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Corporate Governance in Argentina - New Developments through 1991-2000


  • Rodolfo Apreda


This paper develops and provide evidence for three statements: a) In Argentina, there has been a marked shift in corporate governance structure from big family-owned domestic companies towards foreign groups and investment funds ownership. b)While coping with governance issues, Argentina has been performing as if it were following the common law countries tradition. c) The capital markets development has been nurturing contradictory forces which could bring about alternative governance structures in the foreseeable future. To ground these statements on facts, we previously survey corporate governance issues in Argentina before 1991, the underlying legal framework, the new rules of the game in capital structure and ownership as from 1991, largely due to a wave of privatizations, restructuring, mergers and acquisitions that has taken place through the last decade.

Suggested Citation

  • Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:154

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    References listed on IDEAS

    1. Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998. "Why Do Companies Go Public? An Empirical Analysis," Journal of Finance, American Finance Association, vol. 53(1), pages 27-64, February.
    2. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
    3. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    4. Guofu Tan & Justin Yifu Lin, 1999. "Policy Burdens, Accountability, and the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 89(2), pages 426-431, May.
    5. Mark S. Carey & Stephen D. Prowse & John Rea & Gregory F. Udell, 1993. "The economics of the private placement market," Staff Studies 166, Board of Governors of the Federal Reserve System (U.S.).
    6. Rodolfo Apreda, 1999. "A Corporate Finance Cash Flow model with Float," CEMA Working Papers: Serie Documentos de Trabajo. 142, Universidad del CEMA.
    7. repec:hrv:faseco:30747162 is not listed on IDEAS
    8. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc.
    9. Wendy Carlin & Colin Mayer, 2002. "International Evidence on Corporate Governance: Lessons for Developing Countries," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 11(suppl_1), pages 37-59, February.
    10. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    11. Garrido, Celso & Peres Núñez, Wilson, 1998. "Big Latin American industrial companies and groups," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    12. Eric S. Maskin, 1999. "Recent Theoretical Work on the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 89(2), pages 421-425, May.
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    Cited by:

    1. Luis H. Gutiérrez & Carlos Pombo & Rodrigo Taborda, 2005. "Propiedad y control en empresas colombianas," Research Department Publications 3221, Inter-American Development Bank, Research Department.
    2. Gutierrez, Luis H. & Pombo, Carlos & Taborda, Rodrigo, 2008. "Ownership and control in Colombian corporations," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(1), pages 22-47, February.

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