Publicación: ANÁLISIS DE LA POLÍTICA DE PAGO DE DIVIDENDOS EN EMPRESAS CHILENAS
Fecha
2012
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ESTUDIOS GERENCIALES
Resumen
THIS ARTICLE ANALYZES THE DIVIDEND PAYOUT RATIO, REMEMBERING THAT CHILEAN FIRMS ARE CHARACTERIZED BY MANDATORY DIVIDENDS, A STRONG OWNERSHIP STRUCTURE, GROWTH OPPORTUNITIES, AND INSTITUTIONAL INVESTORS. THIS RESEARCH WAS CARRIED OUT FOR THE 2001?2007 PERIOD USING MULTIPLE LINEAR REGRESSIONS WITH VARIABLE SELECTION BY MEANS OF A STEPWISE APPROACH AND PARAMETER ESTIMATION BY MAXIMUM LIKELIHOOD. WE FOUND EVIDENCE OF THE USE OF THE DIVIDEND PAYOUT RATIO TO PROVIDE INFORMATION ABOUT THE FUTURE PROJECTS OF A COMPANY AND THE FAIR TREATMENT OF SHAREHOLDERS. IT ALSO HIGHLIGHTS THE CONTROL EXERTED ON THE PART OF INSTITUTIONAL INVESTORS.
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PROPIEDADES, INVERSIONISTAS INSTITUCIONALES, DIVIDENDOS, CRESCIMIENTO
