Title: Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas
Other Titles: Effects of Corporate Policies and Governance Practices on Ownership Structure: Evidence from Chilean Firms
Authors: Muñoz Mendoza, Jorge Andrés
Sepúlveda Yelpo, Sandra María
Veloso Ramos, Carmen Lissette
Keywords: FINANCIAMIENTO
DIVIDENDOS
GOBIERNO CORPORATIVO
ESTRUCTURA DE PROPIEDAD
Issue Date: Dec-2018
Publisher: Universidad Católica de Colombia. Facultad de Economía
Citation: Muñoz Mendoza, J., Sepúlveda Yelpo, S., y Veloso Ramos, C. (2018). Efectos de las políticas corporativas y las prácticas de gobierno en la estructura de propiedad: evidencia de empresas chilenas. Revista Finanzas y Política Económica, 10 (2), 269-286. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2018.10.2.2
Abstract: Este artículo se propone analizar el impacto de las políticas de financiamiento, dividendos y gobierno corporativo sobre la estructura de propiedad en compañías chilenas. Se usó una muestra de 185 compañías listadas en la Bolsa de Comercio de Santiago, que contestaron la encuesta NCG 341 sobre Prácticas de Gobierno Corporativo en 2013. Los resultados de las regresiones Tobit de dos límites (TLTR) demuestran que las políticas de endeudamiento y de dividendos negativamente afectan la propiedad de los accionistas controladores y protegen los derechos de los accionistas minoritarios al complementar su rol de monitoreo. Las prácticas de gobierno corporativo tienen efectos significativos sobre la estructura de propiedad de las compañías chilenas.
Bibliography References: Anderson, R. C., & Reeb, D. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237.

Ang, J., Cole, R., & Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.

Apreda, R. (2000). Corporate governance in Argentina. CEMA Working Papers No. 154, Buenos Aires: Universidad del CEMA.

Bae, K., Kang, J., & Kim, J. (2002).Tunneling or value added? Evidence from mergers by Korean business groups. The Journal of Finance, 57(6), 2695-2740.

Baek, J., Kang, J., & Lee, I. (2006). Business groups and tunneling: Evidence from private securities offerings by Korean Chaebols. The Journal of Finance, 61(5), 2415-2449.

Barclay, M., & Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25(2), 371-395.

Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Macmillan.

Boeker, W. (1989). Strategic change: The effects of founding and history. The Academy of Management Journal, 32(3), 489-515.

Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130.

Bradford, W., Chen, C., & Zhu, S. (2013). Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics and Finance, 27, 445-464.

Brown, L., & Caylor, M. (2004). Corporate governance study: The correlation between corporate governance and company performance. Institutional Shareholder Services, Inc.

Burkart, M., & Panunzi, F. (2006). Agency conflicts, ownership concentration, and legal shareholder protection. Journal of Financial Intermediation, 15(1), 1-31.

Céspedes, J., González, M., & Molina, C. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248-254.

Chibber, P., & Majumdar, S. (1999). Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry. The Journal of Law and Economics, 42(1), 209-238.

Chong, A., & Lopez de Silanes, F. (2007). Corporate governance in Latin America. Inter-America Development Bank, Working Paper No. 591.

Chu, E., & Cheah, K. (2004). The determinants of ownership structure in Malasya. Accepted for Presentation at the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference, Singapore, 4-6 July 2004.

Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2), 81-112.

De Michele, R. (2002). Corporate Governance: An introduction to the Argentine Case. Working Paper.

Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177

Diamond D. (1984). Financial intermediation and delegated monitoring. The Review of Financial Studies, 51(3), 393-414.

Du, J., & Dai, Y. (2005). Ultimate corporate ownership structures and capital structures: evidence from East Asian economies. Corporate Governance: An International Review, 13(1), 60-71.

Faccio, M., & Lang, L. (2001). The separation of ownership and control: An analysis of ultimate ownership in western European countries. Journal of Financial Economics, 65(3), 365-395.

Faccio, M., Lang, L., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78.

Fama, E., & Jensen, M. (1983a). Separation of ownership and control. The Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 301-325.

Fama, E., & Jensen, M. (1983b). Agency problems and residual claims. Journal of Law and Economics, 26(2), Corporations and Private Property: A Conference Sponsored by the Hoover Institution, 327-349.

Hatem, B. (2014). Determinants of ownership structure: A comparison of common and civil law countries. International Business Research, 7(10), 118-124.

Hung, H. (1998). A typology of the theories of the roles of governing boards. Corporate Governance, 6(2), 101-111.

Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association (May, 1986), 323-329.

Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Johnson, S., La Porta, R., Lopez de Silanes, F., & Shleifer, A. (2000). Tunneling. The American Economic Review, 90(2), 22-27.

Klapper, L., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.

Krivogorsky, V. (2006). Ownership, board structure and performance in continental Europe. The International Journal of Accounting, 41(2), 176-197.

