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La Participación Bancaria En Estructuras Con Varios Grandes Accionistas

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Author Info
María José Casasola ()
Margarita Samartín ()
Josep A. Tribó ()

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Abstract

Este trabajo analiza, en primer lugar, las características de la participación de las entidades de crédito en estructuras con varios grandes accionistas. Un segundo aspecto, que es lo más novedoso del artículo, muestra como la participación bancaria en las empresas con varios grandes accionistas puede ser positiva, a diferencia de lo que encuentran otros estudios. En concreto, sólo encontramos una relación negativa entre participación bancaria y rentabilidad de la empresa cuando las entidades de crédito participan junto con otras entidades financieras en la propiedad de las empresas. Sin embargo, cuando los accionistas significativos que les acompañan no son de naturaleza financiera, la relación es positiva. Justificamos este resultado en virtud de la mayor facilidad que tienen las entidades de crédito para formar coaliciones que priman sus intereses sobre los de los accionistas minoritarios en el primer caso, en comparación con el segundo.

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Paper provided by Universidad Carlos III, Departamento de Economía de la Empresa in its series Documentos de Trabajo de Economía de la Empresa with number db020101.

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Date of creation: Feb 2002
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Handle: RePEc:cte:dbrepe:db020101

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  1. Bennedsen, Morten & Wolfenzon, Daniel, 2000. "The balance of power in closely held corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 113-139. [Downloadable!] (restricted)
  2. Zwiebel, Jeffrey, 1995. "Block Investment and Partial Benefits of Corporate Control," Review of Economic Studies, Blackwell Publishing, vol. 62(2), pages 161-85, April. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
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  4. David E. Weinstein & Yishay Yafeh, 1998. "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan," Journal of Finance, American Finance Association, vol. 53(2), pages 635-672, 04. [Downloadable!] (restricted)
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