La política de dividendos de las empresas españolasun ajuste parcial al objetivo de reparto

Abstract

The objective of this paper is to verify whether the management of the firm focuses its dividends policy towards the maintenance of a target payout ratio as stated by the Lintner's model or the economic and financial situation of the firm leads to a partial adjustment of this ratio. Obtained results let us assure that th firms partially adjust their target payout ratio depending on their economic and financial situation and their finance and investment policies. To summarise, we conclude that the key points of the agency theory are very adequate to solve the dividends puzzle and to evaluate and to elaborate the organization sharing policies.