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Aquest article examina l’impacte de l’afiliació a grups empresarials en el desenvolupament del mercat de valors de Bogotà entre el 1950 i el 1980. Si bé la literatura sobre grups empresarials ha discutit com responen a les falles del mercat, s’ha prestat poca atenció a les formes específiques en què l’afiliació a grups afecta el desenvolupament del mercat de valors a economies emergents. Aquest estudi té com a objectiu omplir aquesta bretxa analitzant dades de plafó del mercat de valors de Bogotà i implementant una sèrie de regressions de panell d’efectes aleatoris correlacionats. Les troballes d’aquest estudi demostren que l’afiliació a grups va tenir un impacte significatiu a la capitalització borsària ponderada de les accions emeses per empreses cotitzades. Específicament, es van concentrar alts volums de negociació en un petit subconjunt d’empreses, cosa que suggereix que les empreses afiliades a grups van poder capturar el mercat de valors com a mitjà per finançar les seves inversions i augmentar la diversificació de productes i la diversificació geogràfica. Tot i que la literatura sobre grups empresarials suggereix que solen sorgir en absència d’un mercat de capitals desenvolupat, el nostre estudi revela una dinàmica diferent en el cas de Colòmbia, on aquests grups van advocar per la creació de la borsa de valors. Per tant, les nostres troballes desafien la idea que els mercats financers en economies emergents són ineficients i il·líquides i aporten nova llum sobre el paper dels grups empresarials que impulsen el desenvolupament del mercat financer., This paper examines the impact of group affiliation on the development of Bogota’s stock market between 1950 and 1980. While the literature on business groups has discussed how they respond to market failures, little attention has been paid to the specific ways in which group affiliation affects stock market development in emerging economies. This study aims to fill this gap by analyzing panel data from Bogota’s stock market and implementing a series of correlated random effects panel regressions. The findings of this study demonstrate that group affiliation had a significant impact on the weighted market capitalization of stocks issued by listed companies. Specifically, high trading volumes were concentrated on a small subset of firms, suggesting that group-affiliated companies were able to capture the stock market as a means of financing their investments and increasing their product and geographic diversification. While the literature on business groups suggests that they typically arise in the absence of a developed capital market, our study reveals a different dynamic in the case of Colombia, where these groups advocated for the creation of the stock exchange. Hence, our findings challenge the misconception of inefficient and illiquid financial markets in emerging economies and shed new light on the role of business groups in driving financial market development., Este artículo examina el impacto de la afiliación a grupos empresariales en el desarrollo del mercado de valores de Bogotá entre 1950 y 1980. Si bien la literatura sobre grupos empresariales ha discutido cómo responden a las fallas del mercado, se ha prestado poca atención a las formas específicas en que la afiliación a grupos afecta el desarrollo del mercado de valores en economías emergentes. Este estudio tiene como objetivo llenar esta brecha analizando datos de panel del mercado de valores de Bogotá e implementando una serie de regresiones de panel de efectos aleatorios correlacionados. Los hallazgos de este estudio demuestran que la afiliación a grupos tuvo un impacto significativo en la capitalización de mercado ponderada de las acciones emitidas por empresas cotizadas. Específicamente, se concentraron altos volúmenes de negociación en un pequeño subconjunto de empresas, lo que sugiere que las empresas afiliadas a grupos pudieron capturar el mercado de valores como medio para financiar sus inversiones y aumentar su diversificación de productos y geográfica. Si bien la literatura sobre grupos empresariales sugiere que suelen surgir en ausencia de un mercado de capitales desarrollado, nuestro estudio revela una dinámica diferente en el caso de Colombia, donde estos grupos abogaron por la creación de la bolsa de valores. Por lo tanto, nuestros hallazgos desafían la idea de que los mercados financieros en economías emergentes son ineficientes e ilíquidos y arrojan nueva luz sobre el papel de los grupos empresariales en impulsar el desarrollo del mercado financiero.

