Financial Restatements and Dividend Policy: Compensation and Signaling in the Brazilian Capital Market
DOI:
https://doi.org/10.17524/repec.v19.e3683Palavras-chave:
Reapresentação das Demonstrações Financeiras; Política de Dividendos; Teoria da Sinalização.Resumo
Objective: This study examines whether companies that issue financial restatements compensate their shareholders with higher dividends in the years following a restatement.
Method: Data from 275 companies listed on the Brasil, Bolsa, Balcão (B3) from 2010 to 2020 were analyzed using descriptive statistics, mean difference tests, and panel data regression analysis.
Results and Contributions: The findings indicate that, unlike companies that do not issue restatements, those that do compensate their shareholders with higher dividends. Moreover, dividends in the subsequent year tend to be even higher, reinforcing the hypothesis that dividends serve as a signaling mechanism to reduce information asymmetry and compensate shareholders. These results provide insights for researchers, managers, accountants, auditors, regulators, and other stakeholders interested in the implications of restatements for the dividend policies of publicly traded companies.
Gap: While previous research suggests that companies with lower-quality financial information typically pay lower dividends, an alternative explanation is that these companies attempt to signal financial stability by compensating shareholders with higher dividends. This study fills in this gap by presenting evidence in the Brazilian capital market.
Relevance: This study is relevant because it shows that companies with lower earnings quality, as indicated by financial restatements, tend to compensate investors in subsequent periods through higher dividends.
Impact: Unlike previous research, this study shows that companies with lower earnings quality, with restatement as a proxy, may use dividend policy as a strategy to appease investors. Therefore, this study contributes to the risk assessment processes of auditors, investors, governance and audit committee members, and regulators.
Tradução
Este artigo é uma tradução em English do artigo:
Reapresentações das Demonstrações Financeiras e Política de Dividendos: Estratégias de Compensação e Sinalização no Mercado de Capitais Brasileiro
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Boţoc, C., & Pirtea, M. (2014). Dividend Payout-Policy Drivers: Evidence from Emerging Countries. Emerging Markets Finance and Trade, 50(sup4), 95–112. https://doi.org/10.2753/REE1540-496X5004S407
Brugni, T. V., Bortolon, P. M., Almeida, J. E. F., & Paris, P. K. S. (2013). Corporate governance: A panoramic view of Brazilian boards of directors. International Journal of Disclosure and Governance, 10(4), 406–421. https://doi.org/10.1057/jdg.2013.22
Cunha, P. R. da, Fernandes, L. B., & Dal Magro, C. B. (2017). Influência do refazimento das demonstrações contábeis no gerenciamento de resultados das empresas listadas na BM&FBovespa. RACE - Revista de Administração, Contabilidade e Economia, 16(1), 95–120. https://doi.org/10.18593/race.v16i1.7305
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De Luca, M. M. M., Viana, A. O. B., Sousa, K. D. F. de, Cavalcante, D. S., & Cardoso, V. I. da C. (2020b). Gerenciamento de resultados e republicação de demonstrações contábeis em empresas listadas na B3. RACE - Revista de Administração, Contabilidade e Economia, 1–24. https://doi.org/10.18593/race.23711
Deangelo, H., Deangelo, L., & Stulz, R. (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2–3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
Deng, L., Li, S., & Liao, M. (2017). Dividends and earnings quality: Evidence from China. International Review of Economics & Finance, 48, 255–268. https://doi.org/10.1016/j.iref.2016.12.011
Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
Dias, R., da Silva, J. V., & Dionísio, A. (2019). Financial markets of the LAC region: Does the crisis influence the financial integration? International Review of Financial Analysis, 63, 160–173. https://doi.org/10.1016/j.irfa.2019.02.008
Eng, L. L., Rao, R. P., & Saudagaran, S. (2012). Earnings informativeness after financial statement restatements. International Journal of Revenue Management, 6(3/4), 221. https://doi.org/10.1504/IJRM.2012.050385
Farooq, O., Shehata, N., & Nathan, S. (2018). Dividend Policy and Informativeness of Reported Earnings: Evidence from the MENA Region: Earnings Informativeness, MENA Region. International Review of Finance, 18(1), 113–121. https://doi.org/10.1111/irfi.12124
Forti, C. A. B., Peixoto, F. M., & Alves, D. L. e. (2015). Determinant Factors of Dividend Payments in Brazil. Revista Contabilidade & Finanças, 26(68), 167–180. https://doi.org/10.1590/1808-057x201512260
Ge, W, & McVay, S. (2005). The disclosure of material weaknesses in internal control after the sarbanes-oxley act. Accounting Horizons, 19(3), 137–158, 1 set. https://doi.org/10.2308/acch.2005.19.3.137
Gordon, M. J. (1959). Dividends. Earnings and stock prices. The Review of Economics and Statistics, Cambridge, v. 41, n. 2, Part 1, p. 99-105, May. 1959
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed). McGraw-Hill Irwin.
