Shareholder remuneration: the influence of the disclosure of dividends and interest on equity on the informational capacity of accounting profits/Remuneracao aos acionistas: a influencia da divulgacao dos dividendos e juros sobre capital proprio sobre a capacidade informacional dos lucros contabeis

• Published in: GeSec : Revista de Gestão e Secretariado 2023-09, Vol.14 (9), p.15379
• Main Authors: da Silva, Silvio Freitas, Neto, Alfredo Sarlo, Zaro, Claudio Soerger, Reina, Donizete
• Format: Article
• Language: Portuguese
• Subjects: Accounting; Disclosure of information; Dividends; Investor relations; Stock-exchange; Stockholders; Web sites
• ISSN: 2178-9010; 2178-9010
• DOI: 10.7769/gesec.vl4i9.2799

This study aims to analyze the influence of disclosing the composition of remuneration relate to shareholders concerning to the informativeness of accounting profits in the stocks of companies listed on the B3. The data for this research were obtained through information collected from the Comdinheiro software database and the B3 website. The sample is based on 172 stocks of companies traded on the Sao Paulo Stock Exchange during the period from 2010 to 2014, with a total of 595 observations per variable. Regarding key information such as dividends and interest on equity, the data were collected from the standardized financial statements available at the Comissao de Valores Mobiliarios (CVM). As result, it was observed that the total remuneration of shareholders, dividends, and future remuneration positively contribute to the informational capacity of accounting profits in explaining the returns of the companies listed on the B3. Furthermore, it was found that at the time of disclosure of the Financial Statements (DFPs), interest on equity and past remunerations do not contribute to the informational capacity of accounting profits, as they have already been reflected in stock prices. Net profit proved to be positive and statistically significant in all models, acting as the main variable impacting stock returns. This finding is consistent with the results of Ball and Brown (1968), Beaver (1968), and Sarlo Neto (2009).