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Ownership and Control in Colombian CorporationsLuis H. GutierrezUniversidad del Rosario Carlos PomboUniversidad de los Andes - School of Management Rodrigo TabordaUniversidad del Rosario - Faculty of Economics February 1, 2008 Quarterly Review of Economics and Finance, Vol. 48, No. 1, 2008 Abstract: 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 percent 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.
Number of Pages in PDF File: 47 Keywords: Ownership, Control, Colombian Corporations JEL Classification: G32, L22 Accepted Paper SeriesDate posted: February 1, 2010Suggested CitationContact Information
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