Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas

Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas

El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una perspectiva ampliada que incluyó relaciones de negocios (directorios cruzados, antigüedad), relaciones financieras (paquetes de compensación, participación en la propiedad) y relaciones personales (fundadores, miembros de la familia propietaria) como factores que limitan la independencia. Se usaron modelos de regresión (efectos aleatorios) en un panel de datos no balanceado compuesto por 69 empresas de la Bolsa de Valores de Colombia. Los resultad... Ver más

Guardado en:

Revista Finanzas y Política Económica

2248-6046

2011-7663

Roncancio Rachid, Rolando

Lagos Cortés, Diógenes

UNIVERSIDAD CATÓLICA DE COLOMBIA

10.14718/revfinanzpolitecon.v13.n1.2021.8

13

2020-01-01

171

196

Colombia

Junta directiva

Independencia de la junta

Gobierno corporativo

Desempeño económico

http://purl.org/coar/access_right/c_abf2

info:eu-repo/semantics/openAccess

Diógenes Lagos Cortés - 2021

id 332c4e71cd58b88a65768e317f28421d
record_format ojs
spelling Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
Hossain, M., Prevost, A. K. y Rao, R. P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9(2), 119-145. https://doi.org/10.1016/S0927-538X(01)00003-8
Liang, Q., Xu, P. y Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking & Finance, 37(8), 2953-2968. https://doi.org/10.1016/j.jbankfin.2013.04.018
Leung, S., Richardson, G. y Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31. https://doi.org/10.1016/j.jcae.2013.11.002
Labra, R. y Torrecillas, C. (2014). Guía CERO para datos de panel. Un enfoque práctico. UAM-Accenture Working Papers, 16(1), 57.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. y Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. https://doi.org/10.1086/250042
Krivogorsky, V. (2006). Ownership, board structure, and performance in continental Europe. The International Journal of Accounting, 41(2), 176-197. https://doi.org/10.1016/j.intacc.2006.04.002
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400. https://doi.org/10.1016/S0165-4101(02)00059-9
Jermias, J. y Gani, L. (2014). The impact of board capital and board characteristics on firm performance. The British Accounting Review, 46(2), 135-153. https://doi.org/10.1016/j.bar.2013.12.001
Jensen, M. C. y Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jara-Bertin, M. y López-Iturriaga, F. J. (2014). Earnings management and the contest to the control: an international analysis of family-owned firms. Spanish Journal of Finance and Accounting, 43(4), 355-379. https://doi.org/10.1080/02102412.2014.965922
Hinna, A. y Monteduro, F. (2017). Boards, governance and value creation in grant-giving foundations. Journal of Management & Governance, 21(4), 935-961. https://doi.org/10.1007/s10997-016-9370-4
McNulty, T. y Pettigrew, A. (1996). The Contribution, Power and Influence of Part-time Board Members. Corporate Governance: An International Review, 4(3), 160-179. https://doi.org/10.1111/j.1467-8683.1996.tb00145.x
Hillman, A. J. y Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. https://doi.org/10.5465/amr.2003.10196729
Hermalin, B. E. y Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review, 9(1), 7-26.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251-1271.
Haldar, A., Shah, R., Nageswara Rao, S. V. D., Stokes, P., Demirbas, D. y Dardour, A. (2018). Corporate performance: Does board independence matter?–Indian evidence. International Journal of Organizational Analysis, 26(1), 185-200. https://doi.org/10.1108/IJOA-12-2017-1296
González, M., Guzmán, A., Pombo, C. y Trujillo, M.-A. (2013). Family firms and debt: Risk aversion versus risk of losing control. Journal of Business Research, 66(11), 2308-2320. https://doi.org/10.1016/j.jbusres.2012.03.014
García-Sánchez, I.-M. (2010). The effectiveness of corporate governance: Board structure and business technical efficiency in Spain. Central European Journal of Operations Research, 18(3), 311–339. https://doi.org/10.1007/s10100-009-0112-4
Gangi, F., Daniele, L. M. y Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk‐adjusted financial performance? Business Strategy and the Environment, 29(5), 1-17. https://doi.org/10.1002/bse.2482
Gabrielsson, J. y Huse, M. (2005). Outside directors in SME boards: A call for theoretical reflections. Corporate Board: Role, Duties and Composition, 1(1), 28-37. https://doi.org/10.22495/cbv1i1art3
Finkelstein, S., Hambrick, D. y Cannella, A. A. (1996). Strategic leadership. St. Paul: West Educational Publishing.
