Corporate governance and dividend policy in Colombia

Samuel Mongrut, Julian Usma, Carlos Ramírez

Producción científica: Contribución a una conferenciaResumenrevisión exhaustiva


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.
Idioma originalInglés
EstadoPublicada - 2017
EventoWorld Finance Conference - Italia
Duración: 1 jul. 20171 jul. 2017


ConferenciaWorld Finance Conference


Profundice en los temas de investigación de 'Corporate governance and dividend policy in Colombia'. En conjunto forman una huella única.

Citar esto