El impacto de la propiedad institucional de las administradoras de fondos de pensión sobre la política de dividendos: evidencia para Chile
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dic 1, 2014
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Resumen
En este artículo se busca evidenciar el efecto del nivel de propiedad de las Administradoras de Fondos de Pensiones (AFP) chilenas y la política de dividendos de las empresas en las cuales invierten, mediante un análisis de datos de panel. Se encuentra evidencia de una relación positiva lineal y no lineal negativa entre el nivel de propiedad institucional de las AFP y la política de dividendos, representada por el rendimiento de los dividendos. Adicionalmente, se encuentra un sesgo de selección en esta relación, revelando que las AFP escogen empresas con mayores niveles de pago de dividendos, lo cual implica que las AFP se comportan como un inversor prudente y es apoyado por la hipótesis de pastoreo institucional.
Keywords
institutional ownership, dividends, Chile, pension Fund administratorspropiedad institucional, dividendos, Chile., administradoras de Fondos de Pensiónpropriedade institucional, dividendos, Chile, administradoras de fundo de pensão
References
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Alangar, S., Bathala, Ch. T., and Fao, R. P. (1999). The effect of institutional interest on the information content of dividend-change announcements. The Journal of Financial Research, 22 (4), 429-448.
Allen, F., Bernardo, A., and Welch, I. (2000). A theory of dividends based on tax clienteles. Journal of Finance, 55, 2499-2536.
Almazan, A., Hartzell, J. and Starks, L. (2005). Active institutional shareholders and costs of monitoring, evidence from executive compensation. Financial Management, 34 (4), 5-35.
Amihud, Y., and Murgia M. (1997). Dividends, taxes, and signaling: Evidence from Germany. The Journal of Finance, LII (1), 397-408.
Arrazola, M., De Hevia, J., y Mato, G. (1992). Determinantes de la distribución de dividendos. Investigaciones económicas, 16 (2), 235-258.
Azzam, I. (2010).The impact of institutional ownership and dividend policy on stock returns and volatility: Evidence from Egypt. International Journal of Business, 15 (4), 443-458.
Barclay, M. J., Smith, C. W., and Watts, R. L. (1995). The determinants of corporate leverage and dividend policies. Journal of Applied Corporate Finance, 7, 4-19.
Becht, M., and Röell, A. (1999). Blockholdings in Europe: An international comparison. European Economic Review, 43, 1049-1056.
Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2, 5-8.
Chen, S., Ho, K., Lee C., and Shrestha, K. (2004). Nonlinear models in corporate finance research: Review, critique, and extensions. Review of Quantitative Finance and Accounting, 22 (2), 141-169.
Correia Da Silva, L., Georgen, M., and Renneboog, L. (2004). Dividend policy and corporate governance. Oxford University Press.
Faccio, L., and Lang, L. (2002). The ultimate ownership of western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Faccio, L., Lang, L., and Young, L. (2001). Dividends and Expropriation. American Economic Review, 91 (1), 54-78.
Farinha, J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance and Accounting, 30 (9-10), 1173-1209.
Farinha, J., and López de Foronda, O. (2005). The relation between dividends and insider ownership in different legal systems: International evidence. Centro de Estúdios de economia industrial, do trabalho e da empresa.
Finchelstein, D. (2010). Different states, different internationalizations: An analysis of the process of firms. North Western University, Rio de Janeiro: LASA International Congress.
Finchelstein, D. (2012). Políticas públicas, disponibilidad de capital e internacionalización de empresas en América Latina: los casos de Argentina, Brasil y Chile. Consejo Nacional de Investigaciones Científicas y Técnicas (Conicet), Argentina.
Fuentes, S. (2013). Inversiones de las AFP en empresas chilenas, determinantes y efectos en el mercado. Tesis para optar al grado de Magíster en Economía Aplicada, Universidad de Chile.
Fuenzalida, D., Nash, M., and Mongrut, S. (2008). Stocks splits la bolsa de valores de Lima ¿Afectan el rendimiento y la liquidez de los títulos? Estudios Gerenciales, 24 (109), 11-36.
