Analysis of the policy of dividend payout in Chilean firms

被引：0

作者：

Gutierrez Urzua, Mauricio ^{[1
]}

Yanez Alvarado, Miguel ^{[2
]}

Umana Hermosilla, Benito ^{[3
]}

机构：

[1] Univ Bio Bio, Dept Econ & Finanzas, Concepcion, Chile

[2] Univ Bio Bio, Dept Estadist, Concepcion, Chile

[3] Univ Bio Bio, Dept Gest Empresarial, Concepcion, Chile

来源：

ESTUDIOS GERENCIALES | 2012年 / 28卷 / 123期

关键词：

Dividend payout; ownership structure; growth; institutional investors;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：27 / 42

页数：16

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