Artikel
Corporate governance in Latin American firms: Contestability of control and firm value
Using a sample of 595 firms listed in the capital markets of Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the period of 2000-2015, we confirm prior literature by showing that when power distribution among several large shareholders (contestability) increases, firms' financial performance is enhanced. More interestingly, we find that these relations are even more significant in family-owned firms, emphasising the relevance of contesting control in this kind of firm. Furthermore, contestability has a greater influence in family firms that have the most concentrated ownership. We also find that the legal framework attenuates the impact of the balance of ownership. Here, contesting control acts as an internal corporate governance mechanism that provides an alternative to the external legal setting. Taken together, our results mean that in institutional settings characterised by weak investor protection and possible conflicts of interest among shareholders, oversight by multiple large, non-related shareholders (balanced ownership concentration) becomes an important governance mechanism.
- Sprache
-
Englisch
- Erschienen in
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Journal: BRQ Business Research Quarterly ; ISSN: 2340-9436 ; Volume: 22 ; Year: 2019 ; Issue: 4 ; Pages: 257-274 ; Barcelona: Elsevier España
- Klassifikation
-
Management
General Financial Markets: General (includes Measurement and Data)
Corporate Finance and Governance: General
- Thema
-
Corporate governance
Family firms
Firm value
Latin America
Minority shareholders
Ownership structure
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jara Bertín, Mauricio
López Iturriaga, Felix J.
San Martín Mosqueira, Pablo
Saona, Paolo
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier España
- (wo)
-
Barcelona
- (wann)
-
2019
- DOI
-
doi:10.1016/j.brq.2018.10.005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Jara Bertín, Mauricio
- López Iturriaga, Felix J.
- San Martín Mosqueira, Pablo
- Saona, Paolo
- Elsevier España
Entstanden
- 2019
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