Dividendos, estructura de propiedad y endeudamiento de las empresas desde una perspectiva institucional. Evidencia empírica internacional
* 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
Leído
2823
Vecesse ha leído el artículo
1011
Total PDF
1812
Total HTML
Compartir estadísticas
array:24 [ "pii" => "S1138575807700993" "issn" => "11385758" "doi" => "10.1016/S1138-5758(07)70099-3" "estado" => "S300" "fechaPublicacion" => "2007-12-01" "aid" => "70099" "copyright" => "ACEDE" "copyrightAnyo" => "2007" "documento" => "article" "crossmark" => 0 "licencia" => "http://creativecommons.org/licenses/by-nc-nd/4.0/" "subdocumento" => "fla" "cita" => "Cuadernos de Economía y Dirección de la Empresa. 2007;10:95-125" "abierto" => array:3 [ "ES" => true "ES2" => true "LATM" => true ] "gratuito" => true "lecturas" => array:2 [ "total" => 1980 "formatos" => array:3 [ "EPUB" => 28 "HTML" => 1345 "PDF" => 607 ] ] "itemSiguiente" => array:19 [ "pii" => "S1138575807701007" "issn" => "11385758" "doi" => "10.1016/S1138-5758(07)70100-7" "estado" => "S300" "fechaPublicacion" => "2007-12-01" "aid" => "70100" "copyright" => "ACEDE" "documento" => "article" "crossmark" => 0 "licencia" => "http://creativecommons.org/licenses/by-nc-nd/4.0/" "subdocumento" => "fla" "cita" => "Cuadernos de Economía y Dirección de la Empresa. 2007;10:127-55" "abierto" => array:3 [ "ES" => true "ES2" => true "LATM" => true ] "gratuito" => true "lecturas" => array:2 [ "total" => 1986 "formatos" => array:3 [ "EPUB" => 34 "HTML" => 1319 "PDF" => 633 ] ] "es" => array:9 [ "idiomaDefecto" => true "titulo" => "Externalización, flexibilidad del trabajo y resultados empresariales" "tienePdf" => "es" "tieneTextoCompleto" => 0 "tieneResumen" => array:2 [ 0 => "es" 1 => "en" ] "paginas" => array:1 [ 0 => array:2 [ "paginaInicial" => "127" "paginaFinal" => "155" ] ] "contieneResumen" => array:2 [ "es" => true "en" => true ] "contienePdf" => array:1 [ "es" => true ] "autores" => array:1 [ 0 => array:2 [ "autoresLista" => "Ángel Martínez Sánchez, M.ª José Vela Jiménez, Pilar de Luis Carnicer, Manuela Pérez Pérez" "autores" => array:4 [ 0 => array:2 [ "nombre" => "Ángel" "apellidos" => "Martínez Sánchez" ] 1 => array:2 [ "nombre" => "M.ª José" "apellidos" => "Vela Jiménez" ] 2 => array:2 [ "nombre" => "Pilar" "apellidos" => "de Luis Carnicer" ] 3 => array:2 [ "nombre" => "Manuela" "apellidos" => "Pérez Pérez" ] ] ] ] ] "idiomaDefecto" => "es" "EPUB" => "https://multimedia.elsevier.es/PublicationsMultimediaV1/item/epub/S1138575807701007?idApp=UINPBA00004N" "url" => "/11385758/0000001000000033/v1_201305081303/S1138575807701007/v1_201305081303/es/main.assets" ] "itemAnterior" => array:19 [ "pii" => "S1138575807700981" "issn" => "11385758" "doi" => "10.1016/S1138-5758(07)70098-1" "estado" => "S300" "fechaPublicacion" => "2007-12-01" "aid" => "70098" "copyright" => "ACEDE" "documento" => "article" "crossmark" => 0 "licencia" => "http://creativecommons.org/licenses/by-nc-nd/4.0/" "subdocumento" => "fla" "cita" => "Cuadernos de Economía y Dirección de la Empresa. 2007;10:63-94" "abierto" => array:3 [ "ES" => true "ES2" => true "LATM" => true ] "gratuito" => true "lecturas" => array:2 [ "total" => 2032 "formatos" => array:3 [ "EPUB" => 24 "HTML" => 1417 "PDF" => 591 ] ] "es" => array:9 [ "idiomaDefecto" => true "titulo" => "Orientación al aprendizaje, Orientación al mercado, Resultados y el efecto moderador de la procedencia funcional del Director General" "tienePdf" => "es" "tieneTextoCompleto" => 0 "tieneResumen" => array:2 [ 0 => "es" 1 => "en" ] "paginas" => array:1 [ 0 => array:2 [ "paginaInicial" => "63" "paginaFinal" => "94" ] ] "contieneResumen" => array:2 [ "es" => true "en" => true ] "contienePdf" => array:1 [ "es" => true ] "autores" => array:1 [ 0 => array:2 [ "autoresLista" => "J. Llonch Andreu, M.