Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.

Vol. 26, No. 2 (2018)

Autores:: Bedoya-Rios, Beatriz Elena
Giraldo-Prieto, Cesar Augusto
Guevara-Sanabria, Jaime Alberto

Tipo de recurso:: Article of journal

Fecha de publicación:: 2018

Institución:: Universidad de Cartagena

Repositorio:: Repositorio Universidad de Cartagena

Idioma:: spa

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dc.title.es.fl_str_mv	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
title	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
spellingShingle	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante. Gobierno corporativo Estructura de propiedad Accionistas controlantes Desempeño financiero Corporate Governance Anderson, R., C. y Reeb., D. M. (2003). Board composition: Balancing family influence in S&P 500 Firms. Administrative Science Quarterly, 49(2), 209–237. Ayyagari M, (2004), Does cross-listing lead to functional convergence? Empirical evidence, World Bank Policy Research Working Paper No. 3264 Benavides, J., Mongrut, S., and González, M. (2008), Family ownership and firm performance in Peru, Working Paper, Monterrey: Universidad ICESI
title_short	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
title_full	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
title_fullStr	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
title_full_unstemmed	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
title_sort	Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.
dc.creator.fl_str_mv	Bedoya-Rios, Beatriz Elena Giraldo-Prieto, Cesar Augusto Guevara-Sanabria, Jaime Alberto
dc.contributor.author.none.fl_str_mv	Bedoya-Rios, Beatriz Elena Giraldo-Prieto, Cesar Augusto Guevara-Sanabria, Jaime Alberto
dc.subject.es.fl_str_mv	Gobierno corporativo Estructura de propiedad Accionistas controlantes Desempeño financiero
topic	Gobierno corporativo Estructura de propiedad Accionistas controlantes Desempeño financiero Corporate Governance Anderson, R., C. y Reeb., D. M. (2003). Board composition: Balancing family influence in S&P 500 Firms. Administrative Science Quarterly, 49(2), 209–237. Ayyagari M, (2004), Does cross-listing lead to functional convergence? Empirical evidence, World Bank Policy Research Working Paper No. 3264 Benavides, J., Mongrut, S., and González, M. (2008), Family ownership and firm performance in Peru, Working Paper, Monterrey: Universidad ICESI
dc.subject.en.fl_str_mv	Corporate Governance
dc.subject.none.fl_str_mv	Anderson, R., C. y Reeb., D. M. (2003). Board composition: Balancing family influence in S&P 500 Firms. Administrative Science Quarterly, 49(2), 209–237. Ayyagari M, (2004), Does cross-listing lead to functional convergence? Empirical evidence, World Bank Policy Research Working Paper No. 3264 Benavides, J., Mongrut, S., and González, M. (2008), Family ownership and firm performance in Peru, Working Paper, Monterrey: Universidad ICESI
description	Vol. 26, No. 2 (2018)
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dc.date.issued.none.fl_str_mv	2018
dc.date.accessioned.none.fl_str_mv	2019-05-06T19:53:11Z
dc.date.available.none.fl_str_mv	2019-05-06T19:53:11Z
dc.type.spa.fl_str_mv	Artículo de revista
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dc.identifier.citation.es.fl_str_mv	Bedoya, B., Giraldo, C. y Guevara, J. (2018). Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante. Panorama Económico, 26(2), 225-244. https://doi.org/10.32997/2463-0470-vol.26-num.2-2018-2236
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dc.identifier.doi.es.fl_str_mv	10.32997/2463-0470-vol.26-num.2-2018-2236
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identifier_str_mv	Bedoya, B., Giraldo, C. y Guevara, J. (2018). Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante. Panorama Económico, 26(2), 225-244. https://doi.org/10.32997/2463-0470-vol.26-num.2-2018-2236 0122-8900 10.32997/2463-0470-vol.26-num.2-2018-2236 2463-0470
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dc.relation.citationvolume.none.fl_str_mv	26
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spelling	Bedoya-Rios, Beatriz ElenaGiraldo-Prieto, Cesar AugustoGuevara-Sanabria, Jaime Alberto2019-05-06T19:53:11Z2019-05-06T19:53:11Z2018Bedoya, B., Giraldo, C. y Guevara, J. (2018). Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante. Panorama Económico, 26(2), 225-244. https://doi.org/10.32997/2463-0470-vol.26-num.2-2018-22360122-8900https://hdl.handle.net/11227/800610.32997/2463-0470-vol.26-num.2-2018-22362463-0470https://doi.org/10.32997/2463-0470-vol.26-num.2-2018-2236Vol. 26, No. 2 (2018)EconomíaEl presente trabajo tiene como objetivo evaluar la relación entre la Estructura de Propiedad y el desempeño financiero de empresas que cotizan en la Bolsa de Valores de Colombia (BVC), considerando el periodo 2011- 2015. Para tal fin, se categoriza la estructura de propiedad (EP), identificando el accionista controlante como accionista mayoritario y se emplea un modelo de panel de datos con efectos aleatorios. Se encuentra que los accionistas controlantes privados y controlantes extranjeros, tienen influencia significativa sobre el desempeño financiero medido por la Q-Tobin controlando además por la aplicación de las Normas Internacionales de Información Financiera (NIIF).This research evaluates the relationship between ownership structure and financial performance of firms listed in the Colombian Stock Exchange Market for the period 2011-2015. For this purpose, the ownership structure is categorized to identify the controlling shareholder and is modelled in a panel data with random effects. Findings indicate that public controlling shareholders (State), the private shareholders and foreign controlling shareholders have a significant influence on the financial performance measured by Q-Tobin under International