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Costos de Agencia y Costos de Transacción como Determinantes de la tasa de pago de dividendos en Chile: Extensión


Carlos Maquieira V.

Director de la Escuela de Posgrado, Economía y Negocios, Universidad de Chile

Ph.D. in Business Administration, University of Georgia

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Ingrid Moncayo M.

Investigadora, Escuela de Postgrado, Economía y Negocios, Universidad de Chile

Magister en Finanzas, Universidad de Chile

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ABSTRACT (Second page):

All mansucripts will include a 250-words abstract in both English and Spanish, synthesizing the major issue addressed by the paper, the method and the major findings. Estudios en Administración will translate the English abstract for those non-spanish speaking authors.

In this page the Title and the paper abstract need to be included. Additionally the authors should provide at least three key words for indexation and search.



Costos de Agencia y Costos de Transacción como Determinantes de la tasa de pago de dividendos en Chile: Extensión


Este artículo extiende el estudio realizado por Maquieira y Danús (1998), utilizando el modelo de decisión de pago de dividendos planteado por Rozeff (1982). Este modelo destaca dos factores opuestos que determinan el pago de dividendos -costos de transacción y costos de agencia. El análisis se basa en un estudio de corte transversal durante el período 1996-2002 para una muestra de 54 sociedades anónimas cotizaron en la Bolsa de Comercio de Santiago. Claramente los resultados muestran que los pagos de dividendos tienen un contenido informacional, mostrando que tasas de crecimiento esperadas mayores están asociadas a mayor pago de dividendos. Asimismo mayor propiedad accionaria de los insiders está asociada a mayores pagos de dividendos. Finalmente, la tasa de crecimiento pasado guarda relación inversa con la tasa de pago de dividendos.

Palabras clave: dividendos, costos de transacción, teoría de agencia, Chile

Códigos JEL:Los artículos deberán incluir al menos tres códigos de clasificación, de acuerdo con el sistema Journal of Economic Literature (JEL).


We extend the Maquieira and Danús (1998) study. In doing so, we use the model proposed by Rozeff (1982) to determine dividend payments. This model considers two opposites factors which may explain the dividend payout policy- transaction costs and agency costs. We do a cross sectional analysis on a sample of fifty fourChilean public companies in the Santiago Stock Exchange during the period 1996-2002. We find that dividends signal future growth of the companies. Furthermore, the greater the percentage of shares owned by insiders the higher the dividend payout. Finally, we find that the past growth rate of the companies is negatively associated with the dividend payments.

Key words: dividends, transaction costs, agency theory, Chile

JEL Codes:Articles must include at least three classification codes, in accordance with the Journal of Economic Literature (JEL) system.



  1. Manuscripts should not be longer than 7000 words, Font Times New Roman 12, double space, and in MS Word or RTF format.
  2. Section titles and subtitles should be used. Section titles should be centered in UPPER CASE letters. Section subtitles should be left justified and underwritten. The titles and subtitles must be brief, clearly defined and numbered.
  3. Figures, graphs and tables can be placed either next to the relevant text in the article, or on separate page(s) at the end. Figures and Tables should have a correlative number (1, 2, etc.) and a short title. If are presented on separate pages, they need to be referenced within the body of the manuscript to indicate their location in separate lines as: "INSERT TABLE X HERE".
  4. The mathematical notations should be clearly explained in the text. The formulas must be listed consecutively throughout the manuscript as (1), (2), etc. aligned with the right margin of the page. Unusual symbols and Greek letters must be identified. In the case of equations that do not reach in a column, indicate the appropriate cuts.

Do not use footnotes or notes at the end of the text except when they are absolutely necessary.



Bibliographic references shoud be inserted in the paper using the (Last name, Year) format. For example: “The degree of competition within an indisustry is key for explaining superior performance (Porter, 1980)”. If two or more works by the same author belong to the same year, defer them by adding an a, b, etc. after the year of publication. If there are more than 6 authors, cite only the surname of the first author, followed by et al.; if the author group consists of 6 authors or fewer, all author names should be listed when first time cited in text; subsequent citations in text should include the surname of the first author, followed by "et al.,". Use "and" between two authors in text and both surnames should be cited. At the end of the manuscript all these references should be included on the Reference list.

Footnotes should not be used for referencing, and should be used sparsely.


Reference list

References should be submitted using the APA style.

Order of references in the reference list is alphabetical, by the name of the group or the last name of an individual author. If multiple publications per author, order them earliest to latest. Use only initials for an individual author's first name: 'Serrano, J.', not 'Serrano, Juan'. Some citation examples are shown below:


Journal article citation:

Author Surname, First initial.(Publication Year). Article title. Source or Journal Title, Volume(Issue), pp.-pp. DOI:XX.XXXXX

Ainuddin, R. A., Beamish, P. W., Hulland, J. S., & Rouse, M. J. (2007). Resource attributes and firm performance in international joint ventures. Journal of World Business, 42(1), 47-60.


Newspaper citation:

Author Surname, First initial. (Publication Year). Article title. Periodical Title, Volume(Issue), pp.-pp. DOI:XX.XXXXX or Retrieved from journal URL

Davinsson, h. (2015, July 17). Shopping at Malls: Why we need to consider time?. International Post. Retrieved from http://internationalnationalpost.com/


Book citation:

Author Surname, First initial. (Publication Year). Title of book: subtitle if given (edition if given or if its not first edition). Publication city, Country: Publisher Name.

Franks, A. (2005). Margaret Sanger's eugenic legacy: The control of female fertility. Jefferson, NC: McFarland & Company.


Chapter in book citation:

Author Surname, First initial. (Publication Year). Title of Chapter. In Editor First Initial, Editor Surname (Ed.), Tittle of book: (pp.-pp.). Publication city, Country: Publisher Name.

Hemingway, E. (1999). The killers. In J. Updike & K. Kenison (Eds.), The best American short stories of the century (pp.78-80). Boston, MA: Houghton Mifflin.


Conference Paper in Print Proceedings

Author Surname, First initial. (Publication Year). Article title. In Editor First Initial, Editor Surname (Ed.)Tittle of published proceedings. Paper presented at Title of Conference: Subtitle of Conference.Publication city, Country: Publisher Name.

Wilkinson, R. (1999). Sociology as a marketing feast. In M. Collis, L. Munro, & S. Russell (Eds.), Sociology for the New Millennium. Paper presented at The Australian Sociological Association, Monash University, Melbourne, 7-10 December (pp. 281-289). Churchill, VIC: Celts.



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