Resumo

SAN MARTIN REYNA, Juan Manuel. Ownership structure and its effect on dividend policy in the Mexican context. Contad. Adm [online]. 2017, vol.62, n.4, pp.1183-1198. ISSN 0186-1042.  https://doi.org/10.1016/j.cya.2015.12.005.

This work focused on analyzing whether the ownership structure has any effect on the dividend policy of companies in the Mexican market. The decision of dividend payment is one of the major elements in corporate policy, as this dividend policy influences the value of the company. Therefore, decisions such as adopting a company growth policy through the reinvestment of profits, or better yet allocating them to the payment of dividends, are going to be influenced by the type of ownership structure that dominates the company. The analysis was based on three types of ownership structures such as: families, institutions (mainly banks) and small blocks of shareholders. Our results show that the concentration of property in families negatively influences the payment of dividends, whereas the presence of institutional shareholders has an inverse effect on the payment of the same. This indicates that the presence of big shareholders foreign to the families has a different effect on the payment policy of dividends in the Mexican context. This work provides literature information about the context of emerging countries as is the case of Mexico, given that much of the existing investigations focus on European or North American contexts, where the markets are well regulated and property is broadly distributed.

Palavras-chave : Dividends; Ownership structure; Family; M2; M21; G3; G35.

        · resumo em Espanhol     · texto em Espanhol | Inglês     · Inglês ( pdf ) | Espanhol ( pdf )