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Papel de la política de dividendos en las empresas reguladas

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Abstract

In this paper we develop a model to explain the dividend policy of firms under regulation in order to analyse the role of dividends in regulated firms. Before estimating the model using the Generalised Method of Moments, we solved the censoring problem of the dependent variable. The empirical evidence confirms that dividend policy is a mechanism for lessening the conflict between the shareholders and the regulator. Furthermore, this policy is an effective mechanism for aligning managers’ interests with those of shareholders in the scenario of regulated firms. In fact, it is more eficient than the ones previously described in the literature, excepting debt.

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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 26 (2002)
Issue (Month): 3 (September)
Pages: 447-474

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Handle: RePEc:iec:inveco:v:26:y:2002:i:3:p:447-474

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Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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Related research

Keywords: Regulation; dividend policy; agency conflicts.;

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Cited by:
  1. Andrew Benito, 2003. "The incidence and persistence of dividend omissions by Spanish firms," Banco de España Working Papers 0303, Banco de España.
  2. Neves, Elisabete & Pindado, Julio & Torre, Chabela de la, 2006. "Dividends: New evidence on the catering theory," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2006-14, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interunive.
  3. Lozano, M¦ Bel‚n & Restrepo, Juan Pablo, 2005. "El impacto de la liquidez corporativa sobre el valor de las decisiones financieras de la empresa," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2005-08, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interunive.

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