Corporate Governance and Firm Valuation in Colombia

This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control measures...

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Autores:
Tipo de recurso:
Fecha de publicación:
2007
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
eng
OAI Identifier:
oai:repository.urosario.edu.co:10336/25973
Acceso en línea:
https://doi.org/10.2139/ssrn.1820046
https://repository.urosario.edu.co/handle/10336/25973
Palabra clave:
Ownership
Control
Colombian Corporations
Rights
License
Abierto (Texto Completo)
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network_acronym_str EDOCUR2
network_name_str Repositorio EdocUR - U. Rosario
repository_id_str
spelling 867059660068bbf3c4-0d2b-447b-b9e7-6197c032977e2020-08-06T16:20:21Z2020-08-06T16:20:21Z2007This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control measures and separation ratios with a firm’s value and performance for the same sample of companies that traded their stock from 1998 to 2002. Large blockholders were found to exert a positive influence upon a firm’s valuation and performance, which validates the positive monitoring approach of large shareholders, but this relationship is not monotonic. The paper further reports results from a 2004 survey which suggests that Colombian firms have been slow to improve their corporate governance practices.application/pdfhttps://doi.org/10.2139/ssrn.1820046ISSN: 1556-5068https://repository.urosario.edu.co/handle/10336/25973engEconstorNo. 56818629SSRN Electronic JournalSSRN Electronic Journal, ISSN:, No.568 (2007); pp.1-51https://www.econstor.eu/bitstream/10419/87953/1/idb-wp_568.pdfAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2SSRN Electronic Journalinstname:Universidad del Rosarioreponame:Repositorio Institucional EdocUROwnershipControlColombian CorporationsCorporate Governance and Firm Valuation in ColombiaGobierno corporativo y valoración de empresas en ColombiaarticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Gutiérrez Ramírez, Luis HernandoPombo, Carlos10336/25973oai:repository.urosario.edu.co:10336/259732021-09-02 06:15:16.866https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co
dc.title.spa.fl_str_mv Corporate Governance and Firm Valuation in Colombia
dc.title.TranslatedTitle.spa.fl_str_mv Gobierno corporativo y valoración de empresas en Colombia
title Corporate Governance and Firm Valuation in Colombia
spellingShingle Corporate Governance and Firm Valuation in Colombia
Ownership
Control
Colombian Corporations
title_short Corporate Governance and Firm Valuation in Colombia
title_full Corporate Governance and Firm Valuation in Colombia
title_fullStr Corporate Governance and Firm Valuation in Colombia
title_full_unstemmed Corporate Governance and Firm Valuation in Colombia
title_sort Corporate Governance and Firm Valuation in Colombia
dc.subject.keyword.spa.fl_str_mv Ownership
Control
Colombian Corporations
topic Ownership
Control
Colombian Corporations
description This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control measures and separation ratios with a firm’s value and performance for the same sample of companies that traded their stock from 1998 to 2002. Large blockholders were found to exert a positive influence upon a firm’s valuation and performance, which validates the positive monitoring approach of large shareholders, but this relationship is not monotonic. The paper further reports results from a 2004 survey which suggests that Colombian firms have been slow to improve their corporate governance practices.
publishDate 2007
dc.date.created.spa.fl_str_mv 2007
dc.date.accessioned.none.fl_str_mv 2020-08-06T16:20:21Z
dc.date.available.none.fl_str_mv 2020-08-06T16:20:21Z
dc.type.eng.fl_str_mv article
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
dc.type.spa.spa.fl_str_mv Artículo
dc.identifier.doi.none.fl_str_mv https://doi.org/10.2139/ssrn.1820046
dc.identifier.issn.none.fl_str_mv ISSN: 1556-5068
dc.identifier.uri.none.fl_str_mv https://repository.urosario.edu.co/handle/10336/25973
url https://doi.org/10.2139/ssrn.1820046
https://repository.urosario.edu.co/handle/10336/25973
identifier_str_mv ISSN: 1556-5068
dc.language.iso.spa.fl_str_mv eng
language eng
dc.relation.citationIssue.none.fl_str_mv No. 568
dc.relation.citationStartPage.none.fl_str_mv 18629
dc.relation.citationTitle.none.fl_str_mv SSRN Electronic Journal
dc.relation.ispartof.spa.fl_str_mv SSRN Electronic Journal, ISSN:, No.568 (2007); pp.1-51
dc.relation.uri.spa.fl_str_mv https://www.econstor.eu/bitstream/10419/87953/1/idb-wp_568.pdf
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.acceso.spa.fl_str_mv Abierto (Texto Completo)
rights_invalid_str_mv Abierto (Texto Completo)
http://purl.org/coar/access_right/c_abf2
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.spa.fl_str_mv Econstor
dc.source.spa.fl_str_mv SSRN Electronic Journal
institution Universidad del Rosario
dc.source.instname.none.fl_str_mv instname:Universidad del Rosario
dc.source.reponame.none.fl_str_mv reponame:Repositorio Institucional EdocUR
repository.name.fl_str_mv Repositorio institucional EdocUR
repository.mail.fl_str_mv edocur@urosario.edu.co
_version_ 1808390592902725632

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