Board Capital Diversity and Firm Value: Evidence from Latin-America

This paper analyzes the effects of diversity of boards of directors¿ human and relational capital on the performance of firms in Latin America. Using a large database of 442 firms in 6 countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) from 2001 to 2012, we construct a Board Capital Di...

Full description

Autores:
Gutiérrez Pinto, Cristian
Pombo, Carlos
Villamil Díaz, Jairo
Tipo de recurso:
Work document
Fecha de publicación:
2018
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/41060
Acceso en línea:
http://hdl.handle.net/1992/41060
Palabra clave:
Corporate governance
Director heterogeneity
Firm performance
Emerging markets
G32, G34
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Gutiérrez Pinto, Cristian9d55ba11-3891-43f9-ab2d-7e40fa9b1cb9500Pombo, Carlos3da66c2f-2cf4-4cc7-90eb-4eb82ef834e9400Villamil Díaz, Jairo90a19026-540b-4961-b554-496581fbf9d74002020-07-28T17:15:58Z2020-07-28T17:15:58Z20181657-5334http://hdl.handle.net/1992/410601657-719110.57784/1992/41060instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper analyzes the effects of diversity of boards of directors¿ human and relational capital on the performance of firms in Latin America. Using a large database of 442 firms in 6 countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) from 2001 to 2012, we construct a Board Capital Diversity Index that includes educational backgrounds and work experiences for each board member. We find a positive relationship between board capital diversity and firm performance, as measured by Tobin¿s Q. In particular, we find that both human capital diversity (educational background) and relational capital diversity (experience in the private and public sector) increase the value of the company. Our results confirm the resource dependence theory, where the board, in addition to its monitoring role, is seen as a provider of resources.34 páginasspaUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 61 Noviembre de 2018https://ideas.repec.org/p/col/000089/016972.htmlBoard Capital Diversity and Firm Value: Evidence from Latin-AmericaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPCorporate governanceDirector heterogeneityFirm performanceEmerging marketsG32, G34Facultad de EconomíaPublicationTEXTdcede2018-61.pdf.txtdcede2018-61.pdf.txtExtracted texttext/plain71056https://repositorio.uniandes.edu.co/bitstreams/cef67532-a114-490e-b6b9-c429fc0718e4/download6014624b33b1e94c92355abc50b26e1fMD54ORIGINALdcede2018-61.pdfdcede2018-61.pdfapplication/pdf1039997https://repositorio.uniandes.edu.co/bitstreams/c834fc21-aacc-42c5-8ce2-ed9666f62fe1/download84ab1e6b5cfdccae43b42c368075febdMD51THUMBNAILdcede2018-61.pdf.jpgdcede2018-61.pdf.jpgIM Thumbnailimage/jpeg11129https://repositorio.uniandes.edu.co/bitstreams/94dc4469-87b9-4069-842a-ef3c882e6cdd/download1ddbaa8011c470a554aea82f57487ec9MD551992/41060oai:repositorio.uniandes.edu.co:1992/410602024-06-04 15:39:47.258http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Board Capital Diversity and Firm Value: Evidence from Latin-America
title Board Capital Diversity and Firm Value: Evidence from Latin-America
spellingShingle Board Capital Diversity and Firm Value: Evidence from Latin-America
Corporate governance
Director heterogeneity
Firm performance
Emerging markets
G32, G34
title_short Board Capital Diversity and Firm Value: Evidence from Latin-America
title_full Board Capital Diversity and Firm Value: Evidence from Latin-America
title_fullStr Board Capital Diversity and Firm Value: Evidence from Latin-America
title_full_unstemmed Board Capital Diversity and Firm Value: Evidence from Latin-America
title_sort Board Capital Diversity and Firm Value: Evidence from Latin-America
dc.creator.fl_str_mv Gutiérrez Pinto, Cristian
Pombo, Carlos
Villamil Díaz, Jairo
dc.contributor.author.none.fl_str_mv Gutiérrez Pinto, Cristian
Pombo, Carlos
Villamil Díaz, Jairo
dc.subject.keyword.none.fl_str_mv Corporate governance
Director heterogeneity
Firm performance
Emerging markets
topic Corporate governance
Director heterogeneity
Firm performance
Emerging markets
G32, G34
dc.subject.jel.none.fl_str_mv G32, G34
description This paper analyzes the effects of diversity of boards of directors¿ human and relational capital on the performance of firms in Latin America. Using a large database of 442 firms in 6 countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) from 2001 to 2012, we construct a Board Capital Diversity Index that includes educational backgrounds and work experiences for each board member. We find a positive relationship between board capital diversity and firm performance, as measured by Tobin¿s Q. In particular, we find that both human capital diversity (educational background) and relational capital diversity (experience in the private and public sector) increase the value of the company. Our results confirm the resource dependence theory, where the board, in addition to its monitoring role, is seen as a provider of resources.
publishDate 2018
dc.date.issued.none.fl_str_mv 2018
dc.date.accessioned.none.fl_str_mv 2020-07-28T17:15:58Z
dc.date.available.none.fl_str_mv 2020-07-28T17:15:58Z
dc.type.spa.fl_str_mv Documento de trabajo
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url http://hdl.handle.net/1992/41060
dc.language.iso.none.fl_str_mv spa
language spa
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 61 Noviembre de 2018
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/016972.html
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eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 34 páginas
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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