Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses

The purpose of this research paper is to determine the effect of the size and independence of the board of directors on economic performance of family and non-family businesses in Colombia. The relationship was analyzed using regression models in a balanced panel data based on three aspects (size an...

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Autores:
Lagos Cortés, Diógenes
Soto Echeverry, Nidia Costanza
Betancourt Ramírez, José Bernardo
Enríquez Yagüe, Julián Oswaldo
Gómez Betancourt, Gonzalo
Tipo de recurso:
Fecha de publicación:
2017
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
spa
OAI Identifier:
oai:repository.eafit.edu.co:10784/13092
Acceso en línea:
http://hdl.handle.net/10784/13092
Palabra clave:
G30
G34
Corporate governance
Family business
Size of the board
Independence
Economic performance
Gobierno corporativo
Empresa familiar
Tamaño de junta
Independencia
Desempeño financiero
Rights
License
Copyright (c) 2017 AD-minister
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oai_identifier_str oai:repository.eafit.edu.co:10784/13092
network_acronym_str REPOEAFIT2
network_name_str Repositorio EAFIT
repository_id_str
dc.title.eng.fl_str_mv Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
dc.title.spa.fl_str_mv Tamaño e independencia de la junta directiva y su relación con el desempeño económico: un análisis para empresas familiares y no familiares
title Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
spellingShingle Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
G30
G34
Corporate governance
Family business
Size of the board
Independence
Economic performance
Gobierno corporativo
Empresa familiar
Tamaño de junta
Independencia
Desempeño financiero
title_short Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
title_full Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
title_fullStr Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
title_full_unstemmed Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
title_sort Size and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businesses
dc.creator.fl_str_mv Lagos Cortés, Diógenes
Soto Echeverry, Nidia Costanza
Betancourt Ramírez, José Bernardo
Enríquez Yagüe, Julián Oswaldo
Gómez Betancourt, Gonzalo
dc.contributor.author.none.fl_str_mv Lagos Cortés, Diógenes
Soto Echeverry, Nidia Costanza
Betancourt Ramírez, José Bernardo
Enríquez Yagüe, Julián Oswaldo
Gómez Betancourt, Gonzalo
dc.contributor.affiliation.spa.fl_str_mv INALDE Business School
Grupo de Estudios Económicos y Financieros
Superintendencia de Sociedades
Legacy and Management Consulting Group
dc.subject.none.fl_str_mv G30
G34
topic G30
G34
Corporate governance
Family business
Size of the board
Independence
Economic performance
Gobierno corporativo
Empresa familiar
Tamaño de junta
Independencia
Desempeño financiero
dc.subject.keyword.eng.fl_str_mv Corporate governance
Family business
Size of the board
Independence
Economic performance
dc.subject.keyword.spa.fl_str_mv Gobierno corporativo
Empresa familiar
Tamaño de junta
Independencia
Desempeño financiero
description The purpose of this research paper is to determine the effect of the size and independence of the board of directors on economic performance of family and non-family businesses in Colombia. The relationship was analyzed using regression models in a balanced panel data based on three aspects (size and independence of the board of directors and family nature of the company). The sample comprised 2,170 observations (310 businesses a year) between 2008 and 2014. It was found that: (i) the size of the board of directors has a negative influence on the ROA, ROE in the family companies; (ii) there is a positive influence from the independent members of the board of directors in the operatingincome (OI) for both family and non-family businesses; and (iii) the family nature shows a positive influence in the ROA indicator; however, the relationship is negative when they are first-generation family businesses. On the basis of the empirical findings, it is suggested that the control entities promote campaigns to disseminate the impact of the board of directors and the adequate role of independent members on the companies’ performance, and entrepreneurs are welcomed to implement good corporate governance practices.
