<?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>S1665-53462023000400003</article-id>
<article-id pub-id-type="doi">10.21919/remef.v18i4.917</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Corporate Governance and Dividend Policy: Evidence from Colombia]]></article-title>
<article-title xml:lang="es"><![CDATA[Gobierno corporativo y política de dividendos: evidencia de Colombia]]></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"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez Arango]]></surname>
<given-names><![CDATA[Carlos Mario]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Usma Patiño]]></surname>
<given-names><![CDATA[Julian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Nuevo León  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Pacífico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Peru</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Leonisa  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,BBVA  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>18</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462023000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462023000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462023000400003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We study the impact of the adoption of the corporate governance code denominated Country Code (CC), on the dividend payout ratio of non-financial firms that report to the Superintendency of Companies in Colombia. Using an unbalanced panel data model with a sample of 605 companies from 1997 until 2022, we find that companies that adopted voluntarily the Country Code of corporate governance have paid, on average, higher dividends than those that did not. In addition, the impact of the adoption of the Country Code is amplified by its quality, meaning that higher dividend payments are attached to better Corporate Governance quality. We did not find the impact of the two reforms to the Country Code in 2007 and 2014, which implies that these reforms didn&#8217;t help companies to distribute more dividends in Colombia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se estudia el impacto de la adopción del código de gobierno corporativo denominado Código de País (CC), en el ratio de pago de dividendos de las empresas no financieras que reportan a la Superintendencia de Empresas en Colombia. Utilizando un modelo de datos de panel desequilibrado con una muestra de 605 empresas desde 1997 hasta 2022, encontramos que las empresas que adoptaron voluntariamente el Código de País de gobierno corporativo han pagado, en promedio, dividendos más altos que las que no lo hicieron. Además, el impacto de la adopción del Código de País se ve amplificado por su calidad, lo que significa que los pagos de dividendos más altos se asocian a una mejor calidad de Gobierno Corporativo. No encontramos el impacto de las dos reformas al Código de País en 2007 y 2014, lo que implica que estas reformas no ayudaron a las empresas a distribuir más dividendos en Colombia.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[G35]]></kwd>
<kwd lng="en"><![CDATA[Corporate Governance]]></kwd>
<kwd lng="en"><![CDATA[Divided Policy]]></kwd>
<kwd lng="en"><![CDATA[Ownership Concentration]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[G35]]></kwd>
<kwd lng="es"><![CDATA[Gobierno corporativo]]></kwd>
<kwd lng="es"><![CDATA[política de dividendos]]></kwd>
<kwd lng="es"><![CDATA[concentración de la propiedad]]></kwd>
</kwd-group>
</article-meta>
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