<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2017000400947</article-id>
<article-id pub-id-type="doi">10.20430/ete.v84i336.611</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Instrumentos derivados, concentración de propiedad y valor de la firma. Evidencia para Chile]]></article-title>
<article-title xml:lang="en"><![CDATA[Financial Derivatives, Ownership and Firm Value: Evidence for Chilean Firms]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cid Aranda]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jara Bertín]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Maquieira Villanueva]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[San Martín Mosqueira]]></surname>
<given-names><![CDATA[Pablo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Católica de la Santísima Concepción  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Pacífico Escuela de Posgrado ]]></institution>
<addr-line><![CDATA[Lima ]]></addr-line>
<country>Peru</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>84</volume>
<numero>336</numero>
<fpage>947</fpage>
<lpage>974</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2017000400947&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2017000400947&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2017000400947&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Antecedentes:  El uso de instrumentos derivados como política corporativa de cobertura de riesgos financieros genera un impacto positivo en el valor de la empresa. Sin embargo, en países caracterizados por una débil protección legal al inversionista y alta concentración de la propiedad, como es el caso de Chile, los accionistas mayoritarios pudiesen utilizar esta política para extraer riqueza a los accionistas minoritarios.  Método:  Haciendo uso del Método Generalizado de los Momentos (GMM), este trabajo analiza un panel de 133 empresas no financieras que cotizan en la Bolsa de Comercio de Santiago de Chile, entre los años 2008 y 2013.  Resultados:  Los resultados indican una relación positiva y estadísticamente significativa entre el uso de instrumentos derivados y valor de la empresa. No obstante, esta evidencia se condiciona cuando el(los) principal(es) accionista(s) posee(n) el control de la compañía. Si el accionista principal o los tres accionistas más importantes concentran más de 67% de la propiedad, entonces la relación entre monto de derivados utilizados y valor de la firma es negativa.  Conclusiones:  Al analizar la dinámica entre la concentración de la propiedad y el uso de instrumentos derivados, encontramos que el principal y los tres accionistas más importantes, al alcanzar la súper mayoría de votos, utilizan los derivados para resguardar su propia riqueza, estrategia que es valorada negativamente por el mercado y que entrega evidencia en favor de la hipótesis de redistribución de riqueza entre los accionistas controladores y los minoritarios.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Background:  The use of derivative instruments, as corporate policy to hedge financial risks has a positive impact on the firm value. However, in countries characterized by weak legal protection of the investors&#8217; rights and ownership structures highly concentrated, like in Chile, majority shareholders could use this policy to extract wealth from minority shareholders.  Methods:  Using the Generalized Method of Moments (GMM), this paper analyzes a panel of 133 nonfinancial companies listed on the Santiago de Chile Stock Ex-change between 2008 and 2013.  Results:  The results indicate a positive and statistically significant relationship be-tween the amount of derivatives used and the company value. However, this evidence is conditioned when the majority shareholder (s) keep the control of the company. If the main shareholder or the three major shareholders hold more than 67% of the outstanding shares, then the relationship between the amount of derivatives used and firm value is negative.  Conclusion: In analyzing the dynamics between the ownership concentration and the use of derivatives, we findout that when the majority shareholders and the three largest shareholders majority quorum to vote, then they use derivatives to protect their own wealth. Such strategy is negatively assessed by market, pro-viding evidence of the wealth redistribution hypothesis between the controllers and the minority shareholders.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[derivados]]></kwd>
<kwd lng="es"><![CDATA[riesgo financiero]]></kwd>
<kwd lng="es"><![CDATA[valor]]></kwd>
<kwd lng="es"><![CDATA[estructura de propiedad]]></kwd>
<kwd lng="es"><![CDATA[datos de panel]]></kwd>
<kwd lng="en"><![CDATA[Derivatives]]></kwd>
<kwd lng="en"><![CDATA[financial risk]]></kwd>
<kwd lng="en"><![CDATA[firm value]]></kwd>
<kwd lng="en"><![CDATA[ownership structure]]></kwd>
<kwd lng="en"><![CDATA[panel data]]></kwd>
</kwd-group>
</article-meta>
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