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date: 17 June 2019

Abstract and Keywords

Chilean business groups tend to be structured as a collection of listed and non-listed companies presenting highly concentrated ownership and hanging under a listed holding company. These characteristic pyramidal structures are used to obtain funding from minority shareholders without losing control. Many of the large companies affiliated to Chilean business groups have traded in a relatively developed capital market with a considerable participation of institutional investors since 1986. Most Chilean business groups are relatively young and are successfully run by the second or third generation of the founding families. However, in some cases, control has passed to teams of executives and to foreign companies. This article looks at the main features of Chilean business groups and tries to find some stylized factors that help in an understanding of their dynamic evolution.

Keywords: Chilean business groups, shareholders, capital market, institutional investors, dynamic evolution

Fernando Lefort

Fernando Lefort is Professor and Dean of the Facultad de Economía y Negocios, Universidad Diego Portales, Chile. He is also Executive Director of the Centro para el Gobierno de la Empresa, board Member of FASA Corporation and Vicechairman of AFC, Chile. His main areas of research are corporate finance and corporate governance. He has published in several international academic journals. He is an international consultant on corporate governance and has participated, among other things, in the World Bank Report on Standards and Codes (ROSC) on Corporate Governance in Chile and in the OECD's White Paper on Corporate Governance in Latin America.

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