Fama, E. F. y Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law & Economics, 26(2), 301-325. https://doi.org/10.1086/467037
Liu, Y., Miletkov, M. K., Wei, Z. y Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244. https://doi.org/10.1016/j.jcorpfin.2014.12.004
Min, B. S. y Smyth, R. (2014). Corporate governance, globalization and firm productivity. Journal of World Business, 49(3), 372-385. https://doi.org/10.1016/j.jwb.2013.07.004
Dunn, P. (2004). The impact of insider power on fraudulent financial reporting. Journal of Management, 30(3), 397-412. https://doi.org/10.1016/j.jm.2003.02.004
Wintoki, M. B., Linck, J. S. y Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581-606. https://doi.org/10.1016/j.jfineco.2012.03.005
Text
http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
http://purl.org/coar/version/c_970fb48d4fbd8a85
info:eu-repo/semantics/publishedVersion
http://purl.org/redcol/resource_type/ART
http://purl.org/coar/resource_type/c_2df8fbb1
http://purl.org/coar/resource_type/c_6501
info:eu-repo/semantics/article
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. Londres: MIT press.
Weir, C. y Laing, D. (2001). Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2), 86-95. https://doi.org/10.1108/09555340110385254
Moreno, G. J. I., Lagos, D. y Gómez, B. G. (2017). Effect of the Board of Directors on Firm Performance. International Journal of Economic Research, 14(6), 349-361.
Rosenstein, S. y Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191. https://doi.org/10.1016/0304-405X(90)90002-H
Reverte, C. (2009). Do better governed firms enjoy a lower cost of equity capital?: Evidence from Spanish firms. Corporate Governance: The International Journal of Business in Society, 9(2), 133-145. https://doi.org/10.1108/14720700910946587
Rebeiz, K. S. (2018). Relationship between boardroom independence and corporate performance: Reflections and perspectives. European Management Journal, 36(1), 83-90. https://doi.org/10.1016/j.emj.2017.01.008
Rashid, A. (2018). Board independence and firm performance: Evidence from Bangladesh. Future Business Journal, 4(1), 34-49.
Pfeffer, J. y Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Nueva York: Harper & Row.
Pathan, S. y Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573-1589. https://doi.org/10.1016/j.jbankfin.2012.12.016
Nicholson, G. J. y Kiel, G. C. (2007). Can Directors Impact Performance? A case based test of three theories of corporate governance. Corporate Governance: An International Review, 15(4), 585-608.
Muniandy, B. y Hillier, J. (2015). Board independence, investment opportunity set and performance of South African firms. Pacific-Basin Finance Journal, 35, 108-124. https://doi.org/10.1016/j.pacfin.2014.11.003
Müller, V.-O. (2014). The impact of board composition on the financial performance of FTSE100 constituents. Procedia-Social and Behavioral Sciences, 109, 969-975. https://doi.org/10.1016/j.sbspro.2013.12.573
Mulgrew, M., Lynn, T. y Rice, S. (2014). Is director independence merely a box ticking exercise? A study of independence determinations in Irish listed companies. Corporate Governance, 14(2), 141-161. https://doi.org/10.1108/CG-03-2012-0015
Fama, E. F. (1980). Agency Problems and the Theory of the Firm. The Journal of Political Economy, 88(2), 288-307. https://doi.org/10.1086/260866
Elloumi, F. y Gueyie, J.-P. (2001). Financial distress and corporate governance: an empirical analysis. Corporate Governance: The International Journal of Business in Society, 1(1), 15-23. https://doi.org/10.1108/14720700110389548
Dulewicz, V. y Herbert, P. (2004). Does the composition and practice of boards of directors bear any relationship to the performance of their companies? Corporate Governance: An International Review, 12(3), 263-280. https://doi.org/10.1111/j.1467-8683.2004.00368.x
1
https://revfinypolecon.ucatolica.edu.co/article/view/3387
de Andres, P. y Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32(12), 2570-2580. https://doi.org/10.1016/j.jbankfin.2008.05.008
Universidad Católica de Colombia
text/xml
application/pdf
text/html
Artículo de revista
13
https://creativecommons.org/licenses/by-nc-sa/4.0/
Junta directiva
Independencia de la junta
Gobierno corporativo
Desempeño económico
Roncancio Rachid, Rolando
Lagos Cortés, Diógenes
El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una perspectiva ampliada que incluyó relaciones de negocios (directorios cruzados, antigüedad), relaciones financieras (paquetes de compensación, participación en la propiedad) y relaciones personales (fundadores, miembros de la familia propietaria) como factores que limitan la independencia. Se usaron modelos de regresión (efectos aleatorios) en un panel de datos no balanceado compuesto por 69 empresas de la Bolsa de Valores de Colombia. Los resultados mostraron que una definición de independencia más rigurosa es apreciada mejor por el mercado. En específico, se encontró que la independencia de la junta directiva no afecta el desempeño contable (ROA y ROE), pero sí el desempeño en el mercado (Q de Tobin).  
