Grups empresarials familiars a la Borsa de Valors de Bogotà, 1950-1980
DOI:
https://doi.org/10.1344/rhiihr.41339Paraules clau:
grups empresarials, desenvolupament financer, mercat de valors, ColòmbiaResum
Aquest article examina l’impacte de l’afiliació a grups empresarials en el desenvolupament del mercat de valors de Bogotà entre el 1950 i el 1980. Si bé la literatura sobre grups empresarials ha discutit com responen a les falles del mercat, s’ha prestat poca atenció a les formes específiques en què l’afiliació a grups afecta el desenvolupament del mercat de valors a economies emergents. Aquest estudi té com a objectiu omplir aquesta bretxa analitzant dades de plafó del mercat de valors de Bogotà i implementant una sèrie de regressions de panell d’efectes aleatoris correlacionats. Les troballes d’aquest estudi demostren que l’afiliació a grups va tenir un impacte significatiu a la capitalització borsària ponderada de les accions emeses per empreses cotitzades. Específicament, es van concentrar alts volums de negociació en un petit subconjunt d’empreses, cosa que suggereix que les empreses afiliades a grups van poder capturar el mercat de valors com a mitjà per finançar les seves inversions i augmentar la diversificació de productes i la diversificació geogràfica. Tot i que la literatura sobre grups empresarials suggereix que solen sorgir en absència d’un mercat de capitals desenvolupat, el nostre estudi revela una dinàmica diferent en el cas de Colòmbia, on aquests grups van advocar per la creació de la borsa de valors. Per tant, les nostres troballes desafien la idea que els mercats financers en economies emergents són ineficients i il·líquides i aporten nova llum sobre el paper dels grups empresarials que impulsen el desenvolupament del mercat financer.
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