El impacto de la distribución de dividendos y la recompra de acciones en la rentabilidad del capital propio de las empresas del sector tecnológico norteamericano
DOI:
https://doi.org/10.29352/mill0221e.41915Palabras clave:
distribución de dividendos; recompra de acciones; rentabilidad; estudio de eventos; sector tecnológicoResumen
Introducían: Este estudio se distingue por considerar los cuatro anuncios trimestrales de dividendos realizados a lo largo del año, lo que permite una evaluación más precisa de su impacto relativo. Además, la comparación entre los efectos de los dividendos y de las recompras de acciones aporta una visión más completa sobre las estrategias de retribución en el sector tecnológico.
Objetivo: En el ámbito empresarial, es habitual que las compañías adopten distintas estrategias de retribución a los accionistas, entre las que destacan la distribución de dividendos y la recompra de acciones. Estas decisiones estratégicas pueden influir significativamente en el desempeño financiero y en la percepción de valor por parte de los inversores.
Métodos: A partir de una muestra compuesta por 30 empresas tecnológicas cotizadas en la bolsa NASDAQ, en el período comprendido entre 2018 y 2022, este estudio emplea la metodología de estudio de eventos para analizar el impacto de los anuncios de distribución de dividendos y de programas de recompra de acciones en la rentabilidad accionarial. El objetivo es determinar cuál de estas formas de retribución genera un efecto más significativo sobre los rendimientos anormales del mercado.
Resultados: Los resultados revelan que los anuncios de recompra de acciones tienen, en promedio, un impacto más relevante en la rentabilidad de los accionistas, reflejado en mayores rendimientos anormales. Asimismo, se observó que estos anuncios son más sensibles a los períodos de crisis económica, mostrando variaciones más marcadas que los anuncios de dividendos. En cuanto a la política de distribución de dividendos, se constató que el primer y el cuarto anuncio del año tienden a ejercer la mayor influencia sobre los rendimientos accionarios.
Conclusión: El estudio revela que los anuncios de recompra de acciones tienen un impacto más fuerte en la rentabilidad de los accionistas que los anuncios de dividendos, especialmente en períodos de crisis como la pandemia. Entre los dividendos, el primer y el cuarto anuncio del año son los que más influyen en el comportamiento de las acciones. En general, las recompras se destacan como la forma de retribución más efectiva en el sector tecnológico estadounidense.
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