<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4645</journal-id>
<journal-title><![CDATA[Cuadernos de Administración (Universidad del Valle)]]></journal-title>
<abbrev-journal-title><![CDATA[cuad.adm.]]></abbrev-journal-title>
<issn>0120-4645</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Valle]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-46452023000300003</article-id>
<article-id pub-id-type="doi">10.25100/cdea.v39i77.12924</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Determinants of dividend policy in small and medium-sized enterprises of an emerging market]]></article-title>
<article-title xml:lang="es"><![CDATA[Determinantes de la política de dividendos en pequeñas y medianas empresas de un mercado emergente]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Correa-Mejía]]></surname>
<given-names><![CDATA[Diego Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Correa-García]]></surname>
<given-names><![CDATA[Jaime Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Castaño-Ríos]]></surname>
<given-names><![CDATA[Carlos Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia Faculty of Economic Sciences Department of Accounting Sciences]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Antioquia Faculty of Economic Sciences Department of Accounting Sciences]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Antioquia Faculty of Economic Sciences Department of Accounting Sciences]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>39</volume>
<numero>77</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-46452023000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-46452023000300003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-46452023000300003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper aims to analyze the determining factors of dividend policy in SMEs of an emerging economy such as Colombia. SMEs are very important for emerging economies, as they are great job creators and contribute to improving the quality of life of many families. This study is based on liquidity, profitability and indebtedness variables, to demonstrate their links with the dividend policy in this type of entities on which there is not enough empirical research in the Latin American context. A panel data with a total of 11,888 observations was estimated for the horizon 2017-2019. The results evidence that liquidity and profitability increase SMEs&#8217; dividend policy. Indebtedness level indicators present a negative relationship. Overall, the results provide empirical evidence on this important financial decision in a scarcely studied business context and segment. Additionally, the factors influencing dividend policy for these firms have practical implications for regulators, investors, and financial analysts to strengthen their decision criteria in emerging economies.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo tiene como objetivo analizar los factores determinantes de la política de dividendos en las PYMEs de una economía emergente como Colombia. Este tipo de organizaciones tiene gran importancia para las economías emergentes, pues son grandes generadoras de empleo y aportan al mejoramiento de la calidad de vida de muchas familias. Este estudio parte de los indicadores de liquidez, rentabilidad y endeudamiento, para demostrar sus vínculos con la política de dividendos en este tipo de entidades sobre las cuales no se cuenta con suficientes investigaciones empíricas en el contexto latinoamericano. Se estimaron datos de panel con un total de 11,888 observaciones para el período 2017-2019. Los resultados evidencian que la liquidez y la rentabilidad aumentan la política de dividendos de las PYMEs. Los indicadores de nivel de endeudamiento presentan una relación negativa. En general, los resultados proporcionan evidencia empírica sobre esta importante decisión financiera en un contexto y segmento empresarial escasamente estudiado. Además, los factores que influyen en la política de dividendos de estas empresas tienen implicaciones prácticas para los reguladores, inversores y analistas financieros, para fortalecer sus criterios de decisión en economías emergentes.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Dividend policy]]></kwd>
<kwd lng="en"><![CDATA[SMEs]]></kwd>
<kwd lng="en"><![CDATA[Financial indicators]]></kwd>
<kwd lng="en"><![CDATA[Emerging economy]]></kwd>
<kwd lng="es"><![CDATA[Política de divendos]]></kwd>
<kwd lng="es"><![CDATA[PYMES]]></kwd>
<kwd lng="es"><![CDATA[Indicadores financieros]]></kwd>
<kwd lng="es"><![CDATA[Economía emergente]]></kwd>
</kwd-group>
</article-meta>
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