La política de dividendos
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Fecha
2012
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Asociación Catalana de Contabilidad y Dirección (ACCID)
Resumen
La política de dividendos es una de las decisiones importantes que se deben tomar en las finanzas corporativas. A lo largo del siglo XX y durante lo que llevamos del siglo XXI muchos académicos han estudiado este tema, muchas veces en contacto con los ejecutivos empresariales. Así se han ido desarrollando modelos y analizando los elementos que deben considerarse para establecer la cuantía de los dividendos a distribuir, así como se han analizado otras posibilidades alternativas. El trabajo de Miller y Modigliani (1961) supuso un desafío para los estudiosos de este tema, como el de Modigliani y Miller (1958) lo supuso en el tema del endeudamiento. Desde entonces su postura resulta fundamental para entender las políticas de dividendos. La investigación actual no ha encontrado todavía una respuesta satisfactoria sobre cuáles son las decisiones idóneas en este campo.
Dividend policy is one of the key decisions to be taken on corporate finance. During the twentieth century and for so far this century many scholars have studied this topic, often in contact with corporate executives. Models have been developed and the factors to be considered to establish the amount of dividends to be distributed have been analyzed, as well as other alternatives have been studied. The work of Miller and Modigliani (1961) was a challenge to scholars, such as the one of Modigliani and Miller (1958) supposed on the issue of debt. Since then, their posture is essential to understand the dividend policies. Current research has not yet found a satisfactory answer for what the right decisions are in this field.
Dividend policy is one of the key decisions to be taken on corporate finance. During the twentieth century and for so far this century many scholars have studied this topic, often in contact with corporate executives. Models have been developed and the factors to be considered to establish the amount of dividends to be distributed have been analyzed, as well as other alternatives have been studied. The work of Miller and Modigliani (1961) was a challenge to scholars, such as the one of Modigliani and Miller (1958) supposed on the issue of debt. Since then, their posture is essential to understand the dividend policies. Current research has not yet found a satisfactory answer for what the right decisions are in this field.
Palabras clave
Dividendos
Miller y Modigliani
Valor informativo
Dividends
Miller and Modigliani
Informative value
Miller y Modigliani
Valor informativo
Dividends
Miller and Modigliani
Informative value
Descripción
Materias
Cita
Gómez-Bezares Pascual, F., & Apraiz Larragán, A. (2012). La política de dividendos. Revista de contabilidad y dirección, 15, 167-184.