Dividend policy on publicly water industry companies listed on B3

Alexandre Rodrigues da Silva, Guilherme Kirch

Resumo


Companies in the water and sanitation sector try to balance the social responsibility of an essential asset and the remuneration of investors within a heterogeneous market for financial assets. The objective of this study is to evaluate the dividend policy of publicly traded companies in the water and sanitation sector in relation to the price of their market value. The period of study ranged from the IPO of the shares until December 31, 2019. The following variables were collected from each company: price, payment of dividends (aggregated in annual payment), annual net income and payout, this one defined as the ratio between the dividend payment and net income. The following conclusions were reached: 1) no differences were found between dividend paying and non-paying companies regarding the value of their shares; 2) there were also no differences between high and low payout paying companies regarding the value of their shares.

Palavras-chave


dividend policy, corporate finance, water industry

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