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Gobierno Corporativo en Costa Rica

Listed author(s):
  • Gilberto E. Arce
  • Edgar Robles C.

(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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File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=R-519&pub_file_name=pubR-519.pdf
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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
Handle: RePEc:idb:wpaper:3219
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  1. Charles P. Oman, 2001. "Corporate Governance and National Development," OECD Development Centre Working Papers 180, OECD Publishing.
  2. Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002. "Family Firms," FMG Discussion Papers dp406, Financial Markets Group.
    • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
  3. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
  4. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
  5. Hermalin, B.E. & Weisbech, M.S., 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Papers 91-02, Rochester, Business - Financial Research and Policy Studies.
  6. Daniel Berkowitz & Katharina Pistor & Jean-Francois Richard, 2000. "Economic Development, Legality, and the Transplant Effect," CID Working Papers 39, Center for International Development at Harvard University.
  7. 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.
  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. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
    • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, "undated". "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  10. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  11. 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.
  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. 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 1155-1177, December.
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