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

Author

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  • Diógenes Lagos Cortés
  • Rolando Roncando Rachid

Abstract

El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeno 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, antiguedad), 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 desempeno contable (ROA y ROE), pero sí el desempeno en el mercado (Q de Tobin).

Suggested Citation

  • Diógenes Lagos Cortés & Rolando Roncando Rachid, 2021. "Independencia de la junta directiva y desempeno financiero: evidencia de empresas colombianas," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 13(1), pages 171-196, March.
    • Handle: RePEc:col:000443:019659
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    References listed on IDEAS

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    More about this item

    Keywords

    desempeño económico; gobierno corporativo; independencia de la junta; junta directiva.;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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