Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano

La presente investigación tiene como objetivo comprobar si características de la composición del directorio, tales como porcentaje de mujeres, independencia del directorio o tamaño y concentración de propiedad del Mercado Integrado Latinoamericano (MILA), contribuyen en el desempeño económico de las...

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Autores:
Améstica-Rivas, Luis
King-Domínguez, Andrea
Moraga-Dionicio, Viviana
Romero-Romero, Rodrigo
Tipo de recurso:
Article of investigation
Fecha de publicación:
2020
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
Idioma:
spa
OAI Identifier:
oai:repository.ucatolica.edu.co:10983/29443
Acceso en línea:
https://hdl.handle.net/10983/29443
https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.10
Palabra clave:
Managing board
Financial performance
Mila
Value
Consejo de administración
Desempeño financiero
Mila
Valor
Rights
openAccess
License
Luis Améstica Rivas, Andrea King Domínguez, Viviana Moraga Dionicio, Rodrigo Romero Romero - 2021
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network_acronym_str UCATOLICA2
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dc.title.spa.fl_str_mv Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
dc.title.translated.eng.fl_str_mv Influence of the Board of Directors on the Performance of the Latin American Integrated Market
title Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
spellingShingle Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
Managing board
Financial performance
Mila
Value
Consejo de administración
Desempeño financiero
Mila
Valor
title_short Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
title_full Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
title_fullStr Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
title_full_unstemmed Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
title_sort Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano
dc.creator.fl_str_mv Améstica-Rivas, Luis
King-Domínguez, Andrea
Moraga-Dionicio, Viviana
Romero-Romero, Rodrigo
dc.contributor.author.spa.fl_str_mv Améstica-Rivas, Luis
King-Domínguez, Andrea
Moraga-Dionicio, Viviana
Romero-Romero, Rodrigo
dc.subject.eng.fl_str_mv Managing board
Financial performance
Mila
Value
topic Managing board
Financial performance
Mila
Value
Consejo de administración
Desempeño financiero
Mila
Valor
dc.subject.spa.fl_str_mv Consejo de administración
Desempeño financiero
Mila
Valor
description La presente investigación tiene como objetivo comprobar si características de la composición del directorio, tales como porcentaje de mujeres, independencia del directorio o tamaño y concentración de propiedad del Mercado Integrado Latinoamericano (MILA), contribuyen en el desempeño económico de las empresas. Como medidas de desempeño se utilizaron los indicadores ROA, ROE y Q de Tobin. Este estudio utiliza análisis de regresión con datos de panel mediante el Modelo Tobit, con paneles dinámicos y estáticos con efectos fijos a una muestra de 83 empresas. Se encontró evidencia de que el tamaño del directorio y la concentración de la propiedad influyen en el desempeño de las empresas.
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
2023-01-23T16:16:03Z
dc.date.available.none.fl_str_mv 2021-01-01 00:00:00
2023-01-23T16:16:03Z
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.references.spa.fl_str_mv Acosta, R. (2017). Gobierno corporativo y poder desde la perspectiva de la teoría de agencia. Ciencias Administrativas, 11, 42-53.
Agosin, M. R. y Pastén, E. (2003). Corporate governance in Chile. Documentos de Trabajo Banco Central de Chile, 209, 1-25.
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Al-Manaseer, M., Al-Hindawi, R., Al-Dahiyat, M. y Sartawi, I. (2012). The impact of corporate governance on the performance of Jordanian banks. European Journal of Scientific Research, 67(3), 349-359.
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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.
Azofra Palenzuela, V. y Fernández Álvarez, A. (1999). Las finanzas empresariales 40 años después de las proposiciones de MM Teorías y realidades. Papeles de Economía Española, 78-79, 122-144.
Barako, D. G., Hancock, P. e Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: An International Review, 14(2), 107-125
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Blundell, R. y Bond S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-144.
Bhagat, S. y Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273, https://doi.org/10.1016/j.jcorpfin.2008.03.006
Bohórquez, L. (2011). Gobierno corporativo y control interno: algunas limitaciones y desafíos. Revista Economía, Gestión Y Desarrollo, 12, 39-57.
