The effect of ownership structure on investment decisions under exogenous shocks

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dc.catalogadorgjm
dc.contributor.authorRamírez Hizaut, Cristián
dc.contributor.authorTarziján M., Jorge
dc.contributor.authorLagos, Gustavo
dc.date.accessioned2023-05-19T20:25:13Z
dc.date.available2023-05-19T20:25:13Z
dc.date.issued2022
dc.description.abstractResearch Question/Issue: We assess how ownership concentration influences the sensitivities of expansion investments and maintenance investments to changes in a firm's cash flow. We find the causal effect by exploiting the exogenous variation in the price of a firm's product. We also evaluate whether state versus private ownership affects the impact of ownership concentration on investment–cash flow sensitivities. Research Findings/Insights: Using detailed data from 134 major copper mines operating in 29 countries over a 17-year period, we show that a more concentrated ownership increases the sensitivity of expansion investments to changes in a firm's cash flow, while we do not detect a significant effect for maintenance investments. We also find that state ownership negatively moderates the effects of ownership concentration on the expansion investment–cash flow sensitivity. Theoretical/Academic Implications: The findings improve our understanding of ownership structures and show the nuances of these structures when different ownership features are combined in the assessment of investment sensitivities. Practitioner/Policy Implications: The asymmetric effects of ownership structures on different investment sensitivities call for a more fine-grained analysis of incentives, benchmarking, and information disclosure policies. This issue is especially relevant in state-owned enterprises (SOEs) and in firms with a low ownership concentration.
dc.fechaingreso.objetodigital2023-07-14
dc.fuente.origenORCID
dc.identifier.doi10.1111/corg.12432
dc.identifier.eissn1467-8683
dc.identifier.issn0964-8410
dc.identifier.urihttps://doi.org/10.1111/corg.12432
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/67320
dc.identifier.wosidWOS:000762805000001
dc.information.autorucEscuela de Administración; Ramírez Hizaut, Cristián; 0000-0002-6558-7960; 141462
dc.information.autorucEscuela de Administración; Tarziján M., Jorge; 0000-0003-3348-469X; 69477
dc.information.autorucEscuela de Ingeniería; Lagos, Gustavo; S/I; 99352
dc.issue.numero30
dc.language.isoen
dc.nota.accesoContenido parcial
dc.pagina.final805
dc.pagina.inicio783
dc.revistaCorporate Governance: An International Review
dc.rightsacceso restringido
dc.subjectInvestmentses_ES
dc.subjectOwnership concentrationes_ES
dc.subjectState ownershipes_ES
dc.subjectExogenous shockses_ES
dc.subjectCopper mininges_ES
dc.subject.ddc330
dc.subject.deweyEconomíaes_ES
dc.subject.ods11 Sustainable cities and communities
dc.subject.odspa11 Ciudades y comunidades sostenibles
dc.titleThe effect of ownership structure on investment decisions under exogenous shockses_ES
dc.typeartículo
dc.volumen6
sipa.codpersvinculados141462
sipa.codpersvinculados69477
sipa.codpersvinculados99352
sipa.trazabilidadORCID;14-07-2023
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