Abstract

MINGUEZ VERA, Antonio. Política de dividendos, riesgo, endeudamiento y estructura de propiedad. Un análisis para el mercado español. El trimestre econ [online]. 2007, vol.74, n.296, pp.929-960.  Epub Nov 20, 2020. ISSN 2448-718X.

This paper analyzes the relationship between the dividend and debt policies, firm risk and the directors’ ownership. Firstly, results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the debt ratio and on the payment of dividends and a positive repercussion on the ownership. Thirdly, we can see that the most indebted companies distribute an inferior quantity of dividends, they show a lower risk level and they present a bigger ownership. Finally, it is observed that the mentioned ownership increases the risk, dividend payments and the indebtedness.

Keywords : dividendos; riesgo; endeudamiento; concentración accionaria.

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