Español
Revista Finanzas y Política Económica
Diógenes Lagos Cortés - 2021
Bhagat, S. y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27, 231-273. https://doi.org/10.2139/ssrn.133808
Dalton, D. R., Daily, C. M., Ellstrand, A. E. y Johnson, J. L. (1998). Board composition, leadership structure, and financial performance: Meta-analytic reviews and research agenda. Strategic Management Journal, 19(3), 269-290. https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K
Congreso de la República de Colombia. (2005). Ley 964 de 2005, “por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público”. Diario Oficial 45.963.
Claessens, S., Djankov, S. y Lang, L. H. P. (2000). Separation of Ownership from Control of East Asian Firms. Journal of Financial Economics, 58, 81-112. https://doi.org/10.1016/S0304-405X(00)00067-2
Cavaco, S., Crifo, P., Rebérioux, A. y Roudaut, G. (2017). Independent directors: Less informed but better selected than affiliated board members? Journal of Corporate Finance, 43, 106-121. https://doi.org/10.1016/j.jcorpfin.2017.01.004
Cavaco, S., Challe, E., Crifo, P., Rebérioux, A. y Roudaut, G. (2016). Board independence and operating performance: analysis on (French) company and individual data. Applied Economics, 48(52), 5093-5105. https://doi.org/10.1080/00036846.2016.1170936
Cai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014.
Brown, P., Beekes, W. y Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting & Finance, 51(1), 96-172. https://doi.org/10.1111/j.1467-629X.2010.00385.x
Brennan, N. (2006). Boards of directors and firm performance: is there an expectations gap? Corporate Governance: An International Review, 14(6), 577-593. https://doi.org/10.1111/j.1467-8683.2006.00534.x
Brennan, N. y McDermott, M. (2004). Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3), 325-336. https://doi.org/10.1111/j.1467-8683.2004.00373.x
Baysinger, B. y Butler, H. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1(1), 101-124. https://doi.org/10.1093/oxfordjournals.jleo.a036883
Arosa, B., Iturralde, T. y Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135. https://doi.org/10.1016/j.iedee.2012.12.003
Aguilera, R. V. (2005). Corporate governance and director accountability: An institutional comparative perspective. British Journal of Management, 16, S39-S53. https://doi.org/10.1111/j.1467-8551.2005.00446.x
Anderson, R. C. y Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. https://doi.org/10.2307/4131472
Publication
Journal article
Mangement board
Management Board Independence and Financial Performance: Evidence from Colombian Firms
This work aims to analyze the relationship between management board independence and financial performance (variables ROA, ROE, and Tobin’s Q). Two perspectives on independence were used: (a) Law 964 of 2005 (mandatory in the Colombian stock market) and (b) an expanded view that included business relationships (cross-directorships, seniority on the board), financial relationships (compensation packages, ownership participation), and personal relationships (founders, members of the owner family) as factors that limit independence. Regression models (random effects) were used on an unbalanced data panel composed of 69 companies from the Colombian Stock Exchange. The results showed that a more rigorous definition of independence is better appreciated by the market. It was found that board independence does not affect accounting performance (ROA and ROE), but it does affect market performance (Tobin’s Q).
Economic performane
Corporate government
Board independence
https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8
10.14718/revfinanzpolitecon.v13.n1.2021.8
196
171
https://revfinypolecon.ucatolica.edu.co/article/download/3387/3808
2020-01-01
https://revfinypolecon.ucatolica.edu.co/article/download/3387/3877
2011-7663
2248-6046
2021-01-01T00:00:00Z
2021-01-01T00:00:00Z
https://revfinypolecon.ucatolica.edu.co/article/download/3387/3672
institution UNIVERSIDAD CATÓLICA DE COLOMBIA
thumbnail https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png
country_str Colombia
collection Revista Finanzas y Política Económica
title Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
spellingShingle Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
Roncancio Rachid, Rolando
