Corporate governance and dividend policy in Colombia

Samuel Mongrut; Julian Usma; Carlos Ramírez

Abstract

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 language	English
State	Published - 2017
Event	World Finance Conference - Italia Duration: 1 Jul 2017 → 1 Jul 2017

Conference

Conference	World Finance Conference
Period	1/07/17 → 1/07/17

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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https://www.world-finance-conference.com/site/files/eb8d718e0beae39e340fd4c1f17d5cf1.pdf

1 Paper
1 Article in a journal

Corporate governance and dividend policy: Evidence from Colombia
Montalvan, S. M., Ramirez Arango, C. M. & Usma Patiño, J., 30 Sep 2023, In: Revista Mexicana de Economia y Finanzas Nueva Epoca. 18, 4, 19 p., e917.
Research output: Contribution to journal › Article in a journal › peer-review

Open Access
Corporate governance and dividend policy: A previous evidence from Colombia
Mongrut Montalván, S. A., 2019. 24 p.
Research output: Contribution to conference › Paper › peer-review

Open Access

Cite this

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title = "Corporate governance and dividend policy in Colombia",

abstract = "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.",

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T1 - Corporate governance and dividend policy in Colombia

AU - Mongrut, Samuel

AU - Usma, Julian

AU - Ramírez, Carlos

PY - 2017

Y1 - 2017

N2 - 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.

AB - 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.

M3 - Abstract

T2 - World Finance Conference

Y2 - 1 July 2017 through 1 July 2017

ER -

Corporate governance and dividend policy in Colombia

Abstract

Conference

UN SDGs

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Research output

Corporate governance and dividend policy: Evidence from Colombia

Corporate governance and dividend policy: A previous evidence from Colombia

Cite this