Ownership and Control in Colombian Corporations

Luis Hernando Gutiérrez (), Carlos Pombo () and Rodrigo Taborda

No 3220, RES Working Papers from Inter-American Development Bank, Research Department

Abstract: This paper studies the separation of ownership and control for an average of 140 listed non-financial corporations in Colombia during the 1996-2002 period. Breaking down the sample according to corporations` listing status and economic activity shows that 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 among the four largest voting blocks, which is similar to the levels observed in continental Europe, but the largest stake has voting rights that are on average 20 percent lower than the average observed in that region. Finally, holding investment and trust funds play a central role as the holdings` ultimate controllers.

Date: 2005-11
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Related works:
Working Paper: Ownership and Control in Colombian Corporations (2005)
Journal Article: Ownership and control in Colombian corporations (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:idb:wpaper:3220

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