Financial Reporting Standards.application/pdfspaUniversidad de CartagenaPanorama Económico244222526https://creativecommons.org/licenses/by-nc-nd/4.0/openAccesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccesshttps://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/2236Gobierno corporativoEstructura de propiedadAccionistas controlantesDesempeño financieroCorporate GovernanceAnderson, R., C. y Reeb., D. M. (2003). Board composition: Balancing family influence in S&P 500 Firms. Administrative Science Quarterly, 49(2), 209–237.Ayyagari M, (2004), Does cross-listing lead to functional convergence? Empirical evidence, World Bank Policy Research Working Paper No. 3264Benavides, J., Mongrut, S., and González, M. (2008), Family ownership and firm performance in Peru, Working Paper, Monterrey: Universidad ICESIEstructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.Artículo de revistainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articleJournal articleBerle, Adolf y Means, Gardiner. (1932). The modern corporation and private property, New York: Hardcourt, Brace and WorldBurkart, M., Panunzi, F., Shleifer, A. (2003). Family firms, Journal of Finance. 58 (5), 2167–2202Chong, A., López-de-Silanes, F., (2007). Corporate governance in Latin America, Inter-American development bank. Working paper 59. University of AmsterdamClaessens, S., Djankov, S., and Pohl, G. (1996). Ownership and corporate governance: Evi-dence from the Czech Republic, Policy Re- search Working Paper 1737. Washington: World BankDehkalani, N. M., Asadi, A., & Kordlouie, H., R. (2015). The relationship between institutional ownership with the current financial performance of the firms listed in bombay stock exchange. International Journal Of Management, Accounting & Economics, 2(6), 571-583Denis, Diane (2001). Twenty-five years of corporate gobernance research … and counting. Review of Financial economics. Vol 10, pp 191-212Demsetz, H., and Lehn, K. (1985). The structure of corporate ownership: Causes and consequences, Journal of Political Economy. 93 (6), 1155-1Earle, J., Kucsera, C., and Telegdy, A. (2005). Ownership concentration and corporate performance on the Budapest stock exchange: do too many cooks spoil the goulash, Corporate Governance: An International Review. 13(2). 254-264.Echeverry, J. C. (2015). Ecopetrol reduce 28% su patrimonio con implementación de NIIF. Retrieved December 5, 2015, from http://www.dinero.com/empresas/articulo/ecopetrol-vera-afectados-balances-implementacion-normas-niif/208453Ersoy, H., & Koy, A. (2015). The relationship between corporate performance and ownership structure: evidence from Turkey, EMAJ: Emerging Markets Journal. 5(2), 9-18, doi:10,5195/emaj,2015,75Espinosa Méndez, C., & Maquieira Villanueva, C. (2010). Desempeño y concentración de la propiedad en empresas chilenas emisoras de American Depositary Recipts (ADR). Cuadernos de Administración (01203592). 23(40), 95-116Fuenzalida D., Mongrut S., Benavides J. (2008) Estructura propietaria y rendimientos bursátiles en Suramérica, Cuadernos de administración. Vol 21, No 35 pp 11-35.González, Maximiliano; Guzmán, Alexander; Pombo, Carlos; Trujillo, María-A, (2012) Family firms and financial performance: The cost of growing, Emerging Markets Review, 13(4), 626-649Hoskisson, Robert, Johnson, Richard y Moesel, Douglas (1994), Corporate divestiture intensity in restructuring firms: Effects of governance, Strategy, and Performance, Academy of Management Journal, 37(5). pp, 1207-1251Jensen, M., C., y Meckling, W., H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics. 3(4), 305–360La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. (1998). Law and finance. Journal of Political Economy. 106 (6). 1113–1155La Porta, R., Lopez-de-Silanes, F., y Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance. 54(2), 471–517Leech, D., and Leahy, J. (1991). Ownership structure,control type classifications and the performance of large British companies. The Economic Journal. 101 (409). 1418-1437Lefort, F. (2003). Estructura de Propiedad y control de las empresas Latinoamericanas. Administración y economía UC. 53, 12-15Lins, K. (2002). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis. 38, 159-184Loderer, C., y Martin, K. (1997). Executive stock ownership and performance tracking faint traces. Journal of Financial Economics. 45(2), 223-255López Iturriaga, F., & Saona Hoffmann, P. (2007). Endeudamiento, dividendos y Estructura de propiedad como determinantes de los problemas de agencia en la gran empresa española. Cuadernos de Economía y Dirección de la Empresa. 10(31). 119–146, doi:10,1016/S1138-5758(07)70085-3Martin de Holan, P., y Sanz, L. (2006). Protected by the family? How closely held family firms protect minority shareholders. Journal of Business Research, 59(3), 356–359.Morck, R., Shleifer, A., and Vishny, R., (1988), Management ownership and market valuation: An empirical analysis. Journal of Financial Economics. 20, 293-316Pivovarsky, A. (2003). Ownership concentration and performance in Ukraine's privatized enterprises. IMF Staff Paper. 50(1), 10-42Shleifer, Andrei and Vishny, Robert. (1997). A Survey of Corporate Governance. The Journal of Finance. Vol, 52, No, 2 (Jun, 1997), pp, 737-783Xu, X., and Wang, Y., (1997). Ownership structure, corporate governance and corporate performance: The case of Chinese stock companies, Washington: Economic Development Institute- The World BankZuñiga, Sergio y Soria, Karla (2013). Relación entre desempeño corporativo y Estructura de Propiedad en Chile. Revista venezolana de gerencia. 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Estructura de propiedad y desempeño financiero de las empresas colombianas desde la perspectiva del accionista controlante.

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