Ownership and Control in Colombian Corporations

We study the separation of ownership and control for an average of 140 non-financial listed corporations in Colombia during 1996¿2002. When categorizing the sample according to listing status and economic activity, voting rights are greater than cash flow rights because of the indirect ownership com...

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Autores Principales: Gutiérrez L.H., Pombo, C., Taborda R.
Formato: Artículo (Article)
Lenguaje:Inglés (English)
Publicado: 2020
Materias:
Acceso en línea:http://hdl.handle.net/1992/46788
id ir-1992-46788
recordtype dspace
spelling ir-1992-467882020-11-04T20:23:14Z Ownership and Control in Colombian Corporations Gutiérrez L.H. Pombo, C. Taborda R. Ownership Control Colombian corporations We study the separation of ownership and control for an average of 140 non-financial listed corporations in Colombia during 1996¿2002. When categorizing the sample according to listing status and economic activity, voting rights are greater than cash flow rights because of the indirect ownership common for firms belonging mainly to pyramidal and cross-shareholdings ownership schemes. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration for the four largest voting blocks, similar to levels observed in continental Europe, although the largest stakeholder has on average 20% fewer voting rights than the average observed in European countries. Finally, holding investment and trust funds play a central role as the holdings¿ ultimate controllers. 2020-10-01T16:42:29Z 2020-10-01T16:42:29Z 2008 article publishedVersion http://hdl.handle.net/1992/46788 https://www.sciencedirect.com/science/article/pii/S1062976906000020 eng openAccess application/pdf instname:Universidad de los Andes reponame:Repositorio Institucional Séneca
institution Universidad de los Andes
collection DSpace
language Inglés (English)
topic Ownership
Control
Colombian corporations
spellingShingle Ownership
Control
Colombian corporations
Gutiérrez L.H.
Pombo, C.
Taborda R.
Ownership and Control in Colombian Corporations
description We study the separation of ownership and control for an average of 140 non-financial listed corporations in Colombia during 1996¿2002. When categorizing the sample according to listing status and economic activity, voting rights are greater than cash flow rights because of the indirect ownership common for firms belonging mainly to pyramidal and cross-shareholdings ownership schemes. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration for the four largest voting blocks, similar to levels observed in continental Europe, although the largest stakeholder has on average 20% fewer voting rights than the average observed in European countries. Finally, holding investment and trust funds play a central role as the holdings¿ ultimate controllers.
format Artículo (Article)
author Gutiérrez L.H.
Pombo, C.
Taborda R.
author_facet Gutiérrez L.H.
Pombo, C.
Taborda R.
author_sort Gutiérrez L.H.
title Ownership and Control in Colombian Corporations
title_short Ownership and Control in Colombian Corporations
title_full Ownership and Control in Colombian Corporations
title_fullStr Ownership and Control in Colombian Corporations
title_full_unstemmed Ownership and Control in Colombian Corporations
title_sort ownership and control in colombian corporations
publishDate 2020
url http://hdl.handle.net/1992/46788
_version_ 1705934359062642688
score 11,828437