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EL IMPACTO DE LA PROPIEDAD INSTITUCIONAL DE LAS ADMINISTRADORAS DE FONDOS DE PENSIÓN SOBRE LA POLÍTICA DE DIVIDENDOS: EVIDENCIA PARA CHILE.
- Source :
-
Cuadernos de Administración (01203592) . jul-dic2014, Vol. 27 Issue 49, p11-36. 26p. - Publication Year :
- 2014
-
Abstract
- The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA's prefer to invest in firms with higher dividends, implying that the AFP's behave as prudent investor and support the institutional herding hypothesis. [ABSTRACT FROM AUTHOR]
Details
- Language :
- Spanish
- ISSN :
- 01203592
- Volume :
- 27
- Issue :
- 49
- Database :
- Academic Search Index
- Journal :
- Cuadernos de Administración (01203592)
- Publication Type :
- Academic Journal
- Accession number :
- 110144077
- Full Text :
- https://doi.org/10.11144/Javeriana.cao27-49.ipia