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Ownership and Control in Colombian Corporations

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Author Info
Carlos Pombo ()
Luis H Gutierrez ()
Rodrigo Taborda ()

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Abstract

We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, voting rights are greater than cash flow rights because of the presence of indirect ownership across firms that belong mainly to pyramidal and cross share holdings. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration for the top-four largest voting blocks similar to the levels observed in continental Europe, although the largest stake has on average 20% lower voting rights than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings' ultimate controllers. ************************************************************************************************************ Esta investigación analiza la separación entre propiedad y control para un promedio de 140 empresas no financieras en Colombia inscritas en Bolsa de Valores para el período 1996-2002. Dividiendo la muestra de acuerdo con su estatus de inscripción y por actividad económica, los derechos de votación son mayores a los derechos de flujo de caja debido a la presencia de propiedad indirecta a través de las firmas que pertenecen a grupos económicos con estructuras piramidales o de propiedad cruzada. La muestra de estudio incluye un número importante de empresas no afiliadas. Las estadísticas de propiedad muestran una alta concentración para los cuatro primeros bloques de votación similar a los niveles observados en Europa continental, aunque el primer bloque es un 20% menor a lo observado en esta región. Finalmente, las sociedades de inversión y contratos de fideicomiso tienen un papel central como accionitas controlantes en las empresas y en los conglomerados.

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Paper provided by UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA in its series BORRADORES DE INVESTIGACIÓN with number 003311.

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Length: 40
Date of creation: 01 May 2005
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Handle: RePEc:col:000091:003311

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre. [Downloadable!]
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  2. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and Control: Dissecting the Pyramid," Working Papers CEB 03-002.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
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  3. Brioschi, Francesco & Buzzacchi, Luigi & Colombo, Massimo G., 1989. "Risk capital financing and the separation of ownership and control in business groups," Journal of Banking & Finance, Elsevier, vol. 13(4-5), pages 747-772, September. [Downloadable!] (restricted)
  4. G.F. Mathewson & R.A. Winter, 1984. "An Economic Theory of Vertical Restraints," RAND Journal of Economics, The RAND Corporation, vol. 15(1), pages 27-38, Spring. [Downloadable!] (restricted)
  5. Ugo Panizza & Alejandro Izquierdo & Alejandro Micco & Alberto Chong, 2003. "Corporate Governance and Private Capital Flows to Latin America," RES Working Papers 1008, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112. [Downloadable!] (restricted)
  7. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
  8. Flath, David, 1992. "Indirect shareholding within Japan's business groups," Economics Letters, Elsevier, vol. 38(2), pages 223-227, February. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
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  10. Carlos Pombo, 2002. "Industrialization and industrial policy in Colombia: a tale of economic development," BORRADORES DE INVESTIGACIÓN 002842, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
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  1. Roberto Fortich, 2005. "La Ley del Mercado de Valores: Análisis de sus Posibles Consecuencias sobre las Corporaciones en Colombia," BORRADORES DE INVESTIGACIÓN 003037, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
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