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Ownership structure and risk at Colombian banks

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  • Constanza Martínez
  • Manuel Ramírez

Abstract

The separation between ownership and the control of capital in banks generates differences in thepreferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Suggested Citation

  • Constanza Martínez & Manuel Ramírez, 2011. "Ownership structure and risk at Colombian banks," Documentos de Trabajo 8016, Universidad del Rosario.
    • Handle: RePEc:col:000092:008016
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    File URL: http://repository.urosario.edu.co/bitstream/handle/10336/10822/8016.pdf
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    Keywords

    corporate governance and banking risk;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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