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Gobierno Corporativo en Costa Rica

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  • Gilberto E. Arce
  • Edgar Robles C.
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    Abstract

    (Disponible en idioma inglés únicamente) En este trabajo se analizan las prácticas de conducción empresarial en Costa Rica. En primer lugar, se calculan las medidas de conducción empresarial constitutivas empleando datos específicos de 87 compañías costarricenses, y se analizan sus efectos en su desempeño; aquí, la media de la conducción empresarial constitutiva de compañías cotizadas en bolsa es igual a 56. 14. En segundo lugar, se presentan nuevos elementos de juicio sobre las medidas constitutivas de la conducción empresarial de jure y de facto al nivel de compañía y sobre sus repercusiones en el desempeño de las mismas. Los resultados indican que la conducción empresarial de facto es mejor que la conducción empresarial de jure. Estos resultados sugieren que las compañías deben aplicar un conjunto de medidas adicionales para compensar la debilidad del entorno jurídico. Además, se presentan indicios de que una mejor gestión de conducción empresarial y medidas constitutivas se vinculan con un desempeño superior de la empresa. En tercer lugar, en este trabajo se analizan los factores que controlan en última instancia a las empresas cotizadas y no cotizadas en bolsa, y se establecen vínculos entre ellas y sus políticas de dividendos. Las empresas familiares son corrientes en Costa Rica y no necesariamente se vinculan con un mejor desempeño empresarial. En cuarto lugar, se estudia la evolución de la propiedad de compañías en Costa Rica. Por último se analizan cambios del Código de Comercio desde el punto de vista de la buena conducción empresarial.

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    Bibliographic Info

    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3219.

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    Date of creation: Dec 2005
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    Handle: RePEc:idb:wpaper:3219

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    1. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 107-155, February.
    2. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    3. Berkowitz, Daniel & Pistor, Katharina & Richard, Jean-Francois, 2003. "Economic development, legality, and the transplant effect," European Economic Review, Elsevier, vol. 47(1), pages 165-195, February.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    5. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    6. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," Harvard Institute of Economic Research Working Papers 1944, Harvard - Institute of Economic Research.
      • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    7. Tiroley, Jean, 2000. "Corporate Governance," CEI Working Paper Series 2000-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    8. Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186.
    9. Charles P. Oman, 2001. "Corporate Governance and National Development," OECD Development Centre Working Papers 180, OECD Publishing.
    10. Bengt Holmstrom & Steven N. Kaplan, 2003. "The State of U.S. Corporate Governance: What's Right and What's Wrong?," NBER Working Papers 9613, National Bureau of Economic Research, Inc.
    11. Benjamin E. Hermalin & Michael S. Weisbach, 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Financial Management, Financial Management Association, vol. 20(4), Winter.
    12. Alexander Monge-Naranjo & Javier Cascante & Luis J. Hall, 2001. "Enforcement, Contract Design, and Default: Exploring the Financial Markets of Costa Rica," Research Department Publications 3126, Inter-American Development Bank, Research Department.
    13. Bengt Holmstrom & Steven N. Kaplan, 2001. "Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 121-144, Spring.
    14. Klapper, Leora F. & Love, Inessa, 2004. "Corporate governance, investor protection, and performance in emerging markets," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
    15. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
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