Mayo de 2005 Ownership and Control in Colombian Corporations
Mayo de 2005 Ownership and Control in Colombian Corporations
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Mayo de 2005 哥伦比亚公司的所有权和控制权
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
R. Taborda
中科院分区：
文献类型：
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作者：
Luis;H.;Gutiérrez;C. Pombo;R. Taborda
我们研究了1996-2002年期间哥伦比亚平均140家非金融上市公司的所有权和控制权分离。根据上市状态和经济活动对样本进行分解，表决权比现金流权更大，因为在主要属于金字塔和交叉持股的公司之间存在间接所有权。研究样本还包括一组重要的非附属公司。所有权统计数据显示，前四大投票区高度集中，与欧洲大陆的水平相似，尽管最大的股份的投票权平均比该地区的平均水平低20%。最后，控股投资基金和信托基金作为控股公司的最终控制人发挥着核心作用。
We study the separation of ownership and control for an average of 140 listed non-financial Corporations in Colombia during the 1996-2002 period. Breaking the sample according to their listing status and economic activity, voting rights are greater than cash flow rights because of the presence of indirect ownership across firms that belong mainly to pyramidal and cross share holdings. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration for the top-four largest voting blocks similar to the levels observed in continental Europe, although the largest stake has on average 20% lower voting rights than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings’ ultimate controllers.