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Governance Of Large Corporations In Mexico And Productivity Implications

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  • GONZALO CASTAÑEDA RAMOS

    (Departamento de Economía, Universidad de las Américas-Puebla, México.)

Abstract

The main objective of this paper is to describe the essential features of large Mexican firms. The observed structure fits with the stylized facts of the business groups found in many developing countries. In particular, there is a high concentration of control rights, not only because of the fact that family members own large holdings of stock in these firms, but also because it is a common practice to use pyramids and to issue “non-voting” shares. It is argued that the lack of counterbalances and the excessive control rights in the hands of few large shareholders produce a rent extraction problem. Hence those stakeholders that potentially experience opportunistic behavior are reluctant to establish long-term relationships, with the corresponding negative consequences on the productivity of the firm.

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File URL: http://eacc10.puc.cl/files/ABT/Contenidos/Vol-3-N1/3%20Castaneda.pdf
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Bibliographic Info

Article provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.

Volume (Year): 3 (2000)
Issue (Month): 1 ()
Pages: 57-89

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Handle: RePEc:pch:abante:v:3:y:2000:i:1:p:57-89

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Web page: http://eacc10.puc.cl/RePEc/pch/
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Related research

Keywords: Corporate Governance; Mexico; Related Credit;

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  1. La Porta, Rafael, et al, 1997. "Trust in Large Organizations," American Economic Review, American Economic Association, vol. 87(2), pages 333-38, May.
  2. Kali, Raja, 1999. "Endogenous Business Networks," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 615-36, October.
  3. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
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Cited by:
  1. Fernando Lefort & Eduardo Walker, 2000. "Corporate Governance: Challenges For Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 2(2), pages 99-111.

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