ª P. López Belbeze, R. Eusebio" "autores" => array:3 [ 0 => array:2 [ "nombre" => "J." "apellidos" => "Llonch Andreu" ] 1 => array:2 [ "nombre" => "M.ª P." "apellidos" => "López Belbeze" ] 2 => array:2 [ "nombre" => "R." "apellidos" => "Eusebio" ] ] ] ] ] "idiomaDefecto" => "es" "EPUB" => "https://multimedia.elsevier.es/PublicationsMultimediaV1/item/epub/S1138575807700981?idApp=UINPBA00004N" "url" => "/11385758/0000001000000033/v1_201305081303/S1138575807700981/v1_201305081303/es/main.assets" ] "es" => array:11 [ "idiomaDefecto" => true "titulo" => "Dividendos, estructura de propiedad y endeudamiento de las empresas desde una perspectiva institucional. Evidencia empírica internacional" "tieneTextoCompleto" => 0 "paginas" => array:1 [ 0 => array:2 [ "paginaInicial" => "95" "paginaFinal" => "125" ] ] "autores" => array:1 [ 0 => array:3 [ "autoresLista" => "V. Azofra Palenzuela, Ó. López-De-Foronda" "autores" => array:2 [ 0 => array:4 [ "nombre" => "V." "apellidos" => "Azofra Palenzuela" "email" => array:1 [ 0 => "vazofra@eco.uva.es" ] "referencia" => array:1 [ 0 => array:2 [ "etiqueta" => "<span class="elsevierStyleSup">*</span>" "identificador" => "aff0005" ] ] ] 1 => array:4 [ "nombre" => "Ó." "apellidos" => "López-De-Foronda" "email" => array:1 [ 0 => "oscarl@ubu.es" ] "referencia" => array:1 [ 0 => array:2 [ "etiqueta" => "<span class="elsevierStyleSup">**</span>" "identificador" => "aff0010" ] ] ] ] "afiliaciones" => array:2 [ 0 => array:3 [ "entidad" => "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" "etiqueta" => "<span class="elsevierStyleSup">*</span>" "identificador" => "aff0005" ] 1 => array:3 [ "entidad" => "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" "etiqueta" => "<span class="elsevierStyleSup">**</span>" "identificador" => "aff0010" ] ] ] ] "pdfFichero" => "main.pdf" "tienePdf" => true "PalabrasClave" => array:2 [ "es" => array:1 [ 0 => array:4 [ "clase" => "keyword" "titulo" => "Palabras clave" "identificador" => "xpalclavsec130631" "palabras" => array:5 [ 0 => "dividendos" 1 => "gobierno corporativo" 2 => "aspectos institucionales" 3 => "propiedad de los internos" 4 => "datos panel con efectos dinámicos" ] ] ] "en" => array:1 [ 0 => array:4 [ "clase" => "keyword" "titulo" => "Keywords" "identificador" => "xpalclavsec130630" "palabras" => array:5 [ 0 => "dividends" 1 => "corporate governance" 2 => "institutional aspects" 3 => "insiders ownership" 4 => "panel data with dynamic effects" ] ] ] ] "tieneResumen" => true "resumen" => array:2 [ "es" => array:2 [ "titulo" => "Resumen" "resumen" => "<p id="spar0005" class="elsevierStyleSimplePara elsevierViewall">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 <span class="elsevierStyleItalic">Law&Finance</span> desde la óptica de la agencia puede proporcionarnos respuestas más precisas y de naturaleza diferente a la controversia en torno a los dividendos.</p>" ] "en" => array:2 [ "titulo" => "Abstract" "resumen" => "<p id="spar0010" class="elsevierStyleSimplePara elsevierViewall">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 <span class="elsevierStyleItalic">Law&Finance</span> perspective from the agency problems allows us to fit more accurate the dividend puzzle into the corporate governance problem.