MERGERS AND ACQUISITIONS: SHORT AND LONG-TERM IMPACT ON DIVIDEND POLICY
IMPACTO DE CURTO E LONGO PRAZO NA POLÍTICA DE DIVIDENDOS
DOI:
https://doi.org/10.22561/cvr.v34i3.7634Keywords:
Mergers and Acquisitions, Dividend Policy, Growth OpportunitiesAbstract
In the present study, the influence of Mergers and Acquisitions (M&A) processes on the dividend policies of companies listed on Brasil, Bolsa, Balcão S/A (B3) in the short and long term, from 2005 to 2020, is analyzed. Economática® and Thomson Reuters® databases. The research sample being composed of 124 non-financial companies, acquirers in processes. The analyzes were performed using multiple regressions, with panel data unbalanced by the Generalized Moments Method, with estimation by the Hausman-Taylor model. The results showed that M&A can positively influence the income (Dividend yield) and the amount distributed to investors (Dividends paid) one year after the occurrence of the processes, being also identified the relevance of similarity of sectors between the combined firms and the experience of the acquirers in previous M&As when looking at long-term results. The research findings highlight the need for companies to reorganize themselves after going through M&A processes until they can once again remunerate their shareholders from the distribution of dividends. This study contributes to the literature by adding the debate regarding the creation of value to shareholders regarding the influence of M&A on the Dividend Policy, evidencing the relevance of analyzes in the short and long term. For the capital market, this research demonstrates the importance of firms in balancing decisions aimed at business growth while still serving their shareholders, from the distribution of dividends.
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