Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas

El mercado de valores colombiano ha sido poco estudiado desde la perspectiva del Gobierno Corporativo y menos aún, si se considera la composición de las Juntas Directivas de las empresas que cotizan en la Bolsa de Valores. Este artículo busca evidenciar si el nivel de formación y la composición...

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Autores:
Castaño Ríos, Carlos Eduardo
Tabares Higuita, Diana Sirley
Osorio Agudelo, Jair Albeiro
Zamarra Londoño, Julián Esteban
Tipo de recurso:
Article of journal
Fecha de publicación:
2021
Institución:
Universidad de Cartagena
Repositorio:
Repositorio Universidad de Cartagena
Idioma:
spa
OAI Identifier:
oai:repositorio.unicartagena.edu.co:11227/13910
Acceso en línea:
https://doi.org/10.32997/pe-2021-3650
Palabra clave:
Corporate Governance
EBITDA
Composition of Board of Directors
Colombian stock market
Gobierno Corporativo
EBITDA
Composición Junta Directiva
mercado de valores colombiano
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openAccess
License
https://creativecommons.org/licenses/by-nc-sa/4.0
id UCART2_2238e5c8d9a6d1c3ab77c8ba38db2d2e
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network_acronym_str UCART2
network_name_str Repositorio Universidad de Cartagena
repository_id_str
dc.title.spa.fl_str_mv Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
dc.title.translated.eng.fl_str_mv Impact of the composition of boards of directors and their degree of training on the financial performance of colombian companies
title Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
spellingShingle Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
Corporate Governance
EBITDA
Composition of Board of Directors
Colombian stock market
Gobierno Corporativo
EBITDA
Composición Junta Directiva
mercado de valores colombiano
title_short Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
title_full Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
title_fullStr Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
title_full_unstemmed Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
title_sort Incidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianas
dc.creator.fl_str_mv Castaño Ríos, Carlos Eduardo
Tabares Higuita, Diana Sirley
Osorio Agudelo, Jair Albeiro
Zamarra Londoño, Julián Esteban
dc.contributor.author.spa.fl_str_mv Castaño Ríos, Carlos Eduardo
Tabares Higuita, Diana Sirley
Osorio Agudelo, Jair Albeiro
Zamarra Londoño, Julián Esteban
dc.subject.eng.fl_str_mv Corporate Governance
EBITDA
Composition of Board of Directors
Colombian stock market
topic Corporate Governance
EBITDA
Composition of Board of Directors
Colombian stock market
Gobierno Corporativo
EBITDA
Composición Junta Directiva
mercado de valores colombiano
dc.subject.spa.fl_str_mv Gobierno Corporativo
EBITDA
Composición Junta Directiva
mercado de valores colombiano
description El mercado de valores colombiano ha sido poco estudiado desde la perspectiva del Gobierno Corporativo y menos aún, si se considera la composición de las Juntas Directivas de las empresas que cotizan en la Bolsa de Valores. Este artículo busca evidenciar si el nivel de formación y la composición entre externos e internos de las Juntas Directivas inciden en el desempeño financiero de estas entidades. Para tal fin, se emplea una muestra de empresas que cotizan en bolsa y que cuentan con los datos necesarios para el estudio. La información se analizó a través de un modelo de panel de datos y se encuentra que el nivel de formación no tiene relación con el desempeño financiero de las empresas, y que el grado de personas externas (independientes) que están en la organización influyen positivamente en el EBITDA.
publishDate 2021
dc.date.accessioned.none.fl_str_mv 2021-07-15 00:00:00
dc.date.available.none.fl_str_mv 2021-07-15 00:00:00
dc.date.issued.none.fl_str_mv 2021-07-15
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.citationedition.spa.fl_str_mv Núm. 3 , Año 2021
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dc.relation.references.spa.fl_str_mv Bansal, P., & Clelland, I. (2004). Talking trash: Legitimacy, impression management, and unsystematic risk in the context of the natural environment. Academy of Management Journal, 47:93-103.
