Efectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas

dc.creatorMuñoz-Mendoza, Jorge Andrés
dc.creatorSepúlveda-Yelpo, Sandra María
dc.creatorVeloso-Ramos, Carmen Lissette
dc.date.accessioned2019-02-21T20:08:18Z
dc.date.available2019-02-21T20:08:18Z
dc.date.created2019-02-21T20:08:18Z
dc.date.issued2018-12
dc.identifierMuñoz-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
dc.identifier2248-6046
dc.identifierhttps://hdl.handle.net/10983/22790
dc.description.abstractWe 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.
dc.description.abstractEste 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.
dc.languagespa
dc.publisherUniversidad Católica de Colombia. Facultad de Economía
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dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightsAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)
dc.rightshttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rightsDerechos Reservados - Universidad Católica de Colombia, 2018
dc.titleEfectos de las políticas y prácticas de gobierno corporativo sobre la estructura de propiedad: evidencia de compañías chilenas
dc.typeArtículo de revista


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