FACTORES DETERMINANTES DE LA POLÍTICA DE DIVIDENDOS EN EMPRESAS COLOMBIANAS NO COTIZADAS

Abstract

The article identifies the determinants of the dividend policy of unlisted Colombian companies and considers liquidity and profitability as the main variables. This issue has not been sufficiently investigated in the Colombian context, since the focus has been concentrated on stock market organizations. For this study, 3,518 data were analyzed using an ordinary least squares regression model (OLS - OLS) for the years 2017 and 2018. This information was obtained from the PIE (Portal de Información Empresarial) database of the Colombian Superintendence of Companies for firms reporting financial statements under IFRS. The study revealed that profitability presents a negative and significant relationship with the dividend policy and that, in the case of liquidity, the relationship is positive. The research opens the way to the study of financial aspects that have not been analyzed much in the Colombian literature, thus providing a reference that allows expanding the empirical evidence on financial issues that have a high academic and practical incidence.

Keywords

• free cash flow
• dividend policy
• liquidity
• profitability
• unlisted companies