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Ownership and control in Colombian corporations

  • Gutierrez, Luis H.
  • Pombo, Carlos
  • Taborda, Rodrigo

We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, 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 for the top-four largest voting blocks similar to the levels observed in continental Europe, although the largest stake has on average 20% lower voting rights than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings' ultimate controllers.************************************************************************************************************Esta investigación analiza la separación entre propiedad y control para un promedio de 140 empresas no financieras en Colombia inscritas en Bolsa de Valores para el período 1996-2002. Dividiendo la muestra de acuerdo con su estatus de inscripción y por actividad económica, los derechos de votación son mayores a los derechos de flujo de caja debido a la presencia de propiedad indirecta a través de las firmas que pertenecen a grupos económicos con estructuras piramidales o de propiedad cruzada. La muestra de estudio incluye un número importante de empresas no afiliadas. Las estadísticas de propiedad muestran una alta concentración para los cuatro primeros bloques de votación similar a los niveles observados en Europa continental, aunque el primer bloque es un 20% menor a lo observado en esta región. Finalmente, las sociedades de inversión y contratos de fideicomiso tienen un papel central como accionitas controlantes en las empresas y en los conglomerados.

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Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

Volume (Year): 48 (2008)
Issue (Month): 1 (February)
Pages: 22-47

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Handle: RePEc:eee:quaeco:v:48:y:2008:i:1:p:22-47
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620167

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  1. Carlos Pombo, 2002. "Industrialization and industrial policy in Colombia: a tale of economic development," BORRADORES DE INVESTIGACIÓN 002842, UNIVERSIDAD DEL ROSARIO.
  2. Fernando Lefort & Eduardo Walker, 2000. "Ownership And Capital Structure Of Chilean Conglomerates:Facts And Hypotheses For Governance," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 3-27.
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  8. Franks, Julian & Mayer, Colin, 2001. "Ownership and Control of German Corporations," Review of Financial Studies, Society for Financial Studies, vol. 14(4), pages 943-77.
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  17. Flath, David, 1992. "Indirect shareholding within Japan's business groups," Economics Letters, Elsevier, vol. 38(2), pages 223-227, February.
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  22. 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.
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