Abstract

http://ssrn.com/abstract=1330613
 
 

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The Impact of Chilean Firms' Ownership Structures on Performance and Disclosure Levels


Veronica Pizzaro


Pontifical Catholic University of Valparaiso

Sakthi Mahenthrian


Butler University

David Cademartori


Pontifical Catholic University of Valparaiso

Roberto Curci


Butler University - College of Business Administration

December 9, 2008


Abstract:     
Lefort and Walker (2007) find serious agency problems between controlling insider and outside minority shareholders in Chile. This study examines the impact of insiders' ownership and institutional holdings on firm performance and disclosure levels of publicly traded firms in Chile. The data from 70 firms from 1996-2005 is used to test the impact of ownership concentration, and institutional investments on firm performance and disclosure levels. When insider ownership levels reach 60 percent, we find evidence for the convergence-of-interest hypothesis between inside shareholders and institutional investors in positively affecting the firms' growth performance, but not firm values. Our findings also suggest institutional holdings and insider ownership levels negatively affect disclosure levels. Agency theory is used to explain the findings that are compared to the existing literature in global corporate governance, and its consequence for adopting IFRS by Chilean listed firms in 2009.

Number of Pages in PDF File: 30

Keywords: Private Social Security, Corporate Governance, Ownership Structure

JEL Classification: G31, G33

working papers series





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Date posted: January 21, 2009  

Suggested Citation

Pizzaro, Veronica and Mahenthrian, Sakthi and Cademartori, David and Curci, Roberto, The Impact of Chilean Firms' Ownership Structures on Performance and Disclosure Levels (December 9, 2008). Available at SSRN: http://ssrn.com/abstract=1330613 or http://dx.doi.org/10.2139/ssrn.1330613

Contact Information

Veronica Pizzaro
Pontifical Catholic University of Valparaiso ( email )
Escuela de Comercio - UCV
Valpariso, Valparaiso 2362736
Chile
Sakthi Mahenthrian (Contact Author)
Butler University ( email )
4600 Sunset Avenue
Indianapolis, IN 46208
United States
David Cademartori
Pontifical Catholic University of Valparaiso ( email )
Escuela de Comercio - UCV
Valpariso, Valparaiso 2362736
Chile
Roberto Curci
Butler University - College of Business Administration ( email )
Indianapolis, IN 46208
United States
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