Relación entre los Componentes del Modelo DuPont y el Retorno Total para los Accionistas: Evidencia del Mercado Bursátil de EE. UU.
Keywords:
DuPont analisis, Return on Equity (ROE), Total Shareholder Return (TSR), Financial leverage, Earnings relevanceAbstract
This study examines the relationship between the components of the DuPont Model—net profit margin, asset turnover, and financial leverage—and total shareholder return (TSR) in the U.S. stock market. Using a fixed-effects panel model with a sample of 497 firms from 2011 to 2024, the findings reveal that the relevance of these components is not uniform. Specifically, financial leverage (β = 0.045, p < 0.01) and firm size (β = 0.074, p < 0.01) show a positive and statistically significant relationship with TSR. In contrast, asset turnover exhibits a negative and significant association (β = -0.076, p < 0.05), while net profit margin does not show a significant relationship (β = 0.0008, p > 0.05). Although the model is globally significant (p < 0.001), it explains only a modest portion of the variance (R² = 1.02%), suggesting the influence of omitted factors. These results indicate that, during the analysis period—characterized by low interest rates and high volatility—
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