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Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America

Author

Listed:
  • González, Maximiliano

    (School of Management, Universidad de los Andes)

  • Garay, Urbi

    (IESA)

Abstract

Agency theory provides a strong link between dividend policy and ownership structure (Rozeff, 1982; Easter-brook, 1984; Jensen, 1986): managers acting in favor of the controlling shareholders increase dividends to reduce agency cost, especially when external financing is needed. Empirically, Moh'd, Perry and Rimbey (1995) show for the U.S. market that, in fact, managers tend to adjust dividends in response to their agency cost/transaction cost tradeoff.

Suggested Citation

  • González, Maximiliano & Garay, Urbi, 2010. "Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America," Galeras. Working Papers Series 029, Universidad de Los Andes. Facultad de Administración. School of Management.
  • Handle: RePEc:uac:somwps:029
    as

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    References listed on IDEAS

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    Cited by:

    1. Diego Téllez & Maximiliano González & Alexander Guzmán & María Andrea Trujillo, 2017. "What do you say and how do you say it: Information disclosure in Latin American firms," Documentos de Trabajo CIEF 016358, Universidad EAFIT.
    2. Pinto, Inês & Ng Picoto, Winnie, 2016. "Configurational analysis of firms' performance: Understanding the role of Internet financial reporting," Journal of Business Research, Elsevier, vol. 69(11), pages 5360-5365.
    3. Tarik Zaimovic & Azra Zaimovic & Anela Fazlic, 2015. "Internet Financial Reporting In Bosnia And Herzegovina," Economic Review: Journal of Economics and Business, University of Tuzla, Faculty of Economics, vol. 13(2), pages 21-34, November.
    4. Maximiliano González & Alexander Guzmán & Diego Fernando Tellez & María Andrea Trujillo, 2016. "What you say and how you say it: Information disclosure in Latin American firms," Documentos de Trabajo CIEF 015656, Universidad EAFIT.
    5. repec:eee:riibaf:v:45:y:2018:i:c:p:158-167 is not listed on IDEAS
    6. World Bank, 2014. "Transparency of State Owned Enterprises in Vietnam : Current Status and Ideas for Reform," World Bank Other Operational Studies 19318, The World Bank.

    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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