Harakeh, M., Matar, G., & Sayour, N. (2020). Information asymmetry and dividend policy of Sarbanes-Oxley Act. Journal of Economic Studies, 47(6), 1507–1532. https://doi.org/10.1108/JES-08-2019-0355
He, W., Ng, L., Zaiats, N., & Zhang, B. (2017). Dividend policy and earnings management across countries. Journal of Corporate Finance, 42, 267–286. https://doi.org/10.1016/j.jcorpfin.2016.11.014
Herly, M., Bartholdy, J., & Thinggaard, F. (2020). A re‐examination of accruals quality following restatements. Journal of Business Finance & Accounting, 47(7–8), 882–909. https://doi.org/10.1111/jbfa.12445
Huang, C., & Nardi, P. C. C. (2020). Determinants of Restatements in Financial Statements of Brazilian Publicly Traded Companies. Contabilidade, Gestão e Governança, 23(2), 159–178. https://doi.org/10.21714/1984-3925_2020v23n2a2
Klann, R. C., & Brizolla, M. M. B. (2016). Influência dos Indicadores Econômico-Financeiros e de Governança Corporativa na Política de Dividendos em Empresas Brasileiras. Revista da Faculdade de Administração e Economia, 7(2), 162–185. https://doi.org/10.15603/2176-9583/refae.v7n2p162-185
Koo, D. S., Ramalingegowda, S., & Yu, Y. (2017a). The effect of financial reporting quality on corporate dividend policy. Review of Accounting Studies, 22(2), 753–790. https://doi.org/10.1007/s11142-017-9393-3
Kryzanowski, L., & Zhang, Y. (2013). Financial restatements by Canadian firms cross-listed and not cross-listed in the U.S. Journal of Multinational Financial Management, 23(1–2), 74–96. https://doi.org/10.1016/j.mulfin.2012.11.003
Lin, T.-J., Chen, Y.-P., & Tsai, H.-F. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters, 20, 1–12. https://doi.org/10.1016/j.frl.2016.06.008
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, Nashville, v. 46, n. 2, p. 97-113
Manneh, M. A., & Naser, K. (2015). Determinants of Corporate Dividends Policy: Evidence from an Emerging Economy. International Journal of Economics and Finance, 7(7), p229. https://doi.org/10.5539/ijef.v7n7p229
Marques, V. A., Amaral, H. F., Souza, A. A. de, Santos, K. L. dos, & Belo, P. H. R. (2017). Determinantes das Republicações no Mercado Brasileiro: Uma Análise a partir dos Incentivos ao Gerenciamento de Resultados. Revista de Educação e Pesquisa em Contabilidade (REPeC), 11(2), 191–213. https://doi.org/10.17524/repec.v11i2.1488
Marques, V. A., Barcelos Buenos Aires, D., Patrício Paulino Cerqueira, N., Correia da Silva, L. K., & Fernandes Amaral, H. (2016). Dinâmica das republicações das demonstrações contábeis no período de 1997-2012. Contabilidade, Gestão e Governança, 19(3), 440–464. https://doi.org/10.21714/1984-3925_2016v19n3a6
Martins, A. I., & Famá, R. (2012). O que revelam os estudos realizados no Brasil sobre política de dividendos? Revista de Administração de Empresas, 52(1), 24–39. https://doi.org/10.1590/S0034-75902012000100003
Murcia, F. D.-R., & Carvalho, L. N. (2007). Conjecturas Acerca do Gerenciamento de Lucros, Republicação das Demonstrações Contábeis e Fraude Contábil. 18(4), 22.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Netto, F. H., & Pereira, C. C. (2010). Impacto da republicação de demonstrações financeiras no preço das ações de empresas brasileiras. Revista Contemporânea de Contabilidade, 7(14), 29–50. https://doi.org/10.5007/2175-8069.2010v7n14p29
Neves, M., Cunha, M., & Vilas, J. (2020). Determinants of Dividends in the Telecommunications Sector. Review of Business Management, 22(3). https://doi.org/10.7819/rbgn.v22i3.4069
Nguyen, T. T. N., & Bui, P. K. (2019). Dividend policy and earnings quality in Vietnam. Journal of Asian Business and Economic Studies, 26(2), 301–312. https://doi.org/10.1108/JABES-07-2018-0047
Papík, M., & Papíková, L. (2019). Detection Models for Unintentional Financial Restatements. Journal of Business Economics and Management, 21(1), 64–86. https://doi.org/10.3846/jbem.2019.10179
Pathak, R. & Ranajee. (2020). Earnings quality and corporate payout policy linkages: An Indian context. The North American Journal of Economics and Finance, 51, 100855. https://doi.org/10.1016/j.najef.2018.10.003
Patra, T., Poshakwale, S., & Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22(13), 1079–1087. https://doi.org/10.1080/09603107.2011.639734
Perlin, M. (2020). Corporate Datasets from FRE System [Data set]. Harvard Dataverse. https://doi.org/10.7910/DVN/QIMUNZ
Pronunciamento técnico CPC 23, de 26 de junho de 2009. Políticas Contábeis, Mudança de Estimativa e Retificação de Erro. Recuperado de http://static.cpc.aatb.com.br/Documentos/296_CPC_23_rev%2020.pdf
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28-03-2025
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Ballarini, L. M., Marques, V. A., Oliveira, C. V. B., & Teixeira, E. E. M. (2025). Financial Restatements and Dividend Policy: Compensation and Signaling in the Brazilian Capital Market. Revista De Educação E Pesquisa Em Contabilidade (REPeC), 19. https://doi.org/10.17524/repec.v19.e3683
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