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Propiedad y control en empresas colombianas

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Author Info
Luis H. Gutiérrez
Carlos Pombo
Rodrigo Taborda

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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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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers 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. Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre. [Downloadable!]
    Other versions:
  2. 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!]
  3. 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:
  4. 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)
  5. Manuel R. Agosin & Ernesto Pastén H., 2003. "Corporate Governance in Chile," Working Papers Central Bank of Chile 209, Central Bank of Chile. [Downloadable!]
  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. [Downloadable!] (restricted)
  7. 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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  8. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA. [Downloadable!]
  9. 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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