Determinants of Dividend Payout in Unlisted Spanish Family and Non-Family Firms

The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to higher or lower dividend payments. Data from 612 Spanish companies during 12 consecutive years was analyzed. This indicates as a result of the greater proximity business, pay dividends. However, we found evidence pyramid structures, susceptible agency costs, both businesses. In this can be explained by their aim maintain levels trust with minority interests, businesses purpose mitigate conflicts interest consequence autonomy subsidiaries. obtained adds value investigation, which has generally been focused on listed companies. Considering use policy align divergent especially more fragile governance results contribute reduce gap research, have practical implications for investors.