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
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| dc.title.spa.fl_str_mv |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| dc.title.translated.eng.fl_str_mv |
Effects of Corporate Policies and Governance Practices on Ownership Structure: Evidence from Chilean Firms |
| title |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| spellingShingle |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas FINANCIAMIENTO DIVIDENDOS GOBIERNO CORPORATIVO ESTRUCTURA DE PROPIEDAD |
| title_short |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| title_full |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| title_fullStr |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| title_full_unstemmed |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| title_sort |
Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas |
| dc.creator.fl_str_mv |
Muñoz-Mendoza, Jorge Andrés Sepúlveda-Yelpo, Sandra María Veloso-Ramos, Carmen Lissette |
| dc.contributor.author.spa.fl_str_mv |
Muñoz-Mendoza, Jorge Andrés Sepúlveda-Yelpo, Sandra María Veloso-Ramos, Carmen Lissette |
| dc.subject.proposal.spa.fl_str_mv |
FINANCIAMIENTO DIVIDENDOS GOBIERNO CORPORATIVO ESTRUCTURA DE PROPIEDAD |
| topic |
FINANCIAMIENTO DIVIDENDOS GOBIERNO CORPORATIVO ESTRUCTURA DE PROPIEDAD |
| description |
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. |
| publishDate |
2018 |
| dc.date.issued.spa.fl_str_mv |
2018-12 |
| dc.date.accessioned.spa.fl_str_mv |
2019-02-21T20:08:18Z |
| dc.date.available.spa.fl_str_mv |
2019-02-21T20:08:18Z |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_6501 |
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Text |
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info:eu-repo/semantics/article |
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http://purl.org/redcol/resource_type/ART |
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Muñoz-Mendoza, J., Sepúlveda-Yelpo, S., y Veloso-Ramos, C. (2018). Efectos de las políticas corporativas y las prácticas de gobierno en la estructura de propiedad: evidencia de empresas chilenas. Revista Finanzas y Política Económica, 10 (2), 269-286. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2018.10.2.2 |
| dc.identifier.issn.spa.fl_str_mv |
2248-6046 |
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https://hdl.handle.net/10983/22790 |
| identifier_str_mv |
Muñoz-Mendoza, J., Sepúlveda-Yelpo, S., y Veloso-Ramos, C. (2018). Efectos de las políticas corporativas y las prácticas de gobierno en la estructura de propiedad: evidencia de empresas chilenas. Revista Finanzas y Política Económica, 10 (2), 269-286. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2018.10.2.2 2248-6046 |
| url |
https://hdl.handle.net/10983/22790 |
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spa |
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spa |
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Revista Finanzas y Política Económica, Vol. 10, no. 2 (jul. – dic. 2018); p. 269 – 286. |
| dc.relation.references.spa.fl_str_mv |
Anderson, R. C., & Reeb, D. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. Ang, J., Cole, R., & Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106. Apreda, R. (2000). Corporate governance in Argentina. CEMA Working Papers No. 154, Buenos Aires: Universidad del CEMA. Bae, K., Kang, J., & Kim, J. (2002).Tunneling or value added? Evidence from mergers by Korean business groups. The Journal of Finance, 57(6), 2695-2740. Baek, J., Kang, J., & Lee, I. (2006). Business groups and tunneling: Evidence from private securities offerings by Korean Chaebols. The Journal of Finance, 61(5), 2415-2449. Barclay, M., & Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25(2), 371-395. Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Macmillan. Boeker, W. (1989). Strategic change: The effects of founding and history. The Academy of Management Journal, 32(3), 489-515. Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. Bradford, W., Chen, C., & Zhu, S. (2013). Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics and Finance, 27, 445-464. Brown, L., & Caylor, M. (2004). Corporate governance study: The correlation between corporate governance and company performance. Institutional Shareholder Services, Inc. Burkart, M., & Panunzi, F. (2006). Agency conflicts, ownership concentration, and legal shareholder protection. Journal of Financial Intermediation, 15(1), 1-31. Céspedes, J., González, M., & Molina, C. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248-254. Chibber, P., & Majumdar, S. (1999). Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry. The Journal of Law and Economics, 42(1), 209-238. Chong, A., & Lopez de Silanes, F. (2007). Corporate governance in Latin America. Inter-America Development Bank, Working Paper No. 591. Chu, E., & Cheah, K. (2004). The determinants of ownership structure in Malasya. Accepted for Presentation at the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singapore, 4-6 July 2004. Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2), 81-112. De Michele, R. (2002). Corporate Governance: An introduction to the Argentine Case. Working Paper. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177 Diamond D. (1984). Financial intermediation and delegated monitoring. The Review of Financial Studies, 51(3), 393-414. Du, J., & Dai, Y. (2005). Ultimate corporate ownership structures and capital structures: evidence from East Asian economies. Corporate Governance: An International Review, 13(1), 60-71. Faccio, M., & Lang, L. (2001). The separation of ownership and control: An analysis of ultimate ownership in western European countries. Journal of Financial Economics, 65(3), 365-395. Faccio, M., Lang, L., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78. Fama, E., & Jensen, M. (1983a). Separation of ownership and control. The Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 301-325. Fama, E., & Jensen, M. (1983b). Agency problems and residual claims. Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 327-349. Hatem, B. (2014). Determinants of ownership structure: A comparison of common and civil law countries. International Business Research, 7(10), 118-124. Hung, H. (1998). A typology of the theories of the roles of governing boards. Corporate Governance, 6(2), 101-111. Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association (May, 1986), 323-329. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Johnson, S., La Porta, R., Lopez de Silanes, F., & Shleifer, A. (2000). Tunneling. The American Economic Review, 90(2), 22-27. Klapper, L., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728. Krivogorsky, V. (2006). Ownership, board structure and performance in continental Europe. The International Journal of Accounting, 41(2), 176-197. La Porta, R., Lopez de Silanes, F., Andrei, S., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170. La Porta, R., Lopez de Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150. La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. Lang, L., & Litzenberger, R. (1989). Dividend announcements: Cash Flow Signaling vs. Free Cash Flow Hypothesis? Journal of Financial Economics, 24(1), 181-191. Leal, R., & De Oliveira, C. (2002). An evaluation of board practices in Brazil. Working Paper, Rio de Janeiro Federal University. Lefort, F., & Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and Hypothesis in Chile. Revista Abante, 3(1), 3-27. Lefort, F. (2005). Ownership structure and corporate governance in Latin America. Revista Abante, 8(1), 55-84. Lefort, F., & Walker, E. (2007). Do markets penalize agency conflicts between controlling and minority shareholders? Evidence from Chile. The Developing Economies, 45(3), 283-314. Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. The Journal of Finance, 32(2), 371-387. Lins, K. (2003). Equity ownership and firm value in emerging markets. The Journal of Financial and Quantitative Analysis, 38(1), 159-184. López-Iturriaga, F., & Lima, V. (2014). Do leverage dividend payout, and ownership concentration influence firms’ value creation? An analysis of Brazilian firms. Emerging Markets Finance and Trade, 46(3), 80-94. Mak, Y., & Li, Y. (2001). 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Muñoz-Mendoza, Jorge Andrésb7576e5b-a6bc-4ed3-87ad-a40e59ecb324-1Sepúlveda-Yelpo, Sandra Maríac85bdf50-53d0-447f-b95a-21f8134a3c5b-1Veloso-Ramos, Carmen Lissette65f5b409-880a-407d-871f-6de0661688a3-12019-02-21T20:08:18Z2019-02-21T20:08:18Z2018-12We 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.Este artículo se propone analizar el impacto de las políticas de financiamiento, dividendos y gobierno corporativo sobre la estructura de propiedad en compañías chilenas. Se usó una muestra de 185 compañías listadas en la Bolsa de Comercio de Santiago, que contestaron la encuesta NCG 341 sobre Prácticas de Gobierno Corporativo en 2013. Los resultados de las regresiones Tobit de dos límites (TLTR) demuestran que las políticas de endeudamiento y de dividendos negativamente afectan la propiedad de los accionistas controladores y protegen los derechos de los accionistas minoritarios al complementar su rol de monitoreo. Las prácticas de gobierno corporativo tienen efectos significativos sobre la estructura de propiedad de las compañías chilenas.application/pdfMuñoz-Mendoza, J., Sepúlveda-Yelpo, S., y Veloso-Ramos, C. (2018). Efectos de las políticas corporativas y las prácticas de gobierno en la estructura de propiedad: evidencia de empresas chilenas. Revista Finanzas y Política Económica, 10 (2), 269-286. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2018.10.2.22248-6046https://hdl.handle.net/10983/22790spaUniversidad Católica de Colombia. Facultad de EconomíaRevista Finanzas y Política Económica, Vol. 10, no. 2 (jul. – dic. 2018); p. 269 – 286.Anderson, R. C., & Reeb, D. