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Corporate Governance and Dividend Policy in Peru: Is there any link?

Author

Listed:
  • Samuel Mongrut Montalvan

    (Tecnológico de Monterrey, EGADE Business School, México. Centro de Investigación de la Universidad del Pacífico (CIUP), Perú)

  • Cinzia Delfino Barilla

    (Centro de Investigación de la Universidad del Pacífico (CIUP), Perú)

  • Gianni Devercelli Ruiz

    (Scotiabank, Trading Department, Perú)

  • Diego Lambarri Figueroa

    (ESADE Business and Law School, Spain)

Abstract

El objetivo del estudio es analizar el impacto de la adopción del Código de Gobierno Corporativo sobre el pago de dividendos en 111 compañías listadas en la Bolsa de Valores de Lima del 2007 al 2015. La metodología escogida incluye un modelo de panel no balanceado, con el ratio de pago de dividendos como variable dependiente y entre las variables independientes la adopción del Código de Gobierno Corporativo y la Calidad del Gobierno Corporativo. Los resultados muestran que las compañías con un Código de Gobierno Corporativo y, especialmente, aquellas con una calidad superior del mismo, han pagado más dividendos, ello a pesar de que el ratio de pago de dividendos siempre presenta una relación negativa con la concentración de propiedad. Sin embargo estos son resultados generales y más estudios deben ser realizados a nivel de industrias para encontrar sus diferencias. Este es el primer estudio que establece una relación entre gobierno corporativo y pago de dividendos en empresas que operan en el Perú. Una implicancia importante para los inversores institucionales es que es aconsejable considerar la adopción y la calidad del Código como un criterio de selección de acciones con el fin de obtener un mayor pago de dividendos en sus inversiones.

Suggested Citation

  • Samuel Mongrut Montalvan & Cinzia Delfino Barilla & Gianni Devercelli Ruiz & Diego Lambarri Figueroa, 2017. "Corporate Governance and Dividend Policy in Peru: Is there any link?," 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. 12(2), pages 103-116, Abril-Jun.
    • Handle: RePEc:imx:journl:v:12:y:2017:i:2:p:103-116
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    File URL: http://www.remef.org.mx/index.php/remef/article/view/93/168
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    References listed on IDEAS

    as
    1. Ricardo N. Bebczuk, 2005. "Corporate Governance and Ownership: Measurement and Impact on Corporate Performance and Dividend Policies in Argentina," IIE, Working Papers 059, IIE, Universidad Nacional de La Plata.
    2. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
    3. Beck, Nathaniel & Katz, Jonathan N., 1995. "What To Do (and Not to Do) with Time-Series Cross-Section Data," American Political Science Review, Cambridge University Press, vol. 89(3), pages 634-647, September.
    4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    5. 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.
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    Cited by:

    1. Mehmet Levent Erdaş & Emel Bachá Sımoes, 2020. "The Relationship between Audit Mechanisms and Dividend Payout Policy within the Framework of Corporate Governance: The Case of Turkey," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 62(0), pages 255-284, December.
    2. Mehmet Levent Erdaş & Emel Bachá Sımoes, 2020. "The Relationship between Audit Mechanisms and Dividend Payout Policy within the Framework of Corporate Governance: The Case of Turkey," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 62(62), pages 255-284, December.

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    More about this item

    Keywords

    Corporate Governance; Dividend Policy;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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