Giner, E. y Salas, V. (1995). Explicaciones alternativas para la política de dividendos. Análisis empírico con datos empresariales españoles. Investigaciones Económicas, XIX (3), 329-348.
Grinstein, Y., and Michaely, R. (2005). Institutional holdings and payout policy. Journal of Finance, 60, 1389-1429.
Gugler, K., and Yurtoglu, B. (2003). Corporate governance and dividend pay-out policy in Germany. American Economic Review, 47 (4), 731-758.
Gutiérrez, M., Yáñez, M., and Umaña, B. (2012). Análisis de la política de pago de dividendos en empresas chilenas. Estudios Gerenciales, 28 (123), 27-42.
Han, K. C., Lee, S. H., and Suk, D. Y. (1999). Institutional Shareholders and Dividends. Journal of Financial and Strategic Decisions, 12 (1), 53-62.
Higgins, R. C. (1972). The corporate dividend – saving decisions. Journal of Financial and Quantitative Analysis, 7 (2), 1527-1541.
Higgins, R. C. (1981). Sustainable growth under inflation. Financial Management, 10, 36-40.
Howe, H., He, J., and Kao, W. (1992). One-time cash flow announcements and free cash flow theory: Share repurchases an special dividends. Journal of Finance, 47, 1963-1977.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and take overs. The American Economic Review, 76 (2), 323-329.
La Porta, R., López de Silanes, F., and Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54 (2), 471-517.
La Porta, R., López-de Silanes, F., Shleifer, A., and Vishny, R. (2000). Agency problem and dividend policies around the world. The Journal of Finance, 55 (1), 1-33.
Lefort, F. (2007). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61, 615-622.
Lefort, F., and Walker, E. (2002). Cambios estructurales e integración. Discusión y análisis del mercado accionario chileno. Cuadernos de economía, 39 (116), 95-122.
Lin, J., Lee, Y., and Liu, Y. (2007). IPO Auctions and Private Information. Journal of Banking and Finance, 31, 483-1500.
Mancinelli, L., and Ozkan, A. (2006). Ownership structure and dividend policy: Evidence from Italian firms. The European Journal of Finance, 12 (3), 265-282.
Manos, R. (2002). Dividend policy and agency theory: Evidence on Indian Firms. Institute for Development Policy and Management, WorkingPaper 41, Manchester University.
Maquieira, C. y Danús, M. (1998). Costos de agencia y costos de transacción, como determinantes de la tasa de pago de dividendos. Estudios de Administración, 5 (2), 49-77.
Maquieira, C. y Moncayo, I. (2004). Costos de agencia y costos de transacción como determinantes de la tasa de pago de dividendos: una extensión. Estudios de Administración, 11 (2), 1-33.
Maquieira, C. y Fuentes, O. (1997). Política de dividendos en Chile, 1993 y 1994. Estudios de Administración, 4 (1), 79-112.
Maury, C. B., and Pajuste, A. (2002). Controlling shareholders, agency problems, and dividend policy in Finland. Working Paper, Swedish School of Economics and Business Administration.
Miller, M., and Modigliani, F. (1961). A dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-433.
Nash, M., and Fuenzalida, D. (2004). The effect of dividend distribution on share return in Chile. Estudios Gerenciales, 93, 99-113.
Pruitt, S. W., and Gitman, L. W. (1991). The interactions between the investment, financing, and dividend decisions of major US firms. Financial Review, 26 (33), 409-430.
Rozeff, M. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5 (3), 249-259.
Rubin, A., and Smith, D. (2009). Institutional ownership, volatility and dividends. Journal of Banking and Finance, 35 (6), 1581-1597.
Ruiz, M., Santana, D., Aguilar, I., and Díaz, N. (2008). Propiedad institucional y dividendos. Revista Europea de Dirección y Economía de la Empresa, 17 (3), 93-110.
Schooley, D. K., and Barney, L. D. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 17 (3), 363-373.
Short, H., Zhang, H., and Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8, 105-122.
Sias, R. (2004). Institutional herding. Review of Financial Studies, 17, 165-206.
Smith, C. W., and Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32 (3), 263-292.
