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Corporate valuation and governance : evidence from Colombia

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dc.creatorGutiérrez Ramírez, Luis Hernando
dc.creatorPombo, Carlos
dc.creator.googleGutiérrez R., Luis H.
dc.creator.googlePombo V., Carlos
dc.date.accessioned2015-10-16T15:48:03Z
dc.date.available2015-10-16T15:48:03Z
dc.date.created2005-07
dc.date.issued2005
dc.description.abstractWe examine for the first time the association of different measures of ownership and control, and separation ratios with firm’s value and performance for 108 non-financial firms that traded their stock during the period 1998 to 2002. We found that large blockholders exert a positive influence upon firm’s valuation and performance, which validates the positive monitoring approach of large shareholders, but also found that this relation is not monotone implying that when separation of control and ownership tends to increase, a negative effect is exerted on firm’s valuation. Furthermore, we report first estimates of a survey of corporate governance practices conducted in 2004 for 43 Colombian non-financial companies. The index’s scores suggest that implementation of good governance in Colombian firms has been slow and poor as measured by the average of the Index that is below half the maximum attainable value. Regrettably, we did not find any support to recent theories that predict a positive association between good governance practices, measured by the CGI, and performance. At most there exists a positive relationship for sub-index but the results were not statistically significant in general.eng
dc.format.extent59 páginasspa
dc.format.mediumRecurso electrónicospa
dc.format.mimetypeapplication/pdf
dc.format.tipoDocumentospa
dc.identifier.doihttps://doi.org/10.48713/10336_11298
dc.identifier.issn0124-4396
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/11298
dc.language.isoeng
dc.publisherEditorial Universidad del Rosariospa
dc.publisher.departmentUniversidad del Rosario. Facultad de Economíaspa
dc.relation.citationIssueNo. 71
dc.relation.citationTitleEconomía. Serie documentos. Borradores de investigación
dc.relation.ispartofEconomía. Serie documentos. Borradores de investigación, No. 71spa
dc.relation.isversionof1spa
dc.relation.urihttps://ideas.repec.org/p/col/000091/002203.html
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto completo)spa
dc.rights.ccAtribución-NoComercial-SinDerivadas 2.5 Colombiaspa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.ddcAdministración general
dc.subject.keywordOwnershipeng
dc.subject.keywordControleng
dc.subject.keywordCorporate Governanceeng
dc.subject.keywordColombiaeng
dc.subject.lembEconomía::Colombiaspa
dc.subject.lembAdministración de empresas::Colombiaspa
dc.subject.lembControl::Administraciónspa
dc.subject.lembAdministración financiera::Colombiaspa
dc.subject.lembFinanzas::Colombiaspa
dc.titleCorporate valuation and governance : evidence from Colombiaspa
dc.typeworkingPapereng
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.type.spaDocumento de trabajospa
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