Ownership and control in Colombian corporations

Luis H. Gutiérrez, Carlos Pombo, Rodrigo Taborda

Research output: Contribution to journalArticlepeer-review

18 Scopus citations


We study the separation of ownership and control for an average of 140 non-financial listed corporations in Colombia during 1996-2002. When categorizing the sample according to listing status and economic activity, voting rights are greater than cash flow rights because of the indirect ownership common for firms belonging mainly to pyramidal and cross-shareholdings ownership schemes. The study sample also includes an important set of non-affiliated firms. Ownership statistics show high concentration for the four largest voting blocks, similar to levels observed in continental Europe, although the largest stakeholder has on average 20% fewer voting rights than the average observed in European countries. Finally, holding investment and trust funds play a central role as the holdings' ultimate controllers.

Original languageEnglish (US)
Pages (from-to)22-47
Number of pages26
JournalQuarterly Review of Economics and Finance
Issue number1
StatePublished - Feb 2008

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics


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