Capital markets and corporate governance in Colombia
Luis Gutiérrez () and
Carlos Pombo ()
No 25, Galeras. Working Papers Series from Universidad de Los Andes. Facultad de Administración. School of Management
This paper analyses the long term trends in Colombia's capital market development and corporate governance implementation by large public corporations. In that sense, it discusses the historical pattern of corporate governance in the country both regarding legal regime and companies' practices: Corporate governance practices commonly adopted by security issuers including features related to transparency. The paper also analyzes the recent corporate governance reforms, the performance of capital market, and identifies the major drivers and constraints to firm's equity capital financing and capital market deepening. Among them it can be highlighted the role of the IPOs associated with the privatized state owned companies during the nineties and the effects of the mergers and acquisitions that has taken within the main business groups that have reinforced firm delisting and migration patterns. Regarding the financial sector the paper analyzes the effect of the 1993 financial reform on the banking ownership structure, the public debt and fixed income market, and the role of pension funds. The paper ´s main conclusion is the need of equity market deepening to sustain the steady growth of the pension funds capitalization system in the country
Keywords: Board independence; corporate governance; firm value; Colombian corporations (search for similar items in EconPapers)
JEL-codes: G32 L14 L22 (search for similar items in EconPapers)
Pages: 42 pages
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Persistent link: https://EconPapers.repec.org/RePEc:uac:somwps:025
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