Corporate governance and dividend policy in Colombia

Samuel Mongrut, Julian Usma, Carlos Ramírez

Research output: Contribution to conferenceAbstractpeer-review


The study measures the impact of the adoption of the Corporate Governance Code (CGC) on the dividend payout ratio for non-financial firms listed in the National Registry for Securities and Issuers (RNVE) of the Colombian Stock Exchange (CSE). Through the application of a non-balanced panel data model on a sample of 279 companies, from 2004 to 2015, it has been found that those companies that adopted the CGC have paid, on average, higher dividends than those that did not. In addition, the impact of the adoption of the CGCC is amplified by its quality, meaning that better Corporate Governance practices lead to even higher dividend payout. Likewise, companies with a CGC do not only pay higher dividends but also show better margins of profitability and higher returns.
Original languageEnglish
StatePublished - 2017
EventWorld Finance Conference - Italia
Duration: 1 Jul 20171 Jul 2017


ConferenceWorld Finance Conference


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