Influencia del gobierno corporativo en el costo de capital proveniente de la emisión de deuda

Cortés, Diógenes Lagos; Arenas, Carlos Enrique Vecino

doi:10.1016/j.estger.2014.02.010

Cited by 3 publications

(1 citation statement)

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“…Quase duas décadas depois de serem considerados por La Porta et al (2000) (Aguilar, 2016;Álvarez et al, 2010;Cortes & Arenas, 2014;Del Vesco & Beuren, 2016;Fassler, 2018;Freire, García & Delgado, 2017;Leal, Carvalhal & Iervolino, 2015).…”

Section: Justificativa Do Estudounclassified

Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional

Jesuka¹

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Firm theory studies show that managers have to deal with agency and information asymmetry problems to align their interests with those of shareholders, creditors and stakeholders, while keeping the company valued. Considering the influences of internal and external environments, this study aimed to analyze the relationship between corporate governance, capital structure, sovereign rating and firm performance at multi-country, national and regional levels. In a first step, a multilevel regression model was performed using a sample of 823 Latin American listed companies from 2004 to 2018. In a second step, data from 671 Brazilian listed companies and Brazil's sovereign rating between 2010 and 2017 were considered to analyze the performance behavior at the national and regional levels, more specifically in the Triangulo Mineiro and Alto Paranaíba and southern of Goiás regions. A panel data regression was employed. The results from the first study show that sovereign rating positively impact the capital structure and the performance of Latin American companies. The board size as well as the dual roles of the CEO / Chairman of the board can destroy firm's value, while having an independent audit committee can increase both their indebtedness and performance. The evidence found reinforced the agency theory signaling that even with the adoption of good corporate governance practices, the more indebted companies are, the less valued they are. In the second study, at the national level we found that the board size, the audit reputation and sovereign rating positively affects the leverage of Brazilian companies. Return on assets was negatively influenced by the dual roles of the CEO / Chairman of the board and the size of the board, the return on equity is positively affected by the reputation of the audit, the concentration of ownership and control and the duality of CEO / Chairman. At the regional level, it was observed that companies that operate in TMAP and South Goiás regions are more leveraged due to the reputation of the audit and when there is an outsider in the board of directors, in contrast, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding to the performance, it was noted that for these companies ROA is positively influenced by the reputation of the audit and the presence of outsiders on the board, while the dual roles of CEO and Chairman can destroy it. Return on equity increases when there are professional directors on the board of directors, and decreases when there is a concentration of ownership and control.

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Section: Justificativa Do Estudounclassified

Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional

Jesuka¹

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Gobierno corporativo en Colombia: un análisis de factores que inciden en el cumplimiento del nuevo Código País

Lagos Cortés,

Dávila Velásquez

2024

Rev. fac. cien. econ.

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Colombia ha experimentado avances significativos en el ámbito del gobierno corporativo, destacándose la promulgación en 2007 del Código País, código dirigido a los emisores de valores. A medida que el campo ha evolucionado, este código fue actualizado en 2015. El presente estudio exploratorio tiene como objetivo determinar la relación entre el cumplimiento del gobierno corporativo y las modificaciones incorporadas en la nueva versión del Código País. Para lograr este objetivo, se aplicaron pruebas de varianza no paramétrica de Kruskal-Wallis en una muestra de 155 empresas inscritas en el Registro Nacional de Valores y Emisores de Colombia para el periodo 2015-2021. Para comparar los niveles de cumplimiento se analizaron variables como el tipo de emisor (acciones vs. no acciones), el nivel de regulación del sector (regulado vs. no regulado) y el carácter familiar (familiar vs. no familiar). Los resultados revelaron que las empresas adoptan selectivamente los nuevos estándares y que el grado de cumplimiento varía en función del tipo de recomendación, así como de factores contextuales como el tipo de emisor, la regulación del sector y la estructura de propiedad. Este estudio proporciona una comprensión más profunda de cómo las empresas se adaptan a los cambios en los estándares de gobierno corporativo, resaltando la importancia de considerar los factores contextuales en el proceso de implementación. Los resultados destacan la necesidad de continuar mejorando en términos de cumplimiento y prácticas de gobierno corporativo en Colombia.

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Puerto¹

2021

Los Partidos Políticos en La Constitución. Las Entrañas De La Democracia

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Influencia del gobierno corporativo en el costo de capital proveniente de la emisión de deuda

Cited by 3 publications

References 18 publications

Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional

Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional

Gobierno corporativo en Colombia: un análisis de factores que inciden en el cumplimiento del nuevo Código País

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