Lagos Cortés, Diógenes
Junta directiva
Independencia de la junta
Gobierno corporativo
Desempeño económico
Mangement board
Economic performane
Corporate government
Board independence
title_short Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_full Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_fullStr Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_full_unstemmed Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_sort independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
title_eng Management Board Independence and Financial Performance: Evidence from Colombian Firms
description El objetivo de este trabajo es analizar la relación entre la independencia de la junta directiva y el desempeño financiero (variables ROA, ROE y Q de Tobin). Se usaron dos perspectivas de independencia: por un lado, la Ley 964 de 2005, obligatoria en el mercado de valores colombiano; por otro, una perspectiva ampliada que incluyó relaciones de negocios (directorios cruzados, antigüedad), relaciones financieras (paquetes de compensación, participación en la propiedad) y relaciones personales (fundadores, miembros de la familia propietaria) como factores que limitan la independencia. Se usaron modelos de regresión (efectos aleatorios) en un panel de datos no balanceado compuesto por 69 empresas de la Bolsa de Valores de Colombia. Los resultados mostraron que una definición de independencia más rigurosa es apreciada mejor por el mercado. En específico, se encontró que la independencia de la junta directiva no afecta el desempeño contable (ROA y ROE), pero sí el desempeño en el mercado (Q de Tobin). &amp;nbsp;
description_eng This work aims to analyze the relationship between management board independence and financial performance (variables ROA, ROE, and Tobin’s Q). Two perspectives on independence were used: (a) Law 964 of 2005 (mandatory in the Colombian stock market) and (b) an expanded view that included business relationships (cross-directorships, seniority on the board), financial relationships (compensation packages, ownership participation), and personal relationships (founders, members of the owner family) as factors that limit independence. Regression models (random effects) were used on an unbalanced data panel composed of 69 companies from the Colombian Stock Exchange. The results showed that a more rigorous definition of independence is better appreciated by the market. It was found that board independence does not affect accounting performance (ROA and ROE), but it does affect market performance (Tobin’s Q).
author Roncancio Rachid, Rolando
Lagos Cortés, Diógenes
author_facet Roncancio Rachid, Rolando
Lagos Cortés, Diógenes
topicspa_str_mv Junta directiva
Independencia de la junta
Gobierno corporativo
Desempeño económico
topic Junta directiva
Independencia de la junta
Gobierno corporativo
Desempeño económico
Mangement board
Economic performane
Corporate government
Board independence
topic_facet Junta directiva
Independencia de la junta
Gobierno corporativo
Desempeño económico
Mangement board
Economic performane
Corporate government
Board independence
citationvolume 13
citationissue 1
publisher Universidad Católica de Colombia
ispartofjournal Revista Finanzas y Política Económica
source https://revfinypolecon.ucatolica.edu.co/article/view/3387
language Español
format Article
rights http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
Diógenes Lagos Cortés - 2021
references Hossain, M., Prevost, A. K. y Rao, R. P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9(2), 119-145. https://doi.org/10.1016/S0927-538X(01)00003-8
Liang, Q., Xu, P. y Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking & Finance, 37(8), 2953-2968. https://doi.org/10.1016/j.jbankfin.2013.04.018
Leung, S., Richardson, G. y Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31. https://doi.org/10.1016/j.jcae.2013.11.002
Labra, R. y Torrecillas, C. (2014). Guía CERO para datos de panel. Un enfoque práctico. UAM-Accenture Working Papers, 16(1), 57.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. y Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. https://doi.org/10.1086/250042
Krivogorsky, V. (2006). Ownership, board structure, and performance in continental Europe. The International Journal of Accounting, 41(2), 176-197. https://doi.org/10.1016/j.intacc.2006.04.002
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400. https://doi.org/10.1016/S0165-4101(02)00059-9
Jermias, J. y Gani, L. (2014). The impact of board capital and board characteristics on firm performance. The British Accounting Review, 46(2), 135-153. https://doi.org/10.1016/j.bar.2013.12.001
