Dividendos como estratégia de investimento: um estudo sobre o retorno-volatilidade no Brasil

Abstract

Investment in financial assets in Brazil has been gaining relevance, especially with the growth in the number of individual investors, driven by the democratization of access to the stock exchange. In a market characterized by volatility and economic uncertainty, such as the Brazilian capital market, strategies that seek predictable returns, such as dividend-based investment, become an attractive alternative for investors who wish to mitigate risks. This study aims to analyze the relationship between return, volatility and dividends in Brazilian publicly traded companies, identifying the impact of this investment strategy on risk-return. The research uses a quantitative approach, with data extracted from the Economática® database, covering 151 companies between 2018 and 2023. Variables such as return, volatility, dividend per share and dividend yield were analyzed. The results show that during periods of economic instability, as occurred in 2020 due to the global health crisis caused by the COVID-19 disease, volatility was high, especially in companies with poorer performance. Those with better performance managed to maintain a more stable dividend policy. In 2023, the market showed signs of recovery, with lower levels of volatility and better returns. The conclusion is that the dividend strategy, although risky in times of uncertainty, offers an attractive combination of risk and return over the long term