Abstract

SOUSA DA SILVA, Emanoel Mamede; CARVALHO DE VASCONCELOS, Alessandra; NOBRE PARENTE, Paulo Henrique  and  MENDES DE LUCA, Márcia Martins. Dividend and reputation policy in companies that are more responsible and with better corporate governance. Cuad. Contab. [online]. 2017, vol.18, n.46, pp.147-163. ISSN 0123-1472.  https://doi.org/10.11144/javeriana.cc18-46.pdre.

In this study, we researched the existent correlation between dividend policy and reputation in firms listed on the 2014 Merco ranking of the most responsible companies with the best corporate governance. We collected information from financial reports and reference forms issued by 39 firms traded on BM&FBovespa, for year 2013. We analyzed it to test the hypothesis that corporate dividend policy –interpreted as a sign of profitability and reduction of informational asymmetry– is correlated with corporate reputation. We performed homogeneity, correspondence and correlation analysis to the data. Our findings showed that (a) firms distributed dividends mostly in the form of interest on equity, (b) family-owned firms tended to have poor dividend policy and low corporate reputation and (c) the dividend policy was positively associated with corporate reputation. Thus, in light of the signaling theory, we may conclude that dividend policy was positively associated with corporate reputation in the sampled firms.

Keywords : Information content; signaling theory; corporate reputation; dividend policy.

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