STOCK SPLITS AND INPLITS IN BRAZIL, UNITED STATES AND GERMANY: INFLUENCE OVER DIVIDENDS POLICY IN THEIR RESPECTIVES ELECTRIC SECTOR FIRMS

Resumo

The aim of this study is to analyze the influence of the split and inplit of shares of companies in the electricity sector in Brazil, the United States and Germany, on dividend policy and asset prices. 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 shares suffered more developments than those in the USA. There were no significant differences regarding agglutinations. Regarding dividends and changes in asset prices, there was a greater payment of dividends in companies that did not split in Brazil, while the opposite occurred in the USA. There were no significant differences between inplits.