Revelación de información en las empresas bursátiles chilenas: El efecto de la propiedad de los inversionistas institucionales y el nivel de endeudamiento

This article provides evidence of the effect the quality of corporate information disclosure has on the market, particularly the share of ownership that have the pension fund adminstrators who have shares in the company, and the level of debt that the companies have. Cross-sectional econometric models and panel data were use to measure and quantify this evidence, found by using information published by Chilean Corporations between 2001-2009. The study shows that, for this sample, information disclosure increases when the pension funds ownership is higher, and decreases when the leverage is higher.