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Ownership and Control in Colombian Corporations

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  • Carlos Pombo

    ()

  • Luis H Gutierrez

    ()

  • Rodrigo Taborda

    ()

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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Bibliographic Info

Paper provided by UNIVERSIDAD DEL ROSARIO 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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Keywords: Ownership; Control; Colombian Corporations;

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References

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  1. Renneboog, L.D.R., 1999. "Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange," Discussion Paper 1999-63, Tilburg University, Center for Economic Research.
  2. 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.
  3. B. Yurtoglu, 2000. "Ownership, Control and Performance of Turkish Listed Firms," Empirica, Springer, vol. 27(2), pages 193-222, June.
  4. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO.
  5. Nicolás Majluf & Nureya Abarca & Darío Rodríguez & Luis Arturo Fuentes, 1998. "Governance And Ownership Structure In Chilean Economic Groups," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 111-139.
  6. 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.
  7. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
  8. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," CEPR Discussion Papers 2145, C.E.P.R. Discussion Papers.
  9. Ariane Chapelle, 2004. "Separation between ownership and control: where do we stand?," ULB Institutional Repository 2013/9941, ULB -- Universite Libre de Bruxelles.
  10. Alejandro Izquierdo & Alejandro Micco & Ugo Panizza & Alberto E. Chong, 2003. "Corporate Governance and Private Capital Flows to Latin America," IDB Publications 6505, Inter-American Development Bank.
  11. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA.
  12. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and control: dissecting the pyramid," Working Papers CEB 03-002.RS, ULB -- Universite Libre de Bruxelles.
  13. Franks, Julian R & Mayer, Colin, 2001. "Ownership and Control of German Corporations," CEPR Discussion Papers 2898, C.E.P.R. Discussion Papers.
  14. Carlos Pombo, 2002. "Industrialization and industrial policy in Colombia: a tale of economic development," BORRADORES DE INVESTIGACIÓN 002842, UNIVERSIDAD DEL ROSARIO.
  15. Beni Lauterbach & Alexander Vaninsky, 1999. "Ownership Structure and Firm Performance: Evidence from Israel," Journal of Management and Governance, Springer, vol. 3(2), pages 189-201, June.
  16. 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.
  17. Wiwattanakantang, Yupana, 2001. "Controlling Shareholders and Corporate Value: Evidence from Thailand," CEI Working Paper Series 2001-4, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  18. Flath, David, 1992. "Indirect shareholding within Japan's business groups," Economics Letters, Elsevier, vol. 38(2), pages 223-227, February.
  19. Chen, Jian, 2001. " Ownership Structure as Corporate Governance Mechanism: Evidence from Chinese Listed Companies," Economic Change and Restructuring, Springer, vol. 34(1-2), pages 53-72.
  20. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
  21. 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.
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Citations

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Cited by:
  1. Fernando Lefort, 2005. "Ownership Structure And Corporate Governance In Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 8(1), pages 55-84.
  2. repec:hal:wpaper:hal-00842582 is not listed on IDEAS
  3. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO.
  4. Carlos Pombo & Luis H. Gutiérrez, 2007. "Corporate Governance and Firm Valuation in Colombia," Research Department Publications 4470, Inter-American Development Bank, Research Department.
  5. repec:hal:cepnwp:hal-00842582 is not listed on IDEAS
  6. González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María-Andrea, 2012. "Family firms and financial performance: The cost of growing," Emerging Markets Review, Elsevier, vol. 13(4), pages 626-649.
  7. Carlos Pombo & Luis H. Gutiérrez, 2007. "Gestión empresarial y valuación de empresas en Colombia," Research Department Publications 4471, Inter-American Development Bank, Research Department.

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