<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462017000200103</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Corporate Governance and Dividend Policy in Peru: Is there any link?]]></article-title>
<article-title xml:lang="es"><![CDATA[Política de dividendos y buen gobierno corporativo en el Perú: ¿Existe alguna relación?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mongrut Montalvan]]></surname>
<given-names><![CDATA[Samuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Delfino Barilla]]></surname>
<given-names><![CDATA[Cinzia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Devercelli Ruiz]]></surname>
<given-names><![CDATA[Gianni]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lambarri Figueroa]]></surname>
<given-names><![CDATA[Diego]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Pacífico Centro de Investigación ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Scotiabank Trading Department ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,ESADE Business and Law School  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<volume>12</volume>
<numero>2</numero>
<fpage>103</fpage>
<lpage>116</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462017000200103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462017000200103&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462017000200103&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of the study is to analyze the impact of the adoption of the Corporate Governance Code over the dividend payout ratio in 111 companies listed on the Lima Stock Exchange (LSE) from 2007 to 2015. The chosen methodology includes an unbalanced panel data model with the dividend payout ratio as dependent variable and several independent variables such as the adoption of a Corporate Governance Code and the Corporate Governance Quality. The results show that companies that have adopted a Corporate Governance Code and especially those with a high quality in it pay more dividends despite the fact that the dividend payout always presents a negative relation with the ownership concentration. However, these are overall results and more studies need to be carried out at the industry level to find out differences among them. This is the first study that establishes the relationship between corporate governance and dividend payout in companies operating in Peru. One important implication for institutional investors is that it is advisable to consider the adoption and the quality of the code as stock selection criteria in order to obtain a higher dividend payout from their investments.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo del estudio es analizar el impacto de la adopción del Código de Gobierno Corporativo sobre el pago de dividendos en 111 compañías listadas en la Bolsa de Valores de Lima del 2007 al 2015. La metodología escogida incluye un modelo de panel no balanceado, con el ratio de pago de dividendos como variable dependiente y entre las variables independientes la adopción del Código de Gobierno Corporativo y la Calidad del Gobierno Corporativo. Los resultados muestran que las compañías con un Código de Gobierno Corporativo y, especialmente, aquellas con una calidad superior del mismo, han pagado más dividendos, ello a pesar de que el ratio de pago de dividendos siempre presenta una relación negativa con la concentración de propiedad. Sin embargo estos son resultados generales y mas estudios deben ser realizados a nivel de industrias para encontrar sus diferencias. Este es el primer estudio que establece una relación entre gobierno corporativo y pago de dividendos en empresas que operan en el Peru. Una implicancia importante para los inversores institucionales es que es aconsejable considerar la adopción y la calidad del Código como un criterio de selección de acciones con el fin de obtener un mayor pago de dividendos en sus inversiones.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Corporate Governance]]></kwd>
<kwd lng="en"><![CDATA[Dividend Policy]]></kwd>
<kwd lng="es"><![CDATA[Gobierno Corporativo]]></kwd>
<kwd lng="es"><![CDATA[Política de dividendos]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Determinants of Dividend Policy in Pakistan]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ahmed]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Javid]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[International Research Journal of Finance and Economics]]></source>
<year>2009</year>
<volume>29</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>110-25</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Imperfect Information, Dividend Policy, and The Bird in the Hand Fallacy]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bhattacharya]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Bell Journal of Economics]]></source>
<year>1979</year>
<volume>10</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>259-70</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[What To Do (and Not To Do) With Time Series Cross-section Data]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Beck]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Katz]]></surname>
<given-names><![CDATA[J.N.]]></given-names>
</name>
</person-group>
<source><![CDATA[American Political Science Review]]></source>
<year>1995</year>
<volume>89</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>634-46</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Times-Series Cross-Section Data: What Have We Learned in the Past Few Years?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Beck]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Annual Review of Political Science]]></source>
<year>2001</year>
<volume>4</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>271-93</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bebczuk]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Corporate Governance and Ownership: Measurement and Impact on Corporate Performance and Dividend Policies in Argentina]]></source>
<year>2005</year>
<page-range>55</page-range><publisher-loc><![CDATA[Argentina ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Nacional de La Plata]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Governance Codes: Facts or Fictions? A Study of Governance Codes in Colombia]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mongrut]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Estudios Gerenciales]]></source>
<year>2010</year>
<volume>26</volume>
<numero>117</numero>
<issue>117</issue>
<page-range>85-102</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Dividend Puzzle]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Black]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Portfolio Management]]></source>
<year>1976</year>
<volume>2</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>812</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Corporate Governance Behavior and Market Value of Russian Firms]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Black]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2001</year>
<volume>2</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>89-108</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Burkart]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Panunzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial Intermediation]]></source>
<year>2006</year>
<volume>15</volume>
<page-range>1-31</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Effect of Shareholder Dispersion on the Degree of Control in British Companies: Theory and Measurement]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cubbin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Leech]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economic Journal]]></source>
<year>1983</year>
<volume>93</volume>
<numero>37</numero>
<issue>37</issue>