This paper aims to observe which form of financing was predominant inthe support to the investments of Companhia Antarctica Paulista between 1891 and1940. In this way, balance sheets published by the company were analyzed during theproposed period. Subsequently, we sought to analyze the evolution of the company’sliabilities and financial indicators. At the end of the research, it was possible to concludethat the largest portion of the resources needed to expand the company was obtainedthrough capital markets and own resources. O artigo busca observar quais as formas de financiamento que foram predominantes no suporte aos investimentos da Companhia Antarctica Paulista entre 1891e 1940. Para isso, são coletados e analisados balanços publicados pela empresa no período proposto. Posteriormente, busca-se a análise da evolução da origem dos recursose indicadores financeiros da companhia. Ao final da pesquisa, é possível concluir que amaior parcela dos recursos necessários à expansão da empresa foi obtida por meio domercado de capitais entre o final do século XIX e o final dos anos 1910, com os recursospróprios ganhando importância ao longo dos anos 1920. O mercado de capitais voltoua crescer em participação nos anos 1930.

O artigo busca observar quais as formas de financiamento que foram predominantes no suporte aos investimentos da Companhia Antarctica Paulista entre 1891e 1940. Para isso, são coletados e analisados balanços publicados pela empresa no período proposto. Posteriormente, busca-se a análise da evolução da origem dos recursose indicadores financeiros da companhia. Ao final da pesquisa, é possível concluir que amaior parcela dos recursos necessários à expansão da empresa foi obtida por meio domercado de capitais entre o final do século XIX e o final dos anos 1910, com os recursospróprios ganhando importância ao longo dos anos 1920. O mercado de capitais voltoua crescer em participação nos anos 1930., This paper aims to observe which form of financing was predominant inthe support to the investments of Companhia Antarctica Paulista between 1891 and1940. In this way, balance sheets published by the company were analyzed during theproposed period. Subsequently, we sought to analyze the evolution of the company’sliabilities and financial indicators. At the end of the research, it was possible to concludethat the largest portion of the resources needed to expand the company was obtainedthrough capital markets and own resources.

What are the characteristics of the Colombian business groups and how did they evolve between 1950 and 1985? How did the characteristics change during a period of deglobalisation? This paper provides a description of the Colombian business groups. It tracks the evolution of 25 groups since their consolidation in the 1950s, during a period of Industrialization by Substitution of Imports (ISI), until 1985, a year before the Colombian government considered for the first time trade liberalisation policies. By concentrating on descriptive variables such as size, ownership and control, foundation year, and diversification, this paper provides an overview of the consolidation, development and restructuring of the groups. The task implied answering the underlying questions of what and who the business groups are by relying extensively on secondary literature for the main concepts and primary sources, valued for their ‘first-handedness’, to illustrate and complement the arguments on their characteristics. Combining the analysis of the track record of 25 groups, this research places the business group as the unit of analysis, and also includes 428 group-affiliated firms. Despite their current importance and presence in the economy since the second half of the twentieth century, a profile of the largest Colombian business groups during this period has not yet been produced. Most of the variables used to characterise the groups are the ones set out by the literature, however, the paper also brings indexes to quantify the historical evolution of the characteristics.

O Encilhamento permanece como um controverso episódio na história econômica brasileira, sendo comumente seus efeitos negativos ligados à instabilidade macroeconômica que teria gerado. Todavia, há uma argumentação que realça os efeitos favoráveis à formação de empresas a partir dessas medidas econômicas. Nesse sentido, o artigo busca dar uma contribuição à compreensão dos efeitos do Encilhamento para a diversificação do capital no estado de São Paulo, considerando a escassez de estudos que atrelem diretamente o Encilhamento ao grande capital cafeeiro paulista. Para tanto, baseamo-nos na conta-corrente de José de Lacerda Guimarães (Barão de Arary) junto à casa comissária e exportadora J. F. de Lacerda & Cia., principal firma exportadora de café em Santos entre 1885-1886. Na conta-corrente constam as operações de entradas de ações, que representam compras de papéis de empresas por parte do barão, operações que se tornaram maiores e mais diversificadas no período do Encilhamento (1889-1893).

