Corporate ownership and control contestability in emerging markets: The case of Colombia

Gutiérrez Ramírez, Luis Hernando; Pombo, Carlos

doi:https://doi.org/10.1016/j.jeconbus.2008.01.002

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Corporate ownership and control contestability in emerging markets: The case of Colombia

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dc.creator	Gutiérrez Ramírez, Luis Hernando	spa
dc.creator	Pombo, Carlos	spa
dc.date.accessioned	2020-05-25T23:56:09Z
dc.date.available	2020-05-25T23:56:09Z
dc.date.created	2009	spa
dc.description.abstract	This study examines the structure of voting control and blockholders' contestability for a sample of 233 non-financial listed firms in Colombia during 1996-2004. Corporate control is characterized by high ownership concentration and blockholder power, which implies low separation ratios between cash flow rights and voting rights. On average the separation ratios for the largest voting block is 0.95, while that for the fourth largest shareholder is 0.75. Corporate control is privately biased when there is direct monitoring of firm management by controlling owners. Regression results show that a more equal distribution of equity among large blockholders has a positive effect on firm value. Contestability matters most when firm shares are liquid and actively traded on the stock market. This finding is reinforced when the probability that the largest block can form a winning coalition decreases and performance variables, such as market to sales ratio and return on equity, are included in the estimating equations as substitutes for firm value. In addition, our estimations provide evidence that diversion of rents (tunneling) is limited by blockholders' contestability. © 2008 Elsevier Inc. All rights reserved.	eng
dc.format.mimetype	application/pdf
dc.identifier.doi	https://doi.org/10.1016/j.jeconbus.2008.01.002
dc.identifier.issn	1486195
dc.identifier.uri	https://repository.urosario.edu.co/handle/10336/22338
dc.language.iso	eng	spa
dc.relation.citationEndPage	139
dc.relation.citationIssue	No. 2
dc.relation.citationStartPage	112
dc.relation.citationTitle	Journal of Economics and Business
dc.relation.citationVolume	Vol. 61
dc.relation.ispartof	Journal of Economics and Business, ISSN:1486195, Vol.61, No.2 (2009); pp. 112-139	spa
dc.relation.uri	https://www.scopus.com/inward/record.uri?eid=2-s2.0-58549098557&doi=10.1016%2fj.jeconbus.2008.01.002&partnerID=40&md5=50066a7c417b7e32055676a7eb51bbdd	spa
dc.rights.accesRights	info:eu-repo/semantics/openAccess
dc.rights.acceso	Abierto (Texto Completo)	spa
dc.source.instname	instname:Universidad del Rosario	spa
dc.source.reponame	reponame:Repositorio Institucional EdocUR	spa
dc.subject.keyword	Colombian corporations	spa
dc.subject.keyword	Corporate control	spa
dc.subject.keyword	Corporate governance	spa
dc.subject.keyword	Firm value	spa
dc.subject.keyword	Multiple blockholders	spa
dc.title	Corporate ownership and control contestability in emerging markets: The case of Colombia	spa
dc.type	article	eng
dc.type.hasVersion	info:eu-repo/semantics/publishedVersion
dc.type.spa	Artículo	spa