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Entre familia y amigos: la elección de la estructura de propiedad corporativa

  • Ramón A. Castillo Ponce

    (Universidad Autónoma de Baja California, California State University, Los Angeles)

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    The document presents an analysis, developed under the framework of conflict theory, which models the choice of ownership structure as the result of a power struggle between the owner of a firm and potential shareholders. The theoretical model suggests that, when the system that protects property rights is inefficient, the choice of keeping the ownership of the firm within the family represents the strategy that provides the owner the highest value when going public.

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    File URL: http://codex.colmex.mx:8991/exlibris/aleph/a18_1/apache_media/YX8IADBGINMCKIJIVRUBX1EEUER1J8.pdf
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    Article provided by El Colegio de México, Centro de Estudios Económicos in its journal Estudios Económicos.

    Volume (Year): 22 (2007)
    Issue (Month): 1 ()
    Pages: 3-18

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    Handle: RePEc:emx:esteco:v:22:y:2007:i:1:p:3-18
    Contact details of provider: Web page: http://www.colmex.mx/centros/cee/
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    1. Hirshleifer, Jack, 1995. "Anarchy and Its Breakdown," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 26-52, February.
    2. Ritter, Jay R., 1987. "The costs of going public," Journal of Financial Economics, Elsevier, vol. 19(2), pages 269-281, December.
    3. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    4. repec:cup:cbooks:9780521560634 is not listed on IDEAS
    5. Shleifer, Andrei & Wolfenzon, Daniel, 2002. "Investor protection and equity markets," Journal of Financial Economics, Elsevier, vol. 66(1), pages 3-27, October.
    6. Ramon Castillo & Stergios Skaperdas, 2003. "All in the Family or Public? Law and Appropriative Costs as Determinants of Ownership Structure," CESifo Working Paper Series 921, CESifo Group Munich.
    7. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
    8. Marco Pagano & Ailsa Röell, 1998. "The Choice Of Stock Ownership Structure: Agency Costs, Monitoring, And The Decision To Go Public," The Quarterly Journal of Economics, MIT Press, vol. 113(1), pages 187-225, February.
    9. Grossman, Herschel I & Kim, Minseong, 1995. "Swords or Plowshares? A Theory of the Security of Claims to Property," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1275-88, December.
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