IDEAS home Printed from https://ideas.repec.org/p/ntd/wpaper/2002-08.html
   My bibliography  Save this paper

Estructura de propiedad y resultados en la gran empresa española. Evidencia empírica en el contexto de una relación endógena

Author

Abstract

Este trabajo tiene como objetivo estudiar la relación entre la estructura de propiedad y el valor de la empresa, teniendo en cuenta el potencial carácter endógeno de la propiedad así como las peculiaridades del sistema corporativo español. El análisis se realiza a partir de un panel equilibrado de 101 empresas que han cotizado en el mercado de capitales español en el período 1991-1997, mediante el Método de los Momentos Generalizados (MMG) que incluye instrumentos para controlar la endogeneidad de las variables y evita la heterogeneidad inobservable. Los resultados obtenidos confirman el efecto positivo de la concentración de la propiedad sobre el valor de la empresa y no el contrario, relación que es robusta a la introducción de variables indicativas de la naturaleza del accionista principal, el sector o el tiempo; además se presenta evidencia adicional del efecto de los tipos de control (minoritario y mayoritario) sobre el valor de la empresa.

Suggested Citation

  • Andrés Alonso, Pablo de & Alonso Bonis, Susana, 2002. "Estructura de propiedad y resultados en la gran empresa española. Evidencia empírica en el contexto de una relación endógena," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2002-08, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
    • Handle: RePEc:ntd:wpaper:2002-08
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    Estructura de propiedad; valor de la empresa; endogeneidad; Método de los Momentos Generalizados (MMG).;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ntd:wpaper:2002-08. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Fortuna-Lindo, Jose M. (email available below). General contact details of provider: https://edirc.repec.org/data/ntuvaes.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.