Dividend policy and earnings management across countries

Dividend policy and earnings management across countries

Mestrado Análise Financeira Unidade Curricular: Finanças Empresariais I Docente: Mário Sacranento Discentes: Cristiana Silva (2022133563) Maria João Tralhão (2022

Sumário

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Relevância do tema no contexto global da Seleção da Estrutura de Capital ou da Distribuição de Resultados

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Quando surgiu o aprofundamento do tema e evolução da evidência empírica

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Evidência de moderação pelo contexto institucional, cultural ou de governação

Existe evidência forte de que o contexto institucional/transparência modera a relação entre dividendos e earnings management. Em concreto, a associação negativa (dividend payers → menos earnings management) é mais pronunciada em países com fraca proteção aos investidores e maior opacidade. Ou seja, em ambientes com problemas institucionais, o efeito protector/credibilizador dos dividendos é mais forte.

O paper usa várias métricas de instituições/transparência (Legal Origin; Rule of Law; Law & Order; Government Effectiveness; Report Extensiveness; Interim Reporting Quality; Governance Transparency) e parte amostras por “Strong / Weak” — os coeficientes negativos de Div são maiores (em valor absoluto) na categoria Weak na maioria das métricas.

Contexto de emissão de equity: o paper também mostra que o efeito é ainda mais forte quando firmas pagadoras de dividendos pretendem emitir equity no período subsequente (t+1 a t+3) — particularmente nas jurisdições com fracas instituições. Interpretação: dividendos + baixo earnings management servem como selo de reputação para aceder a financiamentos externos.

Portanto, há evidência robusta no paper de moderação institucional; cultura é inferida via proxies institucionais (origem legal, transparência), não um teste directo de 'cultura' qualitativa.

Como as variáveis explicativas determinam a variável dependente (mecanismo) — e o racional segundo as teorias

Variável dependente (explicada) do paper: medidas de earnings management (accruals anormais): Accr(J) de Jones (1991), Accr(D) (Dechow & Dichev, 2002), Accr(F) (Francis et al., 2005) — maiores valores = mais manipulação.

Variável explicativa-chave: Div (dummy: 1 se paga dividendos naquele ano, 0 caso contrário). Outros controlos: tamanho, lucro, growth, leverage, auditor, IAS adopters, ownership, etc.

Como as variáveis explicativas determinam a variável dependente (mecanismo) — e o racional segundo as teorias

Teoria de Modigliani & Miller (M&M) – 1958 e 1963

Teoria de Agência (Jensen & Meckling, 1976)

Teoria do trade-off (Kraus & Litzenberger, 1973)

Teoria do Market Timing (Baker & Wurgler, 2002)

Teoria do Ciclo de Vida (Berger & Udell, 1998; DeAngelo et al. 2006)

Teoria do Pecking Order (Myers & Majluf, 1984)

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• Adapts fonts and color to the theme.
• Includes images and entertains.
• Represents data and information visually.
• Uses timelines.
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• Excites the brain through multimedia elements.
• Does NOT exceed with bullet points 🙃​.

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What you're reading: Interactivity and animation can turn the most boring content into something fun. At Genially, we also create our designs to facilitate understanding and learning, so you can level up with interactivity and turn your content into something that adds value and engages.

Interactivity + animation = motivation

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What you're reading: Interactivity and animation can make even the most boring content fun. At Genially, we also create our designs to make understanding and learning easier, so you can level up with interactivity and turn your content into something that adds value and engages.

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An awesome presentation:

• It is clear and structured.
• It presents information in an organized way.
• It engages the entire class.
• It adapts fonts and color to the theme.
• It includes images and entertains.
• It represents data and information visually.
• It uses timelines.
• It is animated and interactive.
• It excites the brain through multimedia elements.
• It does NOT exceed with bullet points 🙃.

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When conducting a presentation, there are two objectives to pursue: conveying information and avoiding yawns. To achieve this, it can be beneficial to create an outline and use words and concepts that aid in the assimilation of the content.

