Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas
We analyze the effects of financing policies, dividends, and corporate governance on ownership structure in Chilean companies. We used a sample of 185 companies listed on the Santiago Stock Exchange that answered the NCG 341 survey on Corporate Governance Practices in 2013. The two-limit Tobit regre...
- Autores:
-
Muñoz-Mendoza, Jorge Andrés
Sepúlveda-Yelpo, Sandra María
Veloso-Ramos, Carmen Lissette
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2018
- Institución:
- Universidad Católica de Colombia
- Repositorio:
- RIUCaC - Repositorio U. Católica
- Idioma:
- spa
- OAI Identifier:
- oai:repository.ucatolica.edu.co:10983/22790
- Acceso en línea:
- https://hdl.handle.net/10983/22790
- Palabra clave:
- FINANCIAMIENTO
DIVIDENDOS
GOBIERNO CORPORATIVO
ESTRUCTURA DE PROPIEDAD
- Rights
- openAccess
- License
- Derechos Reservados - Universidad Católica de Colombia, 2018
| Summary: | We analyze the effects of financing policies, dividends, and corporate governance on ownership structure in Chilean companies. We used a sample of 185 companies listed on the Santiago Stock Exchange that answered the NCG 341 survey on Corporate Governance Practices in 2013. The two-limit Tobit regression (TLTR) results show that debt and dividend policies exert a negative effect on controlling shareholder ownership and a positive effect on minority shareholder ownership. The results show that these policies facilitate control over corporate management determined by the interests of controlling shareholders, as well as protect minority shareholders’ rights by complementing their monitoring role. Corporate governance practices have significant effects on the ownership structure of Chilean companies. |
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