Commission (CVM) website. The methodology used was panel data regression with fixed effects and quantile regression. It was found a negative and significant effect of the financial constraint on the earnings informativeness with cash distribution, either considering the total distribution or the separation of dividends and interest on equity. In addition, It was analyzed the effect of the mandatory dividend rule. The results suggest that, for the total distribution, the negative effect of the financial constraint on informativeness does not depend on the percentage paid once the coefficients were significant and negative for both the total sample and the subsamples (companies that paid above the minimum and companies that paid the minimum or below). Then, to identify if the effect of financial constraints was different on the quantiles of returns, it was applied a quantile regression. Overall, the results support the idea of the negative effect of the interaction between financial constraint and cash distributions on earnings informativeness.

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