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Desarrollo teórico y evidencia empírica de la política de dividendos: una revisión de literatura en Iberoamérica

Author

Listed:
  • Albeiro Aguirre-Ríos
  • Jovany Sepúlveda-Aguirre
  • Uvenny Quirama-Estrada
  • Luis Fernando Garcés-Giraldo

Abstract

La política de dividendos en una organización está relacionada con las decisiones de inversión y endeudamiento, claves para su permanencia en el tiempo. El objetivo de este documento es examinar la evidencia empírica y desarrollo teórico en políticas de dividendos a partir de una revisión de literatura. La metodología de la revisión fue la búsqueda en las bases de datos Scopus, Ebsco, Redalyc y Google Académico, a partir de las palabras clave y teniendo en cuenta estudios realizados en Iberoamérica. El principal hallazgo obtenido es que la mayoría de los estudios están a favor del enfoque de la relevancia de la política de dividendos mediante el uso de modelos cuantitativos enfocados a identificar sus determinantes. Se concluye que la estructura teórica del pago de dividendos se fortaleció con el estudio de las imperfecciones de los mercados financieros y que las teorías más contrastadas en la región corresponden a las del enfoque de la relevancia, en particular, costos de agencia y valor informativo de los dividendos. Los países donde se concentran la mayoría de las investigaciones son Brasil, Chile y Espana.

Suggested Citation

  • Albeiro Aguirre-Ríos & Jovany Sepúlveda-Aguirre & Uvenny Quirama-Estrada & Luis Fernando Garcés-Giraldo, 2021. "Desarrollo teórico y evidencia empírica de la política de dividendos: una revisión de literatura en Iberoamérica," Revista CEA, Instituto Tecnológico Metropolitano, vol. 7(13), pages 1-23, January.
    • Handle: RePEc:col:000549:019264
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    References listed on IDEAS

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    1. Candra Chahyadi & Jesus Salas, 2012. "Not paying dividends? A decomposition of the decline in dividend payers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 443-462, April.
    2. Michael S. Rozeff, 1982. "Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(3), pages 249-259, September.
    3. Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring.
    4. Fray Alonso Betancur-Duque & Edwin Andrés Jiménez-Echeverri, 2019. "Valoración de acciones en los países que integran la Alianza del Pacífico por el modelo de descuento de dividendos," Revista CEA, Instituto Tecnológico Metropolitano, vol. 5(10), pages 99-106, July.
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    Cited by:

    1. Samuel Mongrut Montalvan & Carlos Mario Ramirez Arango & Julian Usma Patiño, 2023. "Corporate Governance and Dividend Policy: Evidence from Colombia," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 18(4), pages 1-19, Octubre -.

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    More about this item

    Keywords

    dividendo; política de dividendos-Iberoamérica; revisión de la literatura;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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