Análisis de la relación entre las variables macroeconómicas y el pago de dividendos de las compañías en Latinoamérica : estudio de caso para Colombia, México, Brasil, Chile y Perú

Abstract

This study presents an analysis of the relationship between macroeconomic variables and the dividend payment of Latin American companies. For this purpose, a sample of public companies from 5 countries in the region (Colombia, México, Brazil, Chile and Peru) was used for the period 1995-2021, through information extracted from the Refinitiv database, and for macroeconomic variables information extracted from the World Bank was used. In order to achieve the objective of analyzing this potential relationship, a panel data model with a Feasible Generalized Least Squares (FGLS) estimation was developed. As a result, a positive relationship with GDP was observed, as in all countries, but only significant in Brazil, Chile and Peru. In addition, there is a negative relationship with inflation and tax rate. However, this negative relationship is not observed in the same way in all countries analyzed and in most of them it lacks statistical significance. On the other hand, an analysis of the behavior of dividends in economic crisis is presented. Finally, it is concluded that despite the fact that in all countries there is an effect of macroeconomic variables (GDP (+) and Inflation (-)) on dividends, there is a heterogeneous effect depending on the country of analysis and on the characteristics of each firm.