Titulo:
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile
.
Sumario:
Este artículo indaga sobre el efecto de la independenciade los Consejos de Administración (juntas directivas) en la rentabilidad de las empresas no financieras listadas en México y Chile durante 2009-2016. Se estudia el impacto sobre el desempeño financiero tanto del porcentaje de miembros independientes como de la antigüedad de estos en el cargo. Lo anterior se evalúa tomando en cuenta la concentración de la propiedad accionaria. Se concluye, mediante un análisis de panel dinámico, que el grado de independencia no favorece los resultados empresariales, independientemente de la concentración de la propiedad. No obstante, la antigüedad de los directores independientes sí repercute negativamente sobre la rentabilidad de estas firmas. Lo anter... Ver más
Guardado en:
2248-6046
2011-7663
14
2022-02-26
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
info:eu-repo/semantics/openAccess
http://purl.org/coar/access_right/c_abf2
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Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile Board Independence, Ownership Concentration, and Profitability of Listed Firms in Mexico and Chile Este artículo indaga sobre el efecto de la independenciade los Consejos de Administración (juntas directivas) en la rentabilidad de las empresas no financieras listadas en México y Chile durante 2009-2016. Se estudia el impacto sobre el desempeño financiero tanto del porcentaje de miembros independientes como de la antigüedad de estos en el cargo. Lo anterior se evalúa tomando en cuenta la concentración de la propiedad accionaria. Se concluye, mediante un análisis de panel dinámico, que el grado de independencia no favorece los resultados empresariales, independientemente de la concentración de la propiedad. No obstante, la antigüedad de los directores independientes sí repercute negativamente sobre la rentabilidad de estas firmas. Lo anterior pone bajo debate los requerimientos legales en materia de gobierno corporativo para las empresas listadas en América Latina y sugiere líneas de investigación empíricas que favorezcan la identificación de pesos y contrapesos efectivos para estas firmas. This paper examines the effect of Board independence on the profitability of non-financial companies listed in Mexico and Chile from 2009 to 2016. It examines the impact on financial performance of the percentage of independentBoard members and their tenure, which is evaluated considering ownership concentration. Based on dynamic panel models, the study concludes that the degree of independence does not favor business results, regardless of the concentration of ownership. However, the tenure of independent directors does have a negative impact on the performance of these firms. The results obtained question the legal requirements related to corporate governance for the companies listed in Latin America and suggest empirical lines of research that encourage identifying effective checks and balances for these companies. Watkins Fassler, Karen Briano-Turrent, Guadalupe del Carmen Franco-Ramírez, Diana Laura Román-Sánchez, José Luis Finanzas y gobierno corporativo Independencia del Consejo de Administración rentabilidad empresarial Chile México Corporate Finance and Governance Independence of the Board of Directors Business Performance Chile Mexico 14 1 Núm. 1 , Año 2022 :Vol. 14 Núm. 1 (2022) Artículo de revista Journal article 2022-02-26T00:00:00Z 2022-02-26T00:00:00Z 2022-02-26 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/4339 10.14718/revfinanzpolitecon.v14.n1.2022.10 https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.10 spa https://creativecommons.org/licenses/by-nc-sa/4.0 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. Alimehmeti, G. y Paletta, A. (2012). Ownership concentration and effects over firm performance: Evidences from Italy. European Scientific Journal, 8(22), 39-49. Améstica-Rivas, L., King-Domínguez, A., Moraga-Dionicio, V. y Romero-Romero, R. (2021). Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano. Revista Finanzas y Política Económica, 13(1), 225-251. https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.10 Anderson, R. C. y Reeb, D. M. (2003). Founding-family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. https://doi.org/10.1111/1540-6261.00567 Arora, A.y Sharma, C., (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance, 16(2), 420-436. https://doi.org/10.1108/CG-01-2016-0018 Arosa, B., Iturralde, T., y Maseda, A. (2010). Ownership structure and firm performance in non-listed firms: Evidence from Spain. Journal of Family Business Strategy, 1(2), 88-96. https://doi.org/10.1016/j.jfbs.2010.03.001 Bhagat, S., y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27(1), 231-271. Bøhren, Ø, y Staubo, S. (2016). Mandatory gender balance and board independence. European Financial Management, 22(1), 3-30. https://doi.org/10.1111/eufm.12060 