TY  - JOUR 
TI  - Dividend payout policies: Evidence from Latin America
PB  - Elsevier
PY  - 2016
issn 1544-6123
AB  - This paper examines dividend payout policies for firms in six Latin American countries from 1995 to 2013. As predicted by the pecking order and trade-off models, the dividend payout is positively linked to profitability and negatively related to past indebtedness and investment opportunities. We also find that the target dividend payout ratio is positively related to governance indicators at the country level. In addition, the speed to which firms adjust their dividends to changes in earnings is lower in high governance countries in the region. Thus, firms smooth dividends more in countries with higher governance scores. We do not find evidence supporting the lifecycle theory nor illiquidity effects on dividends levels.
KW  - Economía
KW  - Economics
KW  - Modelo de negocios
KW  - Endeudamiento
KW  - Rentabilidad empresarial
UR  - http://hdl.handle.net/10906/82066
ER  -