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An awesome presentation:

• It is clear and structured.
• It presents information in an organized way.
• It engages the whole class.
• It adapts fonts and colors to the theme.
• It includes images and entertains.
• It represents data and information visually.
• It uses timelines.
• It is animated and interactive.
• It excites the brain through multimedia elements.
• It does not exceed with bullet points 🙃​.

Make your class think and learn

Keep the brain awake

Interactivity and animation can be your best allies when creating tables, infographics or graphics that help provide context to the topic or unit, as well as simplify information to make it more understandable. We are visual beings and we find it easier to 'read' images than to read written text.

An awesome presentation:

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An awesome presentation:

• Improve understanding on any topic.
• Engage the entire class...
• And keep their attention until the end.
• Include visual elements relevant to the topic.
• Display data and information visually.
• Use interactivity to delve into concepts.

Use tables and infographics

Visual communication is a key tool. We find it easier to 'read' images than to read written text.

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Teach

Include infographics in your creations

Using graphics and infographics helps reinforce knowledge. A plus: always try to include the source. Also, did you know that your students also remember 10% of what they hear, 20% of what they read? Make your content interactive!

Insert a great video for your presentation

And use this space to describe it. Multimedia content is essential in a presentation, to leave everyone speechless. Additionally, this way you will synthesize the content and entertain the whole class.

An awesome presentation:

• It is clear and structured.
• Presents information in an organized way.
• Engages the whole class.
• Adapts fonts and colors to the theme.
• Includes images and entertains.
• Represents data and information visually.
• Uses timelines.
• Is animated and interactive.
• Excites the brain through multimedia elements.
• Does not overuse bullet points 🙃​.

Measure results and experiment

Illustrate what you want to tell

If you want to provide additional information or develop the content in more detail, you can do so through your oral presentation. We recommend that you practice your voice and rehearse: the best improvisation is always the most rehearsed!

An awesome presentation:

• It is clear and structured.
• Presents information in an organized way.
• Engages the whole class.
• Adapts fonts and color to the theme.
• Includes images and entertains.
• Represents data and information visually.
• Uses timelines.
• Is animated and interactive.
• Excites the brain through multimedia elements.
• Does NOT exceed with bullet points 🙃​.

Teoria do Ciclo de Vida (Berger & Udell, 1998; DeAngelo et al. 2006)

Lifecycle theory prevê que firmas em fases diferentes têm mistura distinta de earned vs contributed capital, payout e necessidade de financiamento. Ligações: firmas maduras (mais propensas a pagar dividendos) tendem a ser maiores, mais lucrativas, com menos incentivos para manipular earnings — o paper controla por idade/tamanho/ROA e encontra que payers têm menor earnings management; isto casa com a ideia de que o ciclo de vida influencia tanto payout como incentivos de relatório. Assim a teoria do ciclo de vida ajuda a explicar heterogeneidade entre payers e non-payers controlada no estudo.

Teoria do Ciclo de Vida (Berger & Udell, 1998; DeAngelo et al. 2006)

Lifecycle theory prevê que firmas em fases diferentes têm mistura distinta de earned vs contributed capital, payout e necessidade de financiamento. Ligações: firmas maduras (mais propensas a pagar dividendos) tendem a ser maiores, mais lucrativas, com menos incentivos para manipular earnings — o paper controla por idade/tamanho/ROA e encontra que payers têm menor earnings management; isto casa com a ideia de que o ciclo de vida influencia tanto payout como incentivos de relatório. Assim a teoria do ciclo de vida ajuda a explicar heterogeneidade entre payers e non-payers controlada no estudo.

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Lifecycle theory prevê que firmas em fases diferentes têm mistura distinta de earned vs contributed capital, payout e necessidade de financiamento. Ligações: firmas maduras (mais propensas a pagar dividendos) tendem a ser maiores, mais lucrativas, com menos incentivos para manipular earnings — o paper controla por idade/tamanho/ROA e encontra que payers têm menor earnings management; isto casa com a ideia de que o ciclo de vida influencia tanto payout como incentivos de relatório. Assim a teoria do ciclo de vida ajuda a explicar heterogeneidade entre payers e non-payers controlada no estudo.