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

Author

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  • Ramón A. Castillo Ponce

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

Abstract

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.

Suggested Citation

  • Ramón A. Castillo Ponce, 2007. "Entre familia y amigos: la elección de la estructura de propiedad corporativa," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 22(1), pages 3-18.
    • Handle: RePEc:emx:esteco:v:22:y:2007:i:1:p:3-18
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    File URL: https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/150/152
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    References listed on IDEAS

    as
    1. 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 1275-1288, December.
    2. Hirshleifer, Jack, 1995. "Anarchy and Its Breakdown," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 26-52, February.
    3. Shleifer, Andrei & Wolfenzon, Daniel, 2002. "Investor protection and equity markets," Journal of Financial Economics, Elsevier, vol. 66(1), pages 3-27, October.
    4. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    5. Ritter, Jay R., 1987. "The costs of going public," Journal of Financial Economics, Elsevier, vol. 19(2), pages 269-281, December.
    6. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    7. 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, President and Fellows of Harvard College, vol. 113(1), pages 187-225.
    8. Ramon Castillo & Stergios Skaperdas, 2005. "All in the family or public? Law and appropriative costs as determinants of ownership structure," Economics of Governance, Springer, vol. 6(2), pages 93-104, July.
    9. Garfinkel,Michelle R. & Skaperdas,Stergios (ed.), 1996. "The Political Economy of Conflict and Appropriation," Cambridge Books, Cambridge University Press, number 9780521560634, January.
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    Cited by:

    1. San Martin-Reyna, J.M. & Duran-Encalada, Jorge A., 2012. "The relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 106-117.
    2. Steinwascher, William, 2007. "Propiedad, gobierno corporativo y las estrategias de diversificación de las empresas mexicanas: Un estudio exploratorio [Ownership, corporate governance and diversification strategies of Mexican fi," MPRA Paper 11599, University Library of Munich, Germany.

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    Keywords

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    JEL classification:

    • G0 - Financial Economics - - General
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L0 - Industrial Organization - - General
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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