The effect of dividends on portfolio holdings of mutual funds
by Rodrigo Fernandes Malaquias; Wesley Daniel Barbosa Gonçalves; Erica Juvercina Sobrinho
International Journal of Accounting and Finance (IJAF), Vol. 8, No. 3, 2018

Abstract: We developed this research in order to analyse the relationship between payment of dividends and the composition of mutual funds' portfolios. The database of this paper is composed of 1,006 Brazilian equity mutual funds, and the 1,506 stocks available for investment during the period of analysis: from September 2009 to December 2014. The main results indicated the funds analysed tend to invest in larger companies, and, even among them, the payment of dividends is a significant variable to explain the allocation of resources. Our results indicate that, in emerging economies such as Brazil, the payment of dividends seems to represent an important source of information to help institutional investors in their process of financial resources allocation.

Online publication date: Wed, 02-Jan-2019

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