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The Impact of Chilean Publicly Traded Firms' Ownership Structures On Performance and Disclosure Levels

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Abstract:

This study contributes to the corporate governance literature by analyzing developments in the ownership structures of publicly traded firms in Chile. The study measures the impact of institutional holdings and insidersÂ’ ownership on firm performance and disclosure levels. Our findings suggest institutional holdings and insider ownership levels positively affect firm performance but negatively affect disclosure levels. When insider ownership levels reach 60 percent, there is evidence for the convergence-of-interest hypothesis between inside shareholders and institutional investors in positively affecting firm performance. Our results are important for countries seeking to introduce legislations and market-based mechanisms to improve corporate governance.

Most Common Document Word Stems:

level (151), ownership (150), firm (149), insid (96), afp (70), disclosur (67), institut (55), chile (54), corpor (51), percent (50), perform (45), hold (41), investor (40), find (39), govern (37), pp (36), effect (36), market (35), 60 (33), variabl (33), journal (33),

Author's Keywords:

Corporate Governance, Latin America,
Convention
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Association:
Name: BALAS Annual Conference
URL:
http://http://www.balas.org/


Citation:
URL: http://citation.allacademic.com/meta/p298405_index.html
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MLA Citation:

Pizarro, Veronica., Curci, Roberto., Mahenthiran, Sakthi. and Cademartori, David. "The Impact of Chilean Publicly Traded Firms' Ownership Structures On Performance and Disclosure Levels" Paper presented at the annual meeting of the BALAS Annual Conference, ITESM, Guadalajara, Mexico, Apr 01, 2009 <Not Available>. 2013-05-05 <http://citation.allacademic.com/meta/p298405_index.html>

APA Citation:

Pizarro, V. , Curci, R. , Mahenthiran, S. and Cademartori, D. , 2009-04-01 "The Impact of Chilean Publicly Traded Firms' Ownership Structures On Performance and Disclosure Levels" Paper presented at the annual meeting of the BALAS Annual Conference, ITESM, Guadalajara, Mexico Online <APPLICATION/PDF>. 2013-05-05 from http://citation.allacademic.com/meta/p298405_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: This study contributes to the corporate governance literature by analyzing developments in the ownership structures of publicly traded firms in Chile. The study measures the impact of institutional holdings and insidersÂ’ ownership on firm performance and disclosure levels. Our findings suggest institutional holdings and insider ownership levels positively affect firm performance but negatively affect disclosure levels. When insider ownership levels reach 60 percent, there is evidence for the convergence-of-interest hypothesis between inside shareholders and institutional investors in positively affecting firm performance. Our results are important for countries seeking to introduce legislations and market-based mechanisms to improve corporate governance.

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