This introductory piece provides some context to the special edition on business and economic history of Chile and Latin America. It also provides an introduction to better understanding research and method in business history while inviting for this field to be further developed in Chile., Esta introducción provee un marco a la edición especial sobre la historia económica y de la empresa en Chile y América Latina. Se hace hincapié acerca de la agenda y el método de investigación en historia de la empresa así como invitar a que esta área se desarrolle en Chile.

The previously successful British merchant houses on the west coast of South America faced significant problems between the two world wars. Earlier historians have referred to difficulties such as the volatility of commodity prices, the organisation and structure of the firms, and changes in patterns of trade. This paper, instead, compares their different experiences on the basis of archives from the merchants and their banks, concluding that their response to crisis differed, depending on the manner and extent of diversification, their core expertise, the quality of their management, and the support of their banks. The outcomes varied from outright failure to continued growth, with the two largest firms struggling to survive and adapt to the new business environment., Las casas comerciales británicas situadas en la costa occidental de Sudamérica, que habían experimentado tanto éxito antes de 1914, tuvieron que enfrentarse a nuevos problemas significativos durante el período de entreguerras. Los historiadores que las estudiaron con anterioridad analizaron dificultades tales como las fluctuaciones de precios de los bienes primarios, la organización y estructura de estas empresas, y los cambios en la distribución geográfica del comercio. En contraste, este artículo compara sus experiencias individuales tanto sobre la base de sus propios archivos como en los de sus banqueros. Llega a la conclusión de que sus respuestas ante estos problemas fueron muy diferentes, según la manera y el alcance de su diversificación entre los distintos ramos industriales, sus recursos técnicos, la calidad de sus gerentes, y el apoyo que recibieron de sus bancos. En consecuencia, los resultados oscilan entre el fracaso total y el crecimiento regular y sostenido. Las dos empresas más grandes de la época antes de 1914 enfrentaron muchas dificultades para sobrevivir y adaptarse al nuevo ambiente comercial durante la entreguerra.

El texto ofrece algunas noticias acerca del movimiento de capitales a gran y pequeña escala entre Venezuela y España a partir de un estudio de caso apoyado sobre fondos documentales privados. La disponibilidad del libro de caja número 1 del indiano montañés Esteban González de Linares (1751-1802) y la correspondencia de éste con el armador y comerciante santanderino Francisco de Gibaja y otros particulares (335 cartas) ofrecen una rica variedad de fórmulas y vías de transferencia de capitales entre la colonia y la metrópoli, tanto en el marco de grandes operaciones de crédito y giro vinculado al gran comercio como en el de la transferencia de pequeños ahorros por parte de paisanos de diversa condición a sus familias. González de Linares se convirtió, durante su estancia en Caracas (1785-1791), en pieza clave para la remesa de capitales a la península. La escasez de numerario de alta denominación en la provincia de Caracas implicó que la repatriación de capitales pudo dar un impulso definitivo tanto a la exportación de frutos coloniales (cacao, añil) como al desarrollo del mercado financiero (letras y libranzas). This paper offers some evidences about the circulation of capital between Venezuela and Spain at the end of the eighteenth century through the case study of the Spanish merchant Esteban González de Linares (1751-1802). Our sources are private nature: an accounting book and some letters of Esteban González de Linares with Francisco de Gibaja, shipowner and merchant in Santander, and other people (335 letters). These documents show a wide variety of channels to the transfer of capitals from the colony to the metropolis, both at large operations and small deliveries. González de Linares became, during his stay in Caracas (1785-1791), an important agent in the transfer of savings from the colony. The scarcity of silver and gold in Venezuela during this period justifies that the transfer of capital did promote the export of groceries (cocoa, indigo) and the development of financial markets (orders and bills of exchange).