Boulouta, I. (2013). The link between board gender diversity and corporate social performance. Journal of Business Ethics, 113, 185-197. https://doi.org/10.1007/s10551-012-1293-7
Bozec, R. y Dia, M. (2015). Governance practices and firm performance: Does shareholders’ proximity to management matter? International Journal of Disclosure and Governance, 12(3), 185-209.
Brahma, S., Nwafor, C. y Boateng, A. (2020). Board gender diversity and firm performance: The UK evidence. International Journal of Finance and Economics, 2020, 1-16.
Briano-Turrent, G. del C. y Rodríguez-Ariza, L. (2016). Corporate governance ratings on listed companies: An institutional perspective in Latin America. European Journal of Management and Business Economics, 25(2), 63-75. https://doi.org/10.1016/j.redeen.2016.01.001
Carnicer, P. de L., Cuenca, E. B., Jiménez, M. J. V. y Pérez, M. P. (2011). Presencia equilibrada entre mujeres y hombres en consejos de administración: Identificación de los Stakeholders. Cuadernos de Gesti{on, 11, 49-72. https://doi.org/10.5295/cdg.100243pd
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Chapple, L. y Humphrey, J. (2014). Does board gender diversity have a financial impact? Evidence Using Stock Portfolio Performance. Journal of Business Ethics, 122(4), 709-723.
Coles, J. L., Daniel, N. D. y Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87, 329-356.
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dc.rights.spa.fl_str_mv Luis Améstica Rivas, Andrea King Domínguez, Viviana Moraga Dionicio, Rodrigo Romero Romero - 2021
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spelling Améstica-Rivas, Luis7c5dd551-2a5d-46e2-9dd9-b3d9bc9b814eKing-Domínguez, Andrea62753fdc-afb1-411f-ac84-9554ef06e38cMoraga-Dionicio, Viviana4801e7af-d748-4996-852a-d2c868516240Romero-Romero, Rodrigobaf493a1-8c01-45ef-8011-a895bdd53ed62021-01-01 00:00:002023-01-23T16:16:03Z2021-01-01 00:00:002023-01-23T16:16:03Z2020-01-01La presente investigación tiene como objetivo comprobar si características de la composición del directorio, tales como porcentaje de mujeres, independencia del directorio o tamaño y concentración de propiedad del Mercado Integrado Latinoamericano (MILA), contribuyen en el desempeño económico de las empresas. Como medidas de desempeño se utilizaron los indicadores ROA, ROE y Q de Tobin. Este estudio utiliza análisis de regresión con datos de panel mediante el Modelo Tobit, con paneles dinámicos y estáticos con efectos fijos a una muestra de 83 empresas. Se encontró evidencia de que el tamaño del directorio y la concentración de la propiedad influyen en el desempeño de las empresas.The main objective of this research is to determine whether characteristics of the composition of the board of directors, such as percentage of women, board independence, or size and ownership concentration in the Latin American Integrated Market (MILA), contribute to the economic performance of companies. The ROA, ROE, and Tobin’s Q were used as performance measures. This study performs a regression analysis using the Tobit Model, with dynamic and static panel data with fixed effects, on a sample of 83 companies. Finally, evidence was found that both board size and ownership concentration influence the performance of companies.text/htmlapplication/pdftext/xml10.14718/revfinanzpolitecon.v13.n1.2021.102011-76632248-6046https://hdl.handle.net/10983/29443https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.10spaUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/3603/3879https://revfinypolecon.ucatolica.edu.co/article/download/3603/3674https://revfinypolecon.ucatolica.edu.co/article/download/3603/3810Núm. 1 , Año 2021251122513Revista Finanzas y Política EconómicaAcosta, R. (2017). Gobierno corporativo y poder desde la perspectiva de la teoría de agencia. Ciencias Administrativas, 11, 42-53.Agosin, M. R. y Pastén, E. (2003). Corporate governance in Chile. Documentos de Trabajo Banco Central de Chile, 209, 1-25.Álvarez, J. y López, B. (2016). Análisis comparativo de los mercados bursátiles que integran el MILA. Contexto, 5, 53-62.Al-Manaseer, M., Al-Hindawi, R., Al-Dahiyat, M. y Sartawi, I. (2012). The impact of corporate governance on the performance of Jordanian banks. European Journal of Scientific Research, 67(3), 349-359.Arellano, M. y Bover, O. (1995). Another look at the instrumental-variable estimation of error components models. Journal of Econometrics, 68, 29-52.