Style Guide


Manuscripts should be between 5,000 and 7,000 words in length (including references, tables and figures) in English or Spanish. Articles in Portuguese are also welcome and, if accepted, will be translated into English for publication.

  • Font: 12-pt Times New Roman.
  • Line spacing and paragraph indentation: Double spacing is required throughout the document. Paragraphs should be indented 5-7 spaces or ½ inch.
  • Margins and page numbers: One (1) inch margins on all sides - top, bottom, left and right. Page numbers should be located in the upper right-hand corner.

Texts in research works usually include the following sections: Introduction; review of literature or theoretical background (which may or may not serve as grounds for formulating hypotheses); research methods; results and analysis; discussion; conclusions, limitations and implications of the research (if any); practical or managerial implications (if any), and directions for future research.


TITLE PAGE (first page)

Articles must include a first page with the title and information on the author(s). The title should be no longer than 20 words in Times New Roman, font 14 (bold).

Authors must include the name, institution, academic degree and university granting the degree, address and email. Avoid identifying the author(s) in the rest of the manuscript in order to ensure anonymity.

If you wish to mention acknowledgments and financial support, these should only be included on the first page, which is removed before sending the manuscript to the peer-reviewers in order to ensure objectivity in the evaluation. In the final version - once accepted for publication - these must go before the References section.


First page example:

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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Manuscript Title


All manuscripts must include a 250-word abstract in both English and Spanish, synthesizing the main topic addressed by the paper, the methods employed and the major findings. Estudios de Administración will translate the English abstract for those non-Spanish speaking authors.

The title and the paper abstract must be included on this page. Authors must also provide at least three (3) keywords for indexation and search and three (3) JEL codes.


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 opposite factors which may explain the dividend payout policy - transaction costs and agency costs. We conduct a cross-sectional analysis of a sample of 54 Chilean corporations listed on the Santiago Stock Exchange during the period 1996-2002. We find that the dividends clearly 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 inversely associated with the rate of dividend payments.

Keywords: 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.


  • Manuscripts should not be longer than 7,000 words, Times New Roman, Font 12, double space, and in MS Word or RTF format.
  • Section titles and subtitles should be used. Section titles should be centered in UPPER CASE letters. Section subtitles should be left justified and underscored. The titles and subtitles must be brief, clearly defined.
  • 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 they are presented on separate pages, they must be referenced within the body of the manuscript to indicate their location on separate lines as follows: "INSERT TABLE X HERE".
  • 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 fit in a column, indicate the appropriate cut-offs.

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



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



References should be submitted using the American Psychological Association ("APA") Style.

The order of references in the reference list is alphabetical, by the name of the group or the last name of an individual author. If there are 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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