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Consecuencias económicas de la reforma de gobierno corporativo en un mercado de capitales emergente. Pruebas de México

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  • Macías, Antonio J.

    (Universidad Cristiana de Tejas.)

  • Román, Francisco J.

    (Universidad George Mason.)

Abstract

We examine the efficacy of voluntary and mandated changes in the corporate governance of Mexican firms, which were part of a comprehensive set of governance reforms aimed at improving corporate governance, as well as accountability to outside investors. Such reform initiated with the enactment of a Code of Best Corporate Practices and was followed by legal mandates, which required fundamental changes in the structure of corporate boards. First, we investigate the extent of compliance with both the Code and legal mandates to determine if firms changed their governance systems. Then, we examine whether positive changes in governance (if realized) are associated with better firm performance and higher valuations. Our findings indicate that compliance with the Code and the legal mandates improved markedly over time. However, such positive changes in governance are not associated with an improvement in the performance (greater ROAs) or valuations (Tobin’s Q) of all firms. Firms with a lower concentration of insider ownership do exhibit some improvements in performance. We attribute these findings in large part to the inherent intricacies in the ownership structure of firms and the legal environment prevailing in Mexico. Our view is that the high concentration of insider ownership and the weak legal protection afforded to minority shareholders are major obstacles to any effective reform. Without a demonstrated commitment to make substantial changes in either, it is unlikely that there will be any discernible improvements in either corporate governance or in the investment climate in Mexico.// Examinamos la eficacia de los cambios voluntarios y obligatorios en el gobierno corporativo de las empresas mexicanas, los cuales formaron parte de un conjunto integral de reformas de gobierno corporativo que buscaba mejorar su rendición de cuentas ante los inversionistas externos. Dicha reforma se inició con la promulgación del Código de Mejores Prácticas Corporativas y estuvo seguida de disposiciones legales que requerían cambios fundamentales en la estructura de los consejos de administración. Primero investigamos el grado de adhesión tanto al Código como a las disposiciones legales para determinar si las empresas cambiaron o no sus sistemas de administración. Posteriormente analizamos si los cambios positivos en el gobierno corporativo (si es que ocurrieron) se relacionan con un mejor desempeño empresarial y evaluaciones más altas. Nuestros resultados indican que la adhesión al Código y las disposiciones legales mejoró acusadamente con el tiempo. Sin embargo, dichos cambios positivos en el gobierno no se relacionan con un mejor desempeño (mayores rendimientos sobre activos, o RSA) ni con mejores evaluaciones (Q de Tobin) de todas las empresas. Las empresas que tienen una menor concentración de accionistas internos efectivamente presentan algunas mejoras en su desempeño. Atribuimos estos hallazgos en gran parte a la complejidad inherente de la estructura accionaria de las empresas y al entorno jurídico que impera en México. Nuestra opinión es que la alta concentración de accionistas internos y la endeble protección jurídica de la que gozan los accionistas minoritarios son los principales obstáculos a la eficacia de cualquier reforma. Sin un compromiso denodado de hacer cambios sustanciales en cualquiera de estos obstáculos, es poco probable que se dé alguna mejora perceptible en el gobierno corporativo o en el ambiente de inversión en México.

Suggested Citation

  • Macías, Antonio J. & Román, Francisco J., 2014. "Consecuencias económicas de la reforma de gobierno corporativo en un mercado de capitales emergente. Pruebas de México," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(322), pages .357-412, abril-jun.
  • Handle: RePEc:elt:journl:v:81:y:2014:i:322:p:357-412
    DOI: http://dx.doi.org/10.20430/ete.v81i322.117
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    More about this item

    Keywords

    gobierno corporativo; reforma de gobierno corporativo; mercados financieros internacionales; políticas y regulación de gobierno; protección a inversionistas.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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