El efecto de los conflictos de agencia en las políticas de dividendos a los accionistas: El caso chileno

Abstract

In this paper explores whether payout ratios of Chilean companies are explained by the extent of potential agency conflicts between controlling and minority shareholders. I use both panel data regression analysis and an event study to test different hypothesis related to the effect of corporate governance on payout policies. The results show that in the context of an emerging economy, such as Chile, that presents high ownership concentration and extensive use of conglomerates and pyramid structures, the rent-seeking theory of the effect of agency problems on payout policies seems to be especially relevant. Companies that present a higher degree of coincidence between cash flow rights and control rights tend to have more generous dividend policies. On the other hand, unexpectedly high dividend announcements made by companies with potentially higher agency conflicts present higher abnormal returns.