covid
Buscar en
Cuadernos de Economía y Dirección de la Empresa CEDE
Toda la web
Inicio Cuadernos de Economía y Dirección de la Empresa CEDE Dividendos, estructura de propiedad y endeudamiento de las empresas desde una pe...
Información de la revista
Vol. 10. Núm. 33.
Páginas 95-125 (diciembre 2007)
Compartir
Compartir
Descargar PDF
Más opciones de artículo
Vol. 10. Núm. 33.
Páginas 95-125 (diciembre 2007)
Open Access
Dividendos, estructura de propiedad y endeudamiento de las empresas desde una perspectiva institucional. Evidencia empírica internacional
Visitas
2832
V. Azofra Palenzuela
, Ó. López-De-Foronda**
* Catedrático de Economía Financiera y Contabilidad, Departamento de Economía Financiera y Contabilidad, Universidad de Valladolid, Avda. Valle Esgueva 6, 47011 Valladolid, España. Tel (34)-983423333., Fax (34)-983423899
** Departamento de Economía y Administración de Empresas, Área de Economía Financiera y Contabilidad, Universidad de Burgos, Plaza Infanta Elena, 09001 Burgos s/n, España. Tel (34)-947259040, Fax (34)-947258960
Este artículo ha recibido

Under a Creative Commons license
Información del artículo
Resumen
Bibliografía
Descargar PDF
Estadísticas
Resumen

El objetivo del presente trabajo estriba en determinar los factores explicativos de la política de dividendos para una muestra de 931 empresas de diferentes entornos institucionales en el período 1996 al 2000. El grado de protección al inversor y la imputación sobre dividendos en cada país son factores institucionales determinantes de la estructura de propiedad y de la política de endeudamiento adoptada que influyen sobre los problemas de gobierno corporativo y, por ende, sobre los dividendos distribuidos. De este modo, planteamos una serie de hipótesis que relacionan estos factores con los dividendos que se contrastan aplicando la metodología de datos panel con efectos dinámicos. Los resultados obtenidos evidencian que el enfoque Law&Finance desde la óptica de la agencia puede proporcionarnos respuestas más precisas y de naturaleza diferente a la controversia en torno a los dividendos.

Palabras clave:
dividendos
gobierno corporativo
aspectos institucionales
propiedad de los internos
datos panel con efectos dinámicos
Abstract

The objective of this paper consists of determining the explaining factors of dividend policy for a sample of 931 firms from different institutional environments during the period 1996–2000. The investors protection and dividends taxation are instituional aspects that determine the ownership and financial structure and have an influence on corporate governance problems. And so, dividends decission are influenced by these aspects that determine the agency problem of corporate governance. So, we set hypotheses to contrast, using the methodology of GMM stimation of panel data, the relationship among each factor and dividends adopted by firms in each particular legal system. We obtain results that evidence that the Law&Finance perspective from the agency problems allows us to fit more accurate the dividend puzzle into the corporate governance problem.

