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| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 128 |
| Release | : 2017-09-28 |
| Genre | : |
| ISBN | : 9264281134 |
This review was prepared as part of the process of Colombia's accession to OECD Membership. It describes the corporate governance setting for both listed companies in Colombia and the state-owned sector.
| Author | : |
| Publisher | : |
| Total Pages | : 124 |
| Release | : 2017 |
| Genre | : |
| ISBN | : 9789264189942 |
| Author | : Luis H. Gutiérrez |
| Publisher | : |
| Total Pages | : 51 |
| Release | : 2007 |
| Genre | : Corporate governance |
| ISBN | : |
This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control measures and separation ratios with a firm's value and performance for the same sample of companies that traded their stock from 1998 to 2002. Large blockholders were found to exert a positive influence upon a firm's valuation and performance, which validates the positive monitoring approach of large shareholders, but this relationship is not monotonic. The paper further reports results from a 2004 survey which suggests that Colombian firms have been slow to improve their corporate governance practices.
| Author | : Luis H. Gutierrez |
| Publisher | : |
| Total Pages | : 71 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
This paper examines for the first time the association of different ownership and control measures and separation ratios with a firm's value and performance for 108 non-financial firms that traded their stock during the period 1998 to 2002. Large block holders were found to exert a positive influence upon a firm's valuation and performance, which validates the positive monitoring approach of large shareholders, but it was also found that this relationship is not monotonic, implying that when separation of control and ownership tends to increase, a negative effect is exerted on firm's valuation. This paper also reports the first estimates of a survey of corporate governance practices conducted in 2004 for 43 Colombian non-financial companies. The corporate governance index's (CGI) scores suggest that implementation of good governance in Colombian firms has been slow and poor, as measured by an index average that is below half the maximum attainable value. Regrettably, it was not possible to find any support to recent theories that predict a positive association between good governance practices-as measured by the CGI-and performance. At most, there exists a positive relationship for the sub-index, but the results were not statistically significant in general.
| Author | : Luis H. Gutierrez |
| Publisher | : |
| Total Pages | : 51 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
This paper studies the separation of ownership and control of 108 listed companies in Colombia from 1996 to 2002, finding that voting rights are greater than cash flow rights because of indirect ownership across firms. The paper also examines the association of various ownership and control measures and separation ratios with a firm's value and performance for the same sample of companies that traded their stock from 1998 to 2002. Large blockholders were found to exert a positive influence upon a firm's valuation and performance, which validates the positive monitoring approach of large shareholders, but this relationship is not monotonic. The paper further reports results from a 2004 survey which suggests that Colombian firms have been slow to improve their corporate governance practices.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 78 |
| Release | : 2011-07-01 |
| Genre | : |
| ISBN | : 9264116052 |
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
| Author | : Blanca-Monica Panqueva-Bernal |
| Publisher | : Cuvillier Verlag |
| Total Pages | : 208 |
| Release | : 2006-02-01 |
| Genre | : Social Science |
| ISBN | : 3736917848 |
This dissertation has shown that indeed the internationalization of production systems and the globalization of the markets for goods, services and capital have triggered and intensified the competition between corporate governance systems. Similar to the competition in other economic areas, where, for example, domestic goods and factor prices tend to converge to the world prices after opening to international competition, over the years the traditionally diverse corporate governance systems have become more homogeneous. The elements, provisions and aspects where convergence has made more progress are: boards’ form and functions, strong minority shareholders’ rights, universal banking systems, bankruptcy law, the capital market as an important corporate financing source, investor-oriented accounting standards (e.g. IFRS) and employee ownership as a means to motivate staff to undertake firm-specific investments. However, convergence does not mean that the national systems have equally moved towards each other, rather the Principal-Agent model, followed by the USA, has prevailed. The main reason for the dominance of the Principal-Agent model seems to be the preponderance of the US-economy, particularly on global financial markets. Although this is not a topic of this dissertation, in the last two decades a competition between capital market- and bank-centered financial systems can be observed. The capitalmarket centered financial system, recommended by the Principal-Agent model, has gained importance, whereas the traditional leading position of credit institutions has impressively decreased.
| Author | : Carlos Pombo Vejarano |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
| Author | : Weltbank |
| Publisher | : |
| Total Pages | : |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
This report assesses the corporate governance policy framework, enforcement and compliance practices in Colombia. The capital markets are small relative to the economy and trading volume is low equity trading totals about USD one million, as compared to USD one billion in fixed income trading. The corporate sector is largely owned and controlled by family groups and conglomerates. The challenge is to create an environment where medium-sized companies can raise capital in the market and help them make the transition from tightly-controlled family firms to public companies. While pension funds represent a large and rapidly growing source of funds, they are reluctant to invest in equities. It has been demonstrated across countries that capital market development correlates positively with the degree of shareholder protection and good corporate governance. Awareness of the importance of corporate governance issues is growing. Success stories of privatizations linked with good corporate governance highlight the importance of the issue. Colombia is an interesting example of the interplay between legal changes and voluntary initiatives based on the incentive to attract capital. It has put a minimum corporate governance disclosure regime in place for companies that wish to be eligible for pension fund investments. The report recommends (i) the adoption of a securities bill as proposed by the securities regulator supevalores; (ii) the adoption of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and the creation of an independent audit oversight board; (iii) improved enforcement; (iii) enhanced monitoring of compliance with the code of good governance, for example by introducing a comply-or-explain requirement; and (iv) the creation of a director training organization.
| Author | : Héctor Lehuedé |
| Publisher | : |
| Total Pages | : 102 |
| Release | : 2013 |
| Genre | : Colombia |
| ISBN | : |
This report evaluates the corporate governance practices of Colombian SOEs against the OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs). The assessment was prepared based on information provided by the Colombian authorities, an analysis of the available literature and interviews with authorities, consultants, academics, and company as well as stakeholder representatives. Following a brief introduction, Part A of the report provides information about the context in which Colombian SOEs operate, including the main aspects of the regulatory framework and its key actors. Part B refers successively to the different chapters of the Guidelines, evaluating Colombian norms and practices in their light. The final section sets out the report's conclusions and recommendations. Complementary information can be found in the five annexes. The review was prepared at the request of the Colombian authorities and approved by the OECD Working Party on State Ownership and Privatisation Practices.
