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Dispersión accionaria y desempeño de los bancos argentinos

Author

Listed:
  • Martín Dutto

    (Universidad Nacional del Litoral, Facultad de Ciencias Económicas (Santa Fe, Argentina))

  • Marcos Narvaez

    (Universidad Nacional del Litoral, Facultad de Ciencias Económicas (Santa Fe, Argentina))

  • Emiliano Carlevaro

    (Universidad Nacional del Litoral, Facultad de Ciencias Económicas (Santa Fe, Argentina))

  • Juan Jullier

    (Universidad Nacional del Litoral, Facultad de Ciencias Económicas (Santa Fe, Argentina))

Abstract

El objetivo de este trabajo es explorar la asociación entre el grado de concentración propietaria y el desempeño de los bancos argentinos, medido a través del retorno real sobre los activos (ROA), rentabilidad sobre el patrimonio (ROE), e ingresos financieros netos durante el período 2005 a 2017. A partir de un análisis de regresión lineal con datos de panel, se describe una asociación negativa entre la concentración y el desempeño. Esta asociación es positiva para bancos con pocos propietarios. Argumentamos que, para bajos niveles de concentración, el propietario mayoritario toma excesivo riesgo resultando en menores retornos, mientras que la toma de riesgos se vuelve menor a mayor concentración propietaria./ In this paper, we analyze the degree of ownership concentration as a determinant of performance in Argentine banks, measured through return on assets (ROA), return on equity (ROE), and Net Financial Income during the period from 2005 to 2017. Based on panel data analysis, we conclude that there is a negative relationship between ownership concentration and performance. This association is positive for banks with few owners. We argue that controlling owners take excessive risk in banks with lower levels of ownership concentration which results in low returns. Adversely, a less risk taking behavior increases at higher levels of concentration.

Suggested Citation

  • Martín Dutto & Marcos Narvaez & Emiliano Carlevaro & Juan Jullier, 2021. "Dispersión accionaria y desempeño de los bancos argentinos," Revista de Economía y Estadística, Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas, vol. 59(1), pages 125-150, Diciembre.
    • Handle: RePEc:ief:reveye:v:59:y:2021:i:1:p:125-150
    DOI: 10.55444/2451.7321.2021.v59.n1.36338
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    More about this item

    Keywords

    Estructura de propiedad; teoría de la agencia; bancos; rendimiento.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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