</p>" ] ] "bibliografia" => array:2 [ "titulo" => "Referencias bibliográficas" "seccion" => array:1 [ 0 => array:2 [ "identificador" => "bibs0005" "bibliografiaReferencia" => array:32 [ 0 => array:3 [ "identificador" => "bib1" "etiqueta" => "Adedeji, 1998" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Does the pecking order hypothesis explain the dividend payout ratios of firms in the UK?" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:1 [ 0 => "A. Adedeji" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Business and Accounting" "fecha" => "1998" "volumen" => "25" "numero" => "núm. 9-10" "paginaInicial" => "1127" "paginaFinal" => "1155" ] ] ] ] ] ] 1 => array:3 [ "identificador" => "bib2" "etiqueta" => "Aivazain et al., 2003" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Dividend policy and the organization of capital markets" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "V. Aivazain" 1 => "L. Booth" 2 => "S. Cleary" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Multinational Financial Management" "fecha" => "2003" "volumen" => "13" "numero" => "núm. 2" "paginaInicial" => "101" "paginaFinal" => "121" ] ] ] ] ] ] 2 => array:3 [ "identificador" => "bib3" "etiqueta" => "Arellano and Bond, 1991" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "M. Arellano" 1 => "S. Bond" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:5 [ "tituloSerie" => "Review of Economic Studies" "fecha" => "1991" "volumen" => "58" "paginaInicial" => "277" "paginaFinal" => "297" ] ] ] ] ] ] 3 => array:3 [ "identificador" => "bib4" "etiqueta" => "Arellano and Bover, 1997" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Estimating limited dependent variable models from panel data" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "M. Arellano" 1 => "O. Bover" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Investigaciones Economicas" "fecha" => "1997" "volumen" => "21" "numero" => "núm. 2" "paginaInicial" => "141" "paginaFinal" => "166" ] ] ] ] ] ] 4 => array:3 [ "identificador" => "bib5" "etiqueta" => "Bancel et al., 2005" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Cross-country determinants of payout policies: A survey of european firms" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "F. Bancel" 1 => "N. Bhattacharya" 2 => "U.R. Mittoo" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "LibroEditado" => array:3 [ "titulo" => "Working paper" "conferencia" => "University of Manitoba" "serieFecha" => "2005" ] ] ] ] ] ] 5 => array:3 [ "identificador" => "bib6" "etiqueta" => "Black, 1976" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "The dividend puzzle" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:1 [ 0 => "F. Black" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Portfolio Management" "fecha" => "1976" "volumen" => "2" "numero" => "núm. 2" "paginaInicial" => "5" "paginaFinal" => "8" ] ] ] ] ] ] 6 => array:3 [ "identificador" => "bib7" "etiqueta" => "Brealey and Myers, 2006" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Principals of Corporate Finance" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "R. Brealey" 1 => "S. Myers" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Libro" => array:4 [ "edicion" => "8ª edición." "fecha" => "2006" "editorial" => "Mc Graw-Hill" "editorialLocalizacion" => "New York" ] ] ] ] ] ] 7 => array:3 [ "identificador" => "bib8" "etiqueta" => "Crutchley et al., 1999" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Agency problems and the simultaneity of financial decision making: The role of institutional ownership" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:4 [ 0 => "C.E. Crutchley" 1 => "M.R. Jensen" 2 => "J.S. Jahera" 3 => "J.E. Raymond" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "International Review of Financial Analysis" "fecha" => "1999" "volumen" => "8" "numero" => "núm. 2" "paginaInicial" => "177" "paginaFinal" => "197" ] ] ] ] ] ] 8 => array:3 [ "identificador" => "bib9" "etiqueta" => "Correia Da Silva et al., 2005" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "When do German firms change their dividends?" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "L. Correia da Silva" 1 => "M. Goergen" 2 => "L. Renneboog" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:5 [ "tituloSerie" => "Journal of Corporate Finance" "fecha" => "2005" "volumen" => "11" "paginaInicial" => "375" "paginaFinal" => "399" ] ] ] ] ] ] 9 => array:3 [ "identificador" => "bib10" "etiqueta" => "Dyck and Zingales, 2004" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Private Benefits of Control: An International Comparison" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "A. Dyck" 1 => "L. Zingales" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:5 [ "tituloSerie" => "Journal of Finance" "fecha" => "2004" "volumen" => "59" "paginaInicial" => "537" "paginaFinal" => "600" ] ] ] ] ] ] 10 => array:3 [ "identificador" => "bib11" "etiqueta" => "Deangelo et al., 2004" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Are dividends disappearing? Dividend concentration and the consolidation of earnings" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "H. Deangelo" 1 => "L. Deangelo" 2 => "D.J. Skinner" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Finanaical Economics" "fecha" => "2004" "volumen" => "72" "numero" => "núm. 3" "paginaInicial" => "425" "paginaFinal" => "456" ] ] ] ] ] ] 11 => array:3 [ "identificador" => "bib12" "etiqueta" => "Denis and Mcconnell, 2003" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "International corporate governance" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "D.K. Denis" 1 => "J.J. McConnell" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Financial and Quantitative Analysis" "fecha" => "2003" "volumen" => "38" "numero" => "núm. 1" "paginaInicial" => "1" "paginaFinal" => "36" ] ] ] ] ] ] 12 => array:3 [ "identificador" => "bib13" "etiqueta" => "Faccio et al., 2001" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Dividends and expropiation" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "M. Faccio" 1 => "L.H.P. Lang" 2 => "L. Young" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "American Economic Review" "fecha" => "2001" "volumen" => "91" "numero" => "núm. 1" "paginaInicial" => "54" "paginaFinal" => "71" ] ] ] ] ] ] 13 => array:3 [ "identificador" => "bib14" "etiqueta" => "Farinha, 2003" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:1 [ 0 => "J. Farinha" ] ] ] ] ] "host" => array:1 [ 0 => array:2 [ "doi" => "10.1016/j.jebo.2014.01.017" "Revista" => array:7 [ "tituloSerie" => "Journal of Business, Finance & Accounting" "fecha" => "2003" "volumen" => "30" "numero" => "núm. 9-10" "paginaInicial" => "1173" "paginaFinal" => "1209" "link" => array:1 [ 0 => array:2 [ "url" => "https://www.ncbi.nlm.nih.gov/pubmed/25774069" "web" => "Medline" ] ] ] ] ] ] ] ] 14 => array:3 [ "identificador" => "bib15" "etiqueta" => "Fama and French, 2001" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Dissappearing dividends: Changing firm characteristics or lower propensity to pay?" