Impacto da política de dividendos no valor da empresa. uma análise de efeitos das decisões sobre dividendos no valor de mercado da empresa - o caso do mercado secundário de acções - BVM , período 2001-2007

Abstract

An analysis around the implications of decisions on dividend policy on company value, and a study on the optimal setting of the volume of dividends per share is made throughout this dissertation, as well as an assessment of the adequacy of the various theories in relation to the Mozambican case (Mozambique Stock Exchange). The investigation of this topic required bibliographical consultations on the major issues surrounding the dividend policy, interviews with some BVM and CDM employees, application of statistical tests and a regression analysis between the variation of dividends per share and the respective price per share, constituting the main methodology adopted during the elaboration of the work. Throughout the dissertation, two main currents defending the relevance and irrelevance of the dividend policy are presented, starting with the arguments about the irrelevance of the M&M dividend policy according to which in a world free of taxes, transaction costs and information asymmetry, the dividend policy is irrelevant. Gitman (2004:482) states that the main argument in favor of the theory of the relevance of the dividend policy is attributed to Myron J. Gordon and John Lintner, who claim that there is a direct relationship between the dividend policy and the market value of a company. These hold that investors consider current dividends less risky than future dividends or capital gains (Bird-in-the-Hand Theory). Based on the work carried out, it can be concluded that almost all reductions in the amount of dividends per share are accompanied by a reduction in the share price, with, in general, an increase in the share price with an increase in the pay out index, a fact that suggests that the dividend policy adopted by the company is relevant for attracting the shareholder and maximizing the share price. The correlation and regression analysis shows a strong correlation between the variation in prices per share and the variation in dividends per share, with the correlation coefficient reaching 0.81, revealing a strong correlation between the variables. On the other hand, by Fisher's test, p = 0.001 denotes a weak probability that the stock price variance is different from that of dividends per share. That said, a dividend policy that combines share price maximization and growth prioritization is recommended to guarantee the continuity of operations and maximize shareholder wealth