Desempeño, gobierno corporativo y nueva regulacion

Heriberto García

doi:10.29105/rinn9.18-4

Autores/as

Heriberto García Texas A&M International University

DOI:

https://doi.org/10.29105/rinn9.18-4

Palabras clave:

Desempeño Financiero, Gobierno Corporativo, Regulación

Resumen

Después de la adopción del Código de Gobierno Corporativo en México, algunas compañías incrementaron el desempeño financiero y el uso de deuda durante los siguientes cinco anos, nuestra investigación se enfoca en como dichas compañías mejoraron sus prácticas de gobierno corporativo y como estas prácticas se han traducido en un mejor relación de riesgo y rendimiento. En esta investigación exploramos cómo y en dónde mejores prácticas de gobierno corporativo afectan el desempeño y qué relación tiene con la Transparencia, Nuevas Regulaciones y prácticas de Gobierno Corporativo. Con lo anterior también identificamos aquellas compañías que cotizan fuera de México para identificar potenciales diferencias en dichas prácticas.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Aguilera, R. V., & Cuervo-Cazurra, A. (2009). Codes of Good Governance. Corporate Governance: An International Review, 17(3), 376–387. doi:10.1111/j.1467-8683.2009.00737.x

Agrawal, Agnup, Charles, Knoeber.(1996). Firm performance and mechanism to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(3), 377-397.

Akerlof, G. (1970). The markets for lemons: qualitative uncertainty and the market mechanism. Quarterly Journal of Economics, 85, 488-500.

Beasley, M. (1996). An Empirical analysis of the relation between board of directors composition and financial statement fraud. The Accounting Review, 71(4), 443-465

Bebchuk, M. , Fried, J.M. (2003). Executive compensation as an Agency Problem. Journal of Economic Perspective, 17, 71-92

Bhattacharya, S. (1979). Imperfect information, dividend policy, and the ¨bird in the hand fallacy¨. The Bell Journal of Economics, 10, 259-270.

Bhattacharya, M., Daouk, H., Jorgenson, B., Carl-Heinrich, B. (2000).When an event is not an event the curious case of an emerging market. Journal of Financial Economics, 55, 69-101.

Black, B.S., Jang, H., Kim, W. (2006). Does corporate governance affect firm value? Evidence from Korea. Journal of Law, Economics and Organization, 22(2), 366-413.

Bushman, R.M., Smith, A. J. (2003). Transparency, financial accounting information and corporate governance. FRBNY Economic Policy Review, 9(1), 65-87.

Bushman, R.M., Smith, A. J. (2004). What determines corporate transparency?. Journal of Accounting Research, 42(2), 207-252.

CCE (1999). Código de Mejores Prácticas Corporativas. Consejo Coordinador Empresarial Comisión Nacional Bancaria y de Valores. México.

Campbell, C. Wasley, Ch. (1999). Stock based incentive contracts and managerial performance: the case of Ralston Purina company. Journal of Financial Economics, 51, 195-217.

Chiang, H., Chia, F. (2005). An empirical study of corporate governance and corporate performance. Journal of American Academy of Business, 6(1), 95-101.

Chong, A., Guillen, J., 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.

CNBV (2000). Boletin Prensa, Comision Nacional Bancaria y de Valores, 28 de septiembre 1999.

CNBV (2005). Boletin Prensa, Comision Nacional Bancaria y de Valores, 7 de diciembre.

Denis, D. K. (2001). Twenty-five years of corporate governance research ... and counting. Review of Financial Economics, 10(3), 191–212.

Mensah, M., Nguyen, H., Prattipati, S. (2006). Transparency in financial statements: a conceptual framework from user perspective. Journal of the American Academy of

Business, 9(1).47-51.

Machuga, S., Teitel, K. (2007). The effects of the Mexican Corporate Governance Code on NQuality of Earnings and its Components. Journal of International Accounting Research, 6(1), 37-55.