<page-range>351-69</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[DeAngelo]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[DeAngelo]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Journal of Finance]]></source>
<year>1990</year>
<volume>45</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1415-31</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Two Agency-Cost Explanations of Dividends]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Easterbrook]]></surname>
<given-names><![CDATA[F. H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The American Economic Review]]></source>
<year>1984</year>
<volume>74</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>650-9</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2001</year>
<volume>60</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-43</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Estructura propietaria y rendimientos bursatiles en Suramerica]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fuenzalida]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Mongrut]]></surname>
<given-names><![CDATA[S. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Cuadernos de Administración]]></source>
<year>2008</year>
<volume>21</volume>
<numero>35</numero>
<issue>35</issue>
<page-range>11-35</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Good Corporate Governance: Does it Pay in Peru?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fuenzalida]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Mongrut]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Arteaga]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Eurasquin]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Business Research]]></source>
<year>2013</year>
<volume>66</volume>
<numero>10</numero>
<issue>10</issue>
<page-range>1759-70</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[An Analysis of Shareholder Reaction to Dividend Cuts and Omissions]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ghosh]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Woolridge]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial Research]]></source>
<year>1988</year>
<volume>11</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>281-94</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Dividend Omissions and Stock Market Rationality]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ghosh]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Woolridge]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Business Finance &amp; Accounting]]></source>
<year>1991</year>
<volume>18</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>315-30</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Corporate Governance and Equity Prices]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gompers]]></surname>
<given-names><![CDATA[P. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ishii]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Metrick]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Quarterly Journal of Economics]]></source>
<year>2003</year>
<volume>118</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>107-55</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gonzalez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Molina]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rosso]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Effect of Ownership Concentration and Composition on Dividends: Evidence from Latin America]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Dividend Payouts and Corporate Governance Quality: An Empirical Investigation]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jang-Chul]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Young]]></surname>
<given-names><![CDATA[S. K.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Financial Review, Eastern Finance Association]]></source>
<year>2011</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>251-79</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
</person-group>
<source><![CDATA[The American Economic Review]]></source>
<year>1986</year>
<volume>76</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>323-9</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Does Corporate Governance Determines Dividend Payouts in Poland?]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kowalewski]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Stetsyuk]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Talavera]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal Post-Communist Economies]]></source>
<year>2008</year>
<volume>20</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>203-8</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[The Effect of Financial Reporting Quality on Corporate Dividend Policy]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koo]]></surname>
<given-names><![CDATA[D. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ramalingegowda]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Yu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[Review of Accounting Studies, Forthcoming]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Investor Protection and Corporate Governance]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[La Porta]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lopez-de-Silanes]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Shleifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vishny]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2000</year>
<volume>58</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>327</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Corporate Governance and Dividend Policy in Emerging Markets]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milton]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Emerging Markets Review]]></source>
<year>2004</year>
<volume>5</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>409-26</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Consistent Estimation from Partially Consistent Observations]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Neyman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Scott]]></surname>
<given-names><![CDATA[E.L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometrica]]></source>
<year>1948</year>
<volume>16</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-32</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Revisiting the Determinants of Dividend Payout Ratios in Ghana]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nuhu]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[International Journal of Business and Social Science]]></source>
<year>2014</year>
<volume>5</volume>
<numero>8</numero>
<issue>8</issue>
<page-range>230-8</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Do Family Firms Use Dividend Policy as a Governance Mechanism? Evidence from the Euro Zone. Corporate Governance]]></article-title>
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pindado]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Requejo]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Torre]]></surname>
<given-names><![CDATA[C. de la]]></given-names>
</name>
</person-group>
<source><![CDATA[An International Review]]></source>
<year>2012</year>
<volume>20</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>413-31</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Saez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Gutierrez]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Dividend Policy with Controlling Shareholders. European Corporate Governance Institute (ECGI)]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shabbir]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Padgett]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[The UK Code of Corporate Governance: Link between Compliance and Firm Performance]]></source>
<year>2008</year>
<publisher-name><![CDATA[Cranfield University School of Management]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