Jensen, M. C. y Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jara-Bertin, M. y López-Iturriaga, F. J. (2014). Earnings management and the contest to the control: an international analysis of family-owned firms. Spanish Journal of Finance and Accounting, 43(4), 355-379. https://doi.org/10.1080/02102412.2014.965922
Hinna, A. y Monteduro, F. (2017). Boards, governance and value creation in grant-giving foundations. Journal of Management & Governance, 21(4), 935-961. https://doi.org/10.1007/s10997-016-9370-4
McNulty, T. y Pettigrew, A. (1996). The Contribution, Power and Influence of Part-time Board Members. Corporate Governance: An International Review, 4(3), 160-179. https://doi.org/10.1111/j.1467-8683.1996.tb00145.x
Hillman, A. J. y Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. https://doi.org/10.5465/amr.2003.10196729
Hermalin, B. E. y Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review, 9(1), 7-26.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251-1271.
Haldar, A., Shah, R., Nageswara Rao, S. V. D., Stokes, P., Demirbas, D. y Dardour, A. (2018). Corporate performance: Does board independence matter?–Indian evidence. International Journal of Organizational Analysis, 26(1), 185-200. https://doi.org/10.1108/IJOA-12-2017-1296
González, M., Guzmán, A., Pombo, C. y Trujillo, M.-A. (2013). Family firms and debt: Risk aversion versus risk of losing control. Journal of Business Research, 66(11), 2308-2320. https://doi.org/10.1016/j.jbusres.2012.03.014
García-Sánchez, I.-M. (2010). The effectiveness of corporate governance: Board structure and business technical efficiency in Spain. Central European Journal of Operations Research, 18(3), 311–339. https://doi.org/10.1007/s10100-009-0112-4
Gangi, F., Daniele, L. M. y Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk‐adjusted financial performance? Business Strategy and the Environment, 29(5), 1-17. https://doi.org/10.1002/bse.2482
Gabrielsson, J. y Huse, M. (2005). Outside directors in SME boards: A call for theoretical reflections. Corporate Board: Role, Duties and Composition, 1(1), 28-37. https://doi.org/10.22495/cbv1i1art3
Finkelstein, S., Hambrick, D. y Cannella, A. A. (1996). Strategic leadership. St. Paul: West Educational Publishing.
Fama, E. F. y Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law & Economics, 26(2), 301-325. https://doi.org/10.1086/467037
Liu, Y., Miletkov, M. K., Wei, Z. y Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244. https://doi.org/10.1016/j.jcorpfin.2014.12.004
Min, B. S. y Smyth, R. (2014). Corporate governance, globalization and firm productivity. Journal of World Business, 49(3), 372-385. https://doi.org/10.1016/j.jwb.2013.07.004
Dunn, P. (2004). The impact of insider power on fraudulent financial reporting. Journal of Management, 30(3), 397-412. https://doi.org/10.1016/j.jm.2003.02.004
Wintoki, M. B., Linck, J. S. y Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581-606. https://doi.org/10.1016/j.jfineco.2012.03.005
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. Londres: MIT press.
Weir, C. y Laing, D. (2001). Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2), 86-95. https://doi.org/10.1108/09555340110385254
Moreno, G. J. I., Lagos, D. y Gómez, B. G. (2017). Effect of the Board of Directors on Firm Performance. International Journal of Economic Research, 14(6), 349-361.
Rosenstein, S. y Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191. https://doi.org/10.1016/0304-405X(90)90002-H
Reverte, C. (2009). Do better governed firms enjoy a lower cost of equity capital?: Evidence from Spanish firms. Corporate Governance: The International Journal of Business in Society, 9(2), 133-145. https://doi.org/10.1108/14720700910946587
Rebeiz, K. S. (2018). Relationship between boardroom independence and corporate performance: Reflections and perspectives. European Management Journal, 36(1), 83-90. https://doi.org/10.1016/j.emj.2017.01.008
Rashid, A. (2018). Board independence and firm performance: Evidence from Bangladesh. Future Business Journal, 4(1), 34-49.
Pfeffer, J. y Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Nueva York: Harper & Row.
Pathan, S. y Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573-1589. https://doi.org/10.1016/j.jbankfin.2012.12.016
Nicholson, G. J. y Kiel, G. C. (2007). Can Directors Impact Performance? A case based test of three theories of corporate governance. Corporate Governance: An International Review, 15(4), 585-608.
Muniandy, B. y Hillier, J. (2015). Board independence, investment opportunity set and performance of South African firms. Pacific-Basin Finance Journal, 35, 108-124. https://doi.org/10.1016/j.pacfin.2014.11.003