Li, J., Lam, K., Qian, G., Fang, Y. (2006). The effect of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong. Management International Review, 46(3), 259-276.

La Porta, R. Lopez de Silanes, F. Shleifer, A. Vishny, R. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113-1155.

Myers, P., Ziegenfuss, D. (2006). Audit committee pre-Enron efforts to increase the effectiveness of corporate governance. Corporate Governance, 6(1), 49-63.

Nahar Abdullah, S. (2006). Directors remuneration, firm's performance and corporate in Malaysia among distressed companies. Corporate Governance, 6(2), 162-174.

OECD (1999). OECD Principles of corporate governance. Paris: OECD.

OECD (2004). Principles of Corporate Governance. Paris: The Organisation for Economic Co-operation and Development.

Pacheco-López, P. (2005). Foreign Direct Investment, Exports and Imports in Mexico. World

Economy, 28(8), 1157–1172. doi:10.1111/j.1467-9701.2005.00724.x

Epstein, M. Roy, M. (2005). Evaluating and monitoring CEO performance: evidence from US compensation committee reports. Corporate Governance, 5(4), 75-87.

Fama, E. , Fisher, L., Jensen, M., Roll, R. (1969). The adjustment of the stock prices to new information. International Economic Review,10, 1-21.

Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law & Economics, 26, 301.

Gibson, M. (2003). Is Corporate Governance ineffective in Emerging Markets?. Journal of Financial and Quantitative Analysis, 38(1), 231-250.

Garcia, H. (2011a). Regulation and its effects on performance and capital structure, evidence of the Mexican Financial Market. Cuadernos de Administracion, 24(42), 39-71.

Garcia, H. (2011b). Corporate Governance on Financial Distress Company Mexican Cases. Business Studies Journal, 3, 59-78.

Jensen, Micheal. (1993). The modern industrial revolution, exit, and the failure of the internal control system. Journal of Finance, 48, 831-880.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

doi:10.1016/0304-405X(76)90026-X

Jensen, M. Murphy, K .(1990). Performance pay and top management incentives. Journal of Political Economy, 98(2). 225-264.

Jiraporn, P., Sang Kim, Y., Davidson III, W. (2005). CEO Compensation, Shareholder rights and corporate governance: An empirical investigation. Journal of Economics and

Finance, 29(2). 242-258.

Holmstrom, B, Kaplan, S .(2003). The State of U.S. Corporate Governance: What’s Right and What’s Wrong?. Journal of Applied Corporate Finance. (Spring 2003) 8-20.

Kang, S. , Kumar, P., Lee, H. (2006). Agency and corporate investment: the role of executive compensation and corporate governace. The Journal of Business, 79(3), 1127-1148.

Klapper, L., Love, I. (2004). Corporate governance, investor protection and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.

Payne, Andros. (2006). Corporate governance in the USA and Europe They are closer than you might think. Corporate Governance. 6(1), 69-71.

Perry, T., Shivdasani, A. (2005). Do boards affect performance? Evidence from corporate restructuring .The Journal of Business, 78(4), 1403-1432.

Petra, S. (2005). Do outside independent directors strengthen corporate boards? Corporate Governance, 5(1), 55-64.

Ross, S. (1978). Some notes on financial incentive-signaling models, activity choice and risk preferences. The Journal of Finance, 33(3), 777-792

Schellenger,M., Wood,D. Tashakori, A.(1989). Board of Director Composition, Shareholder Wealth, and Dividend Policy. Journal of Management, 15, 457-467

Shen, M., Hsu, Ch., Chen, M. (2006). A study of ownership structures and firm values under corporate governance. The case of listed and OTC companies in Taiwans Finance Industry. Journal of American Academy of Business, 8(1), 184-191.

Steiner, I. D. (1972). Group process and productivity. New York: Academic Press.

Yeh, Y., Lee, T., Ko, C. (2002). Corporate Governance and Rating System. Taipei: Sunbright Culture Eds.

Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40,185-211

Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1), 196–220.