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.Azofra Palenzuela, V. y Fernández Álvarez, A. (1999). Las finanzas empresariales 40 años después de las proposiciones de MM Teorías y realidades. Papeles de Economía Española, 78-79, 122-144.Barako, D. G., Hancock, P. e Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: An International Review, 14(2), 107-125Berrone, M. (2009). Estudio sobre la Estructura de los Consejos de Administración. Una visión contrastada entre Inversores Institucionales y Presidentes. IESE Business School y Russell Reynolds Associates.Blundell, R. y Bond S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-144.Bhagat, S. y Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273, https://doi.org/10.1016/j.jcorpfin.2008.03.006Bohórquez, L. (2011). Gobierno corporativo y control interno: algunas limitaciones y desafíos. Revista Economía, Gestión Y Desarrollo, 12, 39-57.Boulouta, I. (2013). The link between board gender diversity and corporate social performance. Journal of Business Ethics, 113, 185-197. https://doi.org/10.1007/s10551-012-1293-7Bozec, R. y Dia, M. (2015). Governance practices and firm performance: Does shareholders’ proximity to management matter? International Journal of Disclosure and Governance, 12(3), 185-209.Brahma, S., Nwafor, C. y Boateng, A. (2020). Board gender diversity and firm performance: The UK evidence. International Journal of Finance and Economics, 2020, 1-16.Briano-Turrent, G. del C. y Rodríguez-Ariza, L. (2016). Corporate governance ratings on listed companies: An institutional perspective in Latin America. European Journal of Management and Business Economics, 25(2), 63-75. https://doi.org/10.1016/j.redeen.2016.01.001Carnicer, P. de L., Cuenca, E. B., Jiménez, M. J. V. y Pérez, M. P. (2011). Presencia equilibrada entre mujeres y hombres en consejos de administración: Identificación de los Stakeholders. Cuadernos de Gesti{on, 11, 49-72. https://doi.org/10.5295/cdg.100243pdCarter, D. A., Simkins, B. J. y Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33-53.Catalyst. (2007). The bottom line: Corporate performance and women’s representation on boards. https://www.catalyst.org/research/the-bottom-line-corporate-performance-and-womens-representation-on-boards/Chapple, L. y Humphrey, J. (2014). Does board gender diversity have a financial impact? Evidence Using Stock Portfolio Performance. Journal of Business Ethics, 122(4), 709-723.Coles, J. L., Daniel, N. D. y Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87, 329-356.De Andrés, P., Azofra, V. y López, F. (2005). Corporate boards in OECD Countries: Size, composition, functioning and effectiveness. Corporate Governance, 13(2), 197-210.Demsetz, H. y Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209-233.Fama, E. F. y Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 262, 301-325.Dowell, G. W. S., Shackell, M. B. y Stuart, N. V. (2011). 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Journal of Financial Economics1, 40(1494), 185-211.Luis Améstica Rivas, Andrea King Domínguez, Viviana Moraga Dionicio, Rodrigo Romero Romero - 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/3603Managing boardFinancial performanceMilaValueConsejo de administraciónDesempeño financieroMilaValorInfluencia del directorio en el desempeño del Mercado Integrado LatinoamericanoInfluence of the Board of Directors on the Performance of the Latin American Integrated MarketArtículo 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/xml2718https://repository.ucatolica.edu.co/bitstreams/8c525295-e437-4d54-9fe6-bb86dcb85354/downloadbc52a5fe7e2c2b0746601a0234dd36a9MD5110983/29443oai:repository.ucatolica.edu.co:10983/294432023-03-24 15:09:05.016https://creativecommons.org/licenses/by-nc-sa/4.0/Luis Améstica Rivas, Andrea King Domínguez, Viviana Moraga Dionicio, Rodrigo Romero Romero - 2021https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

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