IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

La protección del inversionista y la administración corporativa

Listed author(s):
  • 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.

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" 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.

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

in new window

Handle: RePEc:elt:journl:v:71:y:2004:i:283:p:497-532
Contact details of provider: Web page:

Order Information: Postal: Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 6° piso,Col. Bosques del Pedregal, CP 14738, Tlalpan, Ciudad de México
Web: Email:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:71:y:2004:i:283:p:497-532. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rosa María González Mejía)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.