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What are boards for? Evidence from closely held firms in Colombia

dc.contributor.authorVillalonga, Belénspa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorCáceres, Neilaspa
dc.date.accessioned2023-06-21T22:23:05Z
dc.date.available2023-06-21T22:23:05Z
dc.date.issued2019
dc.identifier.issn0046-3892
dc.identifier.urihttp://hdl.handle.net/10726/5087
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing, Inc.
dc.subjectInstitutional investors
dc.subjectFirm
dc.titleWhat are boards for? Evidence from closely held firms in Colombiaeng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishUsing a large survey database on the corporate governance practices of privately held Colombian firms, we investigate why firms have boards, and how that choice and the balance of power among the board, controlling shareholders, and minority shareholders affect the trade-offs between control, liquidity, and growth and, ultimately, firm performance. We find that the probability of having a board increases with the number of shareholders and in family firms. When the preferences of controlling and minority shareholders diverge, as with respect to capital structure and dividend policy, boards support controlling shareholders’ decisions, thereby exacerbating the agency conflict between the two groups of shareholders.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume48
dc.relation.citationissue2
dc.relation.citationstartpage537
dc.relation.citationendpage573
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusVillalonga, Belén [6506527390]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusCáceres, Neila [55842808000]
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=6506527390
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55842808000
dc.identifier.eissn1755-053X
dc.relation.ispartofjournalFinancial Management
dc.identifier.doihttps://doi.org/10.1111/fima.12224
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


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