Corporate governance and dividend policy: Evidence from Colombia

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

doi:10.21919/remef.v18i4.917

Corporate governance and dividend policy: Evidence from Colombia

Título traducido de la contribución: Gobierno corporativo y política de dividendos: Evidencia de Colombia

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

Producción científica: Contribución a una revista › Artículo de revista › revisión exhaustiva

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.

Título traducido de la contribución	Gobierno corporativo y política de dividendos: Evidencia de Colombia
Idioma original	Inglés
Número de artículo	e917
Número de páginas	19
Publicación	Revista Mexicana de Economia y Finanzas Nueva Epoca
Volumen	18
N.º	4
DOI	https://doi.org/10.21919/remef.v18i4.917
Estado	Publicada - 30 set. 2023

Nota bibliográfica

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

Palabras clave

Gobierno corporativo
Política de dividendos
Concentración de la propiedad

ODS de las Naciones Unidas

Este resultado contribuye a los siguientes Objetivos de Desarrollo Sostenible

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10.21919/remef.v18i4.917Licencia: CC BY-NC

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1 Resumen
1 Contribución a una conferencia

Corporate governance and dividend policy: A previous evidence from Colombia
Mongrut Montalván, S. A., 2019. 24 p.
Producción científica: Contribución a una conferencia › revisión exhaustiva

Acceso abierto
Corporate governance and dividend policy in Colombia
Mongrut, S., Usma, J. & Ramírez, C., 2017.
Producción científica: Contribución a una conferencia › Resumen › revisión exhaustiva

Acceso abierto

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title = "Corporate governance and dividend policy: Evidence from Colombia",

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{\textquoteright}t help companies to distribute more dividends in Colombia.",

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AB - 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.

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Corporate governance and dividend policy: Evidence from Colombia

Resumen

Nota bibliográfica

Palabras clave

ODS de las Naciones Unidas

Acceder al documento

Otros archivos y enlaces

Huella

Producción científica

Corporate governance and dividend policy: A previous evidence from Colombia

Corporate governance and dividend policy in Colombia

Citar esto