Latinamerican Dividends: do they fit in any theory?
We test different predictions of the pecking order and trade-of theories for the dividends of a sample of Latin-American firms in seven countries covering the years 1999 to 2005. Most of the theoretical predictions are confirmed by the data; our tests also report a high speed of adjustment in the di...
- Autores:
-
Arcos Mora, Mauricio Alejandro
Berggrun Preciado, Luis
Benavides Franco, Julián
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2007
- Institución:
- Universidad ICESI
- Repositorio:
- Repositorio ICESI
- Idioma:
- eng
- OAI Identifier:
- oai:repository.icesi.edu.co:10906/65243
- Acceso en línea:
- http://hdl.handle.net/10906/65243
- Palabra clave:
- Dividends
Pecking order theory
Trade-Off theory
Dividend Payout
Dividendos
Empresas
América Latina
- Rights
- openAccess
- License
- https://creativecommons.org/licenses/by-nc-nd/4.0/
| Summary: | We test different predictions of the pecking order and trade-of theories for the dividends of a sample of Latin-American firms in seven countries covering the years 1999 to 2005. Most of the theoretical predictions are confirmed by the data; our tests also report a high speed of adjustment in the dividend levels of the firms in the sample. A simple model testing the effect of the payout level on the dividend yield, find some support for the tax advantage of capital gains over dividends |
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