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "E. Fama" 1 => "K. French" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Financial Economics" "fecha" => "2001" "volumen" => "60" "numero" => "núm. 1" "paginaInicial" => "3" "paginaFinal" => "45" ] ] ] ] ] ] 15 => array:3 [ "identificador" => "bib16" "etiqueta" => "Fernández-Ménedez and Gómez Ansón, 2002" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Does ownership structure affect firm performance?. Evidence from a continental-type governance system" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "C. Fernández-Ménedez" 1 => "S. Gómez Ansón" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "LibroEditado" => array:3 [ "titulo" => "Comunicación presentada al VI Foro de Finanzas" "conferencia" => "Segovia" "serieFecha" => "2002" ] ] ] ] ] ] 16 => array:3 [ "identificador" => "bib17" "etiqueta" => "Giner and Salas, 1995" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Explicaciones alternativas para la política de dividendos: Análisis empírico con datos empresariales españoles" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "E. Giner" 1 => "V. Salas" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Investigaciones Económicas" "fecha" => "1995" "volumen" => "19" "numero" => "núm. 3" "paginaInicial" => "329" "paginaFinal" => "348" ] ] ] ] ] ] 17 => array:3 [ "identificador" => "bib18" "etiqueta" => "Gugler and Yurtoglu, 2003" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Corporate governance and dividend pay-out policy in Germany" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "K. Gugler" 1 => "B. Yurtoglu" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "European Economic Review" "fecha" => "2003" "volumen" => "47" "numero" => "núm. 4" "paginaInicial" => "731" "paginaFinal" => "758" ] ] ] ] ] ] 18 => array:3 [ "identificador" => "bib19" "etiqueta" => "Jensen and Meckling, 1976" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Theory of the firm: Managerial behaviour, agency costs and ownership structure" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "M.C. Jensen" 1 => "W.H. Meckling" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Financial Economics" "fecha" => "1976" "volumen" => "3" "numero" => "núm. 4" "paginaInicial" => "305" "paginaFinal" => "360" ] ] ] ] ] ] 19 => array:3 [ "identificador" => "bib20" "etiqueta" => "La Porta et al., 1997" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Legal determinants of external finance" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:4 [ 0 => "R. La Porta" 1 => "F. López De Silanes" 2 => "A. Shleifer" 3 => "R. Vishny" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Finance" "fecha" => "1997" "volumen" => "52" "numero" => "núm. 3" "paginaInicial" => "1131" "paginaFinal" => "1150" ] ] ] ] ] ] 20 => array:3 [ "identificador" => "bib21" "etiqueta" => "La Porta et al., 2000" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Agency problems and dividends policy around the world" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:4 [ 0 => "R. La Porta" 1 => "F. López De Silanes" 2 => "A. Shleifer" 3 => "R. Vishny" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Finance" "fecha" => "2000" "volumen" => "55" "numero" => "núm. 