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Estructura de propiedad y resultados en la gran empresa espa¤ola. Evidencia emp¡rica en el contexto de una relaci¢n end¢gena

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Abstract

Este trabajo tiene como objetivo estudiar la relaci¢n entre la estructura de propiedad y el valor de la empresa, teniendo en cuenta el potencial car cter end¢geno de la propiedad as¡ como las peculiaridades del sistema corporativo espa¤ol. El an lisis se realiza a partir de un panel equilibrado de 101 empresas que han cotizado en el mercado de capitales espa¤ol en el per¡odo 1991-1997, mediante el M‚todo de los Momentos Generalizados (MMG) que incluye instrumentos para controlar la endogeneidad de las variables y evita la heterogeneidad inobservable. Los resultados obtenidos confirman el efecto positivo de la concentraci¢n de la propiedad sobre el valor de la empresa y no el contrario, relaci¢n que es robusta a la introducci¢n de variables indicativas de la naturaleza del accionista principal, el sector o el tiempo; adem s se presenta evidencia adicional del efecto de los tipos de control (minoritario y mayoritario) sobre el valor de la empresa.

Suggested Citation

  • Andr‚s Alonso, Pablo de & Alonso Bonis, Susana, 2002. "Estructura de propiedad y resultados en la gran empresa espa¤ola. Evidencia emp¡rica en el contexto de una relaci¢n end¢gena," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2002-08, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
  • Handle: RePEc:ntd:wpaper:2002-08
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    Keywords

    Estructura de propiedad; valor de la empresa; endogeneidad; M‚todo de los Momentos Generalizados (MMG).;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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