Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas

El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una p...

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Autores:
Lagos-Cortés, Diógenes
Roncancio-Rachid, Rolando
Tipo de recurso:
Article of investigation
Fecha de publicación:
2020
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
Idioma:
spa
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oai:repository.ucatolica.edu.co:10983/29438
Acceso en línea:
https://hdl.handle.net/10983/29438
https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8
Palabra clave:
Economic performane
Corporate government
Board independence
Mangement board
Desempeño económico
Gobierno corporativo
Independencia de la junta
Junta directiva
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openAccess
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Diógenes Lagos Cortés - 2021
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dc.title.spa.fl_str_mv Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
dc.title.translated.eng.fl_str_mv Management Board Independence and Financial Performance: Evidence from Colombian Firms
title Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
spellingShingle Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
Economic performane
Corporate government
Board independence
Mangement board
Desempeño económico
Gobierno corporativo
Independencia de la junta
Junta directiva
title_short Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_full Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_fullStr Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_full_unstemmed Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_sort Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
dc.creator.fl_str_mv Lagos-Cortés, Diógenes
Roncancio-Rachid, Rolando
dc.contributor.author.spa.fl_str_mv Lagos-Cortés, Diógenes
Roncancio-Rachid, Rolando
dc.subject.eng.fl_str_mv Economic performane
Corporate government
Board independence
Mangement board
topic Economic performane
Corporate government
Board independence
Mangement board
Desempeño económico
Gobierno corporativo
Independencia de la junta
Junta directiva
dc.subject.spa.fl_str_mv Desempeño económico
Gobierno corporativo
Independencia de la junta
Junta directiva
description El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una perspectiva ampliada que incluyó relaciones de negocios (directorios cruzados, antigüedad), relaciones financieras (paquetes de compensación, participación en la propiedad) y relaciones personales (fundadores, miembros de la familia propietaria) como factores que limitan la independencia. Se usaron modelos de regresión (efectos aleatorios) en un panel de datos no balanceado compuesto por 69 empresas de la Bolsa de Valores de Colombia. Los resultados mostraron que una definición de independencia más rigurosa es apreciada mejor por el mercado. En específico, se encontró que la independencia de la junta directiva no afecta el desempeño contable (ROA y ROE), pero sí el desempeño en el mercado (Q de Tobin).  
publishDate 2020
dc.date.issued.none.fl_str_mv 2020-01-01
dc.date.accessioned.none.fl_str_mv 2021-01-01 00:00:00
2023-01-23T16:15:58Z
dc.date.available.none.fl_str_mv 2021-01-01 00:00:00
2023-01-23T16:15:58Z
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.references.spa.fl_str_mv Aguilera, R. V. (2005). Corporate governance and director accountability: An institutional comparative perspective. British Journal of Management, 16, S39-S53. https://doi.org/10.1111/j.1467-8551.2005.00446.x
Anderson, R. C. y Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. https://doi.org/10.2307/4131472
Arosa, B., Iturralde, T. y Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135. https://doi.org/10.1016/j.iedee.2012.12.003
Baysinger, B. y Butler, H. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1(1), 101-124. https://doi.org/10.1093/oxfordjournals.jleo.a036883
Bhagat, S. y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27, 231-273. https://doi.org/10.2139/ssrn.133808
Brennan, N. (2006). Boards of directors and firm performance: is there an expectations gap? Corporate Governance: An International Review, 14(6), 577-593. https://doi.org/10.1111/j.1467-8683.2006.00534.x
Brennan, N. y McDermott, M. (2004). Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3), 325-336. https://doi.org/10.1111/j.1467-8683.2004.00373.x
Brown, P., Beekes, W. y Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting & Finance, 51(1), 96-172. https://doi.org/10.1111/j.1467-629X.2010.00385.x
Cai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014.
Cavaco, S., Challe, E., Crifo, P., Rebérioux, A. y Roudaut, G. (2016). Board independence and operating performance: analysis on (French) company and individual data. Applied Economics, 48(52), 5093-5105. https://doi.org/10.1080/00036846.2016.1170936
Cavaco, S., Crifo, P., Rebérioux, A. y Roudaut, G. (2017). Independent directors: Less informed but better selected than affiliated board members? Journal of Corporate Finance, 43, 106-121. https://doi.org/10.1016/j.jcorpfin.2017.01.004
Claessens, S., Djankov, S. y Lang, L. H. P. (2000). Separation of Ownership from Control of East Asian Firms. Journal of Financial Economics, 58, 81-112. https://doi.org/10.1016/S0304-405X(00)00067-2
Congreso de la República de Colombia. (2005). Ley 964 de 2005, “por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público”. Diario Oficial 45.963.
Dalton, D. R., Daily, C. M., Ellstrand, A. E. y Johnson, J. L. (1998). Board composition, leadership structure, and financial performance: Meta-analytic reviews and research agenda. Strategic Management Journal, 19(3), 269-290. https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K
