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Valuación y gobierno corporativo: elementos de juicio de Colombia

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  • Luis H. Gutiérrez
  • Carlos Pombo

Abstract

(Disponible en idioma inglés únicamente) En este trabajo se analiza por primera vez la relación que hay entre diversas medidas de propiedad y control y niveles de separación con el valor y el desempeño de una empresa, partiendo de una muestra de 108 compañías no financieras que negociaron sus acciones durante el período de 1998 a 2002. Se descubrió que la presencia de accionistas tenedores de bloques considerables de acciones ejerce un efecto positivo en el valor y el desempeño de una empresa, lo cual convalida el enfoque de monitoreo positivo de los grandes accionistas; pero también se descubrió que esta relación no es monotónica, lo que implica que cuando la separación del control y la propiedad tiende a aumentar, se produce un efecto negativo sobre el valor de la empresa. En este trabajo también se cubren las primeras estimaciones de un sondeo de prácticas de conducción empresarial realizado en 2004 entre 43 empresas no financieras de Colombia. Los puntajes obtenidos en el índice de conducción empresarial (CGI, por sus siglas en inglés), sugieren que la aplicación de buenas prácticas de conducción empresarial en empresas colombianas ha sido lenta y regular, según la medición de un índice promedio que se ubica por debajo de la mitad del valor máximo alcanzable. Lamentablemente no se halló respaldo alguno a las teorías recientes que predicen un vínculo positivo entre las buenas prácticas de conducción y el desempeño empresariales según la medición de la CGI. A lo sumo, hay una relación positiva con el subíndice, pero los resultados no son estadísticamente significativos en general.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3217.

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Date of creation: Nov 2005
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Handle: RePEc:idb:wpaper:3217

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