La rentabilidad financiera de los grupos económicos chilenos en el largo plazo (1938-1988)

Abstract

In this article, we carry out an examination of the financial profitability of the Chilean economic groups between 1938 and 1988. Being the business groups the controllers of the largest private companies of the country, we made an analysis of long term that puts groups in the economic arena of the import substitution industrialization (1939-1973) and the neoliberalism (1974-1988). After analyzing the relevance of size of groups, the fluctuations of prices, energy shocks, the concentrated structure of the economy and the tax on companies, we determined that the movement of the internal and external demand of the economy is the factor that contribute to understand the evolution of the long term profitability of the Chilean business groups.