THE RETAINED EARNINGS IMPACT IN THE IBOVESPA LISTED FIRMS VALUE

Authors

  • Luiz Carlos Marques dos Anjos Programa Multi-institucional e Interregional de Pós-Graduação em Ciências Contábeis UNB / UFPB / UFRN
  • Paulo Aguiar do Monte Programa Multi-institucional e Interregional de Pós-Graduação em Ciências Contábeis UNB / UFPB / UFRN

DOI:

https://doi.org/10.34629/ric.v7i2.39-50

Keywords:

Dividendo. Valor da Empresa. Lucro Retido.

Abstract

This study assumes that the retention of earnings may be related to the market value of companies and aims to investigate the relationship between these variables. The sample was comprised of preferred shares of companies that are part of IBOVESPA - in June 2012 - in the years of 2009-2011. The period was restricted by the fact that some companies only begin to present data from 2009. The analysis was performed using panel data. It was identified that retained earnings are directly related to the value of the company, while dividends per share showed no statistically significant relationship. Part of the results is explained in the theory of dividend irrelevance, and partly contradicts the theories raised in this research. The significance of retained earnings can meet a specific feature of the market that some companies become viable in Brazil by the way they were financed.

Downloads

Published

2013-04-10

Issue

Vol. 7 No. 2 (2013): RIC - Revista de Informação Contábil

Section

Artigos

License

As publicações são cobertas pelos seguintes termos:

  • Autores mantém os direitos autorais e concedem à revista o direito de primeira publicação, com o trabalho licenciado sob a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License, que permite o compartilhamento do trabalho com reconhecimento da autoria e publicação inicial nesta revista.
  • Responsabilidade dos artigos e resenhas cabe aos autores.
  • Nenhum estágio de publicação, avaliação ou submissão envolve transações financeiras.