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Gestión empresarial y valuación de empresas en Colombia

  • Carlos Pombo
  • Luis H. Gutiérrez

En este trabajo se analiza la separación de la propiedad y el control de 108 empresas inscritas en bolsa en Colombia entre 1996 y 2002, y se descubre que los derechos de voto son mayores que los derechos referentes al flujo de caja debido a la propiedad indirecta entre empresas. También se analiza la relación de varias medidas de propiedad y control y las proporciones de separación con el valor y el desempeño de una empresa para la misma muestra de compañías que cotizaron sus acciones en bolsa entre 1998 y 2002. Se descubre que los tenedores de grandes bloques de acciones ejercen una influencia positiva en la valoración y el desempeño de una empresa. El trabajo además da cuenta de resultados de una encuesta efectuada en 2004 que sugiere que las empresas colombianas han mostrado cierta lentitud en el mejoramiento de sus prácticas de buena gestión empresarial.

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File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=WP-568&pub_file_name=pubWP-568.pdf
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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4471.

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Date of creation: Dec 2007
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Handle: RePEc:idb:wpaper:4471
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  22. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
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