Bradley, M. yChen, D. (2014). Does board independence reduce the cost of debt? Financial Management, 44(1),15-47. https://doi.org/10.1111/fima.12068 Briano Turrent, G., Rodríguez, L. y Azuara, V. (2013). Gobierno corporativo en Latinoamérica y España. EAE Editorial Academia Espanola. Canavan, J., Jones, B., y Potter, M.J. (2004). Board Tenure: How long is Too Long? Boards and Directors, 28(1), 39-42. Carpenter, M. A., y Westphal, J. D. (2001). The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management, 44(4), 639-660. https://doi.org/10.2307/3069408 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 Celikyurt, U., Sevilir, M.,y Shivdasani, A. (2014). Venture capitalists on boards of mature public firms. The Review of Financial Studies, 27(1), 56-101. https://doi.org/10.1093/rfs/hhs096 Chong, A. y López de Silanés, F. (2007). Corporate Governance in Latin America. IDB Working Paper n.o 494. https://doi.org/10.2139/ssrn.1820067 Chong, A., Guillén, J., y Lopez-de-Silanes, F. (2009). Corporate governance reform and firm value in Mexico: an empirical assessment. Journal of Economic Policy Reform, 12(3), 163.188. https://doi.org/10.1080/17487870903105346 Fuzi, S. F. S., Halim, S. A. A., y Julizaerma, M. K. (2016). Board Independence and Firm Performance. Procedia Economics and Finance, 37(1), 460-465. https://doi.org/10.1016/S2212-5671(16)30152-6 González, M., Guzmán, A., Pablo, E., y Trujillo, M.A. (2019). Is Board Turnover Driven by Performance in Family Firms? Research in International Business and Finance, 48, 169-186. https://doi.org/10.1016/j.ribaf.2018.12.002 Gutiérrez, L. H., y Pombo, C. (2009). Corporate Ownership and Control Contestability in Emerging Markets: the case of Colombia. Journal of Economics and Business, 61(1), 112-139. https://doi.org/10.1016/j.jeconbus.2008.01.002 Herrera-Echeverri, H., Geleilate, J. G., Gaitan-Riaño, S., Haar, J., y Soto-Echeverry,N. (2016). Export behavior and board independence in Colombian family firms: The reverse causality relationship. Journal of Business Research, 69(6), 2018-2029. https://doi.org/10.1016/j.jbusres.2015.10.147 Hoskisson, R.E., Eden, L., Lau, C.M. y Wright, M. (2000). Strategy in emerging economies. Academy of Management Journal, 43(3), 249-267. https://doi.org/10.2307/1556394 Johnson, S. G., Schnatterly, K., y Hill, A. D. (2013). Board composition beyond independence: Social capital, human capital, and demographics. Journal of Management, 39(1), 232-262. https://doi.org/10.1177/0149206312463938 Joseph, J., Ocasio, W. y McDonnell, M. H. (2014). The structural elaboration of board independence: Executive power, institutional logics, and the adoption of CEO only board structures in US corporate governance. Academy of Management, 57(6), 1834-1858. https://doi.org/10.5465/amj.2012.0253 Kim, K. A., Kitsabunnarat-Chatjuthamard, P., y Nofsinger, J. R. (2007). Large shareholders, board independence, and minority shareholder rights: Evidence from Europe. Journal of Corporate Finance, 13(5), 859-880. https://doi.org/10.1016/j.jcorpfin.2007.09.001 Korir, A. C. y Cheruiyot, T. (2017). Effect of Corporate Governance on Firm Performance. European Journal of Business and Strategic Management, 2(1), 29-51. Lagos, D., y Roncancio, R. (2021). Independencia de la junta directiva y desempeño financiero: Evidencia de empresas colombianas. Revista Finanzas y Política Económica,13(1), 171-196. https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8 Lefort, F., y Urzúa, F. (2008). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61(6), 615-622. https://doi.org/10.1016/j.jbusres.2007.06.036 Lefort, F., y Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and hypothesis in Chile. Revista Abante, 3(1), 3-27. Levitsky, S., y Murillo, M. V. (2010). Variación en la fortaleza institucional. Revista de Sociología, 24(1), 31-56. https://doi.org/10.5354/0719-529X.2010.14399 Liew, C. Y., Alfan, E., y Devi, S. (2017). Family firms, expropriation and firm value: Evidence of the role of independent directors' tenure in Malaysia. International Journal of Organizational Leadership, 6(1), 42-64. https://doi.org/10.33844/ijol.2017.60195 Liu, G., y Sun, J. (2010). Director tenure and independent audit committee effectiveness. International Research Journal of Finance and Economics, 51(1), 176-189. Marquez-Cárdenas, V., González-Ruiz, J. D., y Duque-Grisales, E. (2022). Board gender diversity and firm performance: Evidence from Latin America. Journal of Sustainable Finance y Investment, 1-24. https://doi.org/10.1080/20430795.2021.2017256 Ruiz-Porras, A., y Steinwascher, W. (2008). Gobierno corporativo, diversificación estratégica y desempeño empresarial en México. Revista de Administración, Finanzas y Economía, 2(1), 58-73. Santiago-Castro, M., y Brown, C. J. (2011). Corporate governance, expropriation of minority shareholders' rights, and performance of Latin American enterprises. Annals of Finance, 7(1), 