This paper investigates the existence and nature of constraints prevailing among Mexican microenterprises. It provides inter-temporal insights by relying on firm-level data spanning from 1994 to 2012. A performance index is defined based on firm levels of capital stock and monthly profits, and is used to estimate the empirical probability of a business's success. The predicted values are used to classify every microenterprise into one of three categories: upper, middle, or lower segment. Overall, the study provides evidence of constrained productivity and capital misallocation. Specifically, middle-segment firms exhibit entrepreneurial features and their average marginal returns are 15 percent. Because this segment faces mainly external constraints, cost-effective interventions are plausible. Regarding the lower-segment firms, it is estimated that their average monthly marginal returns are 30 per cent, compared to 1 per cent for the upper segment. It is also shown that, over time, the share that middle-segment firms represent relative to all microenterprises increased from 16 to 22 percent. Lastly, the sources of variation in monthly profits among segments are explored using the Oaxaca-Blinder decomposition method.

This article studies female participation rates as entrepreneurs during the 1877- 1908 period using data from the Santiago business license registry, census data and the trademark registry. The evidence reveals that business women in Santiago increased from 3 to 14 percent of the female labor force in the corresponding sectors analyzed during the period. The evidence shows women increasingly as business people: half of the economic sectors analyzed had female entrepreneurs while firms run by women increased from 13 to 20 percent in Santiago, but reached only 5 percent of national firms within the elite., Este artículo analiza la participación femenina como empresarias durante el período 1877-1909 usando datos del registro de Patentes Municipales de Santiago, los censos y el Registro de Marcas. La evidencia muestra que las mujeres emprendedoras en Santiago crecieron del 3 al 14 por ciento de la fuerza de trabajo femenina en los sectores analizados y que incrementaron su presencia abarcando la mitad de los sectores estudiados y pasando de representar el 13 al 20 por ciento del total de firmas en Santiago, aunque sólo representaban el 5 por ciento de las empresas de la elite a nivel nacional.

Tradicionalmente se ha afirmado que los grandes terratenientes dominaron el estrato superior de la elite económica argentina en el medio siglo que sucedió a la emancipación. Según esta versión, la crisis de independencia obligó a la elite colonial a desplazar sus negocios desde el comercio hacia la actividad rural, que pronto se convirtió en la base de las principales fortunas del país. A partir de un análisis de los inventarios sucesorios de los de los mayores contribuyentese de Buenos Aires para fines de década de 1830, este trabajo sugiere que, lejos de limitarse a invertir en el sector rural, una parte importante de los grandes capitalistas de mediados del siglo XIX incursionaron en distintas esferas de actividad. El trabajo sugiere que la diversificación de activos fue resultado de los esfuerzos de los capitalistas rioplatenses para enfrentar la inestabilidad económica y política que caracterizó a esas décadas. It has often been argued that large landowners formed the core of the Buenos Aires’ economic elite during the first half of the nineteenth century. According to this interpretation, the crisis of independence forced the colonial wealthiest capitalists to move from commerce to ranching, which soon emerged as the elite’s major source of income. The evidence produced in this article suggests that this interpretation requires revision. Analysis of sucesiones (probate records) for a sample of fifty of Buenos Aires’ largest capitalists of the central decades of the XIXth century indicates that, rather than concentrating on rural production, wealthy porteños sought to diversify their assets. This article suggests that this pattern on investment emerged as a result of businessmen’s attempts to cope with economic and political instability.

Though a fairly common phenomenon both in developed and in developing countries, the economic groups are still organizations that have received little attention. Only more recently the economic literature and other social sciences have studied the issue more systematically. This paper aims to contribute to the understanding of the role of large national groups in the Brazilian economy in recent years. Based on the analysis of the performance of the 200 largest Brazilian groups and a more detailed monitoring of a panel of 25 relevant groups, the paper seek to interpret their major strategic movements in terms of diversification, forms of entry into new areas of business and internationalization. The paper is divided into four sections, besides the introduction and concluding remarks. Section 2 provides a brief review of the international literature on economic groups, calling attention to an alternative vision hardly present in international studies. Section 3 presents a retrospective of the development of Brazilian economic groups and emphasizes the major changes in the macroeconomic environment that conditioned the strategies of these groups in the 2000s. Section 4 analyzes the performance of the 200 largest Brazilian groups and presents an overview of the strategies of 25 national groups selected from the top 200. Finally, the concluding remarks emphasize the main results found throughout the work.

