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Cuadernos de Administración

Print version ISSN 0120-3592


KRISTJANPOLLER RODRIGUEZ, Werner  and  SILVA ARROYO, Javiera. The impact of institutional ownership of Pension Fund Administrators on dividend policy: Evidence for Chile. Cuad. Adm. [online]. 2014, vol.27, n.49, pp.11-36. ISSN 0120-3592.

The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA's prefer to invest in firms with higher dividends, implying that the AFP's behave as prudent investor and support the institutional herding hypothesis.

Keywords : Pension fund administrators; institutional ownership; dividends; Chile.

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