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Estructura de propiedad: ¿Maximizan ganancias las empresas en chile?

Author

Listed:
  • Paredes M., Ricardo

    (Departamento de Economía, Universidad de Chile y ZOFRILO, Perú)

  • Flor R., Lincoln

    (Departamento de Economía, Universidad de Chile y ZOFRILO, Perú)

Abstract

This paper analyzes the ownership structure of Chilean firms, its consistency with the profit maximization assumption and the consequences of the economic conglomerates on the ownership structure. The empirical results suggest that ownership structure is consistent with the profit maximation, what goes against the idea that large ownership diffusion explains the relatively poor performance of Latin America firms. The results also show that economic groups increase ownership concentration. A possible reason for that finding is that the goal of these institutions is the group and not each firm profit maximization. Finally, the paper suggests a main policy implication, in the sense that ownership diffusion to privatize new firms may reduce economic efficiency.// Este artículo analaiza la estructura de propiedad de las empresas en Chile, su congruencia con el supuesto de maximización de ganacias y el efecto que en dicha estructura producen los "grupos económicos". De las estimaciones empíricas se desprende que en Chile la estructura de propiedad de las empresas es compatible con el objetivo de maximización de ganancias. Ello contradice la idea de que el desempeño relativamente pobre de las empresas en países latinoamericanos obedecería a una anormalmente alta difusión de la propiedad. También se comprobó que el pertenecer a grupos económicos aumenta la concentración de la propiedad, lo que indica que los grupos maximizarían la ganancia conjunta y no la de cada empresa que controlan. Por último, se deduce de los resultados que procurar que los trabajadores participen en los porcesos de privatización como se hizo en Chile altera la estructura óptima de propiedad, lo que finalmente es ineficiente.

Suggested Citation

  • Paredes M., Ricardo & Flor R., Lincoln, 1993. "Estructura de propiedad: ¿Maximizan ganancias las empresas en chile?," El Trimestre Económico, Fondo de Cultura Económica, vol. 60(240), pages 885-908, octubre-d.
  • Handle: RePEc:elt:journl:v:60:y:1993:i:240:p:885-908
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