Corporate Ownership in Latin American Firms: A Comparative Analysis of Dual-Class Shares
Luiz Ricardo Kabbach-Castro
Universitat Autònoma de Barcelona
Dep. Economia i Empresa, Universitat Illes Balears (UIB)
Ruth V. Aguilera
University of Illinois College of Law; University of Illinois at Urbana-Champaign - Department of Business Administration
May 31, 2012
We assemble a new data on dual-class firms in Latin America and analyze the relationship between the largest shareholder characteristics and its decision to leverage voting rights. First, we describe who are the largest shareholders in Latin American firms. Second, we find that both the type and origin of the largest shareholder, together with firm- and country-level characteristics, are key determinants to explain the decision to separate voting from cash-flow rights. To tackle the determinants of ownership in Latin American publicly listed firms has both managerial and policy implications, because the largest shareholders are those in charge to define business strategies and the allocation of firms’ resources.
Number of Pages in PDF File: 60working papers series
Date posted: June 1, 2012
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