Keywords:
dividends
corporate governance
institutional aspects
insiders ownership
panel data with dynamic effects
El Texto completo está disponible en PDF
Referencias bibliográficas
[Adedeji, 1998]
A. Adedeji.
Does the pecking order hypothesis explain the dividend payout ratios of firms in the UK?.
Journal of Business and Accounting, 25 (1998), pp. 1127-1155
[Aivazain et al., 2003]
V. Aivazain, L. Booth, S. Cleary.
Dividend policy and the organization of capital markets.
Journal of Multinational Financial Management, 13 (2003), pp. 101-121
[Arellano and Bond, 1991]
M. Arellano, S. Bond.
Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations.
Review of Economic Studies, 58 (1991), pp. 277-297
[Arellano and Bover, 1997]
M. Arellano, O. Bover.
Estimating limited dependent variable models from panel data.
Investigaciones Economicas, 21 (1997), pp. 141-166
[Bancel et al., 2005]
F. Bancel, N. Bhattacharya, U.R. Mittoo.
Cross-country determinants of payout policies: A survey of european firms.
Working paper,
[Black, 1976]
F. Black.
The dividend puzzle.
Journal of Portfolio Management, 2 (1976), pp. 5-8
[Brealey and Myers, 2006]
R. Brealey, S. Myers.
Principals of Corporate Finance.
8ª edición., Mc Graw-Hill, (2006),
[Crutchley et al., 1999]
C.E. Crutchley, M.R. Jensen, J.S. Jahera, J.E. Raymond.
Agency problems and the simultaneity of financial decision making: The role of institutional ownership.
International Review of Financial Analysis, 8 (1999), pp. 177-197
[Correia Da Silva et al., 2005]
L. Correia da Silva, M. Goergen, L. Renneboog.
When do German firms change their dividends?.
Journal of Corporate Finance, 11 (2005), pp. 375-399
[Dyck and Zingales, 2004]
A. Dyck, L. Zingales.
Private Benefits of Control: An International Comparison.
Journal of Finance, 59 (2004), pp. 537-600
[Deangelo et al., 2004]
H. Deangelo, L. Deangelo, D.J. Skinner.
Are dividends disappearing? Dividend concentration and the consolidation of earnings.
Journal of Finanaical Economics, 72 (2004), pp. 425-456
[Denis and Mcconnell, 2003]
D.K. Denis, J.J. McConnell.
International corporate governance.
Journal of Financial and Quantitative Analysis, 38 (2003), pp. 1-36
[Faccio et al., 2001]
M. Faccio, L.H.P. Lang, L. Young.
Dividends and expropiation.
American Economic Review, 91 (2001), pp. 54-71
[Farinha, 2003]
J. Farinha.
Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis.
Journal of Business, Finance & Accounting, 30 (2003), pp. 1173-1209
[Fama and French, 2001]
E. Fama, K. French.
Dissappearing dividends: Changing firm characteristics or lower propensity to pay?.
Journal of Financial Economics, 60 (2001), pp. 3-45
[Fernández-Ménedez and Gómez Ansón, 2002]
C. Fernández-Ménedez, S. Gómez Ansón.
Does ownership structure affect firm performance?. Evidence from a continental-type governance system.
Comunicación presentada al VI Foro de Finanzas,
[Giner and Salas, 1995]
E. Giner, V. Salas.
Explicaciones alternativas para la política de dividendos: Análisis empírico con datos empresariales españoles.
Investigaciones Económicas, 19 (1995), pp. 329-348
[Gugler and Yurtoglu, 2003]
K. Gugler, B. Yurtoglu.
Corporate governance and dividend pay-out policy in Germany.
European Economic Review, 47 (2003), pp. 731-758
[Jensen and Meckling, 1976]
M.C. Jensen, W.H. Meckling.
Theory of the firm: Managerial behaviour, agency costs and ownership structure.
Journal of Financial Economics, 3 (1976), pp. 305-360
[La Porta et al., 1997]
R. La Porta, F. López De Silanes, A. Shleifer, R. Vishny.
Legal determinants of external finance.
Journal of Finance, 52 (1997), pp. 1131-1150
[La Porta et al., 2000]
R. La Porta, F. López De Silanes, A. Shleifer, R. Vishny.
Agency problems and dividends policy around the world.
Journal of Finance, 55 (2000), pp. 1-33
[Leuz et al., 1998]
C. Leuz, D. Deller, M. Stubenrath.
An international comparison of accounting-based payout restrictions in the United States, United Kingdom and Germany.
Accounting and Business Research, 28 (1998), pp. 111-129
[Lintner, 1956]
J. Lintner.
Distribution of incomes of corporations among dividend, retained earnings, and taxes.
American Economic Review, 46 (1956), pp. 97-113
[Lozano et al., 2002]
B. Lozano, A. de Miguel, J. Pindado.
Papel de los dividendos en las empresas reguladas.
Investigaciones Económicas, 26 (2002), pp. 447-474
[Mcconell and Servaes, 1990]
J.J. McConell, H. Servaes.
Additonal evidence on equity ownership and corporate value.
Journal of Financial Economics, 27 (1990), pp. 595-612
[Miguel et al., 2004]
A. de Miguel, J. Pindado, Ch. de la Torre.
Ownership structure and firm value: New evidence from Spain.
Strategic Management Journal, 25 (2004), pp. 1119-1207
[Morck, 2003]
R. Morck.
Why some double taxation might make sense: The special case of inter-corporate dividends.
Working Paper 9651, National Bureau of Economic and Research,
[Rajan and Zingales, 1995]
R.G. Rajan, L. Zingales.
What do we know about capital structure?. Some evidence from international data.
Journal of Finance, 50 (1995), pp. 1421-1460
[Shleifer and Vishny, 1997]
A. Shleifer, R.W. Vishny.
A survey of corporate goverrnance.
Journal of Finance, 52 (1997), pp. 461-488
[Short and Keasey, 1999]
H. Short, K. Keasey.
Managerial ownership and the performance of firms: Evidence from the U.K.
Journal of Corporate Finance, 5 (1999), pp. 79-101
[Short et al., 2002]
H. Short, H. Zhang, K. Keasey.
The link between dividend policy and institutional ownership.
Journal of Corporate Finance, 8 (2002), pp. 105-122
[Smith and Watts, 1992]
C.W. Smith, R.L. Watts.
The investment opportunity set and corporate financing, dividend and compensation policies.
Journal of Financial Economics, 32 (1992), pp. 263-292
Copyright © 2007. ACEDE
Opciones de artículo
es en pt

¿Es usted profesional sanitario apto para prescribir o dispensar medicamentos?

Are you a health professional able to prescribe or dispense drugs?

Você é um profissional de saúde habilitado a prescrever ou dispensar medicamentos