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  • 标题:El impacto de la propiedad institucional de las administradoras de fondos de pensión sobre la política de dividendos: evidencia para Chile
  • 本地全文:下载
  • 作者:Werner Kristjanpoller Rodríguez ; Javiera Silva Arroyo
  • 期刊名称:Cuadernos de Administración
  • 印刷版ISSN:1900-7205
  • 出版年度:2014
  • 卷号:27
  • 期号:49
  • 页码:11-36
  • DOI:10.11144/Javeriana.cao27-49.ipia
  • 出版社:Pontificia Universidad Javeriana
  • 摘要:The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA’s prefer to invest in firms with higher dividends, implying that the AFP’s behave as prudent investor and support the institutional herding hypothesis.
  • 其他摘要:The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA’s prefer to invest in firms with higher dividends, implying that the AFP’s behave as prudent investor and support the institutional herding hypothesis.
  • 关键词:Pension fund administrators, institutional ownership, dividends, Chile;Administradoras de Fondos de Pensión, propiedad institucional, dividendos, Chile.;Administradoras de fundo de pensão, propriedade institucional, dividendos, Chile
  • 其他关键词:Pension fund administrators; institutional ownership; dividends; Chile
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