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Corporate Governance and Firm Value in Mexico

Author

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  • Chong, Alberto E.
  • López-de-Silanes, Florencio

Abstract

The objective of this paper is twofold. On one hand, we undertake an analysis of the recent evolution of capital markets and their effect on the availability of external financing in Mexico in the last two decades. On the other hand, based on a newly assembled firm-level data set on corporate governance and firm performance, we show that better firm-level corporate governance practices are linked to higher valuations, better performance and more dividends disbursed to investors. These results hold after controlling for endogeneity. Overall, the evidence shows that the Mexican legal environment poses serious problems for access to capital.

Suggested Citation

  • Chong, Alberto E. & López-de-Silanes, Florencio, 2006. "Corporate Governance and Firm Value in Mexico," IDB Publications (Working Papers) 1587, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:1587
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    Cited by:

    1. Alfonso Mendoza-Velázquez & Luis Carlos Ortuño-Barba & Luis David Conde-Cortés, 2022. "Corporate governance and firm performance in hybrid model countries," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 21(1), pages 32-58, February.
    2. James S. Ang & David K. Ding & Tiong Yang Thong, 2013. "Political Connection and Firm Value," Asian Development Review, MIT Press, vol. 30(2), pages 131-166, September.
    3. Chong, Alberto E. & López-de-Silanes, Florencio, 2007. "Corporate Governance in Latin America," IDB Publications (Working Papers) 1596, Inter-American Development Bank.
    4. González, Maximiliano & Guzmán, Alexander & Téllez, Diego Fernando & Trujillo, María Andrea, 2021. "What you say and how you say it: Information disclosure in Latin American firms," Journal of Business Research, Elsevier, vol. 127(C), pages 427-443.
    5. Maximiliano González & Alexander Guzm�n & Diego Fernando Tellez & Mar�a Andrea Trujillo, 2016. "What you say and how you say it: Information disclosure in Latin American firms," Documentos de Trabajo de Valor Público 15656, Universidad EAFIT.

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