EL IMPACTO DE LA PROPIEDAD INSTITUCIONAL DE LAS ADMINISTRADORAS DE FONDOS DE PENSIÓN SOBRE LA POLÍTICA DE DIVIDENDOS: EVIDENCIA PARA CHILE.

The goal of this paper is to determine the effect of the Chilean Pension Fund Administrator (PFA) ownership in to the dividend policy of the firms where they invest, through a panel data analysis. The results show a positive linear and no linear relationship between the PFA and the dividend policy, measured by the dividend yield. Also, it is found a selection bias in this relationship, indicating that PFA's prefer to invest in firms with higher dividends, implying that the AFP's behave as prudent investor and support the institutional herding hypothesis. [ABSTRACT FROM AUTHOR]