In the years preceding the international debt crisis of the 1980s, international banks displayed a growing enthusiasm for lending to Mexico and other developing countries. During this period, Mexico's development and commercial banks got heavily involved in intermediating foreign finance with domestic final users. Although important, scholars have thus far neglected the role played by Mexican banks in international capital markets and in the country's external indebtedness process. This paper argues that the imbalances which Mexican banks incurred in running their international operations eventually brought them to the brink of bankruptcy once the crisis began. Given that the banks that were at risk represented a large share of the domestic market, this paper argues the whole Mexican banking system was threatened with collapse. The improved understanding of the banking system's exposure to and dependence on foreign finance provides new insights into Mexico's debt renegotiation outcomes and the nationalization of the banking system in the aftermath of the crisis.

The aim of this work is to exploit the information contained in an isolated but very dense source: the cash book of the Spanish merchant Esteban Gonzalez de Linares. Moved to Caracas between 1785 and 1791 to manage the liquidation of the estate of Sebastian de Mier y Terán, a wealthy landowner in Los Llanos, Linares was actively involved in the export boom of those years, marked by the end of the monopoly of the Guipuzcoa Company and the decrees of free trade. The text quantifies the amount of cocoa, indigo, and cattle moved by this subject, and their prices.

Este artículo estudia las importaciones de cocaína y marihuana colombianas a Miami durante la década de 1970. Describe las redes organizadas para estas actividades ilícitas y señala que los colombianos cooperaban con traficantes de otras nacionalidades (principalmente cubanos y norteamericanos). Por último, se muestra que la violencia desatada por los narcotraficantes colombianos en Miami a finales de los años 70 iba plenamente dirigida a bandas rivales de la misma nacionalidad. This article covers the cocaine and marihuana imports from Colombia to Miami during the 1970s. It describes the organized networks in charge of these illicit activities. It is pointed out that Colombians cooperated with traffickers belonging to other nationalities (mainly Cubans and Americans). Finally, it is shown that the violence unleashed by Colombian traffickers in Miami at the end of the 70s was fully oriented to rival Colombian bands. Cet article étudie les exportations colombiennes de cocaïne et de marijuana à Miami pendant la décennie de 1970. On décrit les réseaux organisés pour ces activités illicites en remarquant que les colombiens coopéraient avec les trafiquants d'autres nationalités (principalement des cubains et des nord-américains). On montre, également, que la violence déclenchée par les narcotrafiquants colombiens à Miami à la fin des années 1970 était uniquement dirigée vers les bandes des rivales de la même nationalité.

This paper provides a synthesis of the four papers on the Latin American and Caribbean economies: Brazil, Chile, Costa Rica, and the Dominican Republic. It focuses on the following themes: macroeconomic stabilization and fiscal challenges, poverty and inequality, and the use of natural resources to create growth. The paper then draws lessons for development.

During the first half of the 20th century, most electric utilities were owned by foreign companies in Latin America as well as in Argentina, where the electric system was managed by firms of different nationalities and types. After comparing the trajectories of the firms, the article explores the causes of the unsuccessful performance of the electric utilities managed by British and American companies in Argentina. The results show that the life-cycles of electric utility companies greatly diverged according to their style of management and financing, the entry into the market, and the level of capitalization and technology applied to electrical networks. Durante la primera mitad del siglo XX, los servicios eléctricos en Argentina y Latinoamérica fueron contratados con empresas de capital extranjero de diversos orígenes y formas de organización. A partir del análisis de las trayectorias de las compañías eléctricas en Argentina, el artículo evalúa los factores que incidieron negativamente en el desempeño de las empresas de electricidad de origen británico y norteamericano. Se establece que el desempeño económico y los ciclos de vida de estas empresas dependieron del estilo de gerenciamiento y la modalidad de financiación, así como del momento de entrada al mercado y de la tecnología aplicada a las redes eléctricas. Publicado