Ownership and Control in Colombian Corporations
Luis H. Gutierrez
Universidad del Rosario
Universidad de los Andes - School of Management
Universidad del Rosario - Faculty of Economics
February 1, 2008
Quarterly Review of Economics and Finance, Vol. 48, No. 1, 2008
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, L22Accepted Paper Series
Date posted: February 1, 2010
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