TY  -  JOUR 
TI  - Concentración de la propiedad y desempeño contable: El caso latinoamericano.
PB  - Universidad Icesi
PY  - 2005
issn 1900-1568
AB  - This paper studies the effects of ownership concentration on the accounting returns for a
panel of 532 publicly listed Latin-American firms between the years 1999 and 2003. The firms are
from five countries: Colombia, Brazil, Chile, Peru and Venezuela. The results, for a model that
assumes variables independence, indicate a positive effect of ownership concentration on
performance, and an effect, weaker, but still positive of performance on the ownership concentration.
Under an approach of simultaneous equations, the effect of ownership concentration on performance
is negative, and the effect of performance on ownership concentration, vanishes. The relationship
between ownership concentration and performance suggests an entrenchment effect of controlling
shareholders that hinders the competitiveness of the sampled firms.
KW  - Desempeño
KW  - Empresas
KW  - Gobierno corporativo
KW  - Concentración de la propiedad
KW  - Economía
KW  - Econometría
KW  - Econometrics models
KW  - Economics
UR  - http://hdl.handle.net/10906/65249
ER  -