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Estructura de propiedad y su efecto en la política de dividendos en el contexto mexicano

Author

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  • Juan Manuel San Martín Reyna

    (Universidad de las Américas Puebla, México.)

Abstract

En este trabajo nos enfocamos en analizar si la estructura de propiedad tiene algún efecto sobre la política de dividendos de las empresas en el mercado mexicano. La decisión de pago de dividendos es uno de los elementos primordiales dentro de la política corporativa, ya que esa política de dividendos tiene una influencia sobre el valor de la compañía. Por tanto, decisiones como adoptar una política de crecimiento de la empresa a través de la reinversión de utilidades, o mejor destinarlo al pago de dividendos, se verán influidas por el tipo de estructura de propiedad que predomine dentro de la empresa. Basamos nuestro análisis en tres tipos de estructura de propiedad como lo son: familias, instituciones (bancos principalmente) y pequeños bloques de accionistas. Nuestros resultados muestran que la concentración de propiedad en familias influye de forma negativa en el pago de dividendos, mientras que la presencia de accionistas institucionales tiene un efecto inverso sobre el pago de los mismos. Esto indica que la presencia de grandes accionistas distintos a las familias tiene un efecto diferente sobre la política de pago de dividendos en el entorno mexicano. Nuestro trabajo aporta a la literatura sobre el tema en el contexto de países emergentes como es el caso de México, ya que mucha de la investigación existente hasta ahora se ha centrado básicamente en entornos como el europeo o el norteamericano, donde los mercados están bien regulados y la propiedad ampliamente distribuida.

Suggested Citation

  • Juan Manuel San Martín Reyna, 2017. "Estructura de propiedad y su efecto en la política de dividendos en el contexto mexicano," Contaduría y Administración, Accounting and Management, vol. 62(4), pages 1183-1198, Octubre-D.
    • Handle: RePEc:nax:conyad:v:62:y:2017:i:4:p:1183-1198
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    References listed on IDEAS

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    More about this item

    Keywords

    Dividendos; Estructura de propiedad; Familia.;
    All these keywords.

    JEL classification:

    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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