Payout |
Payment of JSCP and Dividendsit Net incomeit (TR. F.DivPayoutRatioPct) |
- |
Forti et al. (2015)Forti, C. A. B., Peixoto, F. M., & Alves, D. L. (2015). Fatores determinantes do pagamento de dividendos no Brasil. Revista Contabilidade & Finanças, 26, 167–180. https://www.scielo.br/j/rcf/a/CKNKLxyCdkmxyQzrthvNz3L/abstract/?lang=pt https://www.scielo.br/j/rcf/a/CKNKLxyCdk...
, Vancin and Procianoy (2016a)Vancin, D. F., & Procianoy, J. L. (2016a). Índices contábeis e a decisão do pagamento de dividendos. Revista Contemporânea de Contabilidade, 13(28), 57–80. https://www.lume.ufrgs.br/handle/10183/143704 https://www.lume.ufrgs.br/handle/10183/1...
, and Martucheli et al. (2021)Martucheli, C. T., Ribeiro, J. E., Silva, E. A., de Souza, A. A., & Pinheiro, J. L. (2021). Política de dividendos e períodos de recessão: Evidencias no mercado de capitais brasileiro. Revista Contabilidade, Gestão e Governança, 24(1), 37–54. https://go.gale.com/ps/i.do?id=GALE%7CA663880644&sid=googleScholar&v=2.1=r&linkaccess=abs&issn=19843925&p=IFME&sw=w&userGroupName=anon%7Eabb5f21d https://go.gale.com/ps/i.do?id=GALE%7CA6...
|
Panel B. Variables of interest |
Variable |
Definition of the indicator |
Expected signal |
Sources |
N_Recession |
Economic recession, according to the NBER. The dummy variable is 1 for the cycle stage and zero for the other stages. |
- or + |
Paulo and Mota (2019)Paulo, E., & Mota, R. H. G. (2019). Ciclos econômicos e estratégias de ge renciamento de resultados contábeis: Um estudo nas companhias abertas brasileiras. Revista Contabilidade & Finanças, 30, 216–233. https://www.scielo.br/j/rcf/a/99PHks3w8RjJpDWPszPgttn/abstract/?lang=pt https://www.scielo.br/j/rcf/a/99PHks3w8R...
|
N_Expansion |
Economic expansion, according to the NBER. The variable dummy is 1 for the stage of the cycle and zero for the other stages. |
- or + |
S_Recession |
Economic recession, according to Schumpeter. The dummy variable is 1 for the cycle stage and zero for the other stages. |
- or + |
S_Expansion |
Economic expansion, according to Schumpeter. The dummy variable is 1 for the cycle stage and zero for the other stages. |
- or + |
S_Contraction |
Economic contraction, according to Schumpeter. The dummy variable is 1 for the cycle stage and zero for the other stages. |
- or + |
S_Recovery |
Economic recovery, according to Schumpeter. The dummy variable is 1 for the cycle stage and zero for the other stages. |
- or + |
Panel C. Control variables |
Size |
Natural logarithm of the total assets of the enterprise i in the period t (TR. F.TotAssets) |
+ |
Forti et al. (2015)Forti, C. A. B., Peixoto, F. M., & Alves, D. L. (2015). Fatores determinantes do pagamento de dividendos no Brasil. Revista Contabilidade & Finanças, 26, 167–180. https://www.scielo.br/j/rcf/a/CKNKLxyCdkmxyQzrthvNz3L/abstract/?lang=pt https://www.scielo.br/j/rcf/a/CKNKLxyCdk...
|
Growth (growth opportunity) |
Revenue Oper. Net.it – Rec. Oper. Net.
