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