Competitiveness and dividends: An analysis of the distribution of dividends and competitiveness of companies in the Brazilian steel and metallurgical sector

Abstract

This research studies the relationship between the variables of competitiveness and the dividend distribution in Brazilian enterprises of the steel and metallurgical industry. The data was collected from the database Economatica from traded companies of the steel and metallurgical industry listed in BM& FBovespa and qualified in some of their levels of corporate governance. Six companies, which met the criteria of the study, composed the sample. The hypothesis suggests that exits a significant and positive relation between competitiveness and dividend distribution. The competitiveness is measured through the market share, while the dividend distribution is calculated through dividend yield. The results of the research were product from a linear regression that showed that barely two out of the six companies in the study have a significant and a positive relation between competitiveness and dividend distribution. Therefore, it cannot be accepted the hypothesis. Moreover, others measured variables showed a significant and positive relationship with competitiveness. For future investigations, this research recommends to use other proxys to measure competitiveness.