1" "paginaInicial" => "1" "paginaFinal" => "33" ] ] ] ] ] ] 21 => array:3 [ "identificador" => "bib22" "etiqueta" => "Leuz et al., 1998" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "An international comparison of accounting-based payout restrictions in the United States, United Kingdom and Germany" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "C. Leuz" 1 => "D. Deller" 2 => "M. Stubenrath" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Accounting and Business Research" "fecha" => "1998" "volumen" => "28" "numero" => "núm. 2" "paginaInicial" => "111" "paginaFinal" => "129" ] ] ] ] ] ] 22 => array:3 [ "identificador" => "bib23" "etiqueta" => "Lintner, 1956" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Distribution of incomes of corporations among dividend, retained earnings, and taxes" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:1 [ 0 => "J. Lintner" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "American Economic Review" "fecha" => "1956" "volumen" => "46" "numero" => "núm. 2" "paginaInicial" => "97" "paginaFinal" => "113" ] ] ] ] ] ] 23 => array:3 [ "identificador" => "bib24" "etiqueta" => "Lozano et al., 2002" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Papel de los dividendos en las empresas reguladas" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "B. Lozano" 1 => "A. de Miguel" 2 => "J. Pindado" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Investigaciones Económicas" "fecha" => "2002" "volumen" => "26" "numero" => "núm. 3" "paginaInicial" => "447" "paginaFinal" => "474" ] ] ] ] ] ] 24 => array:3 [ "identificador" => "bib25" "etiqueta" => "Mcconell and Servaes, 1990" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Additonal evidence on equity ownership and corporate value" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "J.J. McConell" 1 => "H. Servaes" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Financial Economics" "fecha" => "1990" "volumen" => "27" "numero" => "núm. 2" "paginaInicial" => "595" "paginaFinal" => "612" ] ] ] ] ] ] 25 => array:3 [ "identificador" => "bib26" "etiqueta" => "Miguel et al., 2004" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Ownership structure and firm value: New evidence from Spain" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "A. de Miguel" 1 => "J. Pindado" 2 => "Ch. de la Torre" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Strategic Management Journal" "fecha" => "2004" "volumen" => "25" "numero" => "núm. 12" "paginaInicial" => "1119" "paginaFinal" => "1207" ] ] ] ] ] ] 26 => array:3 [ "identificador" => "bib27" "etiqueta" => "Morck, 2003" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Why some double taxation might make sense: The special case of inter-corporate dividends" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:1 [ 0 => "R. Morck" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "LibroEditado" => array:2 [ "titulo" => "Working Paper 9651, National Bureau of Economic and Research" "serieFecha" => "2003" ] ] ] ] ] ] 27 => array:3 [ "identificador" => "bib28" "etiqueta" => "Rajan and Zingales, 1995" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "What do we know about capital structure?. Some evidence from international data" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "R.G. Rajan" 1 => "L. Zingales" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Finance" "fecha" => "1995" "volumen" => "50" "numero" => "núm. 