O impacto da distribuição de dividendos e da recompra de ações na rentabilidade dos capitais próprios das empresas do setor tecnológico norte-americano
DOI:
https://doi.org/10.29352/mill0221e.41915Palavras-chave:
distribuição de dividendos; recompra de ações; rentabilidade; estudo de eventos; setor tecnológicoResumo
Introdução: Este estudo distingue-se por considerar os quatro anúncios trimestrais de dividendos realizados ao longo do ano, permitindo uma análise mais detalhada do seu impacto relativo. Além disso, a comparação entre os efeitos dos dividendos e das recompras de ações fornece uma perspetiva abrangente sobre as estratégias de remuneração no setor tecnológico.
Objetivo: No contexto empresarial, é comum que as empresas adotem diferentes estratégias de remuneração aos acionistas, destacando-se entre elas a distribuição de dividendos e a recompra de ações. Estas decisões estratégicas podem ter efeitos relevantes sobre o desempenho financeiro e a perceção de valor por parte dos investidores.
Métodos: Com base numa amostra composta por 30 empresas de tecnologia cotadas na bolsa NASDAQ, no período de 2018 a 2022, este estudo recorre à metodologia de estudo de eventos para analisar o impacto dos anúncios de distribuição de dividendos e de programas de recompra de ações no retorno acionista. O objetivo é determinar qual destas formas de remuneração gera um efeito mais significativo sobre os retornos anormais das ações.
Resultados: Os resultados obtidos indicam que os anúncios de recompra de ações têm, em média, um impacto mais expressivo na rentabilidade dos acionistas, traduzido por retornos anormais mais elevados. Verificou-se também que esses anúncios são particularmente sensíveis a períodos de instabilidade económica, apresentando variações mais acentuadas do que os anúncios de distribuição de dividendos. No que respeita à política de dividendos, observou-se que o primeiro e o quarto anúncios do ano tendem a provocar os efeitos mais significativos no retorno dos acionistas.
Conclusão: O estudo conclui que os anúncios de recompra de ações têm maior impacto na rentabilidade acionista do que os de dividendos. Estes efeitos são mais evidentes em períodos de crise, como a pandemia. No caso dos dividendos, o primeiro e o quarto anúncios anuais são os mais relevantes. A recompra de ações destaca-se como a forma mais influente de remuneração no setor tecnológico.
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