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237.Ang, J., Cole, R., & Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.Apreda, R. (2000). Corporate governance in Argentina. CEMA Working Papers No. 154, Buenos Aires: Universidad del CEMA.Bae, K., Kang, J., & Kim, J. (2002).Tunneling or value added? Evidence from mergers by Korean business groups. The Journal of Finance, 57(6), 2695-2740.Baek, J., Kang, J., & Lee, I. (2006). Business groups and tunneling: Evidence from private securities offerings by Korean Chaebols. The Journal of Finance, 61(5), 2415-2449.Barclay, M., & Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25(2), 371-395.Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Macmillan.Boeker, W. (1989). Strategic change: The effects of founding and history. The Academy of Management Journal, 32(3), 489-515.Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130.Bradford, W., Chen, C., & Zhu, S. (2013). Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics and Finance, 27, 445-464.Brown, L., & Caylor, M. (2004). Corporate governance study: The correlation between corporate governance and company performance. Institutional Shareholder Services, Inc.Burkart, M., & Panunzi, F. (2006). Agency conflicts, ownership concentration, and legal shareholder protection. Journal of Financial Intermediation, 15(1), 1-31.Céspedes, J., González, M., & Molina, C. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248-254.Chibber, P., & Majumdar, S. (1999). Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry. The Journal of Law and Economics, 42(1), 209-238.Chong, A., & Lopez de Silanes, F. (2007). Corporate governance in Latin America. Inter-America Development Bank, Working Paper No. 591.Chu, E., & Cheah, K. (2004). The determinants of ownership structure in Malasya. Accepted for Presentation at the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singapore, 4-6 July 2004.Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2), 81-112.De Michele, R. (2002). Corporate Governance: An introduction to the Argentine Case. Working Paper.Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177Diamond D. (1984). Financial intermediation and delegated monitoring. The Review of Financial Studies, 51(3), 393-414.Du, J., & Dai, Y. (2005). Ultimate corporate ownership structures and capital structures: evidence from East Asian economies. Corporate Governance: An International Review, 13(1), 60-71.Faccio, M., & Lang, L. (2001). The separation of ownership and control: An analysis of ultimate ownership in western European countries. Journal of Financial Economics, 65(3), 365-395.Faccio, M., Lang, L., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78.Fama, E., & Jensen, M. (1983a). Separation of ownership and control. The Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 301-325.Fama, E., & Jensen, M. (1983b). Agency problems and residual claims. Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 327-349.Hatem, B. (2014). Determinants of ownership structure: A comparison of common and civil law countries. International Business Research, 7(10), 118-124.Hung, H. (1998). A typology of the theories of the roles of governing boards. Corporate Governance, 6(2), 101-111.Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association (May, 1986), 323-329.Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.Johnson, S., La Porta, R., Lopez de Silanes, F., & Shleifer, A. (2000). Tunneling. The American Economic Review, 90(2), 22-27.Klapper, L., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.Krivogorsky, V. (2006). Ownership, board structure and performance in continental Europe. The International Journal of Accounting, 41(2), 176-197.La Porta, R., Lopez de Silanes, F., Andrei, S., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.La Porta, R., Lopez de Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150.La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.Lang, L., & Litzenberger, R. (1989). Dividend announcements: Cash Flow Signaling vs. Free Cash Flow Hypothesis? Journal of Financial Economics, 24(1), 181-191.Leal, R., & De Oliveira, C. (2002). An evaluation of board practices in Brazil. Working Paper, Rio de Janeiro Federal University.Lefort, F., & Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and Hypothesis in Chile. Revista Abante, 3(1), 3-27.Lefort, F. (2005). Ownership structure and corporate governance in Latin America. Revista Abante, 8(1), 55-84.Lefort, F., & Walker, E. (2007). Do markets penalize agency conflicts between controlling and minority shareholders? Evidence from Chile. The Developing Economies, 45(3), 283-314.Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. The Journal of Finance, 32(2), 371-387.Lins, K. (2003). 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Journal of Management, 15(2), 291-334.Derechos Reservados - Universidad Católica de Colombia, 2018info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2FINANCIAMIENTODIVIDENDOSGOBIERNO CORPORATIVOESTRUCTURA DE PROPIEDADEfectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenasEffects of Corporate Policies and Governance Practices on Ownership Structure: Evidence from Chilean FirmsArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85PublicationORIGINAL2. 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