429-447. https://doi.org/10.1007/s10436-009-0132-z Santiago-Castro, M., Brown, C. J., y Báez-Díaz, A. (2009). Prácticas de gobierno corporativo en América Latina. Academia Revista Latinoamericana de Administración, 43(1), 26-40. Santos, J. B., y Brito, L. A. L. (2012). Toward a subjective measurement model for firm performance. Brazilian Administration Review, 9(1), 95-117. https://doi.org/10.1590/S1807-76922012000500007 Sáenz-González, J. y García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? Journal of Business Ethics, 121(3), 419-440. https://doi.org/10.1007/s10551-013-1700-8 Schwartz-Maranho, F. y Leal, R. (2018). Corporate governance and firm performance in Latin America: A meta-analysis. Academia Revista Latinoamericana de Administración, 31(1), 195-211. https://doi.org/10.1108/ARLA-04-2017-0126 Shleifer, A., y Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461-488. https://doi.org/10.1086/261385 Steier, L.P. (2009). Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia. Asia Pacific Journal of Management, 26(3), 513-535. https://doi.org/10.1007/s10490-008-9117-0 Tosi, H. L., Shen, W., y Gentry, R. (2003). Why outsiders on boards can't solve the corporate governance problem. Organizational Dynamics, 32(2), 180-192. https://doi.org/10.1016/S0090-2616(03)00017-2 Vafeas, N. (2003). Length of board tenure and outside director independence. Journal of Business Finance y Accounting, 30(7), 1043-1064. https://doi.org/10.1111/1468-5957.05525 Veltrop, D. B., Molleman, E., Hooghiemstra, R., y Van Ees, H. (2018). The relationship between tenure and outside director task involvement: a social identity perspective. Journal of Management, 44(2), 445-469. https://doi.org/10.1177/0149206315579510 Vintila, G., Paunescu, R. A., y Gherghina, S. C. (2015). Does corporate governance influences corporate financial performance? Empirical evidences for the companies listed on US markets. International Business Research, 8(8), 27-49. https://doi.org/10.5539/ibr.v8n8p27 Watkins, K., Fernández-Pérez, V. y Rodríguez-Ariza, L. (2017). President interlocking, family firms and performance during turbulent times: Evidence from Latin America. European Journal of Family Business, 6(2), 63-74. https://doi.org/10.1016/j.ejfb.2016.12.001 Watkins, K. y Flores, D. R. (2016). Determinantes de la concentración de la propiedad empresarial en México. Contaduría y Administración, 61(2), 224-242. https://doi.org/10.1016/j.cya.2015.05.015 Watkins, K. (2013). Efecto de la Ley corporativa y la concentración de la propiedad en el desempeño empresarial en Chile y México. Ensayos Revista de Economía, 32(2), 1-22. https://revfinypolecon.ucatolica.edu.co/article/download/4339/4224 https://revfinypolecon.ucatolica.edu.co/article/download/4339/4180 https://revfinypolecon.ucatolica.edu.co/article/download/4339/4237 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 los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile |
| spellingShingle |
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile Watkins Fassler, Karen Briano-Turrent, Guadalupe del Carmen Franco-Ramírez, Diana Laura Román-Sánchez, José Luis Finanzas y gobierno corporativo Independencia del Consejo de Administración rentabilidad empresarial Chile México Corporate Finance and Governance Independence of the Board of Directors Business Performance Chile Mexico |
| title_short |
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile |
| title_full |
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile |
| title_fullStr |
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile |
| title_full_unstemmed |
Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile |
| title_sort |
independencia de los consejos de administración, concentración de la propiedad y rentabilidad de las empresas listadas en méxico y chile |
| title_eng |
Board Independence, Ownership Concentration, and Profitability of Listed Firms in Mexico and Chile |
| description |
Este artículo indaga sobre el efecto de la independenciade los Consejos de Administración (juntas directivas) en la rentabilidad de las empresas no financieras listadas en México y Chile durante 2009-2016. Se estudia el impacto sobre el desempeño financiero tanto del porcentaje de miembros independientes como de la antigüedad de estos en el cargo. Lo anterior se evalúa tomando en cuenta la concentración de la propiedad accionaria. Se concluye, mediante un análisis de panel dinámico, que el grado de independencia no favorece los resultados empresariales, independientemente de la concentración de la propiedad. No obstante, la antigüedad de los directores independientes sí repercute negativamente sobre la rentabilidad de estas firmas. Lo anterior pone bajo debate los requerimientos legales en materia de gobierno corporativo para las empresas listadas en América Latina y sugiere líneas de investigación empíricas que favorezcan la identificación de pesos y contrapesos efectivos para estas firmas.
