Corporate governance and ownership: measurement and impact on corporate performance in Argentina

The goal of this paper is twofold. First, we put together, for the first time, quantitative measures on the quality of the corporate governance and the ownership structure for 65 nonfinancial listed companies in Argentina with information for 2003-2004. A wide array of official and private sources w...

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Autor principal: Bebczuk, Ricardo Néstor
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2005
Materias:
Ciencias Económicas
Gobierno y financiación de la empresa
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/164394
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-164394
record_format dspace
spelling I19-R120-10915-1643942024-04-03T20:03:04Z http://sedici.unlp.edu.ar/handle/10915/164394 Corporate governance and ownership: measurement and impact on corporate performance in Argentina Bebczuk, Ricardo Néstor 2005-11 2005 2024-04-03T16:00:46Z en Ciencias Económicas Gobierno y financiación de la empresa The goal of this paper is twofold. First, we put together, for the first time, quantitative measures on the quality of the corporate governance and the ownership structure for 65 nonfinancial listed companies in Argentina with information for 2003-2004. A wide array of official and private sources were used to this purpose. In a nutshell, companies seem to be poorly governed vis-á -vis international practices. In turn, ownership appears to be quite concentrated at the level of the largest ultimate shareholder, but separation of control and cash flow rights prevails in less than half of the companies, with pyramiding being the main mechanism to create such wedge. Second, we put to the test the predictions of recent theories linking those measures with corporate performance in 2000-2003. Concerning performance, the results point to a sizable and robust effect of our governance measure on both the return on assets and Tobin’s q. Moreover, the separation of control and cash flow rights for the largest shareholder –an indicator of the incentives to expropriate minority shareholders- hinders performance directly, and also attenuates the beneficial impact from good governance rules. Facultad de Ciencias Económicas Objeto de conferencia Objeto de conferencia http://creativecommons.org/licenses/by-nc-sa/4.0/ Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) application/pdf
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
Gobierno y financiación de la empresa
spellingShingle Ciencias Económicas
Gobierno y financiación de la empresa
Bebczuk, Ricardo Néstor
Corporate governance and ownership: measurement and impact on corporate performance in Argentina
topic_facet Ciencias Económicas
Gobierno y financiación de la empresa
description The goal of this paper is twofold. First, we put together, for the first time, quantitative measures on the quality of the corporate governance and the ownership structure for 65 nonfinancial listed companies in Argentina with information for 2003-2004. A wide array of official and private sources were used to this purpose. In a nutshell, companies seem to be poorly governed vis-á -vis international practices. In turn, ownership appears to be quite concentrated at the level of the largest ultimate shareholder, but separation of control and cash flow rights prevails in less than half of the companies, with pyramiding being the main mechanism to create such wedge. Second, we put to the test the predictions of recent theories linking those measures with corporate performance in 2000-2003. Concerning performance, the results point to a sizable and robust effect of our governance measure on both the return on assets and Tobin’s q. Moreover, the separation of control and cash flow rights for the largest shareholder –an indicator of the incentives to expropriate minority shareholders- hinders performance directly, and also attenuates the beneficial impact from good governance rules.
format Objeto de conferencia
Objeto de conferencia
author Bebczuk, Ricardo Néstor
author_facet Bebczuk, Ricardo Néstor
author_sort Bebczuk, Ricardo Néstor
title Corporate governance and ownership: measurement and impact on corporate performance in Argentina
title_short Corporate governance and ownership: measurement and impact on corporate performance in Argentina
title_full Corporate governance and ownership: measurement and impact on corporate performance in Argentina
title_fullStr Corporate governance and ownership: measurement and impact on corporate performance in Argentina
title_full_unstemmed Corporate governance and ownership: measurement and impact on corporate performance in Argentina
title_sort corporate governance and ownership: measurement and impact on corporate performance in argentina
publishDate 2005
url http://sedici.unlp.edu.ar/handle/10915/164394
work_keys_str_mv AT bebczukricardonestor corporategovernanceandownershipmeasurementandimpactoncorporateperformanceinargentina
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