5" "paginaInicial" => "1421" "paginaFinal" => "1460" ] ] ] ] ] ] 28 => array:3 [ "identificador" => "bib29" "etiqueta" => "Shleifer and Vishny, 1997" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "A survey of corporate goverrnance" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "A. Shleifer" 1 => "R.W. Vishny" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Finance" "fecha" => "1997" "volumen" => "52" "numero" => "núm. 2" "paginaInicial" => "461" "paginaFinal" => "488" ] ] ] ] ] ] 29 => array:3 [ "identificador" => "bib30" "etiqueta" => "Short and Keasey, 1999" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "Managerial ownership and the performance of firms: Evidence from the U.K" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "H. Short" 1 => "K. Keasey" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Corporate Finance" "fecha" => "1999" "volumen" => "5" "numero" => "núm. 1" "paginaInicial" => "79" "paginaFinal" => "101" ] ] ] ] ] ] 30 => array:3 [ "identificador" => "bib31" "etiqueta" => "Short et al., 2002" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "The link between dividend policy and institutional ownership" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "H. Short" 1 => "H. Zhang" 2 => "K. Keasey" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Corporate Finance" "fecha" => "2002" "volumen" => "8" "numero" => "núm. 2" "paginaInicial" => "105" "paginaFinal" => "122" ] ] ] ] ] ] 31 => array:3 [ "identificador" => "bib32" "etiqueta" => "Smith and Watts, 1992" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "The investment opportunity set and corporate financing, dividend and compensation policies" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:2 [ 0 => "C.W. Smith" 1 => "R.L. Watts" ] ] ] ] ] "host" => array:1 [ 0 => array:1 [ "Revista" => array:6 [ "tituloSerie" => "Journal of Financial Economics" "fecha" => "1992" "volumen" => "32" "numero" => "núm. 3" "paginaInicial" => "263" "paginaFinal" => "292" ] ] ] ] ] ] ] ] ] ] ] "idiomaDefecto" => "es" "url" => "/11385758/0000001000000033/v1_201305081303/S1138575807700993/v1_201305081303/es/main.assets" "Apartado" => null "PDF" => "https://static.elsevier.es/multimedia/11385758/0000001000000033/v1_201305081303/S1138575807700993/v1_201305081303/es/main.pdf?idApp=UINPBA00004N&text.app=https://www.elsevier.es/" "EPUB" => "https://multimedia.elsevier.es/PublicationsMultimediaV1/item/epub/S1138575807700993?idApp=UINPBA00004N" ]
| año/Mes | Html | Total | |
|---|---|---|---|
| 2024 Noviembre | 4 | 2 | 6 |
| 2024 Octubre | 8 | 2 | 10 |
| 2024 Septiembre | 6 | 4 | 10 |
| 2024 Agosto | 9 | 3 | 12 |
| 2024 Julio | 6 | 4 | 10 |
| 2024 Junio | 8 | 20 | 28 |
| 2024 Mayo | 7 | 6 | 13 |
| 2024 Abril | 8 | 6 | 14 |
| 2024 Marzo | 9 | 12 | 21 |
| 2024 Febrero | 10 | 15 | 25 |
| 2024 Enero | 11 | 7 | 18 |
| 2023 Diciembre | 19 | 15 | 34 |
| 2023 Noviembre | 7 | 15 | 22 |
| 2023 Octubre | 8 | 10 | 18 |
| 2023 Septiembre | 5 | 3 | 8 |
| 2023 Agosto | 5 | 3 | 8 |
| 2023 Julio | 11 | 6 | 17 |
| 2023 Junio | 3 | 5 | 8 |
| 2023 Mayo | 5 | 8 | 13 |
| 2023 Abril | 6 | 4 | 10 |
| 2023 Marzo | 3 | 6 | 9 |
| 2023 Febrero | 8 | 2 | 10 |
| 2023 Enero | 6 | 2 | 8 |
| 2022 Diciembre | 8 | 2 | 10 |
| 2022 Noviembre | 8 | 9 | 17 |
| 2022 Octubre | 6 | 15 | 21 |
| 2022 Septiembre | 7 | 6 | 13 |
| 2022 Agosto | 10 | 13 | 23 |
| 2022 Julio | 8 | 5 | 13 |
| 2022 Junio | 6 | 8 | 14 |
| 2022 Mayo | 6 | 6 | 12 |
| 2022 Abril | 9 | 7 | 16 |
| 2022 Marzo | 5 | 8 | 13 |
