Resumo

VALENCIA HERRERA, Humberto  e  RUIZ RIVERA, Felipe Javier. Dividend payout policy, family control, and institutional investors in an emerging country: The case of Mexico. Contad. Adm [online]. 2019, vol.64, n.4, e128.  Epub 12-Maio-2020. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2019.1762.

The dividend payout ratio and its volatility in firms listed on the Mexican Stock Exchange from the second quarter of 2009 to the first quarter of 2013 relate to corporate governance aspects. A structural equations model found that institutional investors avoid firms with high family intervention and prefer market risk despite greater volatility in dividend payouts. Similarly, the dividend payout volatility and market risk are positively related. Moreover, dividend payout is smaller in firms with high family intervention in management. Companies with a strong family control smooth their dividend payout and have a smaller number of institutional investors.

Palavras-chave : Dividend policy; Corporate governance; Family control.