Dividendo entre reputación y persistencia de ganancias

Autores/as

  • Juan Fernando Garrido Navia 6104443
  • Jesús Ancizar Gómez

DOI:

https://doi.org/10.46661/rev.metodoscuant.econ.empresa.7331

Palabras clave:

dividendos, reputación, persistencia ganancias, predictibilidad ganancias

Resumen

¿Afectan la persistencia-predictibilidad de ganancias y la reputación, la política de dividendos? Éste estudio aporta elementos nuevos con el fin de enriquecer el debate en torno a la pregunta en cuestión. Para ello se estructura un panel de datos de empresas listadas en América Latina con información financiera obtenida en la base de datos Datastream y un escalafón de reputación corporativa conocido como MERCO durante el período comprendido entre 2008 y 2016. Posteriormente se contrastan las hipótesis por medio de un estudio econométrico. Nuestro estudio econométrico se fundamenta en el modelo con que Lipe, R. (1990) estima el retorno de una acción a través de las propiedades de las series de tiempo de las ganancias, la tasa de interés utilizada para descontar las ganancias futuras esperadas, y la capacidad relativa de las ganancias en comparación con la información alternativa para predecir las ganancias futuras. Entre los principales hallazgos encontramos que la medida de persistencia aumenta la razón dividendos sobre activos, pero cuando se está en MERCO el resultado es negativo. Es como si las empresas se aprovecharan de aparecer en el ranking para pagar menos dividendos.

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Publicado

2023-11-02

Cómo citar

Garrido Navia, J. F., & Ancizar Gómez, J. (2023). Dividendo entre reputación y persistencia de ganancias. Revista De Métodos Cuantitativos Para La Economía Y La Empresa, 36, 1–17. https://doi.org/10.46661/rev.metodoscuant.econ.empresa.7331

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