IT-1
Revenue Oper. Net.it-1
(TR. InvtrRevenue)
|
- |
Galvão et al. (2018)Galvão, K. S., Santos, J. F., & de Araújo, J. M. (2018). Dividendos, juros sobre capital próprio e níveis de payout: Um estudo investigativo sobre a política de distribuição de dividendos adotada pelas empresas listadas na BM&FBovespa. Revista Contemporânea de Contabilidade, 15(36), 3–30. https://dialnet.unirioja.es/servlet/articulo?codigo=7011038 https://dialnet.unirioja.es/servlet/arti...
|
Panel C. Control variables |
Variable |
Definition of the indicator |
Expected signal |
Sources |
LEV (financial leverage) |
Total debtit
Total assetsit
(TR. F.DebtTot/ TR. F.TotAssets)
|
- |
Al-Gharaibeh et al. (2013)Al-Gharaibeh, M., Zurigat, Z., & Al-Harahsheh, K. (2013). The effect of ownership structure on dividends policy in Jordanian companies. Interdisciplinary Journal of Contemporary Research in Business, 4(9), 769–796. http://repository.yu.edu.jo/bitstream/123456789/11091/1/593101.pdf http://repository.yu.edu.jo/bitstream/12...
, Esqueda (2016)Esqueda, O. A. (2016). Signaling, corporate governance, and the equilibrium dividend policy. The Quarterly Review of Economics and Finance, 59, 186–199. https://www.sciencedirect.com/science/article/abs/pii/S1062976915000642 https://www.sciencedirect.com/science/ar...
, Chu (2018)Chu, Y. (2018). Shareholder-creditor conflict and payout policy: Evidence from mergers between lenders and shareholders. The Review of Financial Studies, 31(8), 3098–3121. https://academic.oup.com/rfs/article/31/8/3098/4724886?login=true https://academic.oup.com/rfs/article/31/...
, and Martucheli et al. (2021)Martucheli, C. T., Ribeiro, J. E., Silva, E. A., de Souza, A. A., & Pinheiro, J. L. (2021). Política de dividendos e períodos de recessão: Evidencias no mercado de capitais brasileiro. Revista Contabilidade, Gestão e Governança, 24(1), 37–54. https://go.gale.com/ps/i.do?id=GALE%7CA663880644&sid=googleScholar&v=2.1=r&linkaccess=abs&issn=19843925&p=IFME&sw=w&userGroupName=anon%7Eabb5f21d https://go.gale.com/ps/i.do?id=GALE%7CA6...
|
Free cash flow per share (FCF) |
It is the total operating cash flow after removing taxes, financial expenses, and expenditures on assets over one year. (TR. F. LeveredFOCFPerShr) |
+ |
Al-Gharaibeh et al. (2013)Al-Gharaibeh, M., Zurigat, Z., & Al-Harahsheh, K. (2013). The effect of ownership structure on dividends policy in Jordanian companies. Interdisciplinary Journal of Contemporary Research in Business, 4(9), 769–796. http://repository.yu.edu.jo/bitstream/123456789/11091/1/593101.pdf http://repository.yu.edu.jo/bitstream/12...
|
Price to book (PtB) |
Price valueit
Book valueit
(TR. InvtrPricetoBook)
|
+ |
Kulchania (2016)Kulchania, M. (2016). Cost structure and payout policy. Financial Management, 45(4), 981–1009. https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.12133 https://onlinelibrary.wiley.com/doi/abs/...
and Forti et al. (2015)Forti, C. A. B., Peixoto, F. M., & Alves, D. L. (2015). Fatores determinantes do pagamento de dividendos no Brasil. Revista Contabilidade & Finanças, 26, 167–180. https://www.scielo.br/j/rcf/a/CKNKLxyCdkmxyQzrthvNz3L/abstract/?lang=pt https://www.scielo.br/j/rcf/a/CKNKLxyCdk...
|
COVID-19 |
The dummy variable is 1 for 2020 and 2021 and zero for the other stages. |
- |
Lindén et al. (2023)Lindén, A., Lehner, O. M., Losbichler, H., & Martikainen, M. (2023), Dividend payout decisions under uncertainty: The ownership influence in the early days of the COVID-19 pandemic in Finland. Journal of Applied Accounting Research, 24(2), 299–317. https://doi.org/10.1108/JAAR-10-2021-0274 https://doi.org/10.1108/JAAR-10-2021-027...
and Ntantamis and Zhou (2022)Ntantamis, C., & Zhou, J. (2022). Corporate payout, cash holdings, and the COVID-19 crisis: Evidence from the G-7 countries. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103275 https://doi.org/10.1016/j.frl.2022.10327...
|