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spelling Lagos-Cortés, Diógenesb1ea9af2-5ed1-4b22-8044-0e997cddc4d9Roncancio-Rachid, Rolandof76d7a2f-54d3-4f3e-b191-085ef29be3c72021-01-01 00:00:002023-01-23T16:15:58Z2021-01-01 00:00:002023-01-23T16:15:58Z2020-01-01El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una perspectiva ampliada que incluyó relaciones de negocios (directorios cruzados, antigüedad), relaciones financieras (paquetes de compensación, participación en la propiedad) y relaciones personales (fundadores, miembros de la familia propietaria) como factores que limitan la independencia. Se usaron modelos de regresión (efectos aleatorios) en un panel de datos no balanceado compuesto por 69 empresas de la Bolsa de Valores de Colombia. Los resultados mostraron que una definición de independencia más rigurosa es apreciada mejor por el mercado. En específico, se encontró que la independencia de la junta directiva no afecta el desempeño contable (ROA y ROE), pero sí el desempeño en el mercado (Q de Tobin).  This work aims to analyze the relationship between management board independence and financial performance (variables ROA, ROE, and Tobin’s Q). Two perspectives on independence were used: (a) Law 964 of 2005 (mandatory in the Colombian stock market) and (b) an expanded view that included business relationships (cross-directorships, seniority on the board), financial relationships (compensation packages, ownership participation), and personal relationships (founders, members of the owner family) as factors that limit independence. Regression models (random effects) were used on an unbalanced data panel composed of 69 companies from the Colombian Stock Exchange. The results showed that a more rigorous definition of independence is better appreciated by the market. It was found that board independence does not affect accounting performance (ROA and ROE), but it does affect market performance (Tobin’s Q).text/htmlapplication/pdftext/xml10.14718/revfinanzpolitecon.v13.n1.2021.82011-76632248-6046https://hdl.handle.net/10983/29438https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8spaUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/3387/3877https://revfinypolecon.ucatolica.edu.co/article/download/3387/3672https://revfinypolecon.ucatolica.edu.co/article/download/3387/3808Núm. 1 , Año 2021196117113Revista Finanzas y Política EconómicaAguilera, R. V. (2005). Corporate governance and director accountability: An institutional comparative perspective. British Journal of Management, 16, S39-S53. https://doi.org/10.1111/j.1467-8551.2005.00446.xAnderson, R. C. y Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. https://doi.org/10.2307/4131472Arosa, B., Iturralde, T. y Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135. https://doi.org/10.1016/j.iedee.2012.12.003Baysinger, B. y Butler, H. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1(1), 101-124. https://doi.org/10.1093/oxfordjournals.jleo.a036883Bhagat, S. y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27, 231-273. https://doi.org/10.2139/ssrn.133808Brennan, N. (2006). Boards of directors and firm performance: is there an expectations gap? Corporate Governance: An International Review, 14(6), 577-593. https://doi.org/10.1111/j.1467-8683.2006.00534.xBrennan, N. y McDermott, M. (2004). Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3), 325-336. https://doi.org/10.1111/j.1467-8683.2004.00373.xBrown, P., Beekes, W. y Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting & Finance, 51(1), 96-172. https://doi.org/10.1111/j.1467-629X.2010.00385.xCai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014.Cavaco, S., Challe, E., Crifo, P., Rebérioux, A. y Roudaut, G. (2016). Board independence and operating performance: analysis on (French) company and individual data. Applied Economics, 48(52), 5093-5105. https://doi.org/10.1080/00036846.2016.1170936Cavaco, S., Crifo, P., Rebérioux, A. y Roudaut, G. (2017). Independent directors: Less informed but better selected than affiliated board members? Journal of Corporate Finance, 43, 106-121. https://doi.org/10.1016/j.jcorpfin.2017.01.004Claessens, S., Djankov, S. y Lang, L. H. P. (2000). Separation of Ownership from Control of East Asian Firms. Journal of Financial Economics, 58, 81-112. https://doi.org/10.1016/S0304-405X(00)00067-2Congreso de la República de Colombia. (2005). Ley 964 de 2005, “por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público”. Diario Oficial 45.963.Dalton, D. R., Daily, C. M., Ellstrand, A. E. y Johnson, J. L. (1998). Board composition, leadership structure, and financial performance: Meta-analytic reviews and research agenda. 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Londres: MIT press.Diógenes Lagos Cortés - 2021info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revfinypolecon.ucatolica.edu.co/article/view/3387Economic performaneCorporate governmentBoard independenceMangement boardDesempeño económicoGobierno corporativoIndependencia de la juntaJunta directivaIndependencia de la junta directiva y desempeño financiero: evidencia de empresas colombianasManagement Board Independence and Financial Performance: Evidence from Colombian FirmsArtículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2640https://repository.ucatolica.edu.co/bitstreams/a7cd2016-a6d8-45b9-ac8e-7bd27032a9bc/downloadc07226349dc184111e6c5cd281065f73MD5110983/29438oai:repository.ucatolica.edu.co:10983/294382023-03-24 15:23:20.091https://creativecommons.org/licenses/by-nc-sa/4.0/Diógenes Lagos Cortés - 2021https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

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