{"id":99742,"date":"2010-12-03T00:00:00","date_gmt":"2010-12-03T00:00:00","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/the-catering-theory-of-dividends-the-moderating-role-of-firm-characteristics-corporate-governance-factors-and-corporate-ownership\/"},"modified":"2010-12-03T00:00:00","modified_gmt":"2010-12-03T00:00:00","slug":"the-catering-theory-of-dividends-the-moderating-role-of-firm-characteristics-corporate-governance-factors-and-corporate-ownership","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/salamanca\/the-catering-theory-of-dividends-the-moderating-role-of-firm-characteristics-corporate-governance-factors-and-corporate-ownership\/","title":{"rendered":"The catering theory of dividends: the moderating role of firm characteristics, corporate governance factors and corporate ownership"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Mar\u00eda  Elisabete Duarte  Neves <\/strong><\/h2>\n<p>Esta tesis proporciona nueva evidencia emp\u00edrica de las predicciones de la teor\u00eda de catering de los dividendos. Utilizando el gmm para estimar los modelos esta investigaci\u00f3n revela, que el sentimiento del inversor afecta significativamente la disposici\u00f3n de una empresa para pagar dividendos en pa\u00edses de la zonaeuro y, el efecto es positivo despu\u00e9s de controlar los factores tradicionales de los dividendos. Nuestros resultados proporcionan apoyo emp\u00edrico en la existencia de un importante componente psicol\u00f3gico en la decisi\u00f3n de reparto. Adem\u00e1s, encontramos que la preferencia de los inversores hacia los t\u00edtulos pagadores aumenta con los niveles de activos l\u00edquidos en las empresas, con la existencia de valiosas oportunidades de inversi\u00f3n e m\u00e1s altos niveles de cash flow libre. adicionalmente, basados en estudios previos que muestran una relaci\u00f3n entre las diferentes caracter\u00edsticas institucionales y decisiones de dividendos, nuestros resultados aclaran para una muestra m\u00e1s ampliada, que incluye los pa\u00edses de zonaeuro, ee.Uu., Reino unido, canad\u00e1 y jap\u00f3n que los argumentos de la teor\u00eda de catering tambi\u00e9n son aplicables y que el entorno institucional modera los incentivos de catering por dividendos. Los resultados confirman que los pagos de dividendos pueden ser un sustituto de otras caracter\u00edsticas, porque empresas mal gobernadas necesitan formas alternativas de establecer una buena reputaci\u00f3n en el mercado, una pol\u00edtica de pago de dividendos es  m\u00e1s valiosa en el margen a las empresas con problemas de agencia. finalmente, los resultados revelan que los incentivos de catering se ven afectados por las variables de propiedad. Concretamente, la preferencia de los inversores hacia el reparto se traduce en menores payouts en las empresas con m\u00e1s altos niveles de propiedad directiva, y donde el mayor accionista tiene poder de control. Tambi\u00e9n la presencia de dos grandes accionistas influir\u00e1 en la medida en que las empresas atienden a los deseos de sus inversores por dividendos.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>The catering theory of dividends: the moderating role of firm characteristics, corporate governance factors and corporate ownership<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 The catering theory of dividends: the moderating role of firm characteristics, corporate governance factors and corporate ownership <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Mar\u00eda  Elisabete Duarte  Neves <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Salamanca<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 12\/03\/2010<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Julio Pindado Garcia<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Alberto de Miguel hidalgo <\/li>\n<li>Jorge Bento farinha (vocal)<\/li>\n<li>Juan  Antonio Rodr\u00edguez sanz (vocal)<\/li>\n<li>kevin Keasey (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Mar\u00eda Elisabete Duarte Neves Esta tesis proporciona nueva evidencia emp\u00edrica de las predicciones de la teor\u00eda de [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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