Explaining dividend policies in Argentina

Dividend policy is central to the performance and valuation of listed companies, but the issue still remains scarcely investigated in emerging countries. The purpose of this paper is to study, for the first time, the determinants of the dividend policy of listed companies in Argentina over the 1996-...

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Autor principal: Bebczuk, Ricardo Néstor
Formato: Articulo Documento de trabajo
Lenguaje:Inglés
Publicado: 2004
Materias:
Ciencias Económicas
Argentina
Dividendos
Empresas
Economía
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/3530
http://www.depeco.econo.unlp.edu.ar/doctrab/doc50.pdf
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-3530
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Argentina
Dividendos
Empresas
Economía
spellingShingle Ciencias Económicas
Argentina
Dividendos
Empresas
Economía
Bebczuk, Ricardo Néstor
Explaining dividend policies in Argentina
topic_facet Ciencias Económicas
Argentina
Dividendos
Empresas
Economía
description Dividend policy is central to the performance and valuation of listed companies, but the issue still remains scarcely investigated in emerging countries. The purpose of this paper is to study, for the first time, the determinants of the dividend policy of listed companies in Argentina over the 1996-2002 period. Although the modern theory stresses agency and other informational problems as the principal explanations of the so-called dividend puzzle, we will contend here that for many companies with highly concentrated ownership, a model of a sole owner-manager provides most (but not all) of the needed clues to answer the question as to why companies pay dividends in Argentina. Our main findings are that: (a) Bigger and more profitable firms without good investment opportunities pay more dividends; (b) Companies with more fluid access to debt pay more dividends; (c) Furthermore, riskier and more indebted firms prefer to pay lower dividends, and the same applies to foreign-owned firms; (d) ADR issuers disburse more dividends than other companies; and (e) Firms do not seem to care about maintaining stable payout ratios over time, but there is some inertia in that non-payers tend to stay that way and otherwise.
format Articulo
Documento de trabajo
author Bebczuk, Ricardo Néstor
author_facet Bebczuk, Ricardo Néstor
author_sort Bebczuk, Ricardo Néstor
title Explaining dividend policies in Argentina
title_short Explaining dividend policies in Argentina
title_full Explaining dividend policies in Argentina
title_fullStr Explaining dividend policies in Argentina
title_full_unstemmed Explaining dividend policies in Argentina
title_sort explaining dividend policies in argentina
publishDate 2004
url http://sedici.unlp.edu.ar/handle/10915/3530
http://www.depeco.econo.unlp.edu.ar/doctrab/doc50.pdf
work_keys_str_mv AT bebczukricardonestor explainingdividendpoliciesinargentina
bdutipo_str Repositorios
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