A influência da distribuição de dividendos nos preços das ações
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Date
2023-07
Authors
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Teixeira, Bruno de Medeiros
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Azeredo, Adriano José
Franke, Luciane
Journal Title
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Volume Title
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Abstract
O objetivo de toda e qualquer companhia é gerar lucros. Isso possibilita que a organização dê continuidade a sua existência e atraia o capital de investidores. Seja com lucros recorrentes ou com projeções de lucros em algum ponto futuro, é fundamental que as empresas deem sinais de crescimento e lucratividade para obtenção de novos investidores. Partindo dessa ideia, o presente estudo visa analisar se a distribuição de lucros por parte das empresas é capaz de influenciar os preços de suas ações, já que a distribuição recorrente de lucros pode sinalizar aos investidores que empresa está gerando bons resultados, ao ponto de também poder sinalizar que não há mais expectativas de um alto crescimento em sua estrutura. Considerando isso, o estudo analisou os dividendos distribuídos e os preços das ações da B3 pelo período de seis anos (2017 a 2022), buscando, por meio do teste de Pearson, encontrar correlação entre essas duas variáveis. O estudo não pôde compreender as ações que não foram negociadas no último pregão de cada um desses anos, configurando-se assim, como uma limitação do estudo. De qualquer forma, concluiu-se, assim, que no setor de Petróleo, Gás e Biocombustíveis há uma correlação forte (0,7525) entre dividendos e preço das ações, indicando que à medida que empresas distribuem maiores lucros, maior será a evolução dos preços de suas ações. Já nos setores de Utilidade Pública (0,4751), Materiais Básicos (0,3746), Financeiro (0,2008), Bens Industriais (0,1898), Consumo Não Cíclico (0,1026) e Consumo Cíclico (0,0704), os coeficientes gerados indicam correlação fraca, nos casos de Utilidade Pública e Materiais Básicos, e muito fraca para os outros setores citados. Ainda houve situações de correlação negativa para os setores de Saúde (-0,1319), Tecnologia da Informação (-0,2405) e Comunicações (-0,4062), indicando que, nestes casos, à medida que o dividendo distribuído aumenta, o preço da ação deve cair.
The goal of any company is to generate profit. This enables the organization to continue its existence and attract capital from investors. Whether with recurring earnings or profit projections at some point in the future, it is essential that companies show signs of growth and profitability in order to attract new investors. Based on this idea, the present study aims to analyze whether the distribution of profits by companies can influence the prices of their shares, since the recurring distribution of profits can signal investors that the company is generating good results, but also may point that there are no more expectations of high growth in its structure. Considering this, the study analyzed B3's distributed dividends and share prices for a period of six years (2017 to 2022), seeking, through the Pearson test, to find a correlation between these two variables. The study could not include the shares that were not traded in the last trading session of each of these years, thus becoming a limitation of the study. In any case, it was thus concluded that in the Oil, Gas and Biofuels sector there is a strong correlation (0.7525) between dividends and stock prices, indicating that as companies distribute greater profits, the greater the evolution of their share prices. In the sectors Public Utility (0.4751), Basic Materials (0.3746), Financial (0.2008), Industrial Goods (0.1898), Non-Cyclical Consumption (0.1026) and Cyclical Consumption (0.0704), the generated coefficients indicate a weak correlation, in the cases of Public Utilities and Basic Materials, and very weak for the other sectors mentioned. There were still situations of negative correlation for Health (-0.1319), Information Technology (-0.2405) and Communications (-0.4062) sectors, indicating that, in these cases, as the distributed dividend increases, the share price must fall.
The goal of any company is to generate profit. This enables the organization to continue its existence and attract capital from investors. Whether with recurring earnings or profit projections at some point in the future, it is essential that companies show signs of growth and profitability in order to attract new investors. Based on this idea, the present study aims to analyze whether the distribution of profits by companies can influence the prices of their shares, since the recurring distribution of profits can signal investors that the company is generating good results, but also may point that there are no more expectations of high growth in its structure. Considering this, the study analyzed B3's distributed dividends and share prices for a period of six years (2017 to 2022), seeking, through the Pearson test, to find a correlation between these two variables. The study could not include the shares that were not traded in the last trading session of each of these years, thus becoming a limitation of the study. In any case, it was thus concluded that in the Oil, Gas and Biofuels sector there is a strong correlation (0.7525) between dividends and stock prices, indicating that as companies distribute greater profits, the greater the evolution of their share prices. In the sectors Public Utility (0.4751), Basic Materials (0.3746), Financial (0.2008), Industrial Goods (0.1898), Non-Cyclical Consumption (0.1026) and Cyclical Consumption (0.0704), the generated coefficients indicate a weak correlation, in the cases of Public Utilities and Basic Materials, and very weak for the other sectors mentioned. There were still situations of negative correlation for Health (-0.1319), Information Technology (-0.2405) and Communications (-0.4062) sectors, indicating that, in these cases, as the distributed dividend increases, the share price must fall.
Description
Keywords
Dividendos; B3; Preço das ações; Setores da B3; Correlação; Dividends; Stock prices; B3 sectors; Correlation
Citation
AZEVEDO, Juliano Pletsch De. A INFLUÊNCIA DA DISTRIBUIÇÃO DE DIVIDENDOS NOS PREÇOS DAS AÇÕES. 2023. Monografia (Graduação em Ciências Contábeis) – Universidade do Vale do Taquari - Univates, Lajeado, 03 jul. 2023. Disponível em: http://hdl.handle.net/10737/3798.