DIVIDENDOS POTENCIALES Y FLUJOS DE CAJA: UN ANÁLISIS REGIONAL PARA AMÉRICA LATINA (Artículo publicado en inglés)

Autores/as

  • Ignacio Vélez Pareja Master of Science en Industrial Engineering, University of Missouri, Estados Unidos. Profesor Asociado, Universidad Tecnológica de Bolívar, Colombia. Grupo de investigación Instituto de Estudios para el Desarrollo, IDE, Colombia.
  • Mariano Germán Merlo Master en Finanzas, Universidad del CEMA, Argentina. Director Academico, Especialización en Análisis Financiero y Coordinador Académico del MBA mención Finanzas, Escuela de Negocios de la Universidad de Belgrano, Argentina.
  • David Andrés Londoño Bedoya PhD en Teoría Económica e Instituciones, Universitá degli Studi di Roma "Tor Vergata", Italia. Profesor Investigador y Secretario Académico (e), Universidad Tecnológica de Bolívar, Colombia. Grupo de investigación Instituto de Estudios para el Desarrollo, IDE, Colombia.
  • Julio A Sarmiento Sabogal Especialista en Finanzas, Pontificia Universidad Javeriana, Colombia. Profesor, Pontificia Universidad Javeriana, Colombia.

DOI:

https://doi.org/10.1016/S0123-5923(09)70093-2

Palabras clave:

FLUJO DE CAJA, ACCIONISTAS, DIVIDENDOS, VALOR, PATRIMONIO

Resumen

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.

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Publicado

2009-12-31

Número

Sección

Artículo de investigación

Cómo citar

DIVIDENDOS POTENCIALES Y FLUJOS DE CAJA: UN ANÁLISIS REGIONAL PARA AMÉRICA LATINA (Artículo publicado en inglés). (2009). Estudios Gerenciales, 25(113), 151-184. https://doi.org/10.1016/S0123-5923(09)70093-2