El Consejo De Administración Como Mecanismo De Control: Evidencia Para El Mercado Español
This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board of directors¿ shareholdings.Board of directors has a negative effect on firm value. The tenure of directors and boardcomposition has no statistical relationship with Tobin¿s Q. We also find evidence of asubstitution effect between board of directors¿ shareholdings and percentage of outsidedirectors. Este trabajo analiza la influencia del consejo de administración, como mecanismo interno de gobierno, en el valor de la empresa. Los resultados muestran una relación positiva y recíproca entre la participación accionarial de los consejeros y la Q financiera, y negativa entre el tamaño del consejo y el valor de la empresa. La antigüedad de los consejeros, por un lado, y la composición del consejo, por otro, no presentan relaciones concluyentes con la Q. Finalmente, obtenemos evidencia de una relación de sustitución entre la propiedad de los consejeros y el porcentaje de miembros externos del consejo de administración, como mecanismos reductores de los conflictos de agencia.
|Date of creation:||Feb 2003|
|Publication status:||Published by Ivie|
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