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Effects of Corporate Policies and Governance Practices on Ownership Structure: Evidence from Chilean Firms

Jorge Andrés Muñoz Mendoza (), Sandra María Sepúlveda Yelpo () and Carmen Lissette Veloso Ramos ()

Revista Finanzas y Política Económica, 2018, vol. 10, issue 2, 269-286

Abstract: We analyze the effects of financing policies, dividends, and corporate governance on ownership structure in Chilean companies. We used a sample of 185 companies listed on the Santiago Stock Exchange that answered the NCG 341 survey on Corporate Governance Practices in 2013. The two-limit Tobit regression (TLTR) results show that debt and dividend policies exert a negative effect on controlling shareholder ownership and a positive effect on minority shareholder ownership. The results show that these policies facilitate control over corporate management determined by the interests of controlling shareholders, as well as protect minority shareholders’ rights by complementing their monitoring role. Corporate governance practices have significant effects on the ownership structure of Chilean companies.

Keywords: Financing policy; dividend; corporate governance; ownershipstructure. (search for similar items in EconPapers)
JEL-codes: G32 G35 G38 (search for similar items in EconPapers)
Date: 2018
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