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Estructura de propiedad y dividendos en España
Inmaculada Aguiar Día and Domingo Javier Santana Martín and Nieves Lidia Díaz Díaz |
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The objective of the present study is to test the hypothesis of expropriation derived from the existence of blockholders in the ownership structure of listed Spanish firms. The results allow us to conclude that (i) the relationship between ownership and dividends is affected by the type of decision –distribution or amount-, (ii) the hypothesis of expropriation holds for the concentration of voting rights as well as for the level of divergence between voting and cash flow rights, in both assumptions for different levels of concentration and divergence, (iii) family firms use the amount of dividends as an expropriation mechanism. Therefore, it is possible to conclude that expropriation takes place for certain voting rights and divergence levels. Finally, we conclude, that companies use two mechanisms to extract rents: to avoid the distribution of dividends and/or to reduce the amount of such dividends, depending both on the level of control of the main shareholder.
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