Stein, R., Miranda, P., and Risco, R. (2011). Herding in Chile: The case of equity trading in the Chilean pension fund market. Estudios de Administración, 8 (1), 23-24.
Thomsen, S. (2005). Conflicts of interests aligned incentives? Blockholder ownership, dividends and firm value in the US and the EU. European Business rganization Law Review, 6 (2), 201-225.
Alangar, S., Bathala, Ch. T., and Fao, R. P. (1999). The effect of institutional interest on the information content of dividend-change announcements. The Journal of Financial Research, 22 (4), 429-448.
Allen, F., Bernardo, A., and Welch, I. (2000). A theory of dividends based on tax clienteles. Journal of Finance, 55, 2499-2536.
Almazan, A., Hartzell, J. and Starks, L. (2005). Active institutional shareholders and costs of monitoring, evidence from executive compensation. Financial Management, 34 (4), 5-35.
Amihud, Y., and Murgia M. (1997). Dividends, taxes, and signaling: Evidence from Germany. The Journal of Finance, LII (1), 397-408.
Arrazola, M., De Hevia, J., y Mato, G. (1992). Determinantes de la distribución de dividendos. Investigaciones económicas, 16 (2), 235-258.
Azzam, I. (2010).The impact of institutional ownership and dividend policy on stock returns and volatility: Evidence from Egypt. International Journal of Business, 15 (4), 443-458.
Barclay, M. J., Smith, C. W., and Watts, R. L. (1995). The determinants of corporate leverage and dividend policies. Journal of Applied Corporate Finance, 7, 4-19.
Becht, M., and Röell, A. (1999). Blockholdings in Europe: An international comparison. European Economic Review, 43, 1049-1056.
Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2, 5-8.
Chen, S., Ho, K., Lee C., and Shrestha, K. (2004). Nonlinear models in corporate finance research: Review, critique, and extensions. Review of Quantitative Finance and Accounting, 22 (2), 141-169.
Correia Da Silva, L., Georgen, M., and Renneboog, L. (2004). Dividend policy and corporate governance. Oxford University Press.
Faccio, L., and Lang, L. (2002). The ultimate ownership of western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Faccio, L., Lang, L., and Young, L. (2001). Dividends and Expropriation. American Economic Review, 91 (1), 54-78.
Farinha, J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance and Accounting, 30 (9-10), 1173-1209.
Farinha, J., and López de Foronda, O. (2005). The relation between dividends and insider ownership in different legal systems: International evidence. Centro de Estúdios de economia industrial, do trabalho e da empresa.
Finchelstein, D. (2010). Different states, different internationalizations: An analysis of the process of firms. North Western University, Rio de Janeiro: LASA International Congress.
Finchelstein, D. (2012). Políticas públicas, disponibilidad de capital e internacionalización de empresas en América Latina: los casos de Argentina, Brasil y Chile. Consejo Nacional de Investigaciones Científicas y Técnicas (Conicet), Argentina.
Fuentes, S. (2013). Inversiones de las AFP en empresas chilenas, determinantes y efectos en el mercado. Tesis para optar al grado de Magíster en Economía Aplicada, Universidad de Chile.
Fuenzalida, D., Nash, M., and Mongrut, S. (2008). Stocks splits la bolsa de valores de Lima ¿Afectan el rendimiento y la liquidez de los títulos? Estudios Gerenciales, 24 (109), 11-36.
Giner, E. y Salas, V. (1995). Explicaciones alternativas para la política de dividendos. Análisis empírico con datos empresariales españoles. Investigaciones Económicas, XIX (3), 329-348.
Grinstein, Y., and Michaely, R. (2005). Institutional holdings and payout policy. Journal of Finance, 60, 1389-1429.
Gugler, K., and Yurtoglu, B. (2003). Corporate governance and dividend pay-out policy in Germany. American Economic Review, 47 (4), 731-758.
Gutiérrez, M., Yáñez, M., and Umaña, B. (2012). Análisis de la política de pago de dividendos en empresas chilenas. Estudios Gerenciales, 28 (123), 27-42.
