<?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>S0186-10422019000500009</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2019.1762</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Dividend payout policy, family control, and institutional investors in an emerging country: The case of Mexico]]></article-title>
<article-title xml:lang="es"><![CDATA[Política de pago de dividendos, control familiar e inversionistas institucionales en un país emergente: el caso de México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valencia Herrera]]></surname>
<given-names><![CDATA[Humberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ruiz Rivera]]></surname>
<given-names><![CDATA[Felipe Javier]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000500009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000500009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000500009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The dividend payout ratio and its volatility in firms listed on the Mexican Stock Exchange from the second quarter of 2009 to the first quarter of 2013 relate to corporate governance aspects. A structural equations model found that institutional investors avoid firms with high family intervention and prefer market risk despite greater volatility in dividend payouts. Similarly, the dividend payout volatility and market risk are positively related. Moreover, dividend payout is smaller in firms with high family intervention in management. Companies with a strong family control smooth their dividend payout and have a smaller number of institutional investors.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La razón de pago de dividendos y su volatilidad en las empresas que cotizan en la Bolsa Mexicana de Valores desde el segundo trimestre de 2009 hasta el primer trimestre de 2013 se relacionan con aspectos de gobierno corporativo. Un modelo de ecuaciones estructurales encontró que los inversionistas institucionales evitan las empresas con una alta intervención familiar y prefieren el riesgo de mercado a pesar de la mayor volatilidad en el pago de dividendos. Del mismo modo, la volatilidad del pago de dividendos y el riesgo de mercado están positivamente relacionados. Además, el pago de dividendos es menor en empresas con alta intervención familiar en la gestión. Las empresas con un fuerte control familiar suavizan sus pagos de dividendos y tienen un número menor de inversores institucionales.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Dividend policy]]></kwd>
<kwd lng="en"><![CDATA[Corporate governance]]></kwd>
<kwd lng="en"><![CDATA[Family control]]></kwd>
<kwd lng="es"><![CDATA[Política de dividendos]]></kwd>
<kwd lng="es"><![CDATA[Gobierno corporativo]]></kwd>
<kwd lng="es"><![CDATA[Control familiar]]></kwd>
</kwd-group>
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