Determinantes da política de dividendos: Evidência nas empresas portuguesas

Abstract

The issue of policy dividends is one of the themes that have designed more theoretical and empirical work in the area of corporate finance, being considered one of the most important financial decisions in businesses, associated with the investment and financing. This issue was considered by Black (1976) as dividend puzzle, making the analogy between non- consensus of the findings of the various studies to solve this issue. Theories as the theory to the relevance of dividends, the theory of agency, and signaling and information asymmetry have contributed financial arguments to explain the dividend policy. Some financial determinants were tested, such as profitability, size and stability in non-financial companies listed on Euronext Lisbon, for the period between 1997and 2011. The findings suggest that evidence for the Portuguese capital market firms follow a dividend policy in line with the theory of the relevance of dividends proposed by Lintner (1956).