Müller, V.-O. (2014). The impact of board composition on the financial performance of FTSE100 constituents. Procedia-Social and Behavioral Sciences, 109, 969-975. https://doi.org/10.1016/j.sbspro.2013.12.573
Mulgrew, M., Lynn, T. y Rice, S. (2014). Is director independence merely a box ticking exercise? A study of independence determinations in Irish listed companies. Corporate Governance, 14(2), 141-161. https://doi.org/10.1108/CG-03-2012-0015
Fama, E. F. (1980). Agency Problems and the Theory of the Firm. The Journal of Political Economy, 88(2), 288-307. https://doi.org/10.1086/260866
Elloumi, F. y Gueyie, J.-P. (2001). Financial distress and corporate governance: an empirical analysis. Corporate Governance: The International Journal of Business in Society, 1(1), 15-23. https://doi.org/10.1108/14720700110389548
Dulewicz, V. y Herbert, P. (2004). Does the composition and practice of boards of directors bear any relationship to the performance of their companies? Corporate Governance: An International Review, 12(3), 263-280. https://doi.org/10.1111/j.1467-8683.2004.00368.x
de Andres, P. y Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32(12), 2570-2580. https://doi.org/10.1016/j.jbankfin.2008.05.008
Bhagat, S. y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27, 231-273. https://doi.org/10.2139/ssrn.133808
Dalton, D. R., Daily, C. M., Ellstrand, A. E. y Johnson, J. L. (1998). Board composition, leadership structure, and financial performance: Meta-analytic reviews and research agenda. Strategic Management Journal, 19(3), 269-290. https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K
Congreso de la República de Colombia. (2005). Ley 964 de 2005, “por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público”. Diario Oficial 45.963.
Claessens, S., Djankov, S. y Lang, L. H. P. (2000). Separation of Ownership from Control of East Asian Firms. Journal of Financial Economics, 58, 81-112. https://doi.org/10.1016/S0304-405X(00)00067-2
Cavaco, S., Crifo, P., Rebérioux, A. y Roudaut, G. (2017). Independent directors: Less informed but better selected than affiliated board members? Journal of Corporate Finance, 43, 106-121. https://doi.org/10.1016/j.jcorpfin.2017.01.004
Cavaco, S., Challe, E., Crifo, P., Rebérioux, A. y Roudaut, G. (2016). Board independence and operating performance: analysis on (French) company and individual data. Applied Economics, 48(52), 5093-5105. https://doi.org/10.1080/00036846.2016.1170936
Cai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014.
Brown, P., Beekes, W. y Verhoeven, P. (2011). Corporate governance, accounting and finance: A review. Accounting & Finance, 51(1), 96-172. https://doi.org/10.1111/j.1467-629X.2010.00385.x
Brennan, N. (2006). Boards of directors and firm performance: is there an expectations gap? Corporate Governance: An International Review, 14(6), 577-593. https://doi.org/10.1111/j.1467-8683.2006.00534.x
Brennan, N. y McDermott, M. (2004). Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12(3), 325-336. https://doi.org/10.1111/j.1467-8683.2004.00373.x
Baysinger, B. y Butler, H. (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1(1), 101-124. https://doi.org/10.1093/oxfordjournals.jleo.a036883
Arosa, B., Iturralde, T. y Maseda, A. (2013). The board structure and firm performance in SMEs: Evidence from Spain. Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 127-135. https://doi.org/10.1016/j.iedee.2012.12.003
Aguilera, R. V. (2005). Corporate governance and director accountability: An institutional comparative perspective. British Journal of Management, 16, S39-S53. https://doi.org/10.1111/j.1467-8551.2005.00446.x
Anderson, R. C. y Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. https://doi.org/10.2307/4131472
type_driver info:eu-repo/semantics/article
type_coar http://purl.org/coar/resource_type/c_2df8fbb1
type_version info:eu-repo/semantics/publishedVersion
type_coarversion http://purl.org/coar/version/c_970fb48d4fbd8a85
type_content Text
publishDate 2020-01-01
date_accessioned 2021-01-01T00:00:00Z
date_available 2021-01-01T00:00:00Z
url https://revfinypolecon.ucatolica.edu.co/article/view/3387
url_doi https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8
issn 2248-6046
eissn 2011-7663
doi 10.14718/revfinanzpolitecon.v13.n1.2021.8
citationstartpage 171
citationendpage 196
url4_str_mv https://revfinypolecon.ucatolica.edu.co/article/download/3387/3808
url3_str_mv https://revfinypolecon.ucatolica.edu.co/article/download/3387/3877
url2_str_mv https://revfinypolecon.ucatolica.edu.co/article/download/3387/3672
_version_ 1797158479444574208

Código QR

Estadísticas y Métricas Alternativas

Títulos similares