We study the separation of ownership and control for an average of 140 non-financial listed corporations in Colombia during 1996-2002. When categorizing the sample according to listing status and economic activity, voting rights are greater than cash flow rights because of the indirect ownership...

This paper studies the separation of ownership and control for an average of 140 listed non-financial corporations in Colombia during the 1996-2002 period. Breaking down the sample according to corporations` listing status and economic activity shows that voting rights are greater than cash flow...