This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Ownership and Control in Colombian Corporations

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Luis H. Gutiérrez
Carlos Pombo
Rodrigo Taborda

Additional information is available for the following registered author(s):

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.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.iadb.org/res/includes/pub_hits.cfm?pub_id=R-520&pub_file_name=pubR-520.pdf
File Format: application/pdf
File Function:
Download Restriction: no

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

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:idb:wpaper:3220

Contact details of provider:
Postal: 1300 New York Avenue, NW, Washington, DC 20577
Phone: 202-623-1000
Email:
Web page: http://www.iadb.org/res
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Luis Daniel Martinez).

Related research
Keywords:

Other versions of this item:

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)
    Other versions:
  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!]
    Other versions:
  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)
    Other versions:
  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)
    Other versions:
  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!]
Full references

Cited by:
(explanations, 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. 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:
Statistics
Access and download statistics

Did you know? IDEAS is also providing many rankings, for example of authors and institutions.

This page was last updated on 2009-11-10.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.