|
| description_eng |
This paper examines the effect of Board independence on the profitability of non-financial companies listed in Mexico and Chile from 2009 to 2016. It examines the impact on financial performance of the percentage of independentBoard members and their tenure, which is evaluated considering ownership concentration. Based on dynamic panel models, the study concludes that the degree of independence does not favor business results, regardless of the concentration of ownership. However, the tenure of independent directors does have a negative impact on the performance of these firms. The results obtained question the legal requirements related to corporate governance for the companies listed in Latin America and suggest empirical lines of research that encourage identifying effective checks and balances for these companies.
|
| author |
Watkins Fassler, Karen Briano-Turrent, Guadalupe del Carmen Franco-Ramírez, Diana Laura Román-Sánchez, José Luis |
| author_facet |
Watkins Fassler, Karen Briano-Turrent, Guadalupe del Carmen Franco-Ramírez, Diana Laura Román-Sánchez, José Luis |
| topicspa_str_mv |
Finanzas y gobierno corporativo Independencia del Consejo de Administración rentabilidad empresarial Chile México |
| topic |
Finanzas y gobierno corporativo Independencia del Consejo de Administración rentabilidad empresarial Chile México Corporate Finance and Governance Independence of the Board of Directors Business Performance Chile Mexico |
| topic_facet |
Finanzas y gobierno corporativo Independencia del Consejo de Administración rentabilidad empresarial Chile México Corporate Finance and Governance Independence of the Board of Directors Business Performance Chile Mexico |
| citationvolume |
14 |
| citationissue |
1 |
| citationedition |
Núm. 1 , Año 2022 :Vol. 14 Núm. 1 (2022) |
| publisher |
Universidad Católica de Colombia |
| ispartofjournal |
Revista Finanzas y Política Económica |
| source |
https://revfinypolecon.ucatolica.edu.co/article/view/4339 |
| language |
spa |
| format |
Article |
| rights |
https://creativecommons.org/licenses/by-nc-sa/4.0 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 |
| references |
Alimehmeti, G. y Paletta, A. (2012). Ownership concentration and effects over firm performance: Evidences from Italy. European Scientific Journal, 8(22), 39-49. Améstica-Rivas, L., King-Domínguez, A., Moraga-Dionicio, V. y Romero-Romero, R. (2021). Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano. Revista Finanzas y Política Económica, 13(1), 225-251. https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.10 Anderson, R. C. y Reeb, D. M. (2003). Founding-family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. https://doi.org/10.1111/1540-6261.00567 Arora, A.y Sharma, C., (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance, 16(2), 420-436. https://doi.org/10.1108/CG-01-2016-0018 Arosa, B., Iturralde, T., y Maseda, A. (2010). Ownership structure and firm performance in non-listed firms: Evidence from Spain. Journal of Family Business Strategy, 1(2), 88-96. https://doi.org/10.1016/j.jfbs.2010.03.001 Bhagat, S., y Black, B. (2002). The non-correlation between board independence and long-term firm performance. Journal of Corporate Law, 27(1), 231-271. Bøhren, Ø, y Staubo, S. (2016). Mandatory gender balance and board independence. European Financial Management, 22(1), 3-30. https://doi.org/10.1111/eufm.12060 Bradley, M. yChen, D. (2014). Does board independence reduce the cost of debt? Financial Management, 44(1),15-47. https://doi.org/10.1111/fima.12068 Briano Turrent, G., Rodríguez, L. y Azuara, V. (2013). Gobierno corporativo en Latinoamérica y España. EAE Editorial Academia Espanola. Canavan, J., Jones, B., y Potter, M.J. (2004). Board Tenure: How long is Too Long? Boards and Directors, 28(1), 39-42. Carpenter, M. A., y Westphal, J. D. (2001). The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management, 44(4), 639-660. https://doi.org/10.2307/3069408 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 Celikyurt, U., Sevilir, M.,y Shivdasani, A. (2014). Venture capitalists on boards of mature public firms. The Review of Financial Studies, 27(1), 56-101. https://doi.org/10.1093/rfs/hhs096 Chong, A. y López de