The impact of institutional ownership of Pension Fund Administrators on dividend policy: Evidence for Chile
The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy,...
| Autor Principal: | Kristjanpoller Rodríguez, Werner; Universidad Técnica Federico Santa María |
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| Otros Autores: | Silva Arroyo, Javiera; Universidad Técnica Federico Santa María |
| Formato: | info:eu-repo/semantics/article |
| Idioma: | spa |
| Publicado: |
Pontificia Universidad Javeriana
2014
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| Materias: | |
| Acceso en línea: |
http://revistas.javeriana.edu.co/index.php/cuadernos_admon/article/view/8845 |
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| Sumario: |
The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA’s prefer to invest in firms with higher dividends, implying that the AFP’s behave as prudent investor and support the institutional herding hypothesis. |
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