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Propiedad y control en empresas colombianas

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  • Luis H. Gutiérrez
  • Carlos Pombo
  • Rodrigo Taborda

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se trata la separación de la propiedad y el control de una muestra de 140 compañías no financieras inscritas en bolsa en Colombia durante el período de 1996 a 2002. Al desglosarse la muestra según la situación de la inscripción en bolsa y la actividad económica exhibida por las compañías, se descubre que los derechos de voto son mayores que los derechos sobre el flujo de caja, a causa de la presencia de tenencia indirecta entre compañías que pertenecen principalmente a grupos propietarios piramidales y cruzados. La muestra del estudio también incluye un conjunto importante de empresas no vinculadas. Las estadísticas de propiedad muestran una elevada concentración entre los cuatro mayores bloques de voto, lo cual es similar a los niveles observados en Europa continental, pero la mayor participación tiene derechos de voto que son, en promedio, 20% menores que el promedio observado en la región. Por último, los fondos de inversión y en fideicomiso cumplen un papel medular como contralores de última instancia de esos grupos.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3221.

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Date of creation: Nov 2005
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Handle: RePEc:idb:wpaper:3221

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  1. Franks, Julian R & Mayer, Colin, 2001. "Ownership and Control of German Corporations," CEPR Discussion Papers 2898, C.E.P.R. Discussion Papers.
  2. Luis H. Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," Research Department Publications 3216, Inter-American Development Bank, Research Department.
  3. Ariane Chapelle, 2004. "Separation between ownership and control: where do we stand?," Working Papers CEB 04-018.RS, ULB -- Universite Libre de Bruxelles.
  4. 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.
  5. 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.
  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.
  7. Ariane Chapelle & Ariane Szafarz, 2002. "Ownership and control: dissecting the pyramid," Working Papers CEB 03-002.RS, ULB -- Universite Libre de Bruxelles.
  8. 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.
  9. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
  10. 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.
  11. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA.
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