| 2022 Febrero | 6 | 5 | 11 |
| 2022 Enero | 6 | 7 | 13 |
| 2021 Diciembre | 5 | 9 | 14 |
| 2021 Noviembre | 5 | 8 | 13 |
| 2021 Octubre | 11 | 13 | 24 |
| 2021 Septiembre | 10 | 8 | 18 |
| 2021 Agosto | 8 | 6 | 14 |
| 2021 Julio | 6 | 5 | 11 |
| 2021 Junio | 4 | 5 | 9 |
| 2021 Mayo | 6 | 4 | 10 |
| 2021 Abril | 20 | 10 | 30 |
| 2021 Marzo | 15 | 7 | 22 |
| 2021 Febrero | 18 | 5 | 23 |
| 2021 Enero | 19 | 13 | 32 |
| 2020 Diciembre | 5 | 6 | 11 |
| 2020 Noviembre | 4 | 5 | 9 |
| 2020 Octubre | 2 | 9 | 11 |
| 2020 Septiembre | 6 | 8 | 14 |
| 2020 Agosto | 12 | 10 | 22 |
| 2020 Julio | 11 | 7 | 18 |
| 2020 Junio | 14 | 4 | 18 |
| 2020 Mayo | 4 | 4 | 8 |
| 2020 Abril | 6 | 2 | 8 |
| 2020 Marzo | 16 | 3 | 19 |
| 2020 Febrero | 8 | 5 | 13 |
| 2020 Enero | 2 | 1 | 3 |
| 2019 Diciembre | 12 | 8 | 20 |
| 2019 Noviembre | 4 | 1 | 5 |
| 2019 Octubre | 12 | 4 | 16 |
| 2019 Septiembre | 7 | 5 | 12 |
| 2019 Agosto | 3 | 4 | 7 |
| 2019 Julio | 10 | 17 | 27 |
| 2019 Junio | 23 | 9 | 32 |
| 2019 Mayo | 96 | 12 | 108 |
| 2019 Abril | 30 | 17 | 47 |
| 2019 Marzo | 5 | 5 | 10 |
| 2019 Febrero | 9 | 2 | 11 |
| 2019 Enero | 5 | 5 | 10 |
| 2018 Diciembre | 2 | 7 | 9 |
| 2018 Noviembre | 2 | 10 | 12 |
| 2018 Octubre | 4 | 13 | 17 |
| 2018 Septiembre | 3 | 4 | 7 |
| 2018 Agosto | 4 | 13 | 17 |
| 2018 Julio | 3 | 4 | 7 |
| 2018 Junio | 10 | 1 | 11 |
| 2018 Mayo | 6 | 7 | 13 |
| 2018 Abril | 3 | 5 | 8 |
| 2018 Marzo | 3 | 0 | 3 |
| 2018 Febrero | 2 | 1 | 3 |
| 2018 Enero | 0 | 2 | 2 |
| 2017 Diciembre | 1 | 0 | 1 |
| 2017 Noviembre | 0 | 2 | 2 |
| 2017 Octubre | 2 | 2 | 4 |
| 2017 Septiembre | 3 | 1 | 4 |
| 2017 Agosto | 4 | 0 | 4 |
| 2017 Julio | 5 | 3 | 8 |
| 2017 Junio | 4 | 6 | 10 |
| 2017 Mayo | 11 | 6 | 17 |
| 2017 Abril | 9 | 1 | 10 |
| 2017 Marzo | 11 | 5 | 16 |
| 2017 Febrero | 17 | 10 | 27 |
| 2017 Enero | 10 | 2 | 12 |
| 2016 Diciembre | 9 | 5 | 14 |
| 2016 Noviembre | 9 | 3 | 12 |
| 2016 Octubre | 8 | 4 | 12 |
| 2016 Septiembre | 13 | 10 | 23 |
| 2016 Agosto | 7 | 6 | 13 |
| 2016 Julio | 7 | 1 | 8 |
| 2016 Junio | 9 | 4 | 13 |
| 2016 Mayo | 3 | 14 | 17 |
| 2016 Abril | 11 | 10 | 21 |
| 2016 Marzo | 7 | 11 | 18 |
| 2016 Febrero | 4 | 9 | 13 |
| 2016 Enero | 5 | 10 | 15 |
| 2015 Diciembre | 6 | 5 | 11 |
| 2015 Noviembre | 9 | 3 | 12 |
| 2015 Octubre | 8 | 4 | 12 |
| 2015 Septiembre | 9 | 12 | 21 |
| 2015 Agosto | 5 | 5 | 10 |
| 2015 Julio | 3 | 6 | 9 |
| 2015 Junio | 5 | 2 | 7 |
| 2015 Mayo | 10 | 1 | 11 |
| 2015 Abril | 4 | 8 | 12 |
| 2015 Marzo | 4 | 5 | 9 |
| 2015 Febrero | 8 | 2 | 10 |
| 2015 Enero | 12 | 2 | 14 |
| 2014 Diciembre | 28 | 4 | 32 |
| 2014 Noviembre | 15 | 4 | 19 |
| 2014 Octubre | 18 | 2 | 20 |
| 2014 Septiembre | 14 | 2 | 16 |
| 2014 Agosto | 9 | 1 | 10 |
| 2014 Julio | 23 | 1 | 24 |
| 2014 Junio | 32 | 0 | 32 |
| 2014 Mayo | 19 | 2 | 21 |
| 2014 Abril | 17 | 6 | 23 |
| 2014 Marzo | 51 | 24 | 75 |
| 2014 Febrero | 33 | 10 | 43 |
| 2014 Enero | 24 | 23 | 47 |
| 2013 Diciembre | 40 | 13 | 53 |
| 2013 Noviembre | 35 | 18 | 53 |
| 2013 Octubre | 42 | 18 | 60 |
| 2013 Septiembre | 43 | 17 | 60 |
| 2013 Agosto | 40 | 18 | 58 |
| 2013 Julio | 42 | 13 | 55 |
| 2013 Junio | 36 | 19 | 55 |
| 2013 Mayo | 23 | 8 | 31 |
| 2013 Abril | 31 | 9 | 40 |
| 2013 Marzo | 24 | 11 | 35 |
| 2013 Febrero | 17 | 9 | 26 |
| 2013 Enero | 27 | 7 | 34 |
| 2012 Diciembre | 44 | 12 | 56 |
| 2012 Noviembre | 12 | 9 | 21 |
| 2012 Octubre | 9 | 4 | 13 |
| 2012 Septiembre | 8 | 3 | 11 |
| 2012 Enero | 72 | 0 | 72 |
Mostrar todo
