<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422017000401183</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.12.005</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estructura de propiedad y su efecto en la política de dividendos en el contexto mexicano]]></article-title>
<article-title xml:lang="en"><![CDATA[Ownership structure and its effect on dividend policy in the Mexican context]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[San Martín Reyna]]></surname>
<given-names><![CDATA[Juan Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de las Américas Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>62</volume>
<numero>4</numero>
<fpage>1183</fpage>
<lpage>1198</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422017000401183&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422017000401183&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422017000401183&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este trabajo nos enfocamos en analizar si la estructura de propiedad tiene algún efecto sobre la política de dividendos de las empresas en el mercado mexicano. La decisión de pago de dividendos es uno de los elementos primordiales dentro de la política corporativa, ya que esa política de dividendos tiene una influencia sobre el valor de la compañía. Por tanto, decisiones como adoptar una política de crecimiento de la empresa a través de la reinversión de utilidades, o mejor destinarlo al pago de dividendos, se verán influidas por el tipo de estructura de propiedad que predomine dentro de la empresa. Basamos nuestro análisis en tres tipos de estructura de propiedad como lo son: familias, instituciones (bancos principalmente) y pequeños bloques de accionistas. Nuestros resultados muestran que la concentración de propiedad en familias influye de forma negativa en el pago de dividendos, mientras que la presencia de accionistas institucionales tiene un efecto inverso sobre el pago de los mismos. Esto indica que la presencia de grandes accionistas distintos a las familias tiene un efecto diferente sobre la política de pago de dividendos en el entorno mexicano. Nuestro trabajo aporta a la literatura sobre el tema en el contexto de países emergentes como es el caso de México, ya que mucha de la investigación existente hasta ahora se ha centrado básicamente en entornos como el europeo o el norteamericano, donde los mercados están bien regulados y la propiedad ampliamente distribuida.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Dividendos]]></kwd>
<kwd lng="es"><![CDATA[Estructura de propiedad]]></kwd>
<kwd lng="es"><![CDATA[Familia]]></kwd>
<kwd lng="es"><![CDATA[M2]]></kwd>
<kwd lng="es"><![CDATA[M21]]></kwd>
<kwd lng="es"><![CDATA[G3]]></kwd>
<kwd lng="es"><![CDATA[G35]]></kwd>
<kwd lng="en"><![CDATA[Dividends]]></kwd>
<kwd lng="en"><![CDATA[Ownership structure]]></kwd>
<kwd lng="en"><![CDATA[Family]]></kwd>
<kwd lng="en"><![CDATA[M2]]></kwd>
<kwd lng="en"><![CDATA[M21]]></kwd>
<kwd lng="en"><![CDATA[G3]]></kwd>
<kwd lng="en"><![CDATA[G35]]></kwd>
</kwd-group>
</article-meta>
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