Bolsa de valores de Colombia (2011). METODOLOGÍA PARA EL CÁLCULO DEL ÍNDICE COLCAP. Extraído el 20 de julio de 2016 de http://www.bvc.com.co/recursos/Files/Mercados/Indices_Accionarios/Nueva_Metodologia_Calculo_Indice_COLCAP.pdf
Berrone, P., & Gómez Mejía, L. (2009). Environment performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52: 103-26.
Brewer, M. B., & Kramer, R. M. (1985). The psychology of intergroup attitudes and behaviour. Annual Review of Psychology, 36:219-43.
Chin, M., Hambrick, D., & Treviño, L. (2013). Political ideologies of CEOs: The influence of executives’ values on corporate social responsability. Administrative Science Quarterly, 58:197-232.
CUBG 2015. Código de Buen Gobierno de las Sociedades Cotizadas (Conthe Code). Comisión Nacional del Mercado de Valores (CNMV), www.cnmv.es
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19:269-90.
de Graaf, F. J., & Stoelhorst, W. (2009). The role of governance in corporate social responsibility: Lessons from Dutch finance. Bussines & Society, 52:282-317.
de Villiers, C., Naiker, V., & van Staden, C. J. (2011). The effect of board characteristics on firm enviromental performance. Journal of Management, 37: 1636–63.
Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of CEO's personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124:311-26.
Freeman, R. (1984). Strategicmanagement: A stakeholder approach. Boston: MA:Pitman.
Frye, M. B., Nelling, E., & Webb, E. (2006). Executive compensation in socially responsable firms. Corporate Governance: An International Review, 14: 446-55.
Gilligan, C. (1982). In a different voice: Psychological theory and women’s development. Cambridge: MA: Harvard University Press.
Glass, C., Cook, A., & Ingersoll, A. R. (2015). Do women leaders promote sustainability? Analyzing the effect of corporate governance composition on environmental performance. Business Strategy and the Environment, DOI:10.1002/bse.1879
Godos-Díez, J. L., Fernández-Gago, R., & Martínez-Campillo, A. (2011). How important are CEOs to CSR practices? An analysis of the mediating effect of the perceived role of ethics and social responsibility. Journal of Business Ethics, 98:531-48.
Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91: 481–510.
Hambrick, D. C., & Finkelstein, S. (1995). The effects of ownership structure on conditions at the top: The case ofCEO pay raises. Strategy Management Journal, 16: 175-94.
Hill, C. W., & Jones, T. M. (1992). Stakeholder agency theory. Academy of Management Studies, 29:131-54.
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management REview, 28: 383–96.
Jamali, D., Safieddine, A., & Rabbath, M. (2008). Corporate governance and corporate social responsibility: Synergies and interrelationships. Corporate Governance: An International Review, 16: 443-59.
Jensen, M. C., & Meckling, W. (1976). Theory of the firm:Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3: 305-60.
Kramer, V., Konrad, A., Erkut, S., & Hooper, M. J. (2006). Critical mass on corporate boards:Why three ormore women enhance governance. Wellesley: MA: Wellesley Centers for Women.
Mackenzie, C. (2007). Boards, incentives and corporate social responsibility: The case for a change of emphasis. Corporate Governance: An international review, 15: 935-43.
Mahoney, L. S., & Thorn, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics, 64: 149-62.
Merino, E., Manzaneque, M. & Banegas, R. (2009). Retribución y composición del consejo de administración. Evidencia empírica para las empresas cotizadas españolas. Pecvnia, 8: 203-234.
Ofe, H. A. (2012). Chief Executive Officer’s (CEO’s) Educational Background and Firm Performance: An empirical study on Manufacturing and IT listed firms in the Stockholm Stock Exchange. Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Independent thesis Advanced level (degree of Master (Two Years))
Ozkan, N. (2007a). CEO compensation and firm performance: an empirical investigation of UK panel data. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1102703 Posted date: March 2008.
Ozkan, N. (2007b). Do corporate governance mechanims influence CEO compensation? An empirical investigation of UK companies. Journal of Multinational Financial Management, 17(5): 349-364.
Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & de Colle, S. (2010). Stakeholder theory: The state of the art. Academy of Management Annuals, 4:403-45.
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.
Post, C., Rahman, N., & Rubow, E. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.
