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La protección del inversionista y la administración corporativa

  • La Porta, Rafael

    (Departamento de Economía, Universidad de Harvard, Cambridge)

  • López de Silanes, Florencio

    (Escuela de Gobernación Jhon F. Kennedy, Universidad de Harvard, Cambridge)

  • Shleifer, Andrei

    (Departamento de Economía,Universidad de Harvard, Cambridge)

  • Vishny, Robert

    (Escuela de Graduados en Administración de Empresas, Universidad de Chicago, Chicago)

Recent research has documented large differences among countries in ownership concentration in publicly trade firms, in the breadth and depth of capital markets, in dividend policies, and access of firms to external finance. A common element to the explanations of these differences is how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe the differences in laws and the effectiveness of their enforcement across, countries, discuss the possible origins of these differences, summarize their consequences, and access potential strategies of corporate governance reform. We argue that the legal approach is a more fruitful way to understand corporate governance and its reform that the conventional distinction between bank- centered and market-centered financial systems.// La investigación reciente ha documentado grandes diferencias entre los países respecto a la concentración de la propiedad de las empresas que cotizan en la bolsa de valores, la amplitud y la profundidad de los mercados de capital, las políticas de dividendos y el acceso de las empresas a la financiación externa. Un elemento común de las explicaciones de estas diferencias es la calidad de la protección que brinda la ley a los inversionistas, tanto accionistas como prestamistas, contra la expropiación por parte de los administradores y los accionistas controladores de las mpresas. Describimos aquí las diferencias en las leyes y en la eficiencia de su aplicación entre países, analizamos los posibles orígenes de estas diferencias, resumimos sus consecuencias y evaluamos las estrategias potenciales para la reforma de la administración corporativa. Sostendremos que el enfoque legal es un procedimiento más útil, para entender la administración corporativa y su reforma, que la distinción tradicional entre los sistemas financieros en la banca y en el mercado.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXI (3) (2004)
Issue (Month): 283 (julio-septiembre)
Pages: 497-532

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Handle: RePEc:elt:journl:v:71:y:2004:i:283:p:497-532
Contact details of provider: Web page: http://www.fondodeculturaeconomica.com/

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