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El efecto de las prácticas de gobierno corporativo sobre la valuación de mercado y políticas de pago de compañías chilenas

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Author Info
Fernando Lefort
Eduardo Walker

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Abstract

(Disponible en idioma inglés únicamente) En este trabajo nos preguntamos si las prácticas de conducción empresarial al nivel de compañía en un país dado inciden o no en la valuación de mercado de esas compañías. Esta cuestión es esencial para poder evaluar los beneficios potenciales que puede reportar a las empresas un cambio de sus prácticas, aún cuando las mismas no afecten las reglas en su país. El caso chileno presenta en particular al menos tres características interesantes que hacen que su estudio sea particularmente pertinente para otras economías emergentes. En primer lugar, la estructura empresarial en Chile presenta una propiedad altamente concentrada, un uso generalizado de estructuras piramidales para separar los derechos de control del flujo de efectivo y poca claridad en la identificación de la tenencia final. En segundo lugar, hace poco se promulgaron modificaciones de las leyes que regulan el mercado de valores y las sociedades mercantiles, con la intención de mejorar la conducción empresarial en Chile. Por último, el mercado de capitales de Chile es relativamente desarrollado y tiene ya más de 20 años con una participación considerable de inversionistas institucionales. Realizamos un análisis de regresión de las mediciones del desempeño empresarial y de la política de pagos sobre los indicadores de la gestión empresarial al nivel de compañía y una serie de variables de control. Verificamos cuidadosamente, mediante una amplia comprobación de validez, que nuestros resultados no se debieran a una influencia de variables omitidas, ni a una especificación y muestras particulares. También controlamos la causalidad inversa empleando dos características de la ley que rige la actividad de las sociedades mercantiles en Chile que brindan un instrumento exógeno de algunas de las prácticas de conducción empresarial de las empresas chilenas. Hallamos que las compañías que presentan una mayor coincidencia entre los derechos sobre el flujo de caja y el control tienden a ser sistemáticamente más valoradas por el mercado. Hemos interpretado este resultado como una señal de que el mercado de capitales de Chile penaliza los posibles conflictos de intereses entre los contralores y los accionistas minoritarios.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 3211.

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Date of creation: Nov 2005
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Handle: RePEc:idb:wpaper:3211

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