Pucheta-Martínez, M. C. & Bel-Oms, I. (2016). Institutional female directors on boards and firm value. Journal of Business Ethics, in press.
Pucheta-Martínez, M. C. & Chiva-Ortells, C. (2016). CEO compensation and board of directors: the role of different types of institutional directors. Inédito.
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, 52:737- 83.
Stata, R., & Maidique, M. (1980). Bonus system for balanced strategy. Harvard Business Review, 58: 156-63.
Zajac, E. J., & Westphal, J. D. (1994). The costs and benefits of managerial incentives and monitoring in large U.S. corporations: When is more not better? Strategic Management Journal,, 15:121-42.
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spelling Castaño Ríos, Carlos EduardoTabares Higuita, Diana SirleyOsorio Agudelo, Jair AlbeiroZamarra Londoño, Julián Esteban2021-07-15 00:00:002021-07-15 00:00:002021-07-150122-890010.32997/pe-2021-36502463-0470https://doi.org/10.32997/pe-2021-3650El mercado de valores colombiano ha sido poco estudiado desde la perspectiva del Gobierno Corporativo y menos aún, si se considera la composición de las Juntas Directivas de las empresas que cotizan en la Bolsa de Valores. Este artículo busca evidenciar si el nivel de formación y la composición entre externos e internos de las Juntas Directivas inciden en el desempeño financiero de estas entidades. Para tal fin, se emplea una muestra de empresas que cotizan en bolsa y que cuentan con los datos necesarios para el estudio. La información se analizó a través de un modelo de panel de datos y se encuentra que el nivel de formación no tiene relación con el desempeño financiero de las empresas, y que el grado de personas externas (independientes) que están en la organización influyen positivamente en el EBITDA.The Colombian stock market has been little studied from the perspective of Corporate Governance and even less, if the composition of the Boards of Directors of companies listed on the Stock Market is considered. This article seeks to show whether the level of training and the composition with external and internal members of the Boards of Directors affect the financial performance of these entities. For this purpose, a sample of firms that are listed on the stock market was used. The information was analyzed through a data panel model, and it was found that the level of training is not related to the financial performance of the companies, and that the degree of external membership positively influence the EBITDA.application/pdfspaUniversidad de CartagenaPanorama Económicohttps://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/download/3650/3062Núm. 3 , Año 2021184317229Bansal, P., & Clelland, I. (2004). Talking trash: Legitimacy, impression management, and unsystematic risk in the context of the natural environment. Academy of Management Journal, 47:93-103.Bolsa de valores de Colombia (2011). METODOLOGÍA PARA EL CÁLCULO DEL ÍNDICE COLCAP. Extraído el 20 de julio de 2016 de http://www.bvc.com.co/recursos/Files/Mercados/Indices_Accionarios/Nueva_Metodologia_Calculo_Indice_COLCAP.pdfBerrone, P., & Gómez Mejía, L. (2009). Environment performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52: 103-26.Brewer, M. B., & Kramer, R. M. (1985). The psychology of intergroup attitudes and behaviour. Annual Review of Psychology, 36:219-43.Chin, M., Hambrick, D., & Treviño, L. (2013). Political ideologies of CEOs: The influence of executives’ values on corporate social responsability. Administrative Science Quarterly, 58:197-232.CUBG 2015. Código de Buen Gobierno de las Sociedades Cotizadas (Conthe Code). Comisión Nacional del Mercado de Valores (CNMV), www.cnmv.esDalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19:269-90.de Graaf, F. J., & Stoelhorst, W. (2009). The role of governance in corporate social responsibility: Lessons from Dutch finance. Bussines & Society, 52:282-317.de Villiers, C., Naiker, V., & van Staden, C. J. (2011). The effect of board characteristics on firm enviromental performance. Journal of Management, 37: 1636–63.Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of CEO's personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124:311-26.Freeman, R. (1984). Strategicmanagement: A stakeholder approach. Boston: MA:Pitman.Frye, M. B., Nelling, E., & Webb, E. (2006). Executive compensation in socially responsable firms. Corporate Governance: An International Review, 14: 446-55.Gilligan, C. (1982). In a different voice: Psychological theory and women’s development. Cambridge: MA: Harvard University Press.Glass, C., Cook, A., & Ingersoll, A. R. (2015). Do women leaders promote sustainability? Analyzing the effect of corporate governance composition on environmental performance. Business Strategy and the Environment, DOI:10.1002/bse.1879Godos-Díez, J. L., Fernández-Gago, R., & Martínez-Campillo, A. (2011). How important are CEOs to CSR practices? An analysis of the mediating effect of the perceived role of ethics and social responsibility. Journal of Business Ethics, 98:531-48.Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91: 481–510.Hambrick, D. C., & Finkelstein, S. (1995). The effects of ownership structure on conditions at the top: The case ofCEO pay raises. Strategy Management Journal, 16: 175-94.Hill, C. W., & Jones, T. M. (1992). Stakeholder agency theory. Academy of Management Studies, 29:131-54.Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management REview, 28: 383–96.Jamali, D., Safieddine, A., & Rabbath, M. (2008). Corporate governance and corporate social responsibility: Synergies and interrelationships. Corporate Governance: An International Review, 16: 443-59.Jensen, M. C., & Meckling, W. (1976). Theory of the firm:Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3: 305-60.Kramer, V., Konrad, A., Erkut, S., & Hooper, M. J. (2006). Critical mass on corporate boards:Why three ormore women enhance governance. Wellesley: MA: Wellesley Centers for Women.Mackenzie, C. (2007). Boards, incentives and corporate social responsibility: The case for a change of emphasis. Corporate Governance: An international review, 15: 935-43.Mahoney, L. S., & Thorn, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics, 64: 149-62.Merino, E., Manzaneque, M. & Banegas, R. (2009). Retribución y composición del consejo de administración. Evidencia empírica para las empresas cotizadas españolas. Pecvnia, 8: 203-234.Ofe, H. A. (2012). Chief Executive Officer’s (CEO’s) Educational Background and Firm Performance: An empirical study on Manufacturing and IT listed firms in the Stockholm Stock Exchange. Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Independent thesis Advanced level (degree of Master (Two Years))Ozkan, N. (2007a). CEO compensation and firm performance: an empirical investigation of UK panel data. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1102703 Posted date: March 2008.Ozkan, N. (2007b). Do corporate governance mechanims influence CEO compensation? An empirical investigation of UK companies. Journal of Multinational Financial Management, 17(5): 349-364.Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & de Colle, S. (2010). Stakeholder theory: The state of the art. Academy of Management Annuals, 4:403-45.Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.Post, C., Rahman, N., & Rubow, E. (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row.Pucheta-Martínez, M. C. & Bel-Oms, I. (2016). Institutional female directors on boards and firm value. Journal of Business Ethics, in press.Pucheta-Martínez, M. C. & Chiva-Ortells, C. (2016). CEO compensation and board of directors: the role of different types of institutional directors. Inédito.Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, 52:737- 83.Stata, R., & Maidique, M. (1980). Bonus system for balanced strategy. Harvard Business Review, 58: 156-63.Zajac, E. J., & Westphal, J. D. (1994). The costs and benefits of managerial incentives and monitoring in large U.S. corporations: When is more not better? Strategic Management Journal,, 15:121-42.https://creativecommons.org/licenses/by-nc-sa/4.0http://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccessEsta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/3650Corporate GovernanceEBITDAComposition of Board of DirectorsColombian stock marketGobierno CorporativoEBITDAComposición Junta Directivamercado de valores colombianoIncidencia de la composición de juntas directivas y su grado de formación en el desempeño financiero de las empresas colombianasImpact of the composition of boards of directors and their degree of training on the financial performance of colombian companiesArtículo de revistainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTREFPublicationOREORE.xmltext/xml2849https://repositorio.unicartagena.edu.co/bitstreams/dc63977b-30f8-4349-b545-831254591d02/downloadb941673f3ae64f7c7108729cbe92d326MD5111227/13910oai:repositorio.unicartagena.edu.co:11227/139102024-09-05 15:19:29.32https://creativecommons.org/licenses/by-nc-sa/4.0metadata.onlyhttps://repositorio.unicartagena.edu.coBiblioteca Digital Universidad de Cartagenabdigital@metabiblioteca.com

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