Los viejos prefieren dividendos a ganancias en el valor de las acciones

En relación con los dividendos

companies respond to the preferences of their current shareholders…

• Firms seem to respond to the tendency of older investors to hold dividend-paying stocks in combination with individual investors’ increased financial demands due to increased personal health expenses unemployment and household consumption, by increasing the dividend payouts. …
• A country with good market quality has better price informativeness due to improved transparency, and higher stock market liquidity. .. a firm headquartered in a country whose stock market is opaque and illiquid, pay more dividends. The “Bird in the hand” theory argues that shareholders prefer dividends to capital gains because of uncertainty associated with capital gains… shareholders demand a higher dividend payout when the market quality is poor and the uncertainty surrounding the expected payback through capital gain increases.
• firms operating in countries with poor protection of minority shareholders pay higher dividends.
• companies headquartered in countries with low tax rates on dividends pay higher dividends relative to the companies headquartered in countries with high taxes on dividends

Jain, Pawan, Chu, Quentin and Elnahas, Ahmed Mahmoud, A Global Investigation of Dividend Yields: Shareholder Demand, Agency Problems, and Market Quality (September 16, 2011). Available at SSRN: http://ssrn.com/abstract=1929183