publishDate 2017
dc.date.issued.none.fl_str_mv 2017-10-31
dc.date.available.none.fl_str_mv 2018-11-08T18:50:54Z
dc.date.accessioned.none.fl_str_mv 2018-11-08T18:50:54Z
dc.date.none.fl_str_mv 2017-10-31
dc.type.eng.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
article
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http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.local.spa.fl_str_mv Artículo
status_str publishedVersion
dc.identifier.issn.none.fl_str_mv 2256-4322
1692-0279
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/13092
dc.identifier.doi.none.fl_str_mv 10.17230/ad-minister.31.1
identifier_str_mv 2256-4322
1692-0279
10.17230/ad-minister.31.1
url http://hdl.handle.net/10784/13092
dc.language.iso.none.fl_str_mv spa
language spa
dc.relation.isversionof.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/administer/article/view/4929
dc.relation.uri.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/administer/article/view/4929
dc.rights.eng.fl_str_mv Copyright (c) 2017 AD-minister
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Copyright (c) 2017 AD-minister
Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.format.none.fl_str_mv application/pdf
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dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.source.none.fl_str_mv reponame:Repositorio Institucional Universidad EAFIT
instname:Universidad EAFIT
dc.source.eng.fl_str_mv AD-minister; No 31 (2017); 5-23
instname_str Universidad EAFIT
institution Universidad EAFIT
reponame_str Repositorio Institucional Universidad EAFIT
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spelling 2017-10-312018-11-08T18:50:54Z2017-10-312018-11-08T18:50:54Z2256-43221692-0279http://hdl.handle.net/10784/1309210.17230/ad-minister.31.1The purpose of this research paper is to determine the effect of the size and independence of the board of directors on economic performance of family and non-family businesses in Colombia. The relationship was analyzed using regression models in a balanced panel data based on three aspects (size and independence of the board of directors and family nature of the company). The sample comprised 2,170 observations (310 businesses a year) between 2008 and 2014. It was found that: (i) the size of the board of directors has a negative influence on the ROA, ROE in the family companies; (ii) there is a positive influence from the independent members of the board of directors in the operatingincome (OI) for both family and non-family businesses; and (iii) the family nature shows a positive influence in the ROA indicator; however, the relationship is negative when they are first-generation family businesses. On the basis of the empirical findings, it is suggested that the control entities promote campaigns to disseminate the impact of the board of directors and the adequate role of independent members on the companies’ performance, and entrepreneurs are welcomed to implement good corporate governance practices.El objetivo de este trabajo es determinar el efecto del tamaño y la independencia de la junta directivaen el desempeño económico en empresas familiares y no familiares colombianas. La relación se analizómediante modelos de regresión en un panel de datos balanceado, para ello se analizaron tres aspectos(tamaño e independencia de la junta directiva y carácter familiar de la empresa). La muestra comprendió2,170 observaciones (310 empresas cada año) durante el período 2008-2014. Se encontró que: i) eltamaño de la junta directiva influye en sentido negativo en el ROA y el ROE en las empresas familiares;ii) hay influencia positiva de los miembros independientes de la junta directiva en los ingresos operacionales(IO), tanto para empresas familiares como para las no familiares, y iii) existe influencia positivadel carácter familiar en el indicador ROA; no obstante, la relación es negativa cuando son empresasfamiliares de primera generación. Con base en los hallazgos empíricos se propone a los entes de controlpromover campañas para difundir el impacto de la junta directiva y del adecuado rol de los miembrosindependientes en el desempeño de las empresas y se invita a los empresarios a aplicar mejores prácticasde gobierno corporativo.application/pdftext/htmlspaUniversidad EAFIThttp://publicaciones.eafit.edu.co/index.php/administer/article/view/4929http://publicaciones.eafit.edu.co/index.php/administer/article/view/4929Copyright (c) 2017 AD-ministerAcceso abiertohttp://purl.org/coar/access_right/c_abf2reponame:Repositorio Institucional Universidad EAFITinstname:Universidad EAFITAD-minister; No 31 (2017); 5-23G30G34Corporate governanceFamily businessSize of the boardIndependenceEconomic performanceGobierno corporativoEmpresa familiarTamaño de juntaIndependenciaDesempeño financieroSize and independence of the board of directors and its relationship with economic performance: an analysis for family and non-family businessesTamaño e independencia de la junta directiva y su relación con el desempeño económico: un análisis para empresas familiares y no familiaresinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionarticlepublishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Lagos Cortés, DiógenesSoto Echeverry, Nidia CostanzaBetancourt Ramírez, José BernardoEnríquez Yagüe, Julián OswaldoGómez Betancourt, GonzaloINALDE Business SchoolGrupo de Estudios Económicos y FinancierosSuperintendencia de SociedadesLegacy and Management Consulting GroupAD-minister31523AD-ministerORIGINALarticulo.htmlarticulo.htmlTexto completo HTMLtext/html374https://repository.eafit.edu.co/bitstreams/000e244d-539c-466f-9885-bc1546d27b54/download822e7154e642becc9b317cd89f854799MD51Size and independence of the board of directors and its relationship with economic performance an analysis for family and non-family businesses.pdfSize and independence of the board of directors and its relationship with economic performance an analysis for family and non-family businesses.pdfTexto completo PDFapplication/pdf672086https://repository.eafit.edu.co/bitstreams/92d05e32-6a49-4993-aa90-d75e27e6c964/downloaddb89510c965338685bd10382831b7b2dMD53THUMBNAILminiatura-administer.jpgminiatura-administer.jpgimage/jpeg8755https://repository.eafit.edu.co/bitstreams/58a706ff-e2f7-4b61-92d8-f03009ff66b1/download87c28d32b620f3408b1c70a3c505fbd8MD5210784/13092oai:repository.eafit.edu.co:10784/130922019-12-05 10:08:41.908open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co