Earnings informativeness in the Brazilian market: the influence of dividends and financial constraints

IF 1.2 4区经济学 Q3 BUSINESS, FINANCE

Investment Analysts Journal Pub Date : 2021-07-03 DOI:10.1080/10293523.2021.1991129

R. S. Scalzer, Ana Carolina Santos Souza

引用次数: 0

Abstract

ABSTRACT This study addresses the informativeness of accounting earnings in Brazil by analysing the impact of distributed dividends and the existence of financial constraints. Panel data regression with fixed effects and quantile regression estimated that the dividend informativeness in Brazil and the presence of financial constraints affect earnings informativeness, even when the different forms of earnings distribution in Brazil are considered. The main contribution of the study is to provide further evidence on the Brazilian market that adopts a rare mandatory minimum dividend rule, and moreover, defines the distribution of earnings under different tax regime categories.

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巴西市场的盈利信息性：股息和财务约束的影响

摘要本研究通过分析股息分配的影响和财务约束的存在，探讨了巴西会计盈余的信息性。具有固定效应的面板数据回归和分位数回归估计，即使考虑巴西不同形式的收益分配，巴西的股息信息性和财务约束的存在也会影响收益信息性。该研究的主要贡献是为巴西市场提供了进一步的证据，该市场采用了罕见的强制性最低股息规则，此外，还定义了不同税收制度类别下的收入分配。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Investment Analysts Journal BUSINESS, FINANCE-

CiteScore

1.90

自引率

11.10%

发文量

期刊介绍： The Investment Analysts Journal is an international, peer-reviewed journal, publishing high-quality, original research three times a year. The journal publishes significant new research in finance and investments and seeks to establish a balance between theoretical and empirical studies. Papers written in any areas of finance, investment, accounting and economics will be considered for publication. All contributions are welcome but are subject to an objective selection procedure to ensure that published articles answer the criteria of scientific objectivity, importance and replicability. Readability and good writing style are important. No articles which have been published or are under review elsewhere will be considered. All submitted manuscripts are subject to initial appraisal by the Editor, and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double blind and submission is via email. Accepted papers will then pass through originality checking software. The editors reserve the right to make the final decision with respect to publication.