Affiliation or non-affiliation: The impact of family-owned business groups on the Bogotá stock market, 1950-1980

Beatriz Rodriguez-Satizabal; Sergio Castellanos-Gamboa

doi:10.1344/rhiihr.41339

Affiliation or non-affiliation: The impact of family-owned business groups on the Bogotá stock market, 1950-1980

Título traducido de la contribución: Afiliación o no afiliación: El impacto de los grupos empresariales familiares en la Bolsa de Valores de Bogotá, 1950-1980

Beatriz Rodriguez-Satizabal, Sergio Castellanos-Gamboa

Producción científica: Contribución a una revista › Artículo de revista › revisión exhaustiva

1 Cita (Scopus)

Resumen

Este artículo examina el impacto de la afiliación a grupos empresariales en el desarrollo del mercado de valores de Bogotá entre 1950 y 1980. Si bien la literatura sobre grupos empresariales ha discutido cómo responden a las fallas del mercado, se ha prestado poca atención a las formas específicas en que la afiliación a grupos afecta el desarrollo del mercado de valores en economías emergentes. Este estudio tiene como objetivo llenar esta brecha analizando datos de panel del mercado de valores de Bogotá e implementando una serie de regresiones de panel de efectos aleatorios correlacionados. Los hallazgos de este estudio demuestran que la afiliación a grupos tuvo un impacto significativo en la capitalización de mercado ponderada de las acciones emitidas por empresas cotizadas. Específicamente, se concentraron altos volúmenes de negociación en un pequeño subconjunto de empresas, lo que sugiere que las empresas afiliadas a grupos pudieron capturar el mercado de valores como medio para financiar sus inversiones y aumentar su diversificación de productos y geográfica. Si bien la literatura sobre grupos empresariales sugiere que suelen surgir en ausencia de un mercado de capitales desarrollado, nuestro estudio revela una dinámica diferente en el caso de Colombia, donde estos grupos abogaron por la creación de la bolsa de valores. Por lo tanto, nuestros hallazgos desafían la idea de que los mercados financieros en economías emergentes son ineficientes e ilíquidos y arrojan nueva luz sobre el papel de los grupos empresariales en impulsar el desarrollo del mercado financiero.

Título traducido de la contribución	Afiliación o no afiliación: El impacto de los grupos empresariales familiares en la Bolsa de Valores de Bogotá, 1950-1980
Idioma original	Inglés
Páginas (desde-hasta)	149-173
Número de páginas	25
Publicación	Revista de Historia Industrial
Volumen	32
N.º	88
DOI	https://doi.org/10.1344/rhiihr.41339
Estado	Publicada - 2023

Nota bibliográfica

Funding Information:
We are grateful to the anonymous reviewers and the editorial team for their attentive reading and comments, which have undoubtedly contributed to improve the final version of this text. Errors and omissions are our sole responsibility. An initial part of this work has been funded by the Colombian Ministry of Science (before Colciencias) during the doctoral studies at Queen Mary University of London of the main author under the project entitled “Financing firms in emerging economies: from stand-alone to business groups. The case of Colombia, 1950-1980”. The transcription of the data for this paper has been funded by Centro de Investigación Universidad del Pacífico (CIUP). We would like to also thank the undergraduate students from Universidad del Pacífico (Perú) who helped with the transcription of the data from the main primary source: Andrés Ruiz Pinto, Sebastián Vilca Porras, Álvaro Chávez, Christian Rojas, María Fernanda Iparaguirre, Valeria Lobatón, Grecia Quezada and Fabrizio Sulca.

Publisher Copyright:
© 2023, Department of Economic History and Institutions, Policy and World Economy. All rights reserved.

Palabras clave

Grupos empresariales
Desarrollo financiero
Mercado de valores
Colombia

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Este resultado contribuye a los siguientes Objetivos de Desarrollo Sostenible

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title = "Affiliation or non-affiliation: The impact of family-owned business groups on the Bogot{\'a} stock market, 1950-1980",

abstract = "This paper examines the impact of group affiliation on the development of Bogota{\textquoteright}s stock market between 1950 and 1980. While the literature on business groups has discussed how they respond to market failures, little attention has been paid to the specific ways in which group affiliation affects stock market development in emerging economies. This study aims to fill this gap by analyzing panel data from Bogota{\textquoteright}s stock market and implementing a series of correlated random effects panel regressions. The findings of this study demonstrate that group affiliation had a significant impact on the weighted market capitalization of stocks issued by listed companies. Specifically, high trading volumes were concentrated on a small subset of firms, suggesting that group-affiliated companies were able to capture the stock market as a means of financing their investments and increasing their product and geographic diversification. While the literature on business groups suggests that they typically arise in the absence of a developed capital market, our study reveals a different dynamic in the case of Colombia, where these groups advocated for the creation of the stock exchange. Hence, our findings challenge the misconception of inefficient and illiquid financial markets in emerging economies and shed new light on the role of business groups in driving financial market development.",

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Affiliation or non-affiliation: The impact of family-owned business groups on the Bogotá stock market, 1950-1980

Resumen

Nota bibliográfica

Palabras clave

ODS de las Naciones Unidas

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