Fatores determinantes da política de distribuição de dividendos: Evidência empírica para as empresas não financeiras da Euronext Lisbon

Dividends and their distribution decisions, being a component of the compensation of investors are a constant financial worry within companies, thus revealing one of the themes highlighted in the context of the financial literature. Study will address the factors determining the dividend policy practiced by companies listed in the Portuguese stock market. The latter will be 47 non-financial companies listed on the Euronext Lisbon during 2009 until 2011. The two samples that have been investigated include the representative of the majority of non-financial companies listed on Euronext Lisbon and the other financial companies members of the PSI 20. The methodology adopted is one of the ordinary least squares regression and the amount of dividends per share distributed was used in determining the dependent variable. In relation to the independent variables, six explanatory factors were chosen. These include profitability, stability of dividend policy, size, growth, risk and investment opportunities. The conclusion suggests that the most important factors to explain the amount of dividends distributed are profitability and stability of dividend policy. There after, growth and risk factors, as well as factors that explain the amount of dividends distributed are also relevant. The remaining variables obtained were insufficient evidence pointing to a significant effect in explaining the dividend policy of Portuguese companies in the sample. The conclusion also states that differences exist in the importance of the explanatory factors to the amount of dividends distributed between the study samples, given the differentiation of dividend policies, followed by companies from each group analyzed.

Factores explicativos da divulgação de informação sobre instrumentos derivados: evidência empírica no mercado de capitais português, em 2008

This study analyses the determinants of the derivative instruments disclosure level by Portuguese listed companies. It is built a disclosure index to measure the disclosure level using the Consolidated Annual Reports for 2008. The hypotheses have been tested through a linear regression model using the disclosure index as the dependent variable and companies’ characteristics as independent variables. Multivariate results suggest that firm size, quality of the external auditor, belonging to PSI 20, the market to book value ratio and the percentage of capital hold by the board of directors are associated with the disclosure level.

Assessment of Laparoscopic Skills Performance: 2D Versus 3D Vision and Classic Instrument Versus New Hand-Held Robotic Device for Laparoscopy

Introduction and Objectives. Laparoscopic surgery has undeniable advantages, such as reduced postoperative pain, smaller incisions, and faster recovery. However, to improve surgeons’ performance, ergonomic adaptations of the laparoscopic instruments and introduction of robotic technology are needed. The aim of this study was to ascertain the influence of a new hand-held robotic device for laparoscopy (HHRDL) and 3D vision on laparoscopic skills performance of 2 different groups, naïve and expert. Materials and Methods. Each participant performed 3 laparoscopic tasks—Peg transfer, Wire chaser, Knot—in 4 different ways. With random sequencing we assigned the execution order of the tasks based on the first type of visualization and laparoscopic instrument. Time to complete each laparoscopic task was recorded and analyzed with one-way analysis of variance. Results. Eleven experts and 15 naïve participants were included. Three-dimensional video helps the naïve group to get better performance in Peg transfer, Wire chaser 2 hands, and Knot; the new device improved the execution of all laparoscopic tasks (P < .05). For expert group, the 3D video system benefited them in Peg transfer and Wire chaser 1 hand, and the robotic device in Peg transfer, Wire chaser 1 hand, and Wire chaser 2 hands (P < .05). Conclusion. The HHRDL helps the execution of difficult laparoscopic tasks, such as Knot, in the naïve group. Three-dimensional vision makes the laparoscopic performance of the participants without laparoscopic experience easier, unlike those with experience in laparoscopic procedures.