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Dividendo entre reputación y persistencia de ganancias
[Dividend between reputation and earnings persistence]

Author

Listed:
  • Juan Fernando Garrido Navia

    (Pontificia Universidad Javeriana Cali / Universidad ICESI (Colombia))

  • Jesús-Ancizar Gómez

    (Pontificia Universidad Javeriana Cali (Colombia))

Abstract

¿Afectan la persistencia-predictibilidad de ganancias y la reputación, la política de dividendos? Éste estudio aporta elementos nuevos con el fin de enriquecer el debate en torno a la pregunta en cuestión. Para ello se estructura un panel de datos de empresas listadas en América Latina con información financiera obtenida en la base de datos Datastream y un escalafón de reputación corporativa conocido como MERCO durante el período comprendido entre 2008 y 2016. Posteriormente se contrastan las hipótesis por medio de un estudio econométrico. Nuestro estudio econométrico se fundamenta en el modelo con que Lipe, R. (1990) estima el retorno de una acción a través de las propiedades de las series de tiempo de las ganancias, la tasa de interés utilizada para descontar las ganancias futuras esperadas, y la capacidad relativa de las ganancias en comparación con la información alternativa para predecir las ganancias futuras. Entre los principales hallazgos encontramos que la medida de persistencia aumenta la razón dividendos sobre activos, pero cuando se está en MERCO el resultado es negativo. Es como si las empresas se aprovecharan de aparecer en el ranking para pagar menos dividendos.

Suggested Citation

  • Juan Fernando Garrido Navia & Jesús-Ancizar Gómez, 2023. "Dividendo entre reputación y persistencia de ganancias [Dividend between reputation and earnings persistence]," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 36(1), pages 1-18, December.
  • Handle: RePEc:pab:rmcpee:v:36:y:2023:i:1:p:2-20
    DOI: https://doi.org/10.46661/revmetodoscuanteconempresa.7331
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    More about this item

    Keywords

    Dividendos; reputación; persistencia y predictibilidad de ganancias; Dividend; reputation; earnings persistence and predictability;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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