La Porta, R., Lopez de Silanes, F., Andrei, S., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.

La Porta, R., Lopez de Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.

La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150.

La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.

Lang, L., & Litzenberger, R. (1989). Dividend announcements: Cash Flow Signaling vs. Free Cash Flow Hypothesis? Journal of Financial Economics, 24(1), 181-191.

Leal, R., & De Oliveira, C. (2002). An evaluation of board practices in Brazil. Working Paper, Rio de Janeiro Federal University.

Lefort, F., & Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and Hypothesis in Chile. Revista Abante, 3(1), 3-27.

Lefort, F. (2005). Ownership structure and corporate governance in Latin America. Revista Abante, 8(1), 55-84.

Lefort, F., & Walker, E. (2007). Do markets penalize agency conflicts between controlling and minority shareholders? Evidence from Chile. The Developing Economies, 45(3), 283-314.

Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. The Journal of Finance, 32(2), 371-387.

Lins, K. (2003). Equity ownership and firm value in emerging markets. The Journal of Financial and Quantitative Analysis, 38(1), 159-184.

López-Iturriaga, F., & Lima, V. (2014). Do leverage dividend payout, and ownership concentration influence firms’ value creation? An analysis of Brazilian firms. Emerging Markets Finance and Trade, 46(3), 80-94.

Mak, Y., & Li, Y. (2001). Determinants of corporate ownership and board structure: evidence from Singapore. Journal of Corporate Finance, 7(1), 235-256.

Mancinelli, L., & Aydin, O. (2006). Ownership structure and dividend policy: Evidence from Italian firms. The European Journal of Finance, 12(3), 265-282.

Maquieira, C., & Danús, M. (1998). Costos de agencia y costos de transacción como determinantes de la tasa de pago de dividendos en Chile. Estudios de Administración, 5(2), 49-81.

Maquieira, C., & Moncayo, I. (2004). Costos de agencia y costos de transacción como determinantes de la tasa de pago de dividendos en Chile: Extensión. Estudios de Administración, 11(2), 1-26.

Morales, M., Meléndez, M., & Ramírez, V. (2013). Determinants of ownership concentration in the Chilean stock market. Cepal Review, 110, 175-188.

Mori, N., & Ikeda, N. (2015). Majority support of shareholders, monitoring incentive, and dividend policy. Journal of Corporate Finance, 30, 1-10.

Nenova, T. (2003). The value of corporate voting rights and control: A cross-country analysis. Journal of Financial Economics, 68(3), 325-351.

Pedersen, T., & Thomsen, S. (1997). European patterns of corporate ownership: A Twelve-country study. Journal of International Business Studies, 4, 759-778.

Pindado, J., & De La Torre, C. (2006). The role of investment, financing and dividend decisions in explaining corporate ownership structure: Empirical evidence from Spain. European Financial Management, 12(5), 661-687.

Pindado, J., Requejo, I., & De la Torre, C. (2012). Do family firms use dividend policy as a governance mechanism? Evidence from the Euro zone. Corporate governance. An International Review, 20(5), 413-431.

Ramli, N. (2010). Ownership structure and dividend policy: Evidence from Malaysian companies. International Review of Business Research Papers, 6(1), 170-180.

Renders, A., & Gaeremynck, A. (2012). Corporate governance, principal-principal agency conflicts, and firm value in European listed companies. Corporate Governance: An international review, 20(2), 125-143.

Roy, A. (2015). Dividend policy ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.

Rozeff, M. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3), 249-259.

Santiago, M., & Brown, C. (2007). Ownership structure and minority rights: A Latin American view. Journal of Economics and Business, 59(5), 430-442.

Setia-Atmaja, L. Y. (2009). Governance mechanisms and firm value: The impact of ownership concentration and dividends. Corporate Governance: An International Review, 17(6), 694-709.

Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-775.

Silva, F., Majluf, N., & Paredes, R. (2006). Family ties, interlocking directors and performance of business groups in emerging countries: The case of Chile. Journal of Business Research, 59(3), 315-321.

Thomsen, S., & Pedersen, T. (1996). Nationality and ownership structures: The 100 largest companies in six European nations. Management International Review, 36(2), 149-166.

Yoon, P., & Starks, L. (1995). Signaling, Investment Opportunities and Dividend Announcements. The Review of Financial Studies, 8(4), 995-1018.

Weiss, C., & A. Richter (2010), Determinants of ownership concentration: the importance of firm-, industry- and country-level factors, European Business School Research Paper, No. 10-05, Wiesbaden, EBS Business School.

Zahra, S., & Pearce, J. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334.
URI: https://hdl.handle.net/10983/22790
ISSN: 2248-6046
Is part of: Revista Finanzas y Política Económica, Vol. 10, no. 2 (jul. – dic. 2018); p. 269 – 286.
Appears in Collections:CAD. Finanzas y Política Económica



This item is protected by original copyright



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.