Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the alloc...

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Autores Principales: Martínez, Constanza, Ramírez Gómez, Manuel
Formato: Documento de trabajo (Working Paper)
Lenguaje:Español (Spanish)
Publicado: Universidad del Rosario 2011
Materias:
Acceso en línea:http://repository.urosario.edu.co/handle/10336/10822
id ir-10336-10822
recordtype dspace
spelling ir-10336-108222019-09-19T12:37:01Z Ownership structure and risk at Colombian banks Martínez, Constanza Ramírez Gómez, Manuel Economía financiera Corporaciones financieras Evaluación de riesgos Bancos comerciales corporate governance banking risk The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk. 2011 2015-09-18T14:25:37Z info:eu-repo/semantics/workingPaper info:eu-repo/semantics/acceptedVersion Martínez, C., & Ramírez, M. (2011). Ownership structure and risk at Colombian banks. Bogotá: Universidad del Rosario. http://repository.urosario.edu.co/handle/10336/10822 Universidad del Rosario spa info:eu-repo/semantics/openAccess application/pdf Universidad del Rosario Facultad de Economía instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR instname:Universidad del Rosario Anderson R., and Fraser D. (2000) “Corporate control, bank risk taking, and the health of the banking industry” Journal of Banking and Finance 24, 1383 - 1398 Boyd J., and De Nicoló G. (2005) “The theory of bank risk taking and competition revisited” Journal of Finance, Vol. 60, 1329 - 1343 Boyd J., De Nicoló G., and Jalal A. (2006) “The theory of bank risk taking and competition revisited: New Theory and New Evidence” IMF Working Paper 297 Boyd J., and Runkle D. (1993) “Size and Performance of Banking Firms” Journal of Monetary Economics 31 Caprio G., and Levine R. (2002) “Corporate governance in Finance: concepts and international observations” paper prepared for the 2002 World Bank, IMF and Brookings institution conference Caprio G., Laeven L., and Levine R. (2007) “Governance and bank valuation” Journal of Financial Intermediation 16, 584 – 617 Chumacero R., and Langoni P. (2001) “Riesgo, Tamaño y Concentración en el sistema Bancario Chileno” Vol. 4 , No. 1, Economía Chilena, Banco Central de Chile Demsetz R., and Strahan P. (1997) “Diversification, size and risk at Bank holding companies” Journal of Money Credit and Banking 29, 300 - 313 Demsetz R., Saidenberg M., and Strahan P. (1997) “Agency problems and risk taking at banks” Federal Reserve Bank of New York, Research paper No, 9709 De Nicoló G., and Loukoianova E. (2007) “Bank ownership, Market structure and risk” IMF Working Paper 215 García T., and Robles M. (2008) “Risk-taking behaviour and ownership in the banking industry: The Spanish evidence” Journal of Economics and Business 60, 332 – 354 Laeven L., and Levine R. (2009) “Bank governance, regulation and risk taking” Journal of Financial Economics 93, 259-275 Saunders A., Strock E., and Travlos N. (1990) “Ownership structure, Deregulation and Bank risk taking” The Journal of Finance 45, 643 - 654
institution EdocUR - Universidad del Rosario
collection DSpace
language Español (Spanish)
topic Economía financiera
Corporaciones financieras
Evaluación de riesgos
Bancos comerciales
corporate governance
banking risk
spellingShingle Economía financiera
Corporaciones financieras
Evaluación de riesgos
Bancos comerciales
corporate governance
banking risk
Martínez, Constanza
Ramírez Gómez, Manuel
Ownership structure and risk at Colombian banks
description The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.
format Documento de trabajo (Working Paper)
author Martínez, Constanza
Ramírez Gómez, Manuel
author_facet Martínez, Constanza
Ramírez Gómez, Manuel
author_sort Martínez, Constanza
title Ownership structure and risk at Colombian banks
title_short Ownership structure and risk at Colombian banks
title_full Ownership structure and risk at Colombian banks
title_fullStr Ownership structure and risk at Colombian banks
title_full_unstemmed Ownership structure and risk at Colombian banks
title_sort ownership structure and risk at colombian banks
publisher Universidad del Rosario
publishDate 2011
url http://repository.urosario.edu.co/handle/10336/10822
_version_ 1645142034075353088
score 11,695969