Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America

This paper examines the relationship between firm value and blockholders in Latin America. Econometric results for a comprehensive data set of more than 550 firms listed in the six largest stock markets of the region support a positive effect of variables measuring the existence, contestability, dis...

Full description

Autores:
Pombo Vejarano, Carlos
Taborda Ríos, Rodrigo
Tipo de recurso:
Work document
Fecha de publicación:
2015
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8616
Acceso en línea:
http://hdl.handle.net/1992/8616
Palabra clave:
Blockholders
Firm value
Corporate governance
Accionistas - Investigaciones - América Latina - Modelos econométricos
Empresas - Valoración - América Latina
Gobierno corporativo - América Latina
G32, G34
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Pombo Vejarano, Carlos9885500Taborda Ríos, Rodrigo106584002018-09-27T16:55:01Z2018-09-27T16:55:01Z20151657-5334http://hdl.handle.net/1992/86161657-719110.57784/1992/8616instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper examines the relationship between firm value and blockholders in Latin America. Econometric results for a comprehensive data set of more than 550 firms listed in the six largest stock markets of the region support a positive effect of variables measuring the existence, contestability, dispersion and identity of blockholder on performance (Tobin's Q) only for highly liquid stocks. The identity of the second largest blockholder (family, foreign, financial or the State) emerges as critical for such effects. The study supports the voice and exit approach as a disciplinary mechanism on firm performance.El documento estudia la relación entre valor de la firma y grupos de accionistas en Latinoamérica. Los resultados econométricos de una base de datos de más de 550 empresas activas en los seis mercados accionarios más grandes de la región, sugieren un efecto positivo de las variables que miden la existencia, capacidad de reto al accionista mayoritario, dispersión e identidad del grupo de accionista sobre la variable de desempeño (Q de Tobin), pero solo para las acciones con mayor liquidez. La identidad del segundo accionista más grande (familia, extranjero, financiero o estatal) es igualmente importante para el efecto sugerido. Los resultados respaldan los mecanismos de voz y amenaza de salida, como herramientas de disciplina sobre el desempeño de las firmas.40 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 41 Noviembre de 2015https://ideas.repec.org/p/col/000089/014074.htmlStock liquidity and second blockholder as drivers of corporate value : evidence from Latin AmericaLiquidez y segundo accionista como determinantes del valor de las empresas : evidencia en LatinoaméricaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPBlockholdersFirm valueCorporate governanceAccionistas - Investigaciones - América Latina - Modelos econométricosEmpresas - Valoración - América LatinaGobierno corporativo - América LatinaG32, G34Facultad de EconomíaPublicationTHUMBNAILdcede2015-41.pdf.jpgdcede2015-41.pdf.jpgIM Thumbnailimage/jpeg32059https://repositorio.uniandes.edu.co/bitstreams/92316256-20a0-4e2d-b813-446c836fcd7f/download811057bf99bc0d7647ae083476126c01MD55TEXTdcede2015-41.pdf.txtdcede2015-41.pdf.txtExtracted texttext/plain100425https://repositorio.uniandes.edu.co/bitstreams/d006b7fc-2ee1-443d-8192-e2b5d24416a1/downloadc1434ad5eb655a17a432fc155ad3e3d9MD54ORIGINALdcede2015-41.pdfdcede2015-41.pdfapplication/pdf366247https://repositorio.uniandes.edu.co/bitstreams/0b59fc48-5f2b-460b-b8a5-2195346b4e98/downloadf3bffb361e65449f8637ac17aa38f147MD511992/8616oai:repositorio.uniandes.edu.co:1992/86162024-06-04 15:36:56.026http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
dc.title.alternative.none.fl_str_mv Liquidez y segundo accionista como determinantes del valor de las empresas : evidencia en Latinoamérica
title Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
spellingShingle Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
Blockholders
Firm value
Corporate governance
Accionistas - Investigaciones - América Latina - Modelos econométricos
Empresas - Valoración - América Latina
Gobierno corporativo - América Latina
G32, G34
title_short Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
title_full Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
title_fullStr Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
title_full_unstemmed Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
title_sort Stock liquidity and second blockholder as drivers of corporate value : evidence from Latin America
dc.creator.fl_str_mv Pombo Vejarano, Carlos
Taborda Ríos, Rodrigo
dc.contributor.author.none.fl_str_mv Pombo Vejarano, Carlos
Taborda Ríos, Rodrigo
dc.subject.keyword.none.fl_str_mv Blockholders
Firm value
Corporate governance
topic Blockholders
Firm value
Corporate governance
Accionistas - Investigaciones - América Latina - Modelos econométricos
Empresas - Valoración - América Latina
Gobierno corporativo - América Latina
G32, G34
dc.subject.armarc.none.fl_str_mv Accionistas - Investigaciones - América Latina - Modelos econométricos
Empresas - Valoración - América Latina
Gobierno corporativo - América Latina
dc.subject.jel.none.fl_str_mv G32, G34
description This paper examines the relationship between firm value and blockholders in Latin America. Econometric results for a comprehensive data set of more than 550 firms listed in the six largest stock markets of the region support a positive effect of variables measuring the existence, contestability, dispersion and identity of blockholder on performance (Tobin's Q) only for highly liquid stocks. The identity of the second largest blockholder (family, foreign, financial or the State) emerges as critical for such effects. The study supports the voice and exit approach as a disciplinary mechanism on firm performance.
publishDate 2015
dc.date.issued.none.fl_str_mv 2015
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:55:01Z
dc.date.available.none.fl_str_mv 2018-09-27T16:55:01Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.identifier.eissn.none.fl_str_mv 1657-7191
dc.identifier.doi.none.fl_str_mv 10.57784/1992/8616
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
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identifier_str_mv 1657-5334
1657-7191
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instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
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url http://hdl.handle.net/1992/8616
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 41 Noviembre de 2015
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/014074.html
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
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http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 40 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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