Han, K. C., Lee, S. H., and Suk, D. Y. (1999). Institutional Shareholders and Dividends. Journal of Financial and Strategic Decisions, 12 (1), 53-62.
Higgins, R. C. (1972). The corporate dividend – saving decisions. Journal of Financial and Quantitative Analysis, 7 (2), 1527-1541.
Higgins, R. C. (1981). Sustainable growth under inflation. Financial Management, 10, 36-40.
Howe, H., He, J., and Kao, W. (1992). One-time cash flow announcements and free cash flow theory: Share repurchases an special dividends. Journal of Finance, 47, 1963-1977.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and take overs. The American Economic Review, 76 (2), 323-329.
La Porta, R., López de Silanes, F., and Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54 (2), 471-517.
La Porta, R., López-de Silanes, F., Shleifer, A., and Vishny, R. (2000). Agency problem and dividend policies around the world. The Journal of Finance, 55 (1), 1-33.
Lefort, F. (2007). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61, 615-622.
Lefort, F., and Walker, E. (2002). Cambios estructurales e integración. Discusión y análisis del mercado accionario chileno. Cuadernos de economía, 39 (116), 95-122.
Lin, J., Lee, Y., and Liu, Y. (2007). IPO Auctions and Private Information. Journal of Banking and Finance, 31, 483-1500.
Mancinelli, L., and Ozkan, A. (2006). Ownership structure and dividend policy: Evidence from Italian firms. The European Journal of Finance, 12 (3), 265-282.
Manos, R. (2002). Dividend policy and agency theory: Evidence on Indian Firms. Institute for Development Policy and Management, WorkingPaper 41, Manchester University.
Maquieira, C. y Danús, M. (1998). Costos de agencia y costos de transacción, como determinantes de la tasa de pago de dividendos. Estudios de Administración, 5 (2), 49-77.
Maquieira, C. y Moncayo, I. (2004). Costos de agencia y costos de transacción como determinantes de la tasa de pago de dividendos: una extensión. Estudios de Administración, 11 (2), 1-33.
Maquieira, C. y Fuentes, O. (1997). Política de dividendos en Chile, 1993 y 1994. Estudios de Administración, 4 (1), 79-112.
Maury, C. B., and Pajuste, A. (2002). Controlling shareholders, agency problems, and dividend policy in Finland. Working Paper, Swedish School of Economics and Business Administration.
Miller, M., and Modigliani, F. (1961). A dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-433.
Nash, M., and Fuenzalida, D. (2004). The effect of dividend distribution on share return in Chile. Estudios Gerenciales, 93, 99-113.
Pruitt, S. W., and Gitman, L. W. (1991). The interactions between the investment, financing, and dividend decisions of major US firms. Financial Review, 26 (33), 409-430.
Rozeff, M. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5 (3), 249-259.
Rubin, A., and Smith, D. (2009). Institutional ownership, volatility and dividends. Journal of Banking and Finance, 35 (6), 1581-1597.
Ruiz, M., Santana, D., Aguilar, I., and Díaz, N. (2008). Propiedad institucional y dividendos. Revista Europea de Dirección y Economía de la Empresa, 17 (3), 93-110.
Schooley, D. K., and Barney, L. D. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 17 (3), 363-373.
Short, H., Zhang, H., and Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8, 105-122.
Sias, R. (2004). Institutional herding. Review of Financial Studies, 17, 165-206.
Smith, C. W., and Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32 (3), 263-292.
Stein, R., Miranda, P., and Risco, R. (2011). Herding in Chile: The case of equity trading in the Chilean pension fund market. Estudios de Administración, 8 (1), 23-24.
Thomsen, S. (2005). Conflicts of interests aligned incentives? Blockholder ownership, dividends and firm value in the US and the EU. European Business rganization Law Review, 6 (2), 201-225.
Cómo citar
Kristjanpoller Rodríguez, W., & Silva Arroyo, J. (2014). El impacto de la propiedad institucional de las administradoras de fondos de pensión sobre la política de dividendos: evidencia para Chile. Cuadernos De Administración, 27(49), 11–36. https://doi.org/10.11144/Javeriana.cao27-49.ipia
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