Titulo:
Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas
.
Sumario:
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
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Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas Management Board Independence and Financial Performance: Evidence from Colombian Firms 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). &nbsp; 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). Lagos Cortés, Diógenes Roncancio Rachid, Rolando Economic performane Corporate government Board independence Mangement board Desempeño económico Gobierno corporativo Independencia de la junta Junta directiva 13 1 Artículo de revista Journal article 2021-01-01T00:00:00Z 2021-01-01T00:00:00Z 2020-01-01 text/html application/pdf text/xml Universidad Católica de Colombia Revista Finanzas y Política Económica 2248-6046 2011-7663 https://revfinypolecon.ucatolica.edu.co/article/view/3387 10.14718/revfinanzpolitecon.v13.n1.2021.8 https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8 spa https://creativecommons.org/licenses/by-nc-sa/4.0/ Diógenes Lagos Cortés - 2021 171 196 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 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 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 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 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 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 Cai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014. 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 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 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 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. 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 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 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 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 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 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 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 Finkelstein, S., Hambrick, D. y Cannella, A. A. (1996). Strategic leadership. St. Paul: West Educational Publishing. 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 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 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 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 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 Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 46(6), 1251-1271. 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. 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 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 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 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 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 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 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 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 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 Labra, R. y Torrecillas, C. (2014). Guía CERO para datos de panel. Un enfoque práctico. UAM-Accenture Working Papers, 16(1), 57. 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 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 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 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 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 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. 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 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 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 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. 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 Pfeffer, J. y Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Nueva York: Harper & Row. Rashid, A. (2018). Board independence and firm performance: Evidence from Bangladesh. Future Business Journal, 4(1), 34-49. 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 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 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 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 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. https://revfinypolecon.ucatolica.edu.co/article/download/3387/3877 https://revfinypolecon.ucatolica.edu.co/article/download/3387/3672 https://revfinypolecon.ucatolica.edu.co/article/download/3387/3808 info:eu-repo/semantics/article http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 http://purl.org/redcol/resource_type/ART info:eu-repo/semantics/publishedVersion http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 Text Publication |
| 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 Lagos Cortés, Diógenes Roncancio Rachid, Rolando Economic performane Corporate government Board independence Mangement board Desempeño económico Gobierno corporativo Independencia de la junta Junta directiva |
| 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). &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 |
Lagos Cortés, Diógenes Roncancio Rachid, Rolando |
| author_facet |
Lagos Cortés, Diógenes Roncancio Rachid, Rolando |
| topic |
Economic performane Corporate government Board independence Mangement board Desempeño económico Gobierno corporativo Independencia de la junta Junta directiva |
| topic_facet |
Economic performane Corporate government Board independence Mangement board Desempeño económico Gobierno corporativo Independencia de la junta Junta directiva |
| topicspa_str_mv |
Desempeño económico Gobierno corporativo Independencia de la junta Junta directiva |
| 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 |
spa |
| format |
Article |
| rights |
https://creativecommons.org/licenses/by-nc-sa/4.0/ Diógenes Lagos Cortés - 2021 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 |
| references |
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 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 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 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 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 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 Cai, J., Liu, Y., Qian, Y. y Yu, M. (2015). Information asymmetry and corporate governance. Quarterly Journal of Finance, 5(3), 1550014. 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 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 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 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. 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 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 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 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 Elloumi, F. y Gueyie, J.-P. (2001). Financial distress and corporate governance: an empirical analysis. 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