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Ownership and Control in Colombian Corporations

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Author Info
Luis H. Gutiérrez
Carlos Pombo
Rodrigo Taborda

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Abstract

This paper studies the separation of ownership and control for an average of 140 listed non-financial corporations in Colombia during the 1996-2002 period. Breaking down the sample according to corporations` listing status and economic activity shows that 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 among the four largest voting blocks, which is similar to the levels observed in continental Europe, but the largest stake has voting rights that are on average 20 percent lower than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings` ultimate controllers.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 3220.

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Date of creation: Nov 2005
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Handle: RePEc:idb:wpaper:3220

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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!]
    Other versions:
  2. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and Control: Dissecting the Pyramid," Working Papers CEB 03-002.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
    Other versions:
  3. Alberto Chong & Alejandro Izquierdo & Alejandro Micco & Ugo Panizza, 2003. "Corporate Governance and Private Capital Flows to Latin America," RES Working Papers 4323, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August. [Downloadable!] (restricted)
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  5. 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)
  6. 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)
  7. Manuel R. Agosin & Ernesto Pastén H., 2003. "Corporate Governance in Chile," Working Papers Central Bank of Chile 209, Central Bank of Chile. [Downloadable!]
  8. 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)
  9. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
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  10. Flath, David, 1992. "Indirect shareholding within Japan's business groups," Economics Letters, Elsevier, vol. 38(2), pages 223-227, February. [Downloadable!] (restricted)
  11. Renneboog, Luc, 2000. "Ownership, managerial control and the governance of companies listed on the Brussels stock exchange," Journal of Banking & Finance, Elsevier, vol. 24(12), pages 1959-1995, December. [Downloadable!] (restricted)
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  12. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA. [Downloadable!]
  13. 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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  14. 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!]
  2. Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," BORRADORES DE INVESTIGACIÓN 002203, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
    Other versions:
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