Abstract

GUTIERREZ URZUA, MAURICIO; YANEZ ALVARADO, MIGUEL  and  UMANA HERMOSILLA, BENITO. Analysis of the policy of dividend payout in Chilean firms. estud.gerenc. [online]. 2012, vol.28, n.123, pp.27-42. ISSN 0123-5923.

This article analyzes the dividend payout ratio, remembering that Chilean firms are characterized by mandatory dividends, a strong ownership structure, growth opportunities, and institutional investors. This research was carried out for the 2001-2007 period using multiple linear regressions with variable selection by means of a stepwise approach and parameter estimation by maximum likelihood. We found evidence of the use of the dividend payout ratio to provide information about the future projects of a company and the fair treatment of shareholders. It also highlights the control exerted on the part of institutional investors.

Keywords : Dividend payout; ownership structure; growth; institutional investors.

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