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Política De Dividendos, Riesgo, Endeudamiento Y Estructura De Propiedad: Un Análisis Para El Mercado Español

  • Antonio Mínguez Vera


    (Universidad Politécnica de Cartagena)

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    This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the debt ratio and on the payment of dividends and a positive repercussion on the ownership. Thirdly, we can see that the most indebted companies distribute an inferior quantity of dividends and present a bigger ownership. Finally, it is observed that the mentioned ownership increases the risk and the indebtedness. Este trabajo analiza la relación entre el pago de dividendos, el riesgo empresarial, el endeudamiento y la propiedad de los consejeros. Los resultados muestran, en primer lugar, que el pago de dividendos reduce el riesgo y el nivel de endeudamiento y aumenta la propiedad de los consejeros. En segundo lugar, se obtiene que dicho riesgo repercute de forma negativa en el endeudamiento y en el pago de dividendos y positiva en la propiedad de los consejeros. En tercer lugar, se halla que las empresas más endeudadas reparten una cuantía inferior de dividendos y presentan mayor propiedad por parte de los consejeros. Por último, se observa que la citada propiedad incrementa el riesgo y el endeudamiento de la sociedad.

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    File Function: Fisrt version / Primera version, 2006
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2006-03.

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    Length: 28 pages
    Date of creation: Feb 2006
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2006-03
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