Corporate governance and dividend policy: Evidence from Colombia

Samuel Mongrut Montalvan, Carlos Mario Ramirez Arango, Julian Usma Patiño

Research output: Contribution to journalArticle in a journalpeer-review


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’t help companies to distribute more dividends in Colombia.
Translated title of the contributionGobierno corporativo y política de dividendos: Evidencia de Colombia
Original languageEnglish
Article numbere917
Number of pages19
JournalRevista Mexicana de Economía y Finanzas
Issue number4
StatePublished - 30 Sep 2023

Bibliographical note

Publisher Copyright:
© 2023 Instituto Mexicano de Ejecutivos de Finanzas. All rights reserved


  • Corporate governance
  • Divided policy
  • Ownership concentration
  • Divided Policy
  • Corporate Governance
  • Ownership Concentration


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