Silanés, F. (2007). Corporate Governance in Latin America. IDB Working Paper n.o 494. https://doi.org/10.2139/ssrn.1820067 Chong, A., Guillén, J., y Lopez-de-Silanes, F. (2009). Corporate governance reform and firm value in Mexico: an empirical assessment. Journal of Economic Policy Reform, 12(3), 163.188. https://doi.org/10.1080/17487870903105346 Fuzi, S. F. S., Halim, S. A. A., y Julizaerma, M. K. (2016). Board Independence and Firm Performance. Procedia Economics and Finance, 37(1), 460-465. https://doi.org/10.1016/S2212-5671(16)30152-6 González, M., Guzmán, A., Pablo, E., y Trujillo, M.A. (2019). Is Board Turnover Driven by Performance in Family Firms? Research in International Business and Finance, 48, 169-186. https://doi.org/10.1016/j.ribaf.2018.12.002 Gutiérrez, L. H., y Pombo, C. (2009). Corporate Ownership and Control Contestability in Emerging Markets: the case of Colombia. Journal of Economics and Business, 61(1), 112-139. https://doi.org/10.1016/j.jeconbus.2008.01.002 Herrera-Echeverri, H., Geleilate, J. G., Gaitan-Riaño, S., Haar, J., y Soto-Echeverry,N. (2016). Export behavior and board independence in Colombian family firms: The reverse causality relationship. Journal of Business Research, 69(6), 2018-2029. https://doi.org/10.1016/j.jbusres.2015.10.147 Hoskisson, R.E., Eden, L., Lau, C.M. y Wright, M. (2000). Strategy in emerging economies. Academy of Management Journal, 43(3), 249-267. https://doi.org/10.2307/1556394 Johnson, S. G., Schnatterly, K., y Hill, A. D. (2013). Board composition beyond independence: Social capital, human capital, and demographics. Journal of Management, 39(1), 232-262. https://doi.org/10.1177/0149206312463938 Joseph, J., Ocasio, W. y McDonnell, M. H. (2014). The structural elaboration of board independence: Executive power, institutional logics, and the adoption of CEO only board structures in US corporate governance. Academy of Management, 57(6), 1834-1858. https://doi.org/10.5465/amj.2012.0253 Kim, K. A., Kitsabunnarat-Chatjuthamard, P., y Nofsinger, J. R. (2007). Large shareholders, board independence, and minority shareholder rights: Evidence from Europe. Journal of Corporate Finance, 13(5), 859-880. https://doi.org/10.1016/j.jcorpfin.2007.09.001 Korir, A. C. y Cheruiyot, T. (2017). Effect of Corporate Governance on Firm Performance. European Journal of Business and Strategic Management, 2(1), 29-51. Lagos, D., y Roncancio, R. (2021). Independencia de la junta directiva y desempeño financiero: Evidencia de empresas colombianas. Revista Finanzas y Política Económica,13(1), 171-196. https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8 Lefort, F., y Urzúa, F. (2008). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61(6), 615-622. https://doi.org/10.1016/j.jbusres.2007.06.036 Lefort, F., y Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and hypothesis in Chile. Revista Abante, 3(1), 3-27. Levitsky, S., y Murillo, M. V. (2010). Variación en la fortaleza institucional. Revista de Sociología, 24(1), 31-56. https://doi.org/10.5354/0719-529X.2010.14399 Liew, C. Y., Alfan, E., y Devi, S. (2017). Family firms, expropriation and firm value: Evidence of the role of independent directors' tenure in Malaysia. International Journal of Organizational Leadership, 6(1), 42-64. https://doi.org/10.33844/ijol.2017.60195 Liu, G., y Sun, J. (2010). Director tenure and independent audit committee effectiveness. International Research Journal of Finance and Economics, 51(1), 176-189. Marquez-Cárdenas, V., González-Ruiz, J. D., y Duque-Grisales, E. (2022). Board gender diversity and firm performance: Evidence from Latin America. Journal of Sustainable Finance y Investment, 1-24. https://doi.org/10.1080/20430795.2021.2017256 Ruiz-Porras, A., y Steinwascher, W. (2008). Gobierno corporativo, diversificación estratégica y desempeño empresarial en México. Revista de Administración, Finanzas y Economía, 2(1), 58-73. Santiago-Castro, M., y Brown, C. J. (2011). Corporate governance, expropriation of minority shareholders' rights, and performance of Latin American enterprises. Annals of Finance, 7(1), 429-447. https://doi.org/10.1007/s10436-009-0132-z Santiago-Castro, M., Brown, C. J., y Báez-Díaz, A. (2009). 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