DIVIDENDOS POTENCIALES Y FLUJOS DE CAJA: UN ANÁLISIS REGIONAL PARA AMÉRICA LATINA (Artículo publicado en inglés)
DOI:
https://doi.org/10.1016/S0123-5923(09)70093-2Palabras clave:
FLUJO DE CAJA, ACCIONISTAS, DIVIDENDOS, VALOR, PATRIMONIOResumen
Dividendos potenciales y flujos de caja: un análisis regional para América Latina Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor.Un dólar invertido en activos líquidos tiene un valor presente neto negativo.Confirmamos los costos de agencia de no distribuir los flujos de caja.Descargas
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