Family Involvement and Dividend Policy in Listed and Non-Listed Firms

We evaluate the relationship between family involvement, the likelihood of dividend payment, and the amounts of the dividends paid. Using a detailed data-base of 523 mostly non-listed Colombian companies (1996 to 2006), we found that majority family owner-ship has significant negative effects on the...

Full description

Autores:
González, Maximiliano
Guzmán, Alexander
Pombo, Carlos
Trujillo, María Andrea
Tipo de recurso:
Work document
Fecha de publicación:
2012
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/46364
Acceso en línea:
http://hdl.handle.net/1992/46364
Palabra clave:
Family businesses
dividend policy
agency problems
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
id UNIANDES2_190b080c5ea56f7f4e2db4081bfe99c5
oai_identifier_str oai:repositorio.uniandes.edu.co:1992/46364
network_acronym_str UNIANDES2
network_name_str Séneca: repositorio Uniandes
repository_id_str
spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González, Maximiliano00d49e6a-e8cf-4b11-ba3e-0c406166cb8d400Guzmán, Alexandera2882c9b-e0c8-4d57-8aac-ca61207fbde8500Pombo, Carlosc83ebf8d-e1e4-4e2a-9d7c-135caa315253400Trujillo, María Andrea11c5af6a-540b-4a4c-8895-0aa16f5c67425002020-09-21T15:18:56Z2020-09-21T15:18:56Z20121900-1606http://hdl.handle.net/1992/46364instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/We evaluate the relationship between family involvement, the likelihood of dividend payment, and the amounts of the dividends paid. Using a detailed data-base of 523 mostly non-listed Colombian companies (1996 to 2006), we found that majority family owner-ship has significant negative effects on the likelihood of dividend payment. Furthermore, family control through pyramidal structures significantly reduces the level of payouts. In addition, family involvement on the board positively and significantly increases the likelihood of dividend payment, even when the CEO is a member of the founding family. The presence of the founder has a negative, though weakly significant impact on the dividend payments made by firms.Nosotros evaluamos la relación entre el involucramiento familiar y la probabilidad de pago de dividendo, así como el monto del dividendo pagado. Usamos una base detallada de 523 de empresas colombianas principalmente no listadas (1996-2006). Encontramos que la propiedad familiar tiene un efecto negativo y significativo en la probabilidad de pago de dividendos. Más aún, el control familiar a través de estructuras piramidales significativamente reduce el nivel de pagos. Adicionalmente, el involucramiento familiar en la junta incrementa significativamente la probabilidad de pago de dividendos, inclusive cuando el CEO es miembro de la familia fundadora. La presencia del fundador tiene un efecto negativo, aunque sólo débilmente significativo, en el pago de dividendos de las empresas.Introduction. Dividends and Agency Problems. Family Firms and Dividends. Empirical Design. Results and Discussion. Robustness Tests and Extensions. Conclusions. References.30 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 34instname:Universidad de los Andesreponame:Repositorio Institucional SénecaFamily Involvement and Dividend Policy in Listed and Non-Listed FirmsInvolucramiento familiar y política de dividendos en empresas listadas y no listadasDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPFamily businessesdividend policyagency problemsEmpresas familiares - ColombiaEmpresas familiares - FinanzasAdministraciónFacultad de AdministraciónPublicationTEXTGaleras-de-administración-34.pdf.txtGaleras-de-administración-34.pdf.txtExtracted texttext/plain71555https://repositorio.uniandes.edu.co/bitstreams/416857f6-b846-438e-870e-dfcf1b7e9567/download31df7119021f4de78992c20e56aac4acMD54ORIGINALGaleras-de-administración-34.pdfGaleras-de-administración-34.pdfapplication/pdf4027816https://repositorio.uniandes.edu.co/bitstreams/e65e2354-46ee-4fb5-844b-e001e7ca79fb/download1b5e3d06bc4b1999c059e73bcdf1dbaaMD51THUMBNAILGaleras-de-administración-34.pdf.jpgGaleras-de-administración-34.pdf.jpgIM Thumbnailimage/jpeg18025https://repositorio.uniandes.edu.co/bitstreams/60becad4-977c-4520-b36f-5b8b3c7486b7/downloadacbebef2ee2980536c2f86f216dcdb61MD551992/46364oai:repositorio.uniandes.edu.co:1992/463642023-10-10 16:14:09.413http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Family Involvement and Dividend Policy in Listed and Non-Listed Firms
