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La relación entre el gobierno corporativo y la valoración, apalancamiento y desempeño financiero en Colombia || The relationship between corporate governance, valuation, leverage and financial performance in Colombia

Author

Listed:
  • Meneses Cerón, Luis Ángel

    (Universidad Cooperativa de Colombia)

  • Carabalí Mosquera, Jaime Andrés

    (Universidad ICESI (Colombia))

  • Pérez Pacheco, Camilo Andrés

    (Universidad Nacional Abierta y a Distancia (Colombia))

Abstract

La literatura financiera y la evidencia empírica en los mercados globales señalan que aquellas compañías que gestionan adecuadamente sus grupos de interés fortalecen y divulgan sus políticas de gobierno corporativo, alcanzan mayor efectividad en su funcionamiento institucional. En el contexto de un mercado emergente, este artículo estudia la relación de la calidad de las prácticas de gobierno corporativo con la valoración, apalancamiento y desempeño financiero de empresas colombianas durante el periodo 2008-2018. A partir de la teoría de la dependencia de recursos y de agencia se establecen predicciones sobre las relaciones entre las variables de interés. Se examinaron empresas que cotizan en la Bolsa de Valores de Colombia y se empleó un índice de Bloomberg para medir la calidad de las prácticas de gobierno corporativo. Se utilizaron modelos de regresión en un panel de datos no balanceado incluyendo efectos fijos de tiempo y empresa. Los resultados indican que existe una relación positiva entre el índice de gobierno corporativo y las medidas de valoración y desempeño financiero de las empresas, y negativa frente a la medida de apalancamiento total. Estos resultados revelan que las buenas prácticas de gobierno corporativo conllevan un mejor funcionamiento al interior de las empresas, lo que se refleja en una mejor performance en el mercado a través del tiempo. || Financial literature and empirical evidence in global markets indicate that those companies that adequately manage their stakeholders, strengthen and disclose their corporate governance policies, achieve greater effectiveness in their institutional operation. In the context of an emerging market, this article studies the relationship between the quality of corporate governance practices and the valuation, leverage and financial performance of Colombian companies during the period 2008-2018. Based on the theory of resource and agency dependency, predictions are established about the relationships between the variables of interest. Companies listed on the Colombian Stock Exchange were examined and a Bloomberg index was used to measure the quality of corporate governance practices. Regression models were used on an unbalanced data panel including time and company fixed effects. The results indicate that there is a positive relationship between the corporate governance index and the financial performance and valuation measures of companies, and a negative relationship with the total leverage measure. These results reveal that good corporate governance practices lead to better functioning within companies, which is reflected in a better performance in the market over time.

Suggested Citation

  • Meneses Cerón, Luis Ángel & Carabalí Mosquera, Jaime Andrés & Pérez Pacheco, Camilo Andrés, 2021. "La relación entre el gobierno corporativo y la valoración, apalancamiento y desempeño financiero en Colombia || The relationship between corporate governance, valuation, leverage and financial perform," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 32(1), pages 324-340, December.
    • Handle: RePEc:pab:rmcpee:v:32:y:2021:i:1:p:324-340
    DOI: https://doi.org/10.46661/revmetodoscuanteconempresa.4517
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    More about this item

    Keywords

    gobierno corporativo; valoración; apalancamiento financiero; desempeño corporativo; COLCAP; corporate governance; valuation; financial leverage; corporate performance;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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