Frequency of dividend payment among electricity sector firms in Brazil, USA and Germany

Alexandre Rodrigues da Silva


The aim of this work is to analyze, through the annual amount of dividend payments from companies in the electricity sector in Brazil, the United States and Germany, the possible influence of its institutional rules on dividend policy and also on asset prices through the frequency of dividend payments. Methodology: data on dividend payments and daily value of shares of companies in the electricity sector in Brazil, the United States and Germany, respectively traded on the São Paulo, New York and Frankfurt stock exchanges, were collected. The period from January 1, 2000 to December 31, 2022 was covered. Results: Brazilian and German companies concentrate dividend payments on fewer annual dates than US companies. The findings found may be related to the legal framework based on common law and which, according to LaPorta (2000), is used as a form of greater protection for minority shareholders.

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