dc.title.alternative.none.fl_str_mv Involucramiento familiar y política de dividendos en empresas listadas y no listadas
title Family Involvement and Dividend Policy in Listed and Non-Listed Firms
spellingShingle Family Involvement and Dividend Policy in Listed and Non-Listed Firms
Family businesses
dividend policy
agency problems
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
title_short Family Involvement and Dividend Policy in Listed and Non-Listed Firms
title_full Family Involvement and Dividend Policy in Listed and Non-Listed Firms
title_fullStr Family Involvement and Dividend Policy in Listed and Non-Listed Firms
title_full_unstemmed Family Involvement and Dividend Policy in Listed and Non-Listed Firms
title_sort Family Involvement and Dividend Policy in Listed and Non-Listed Firms
dc.creator.fl_str_mv González, Maximiliano
Guzmán, Alexander
Pombo, Carlos
Trujillo, María Andrea
dc.contributor.author.none.fl_str_mv González, Maximiliano
Guzmán, Alexander
Pombo, Carlos
Trujillo, María Andrea
dc.subject.keyword.none.fl_str_mv Family businesses
dividend policy
agency problems
topic Family businesses
dividend policy
agency problems
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
dc.subject.armarc.none.fl_str_mv Empresas familiares - Colombia
Empresas familiares - Finanzas
dc.subject.themes.none.fl_str_mv Administración
description We evaluate the relationship between family involvement, the likelihood of dividend payment, and the amounts of the dividends paid. Using a detailed data-base of 523 mostly non-listed Colombian companies (1996 to 2006), we found that majority family owner-ship has significant negative effects on the likelihood of dividend payment. Furthermore, family control through pyramidal structures significantly reduces the level of payouts. In addition, family involvement on the board positively and significantly increases the likelihood of dividend payment, even when the CEO is a member of the founding family. The presence of the founder has a negative, though weakly significant impact on the dividend payments made by firms.
publishDate 2012
dc.date.issued.none.fl_str_mv 2012
dc.date.accessioned.none.fl_str_mv 2020-09-21T15:18:56Z
dc.date.available.none.fl_str_mv 2020-09-21T15:18:56Z
dc.type.spa.fl_str_mv Documento de trabajo
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/workingPaper
dc.type.coar.spa.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.content.spa.fl_str_mv Text
dc.type.redcol.spa.fl_str_mv https://purl.org/redcol/resource_type/WP
format http://purl.org/coar/resource_type/c_8042
dc.identifier.issn.none.fl_str_mv 1900-1606
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/1992/46364
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Séneca
dc.identifier.repourl.spa.fl_str_mv repourl:https://repositorio.uniandes.edu.co/
identifier_str_mv 1900-1606
instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
repourl:https://repositorio.uniandes.edu.co/
url http://hdl.handle.net/1992/46364
dc.language.iso.es_CO.fl_str_mv spa
language spa
dc.relation.ispartofseries.none.fl_str_mv Galeras de Administración, No. 34
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.accessrights.spa.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.coar.spa.fl_str_mv http://purl.org/coar/access_right/c_abf2
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 30 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes
dc.publisher.faculty.none.fl_str_mv Facultad de Administración
publisher.none.fl_str_mv Universidad de los Andes
dc.source.es_CO.fl_str_mv instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
instname_str Universidad de los Andes
institution Universidad de los Andes
reponame_str Repositorio Institucional Séneca
collection Repositorio Institucional Séneca
bitstream.url.fl_str_mv https://repositorio.uniandes.edu.co/bitstreams/416857f6-b846-438e-870e-dfcf1b7e9567/download
https://repositorio.uniandes.edu.co/bitstreams/e65e2354-46ee-4fb5-844b-e001e7ca79fb/download
https://repositorio.uniandes.edu.co/bitstreams/60becad4-977c-4520-b36f-5b8b3c7486b7/download
bitstream.checksum.fl_str_mv 31df7119021f4de78992c20e56aac4ac
1b5e3d06bc4b1999c059e73bcdf1dbaa
acbebef2ee2980536c2f86f216dcdb61
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
MD5
repository.name.fl_str_mv Repositorio institucional Séneca
repository.mail.fl_str_mv adminrepositorio@uniandes.edu.co
_version_ 1818111752705933312

Publicaciones similares