Medición de la aplicación de prácticas de gobierno corporativo en Colombia.

Authors

  • Diógenes Lagos Cortés Universidad Industrial de Santander
  • Carlos Enrique Vecino Arenas Universidad Industrial de Santander.

Keywords:

Corporate governance, corporate governance indices, measuring corporate governance, corporate behavior

Abstract

The implementation of good corporate governance practices generates public confidence in the markets and value-added to the companies. Given its importance in the capital market, the Superintendencia Financiera de Colombia (SFC) has pioneered a program of corporate governance that has among its objectives to analyze on a comparable basis the corporate behavior of the companies. Although in Colombia there is a code of corporate governance that applies to all issuers of securities, making this comparison it is not easy due to the absence of an index measure. To meet this need and using the survey Código País, constructs an index that measures the level of implementation of corporate governance practices in companies registered in the Registro Nacional de Emisores y Valores (RNVE) in Colombia, in the period 2007-2010. The results show that the implementation of corporate governance practices is still far from reaching levels high. However, there is a growing trend in application rates. It was found that the companies that have the best corporate governance practices are more interested in continue to take the measures of the Código País.

Downloads

Download data is not yet available.

References

BHAGAT, Sanjai; BOLTON, Brian y ROMANO, Roberta (2008). The promise and peril of corporate governance indices. En: Columbia Law Review, Vol. 108, No. 8. pp. 1803-1882.

BLACK, Bernard; JANG, Hasung y KIM, Woochan (2006). Does corporate governance predict firms’ market values?. En: Journal of Law Economics and Organizations, Vol. 22, No. 2. pp. 366-413.

BYUN, Hae-Young (2007). The cost of debt capital and corporate governance practices. En: AsiaPacific Journal of Financial Studies, Vol. 36, No 5. pp. 765-806.

CLAESSENS, Stijn (2006). Corporate governance and development. En: World Bank Research Observer, Vol. 21, No. 1. pp. 91-122.

DURNEV, Art y KIM, Han (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. En: The Journal of Finance, Vol. 40, No. 3. pp. 1461-1493.

GARAY, Urbi; GONZÁLEZ, Germán; GONZÁLEZ, Maximiliano y HERNÁNDEZ, Yelhis (2006). Índice de buen gobierno corporativo y desempeño financiero en la Bolsa de Valores de Caracas. En: Estudio IESA, Vol. 24. pp. 1-22.

GOMPERS, Paul; ISHII, Joy y METRICK, Andrew (2003). Corporate governance and equity prices source. En: The Quarterly Journal of Economics, Vol. 118, No. 1. pp. 107-155.

GUTIÉRREZ, Luis y POMBO, Carlos (2007). Corporate Governance and Firm Valuation in Colombia. En: Research Department Working paper series, No 568. Banco Interamericano de Desarrollo.pp. 1-51. En línea: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=1229987.

GUTIÉRREZ, Luis y POMBO, Carlos (2009). Mercados de Capitales y Gobierno Corporativo en Colombia. 59 p. En línea: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1361288.

KLAPPER, Leora y LOVE, Inessa (2004). Corporate governance, investor protection, and performance in emerging markets. En: Journal of Corporate Finance, Vol. 10, No. 5. pp. 703-728.

LANGEBAEK, Andrés y ORTIZ, Jaime (2007). Q de Tobin y gobierno corporativo de las empresas listadas en bolsa. En: Borradores de Economía, No. 447. 37 p. En línea: http://www.banrep.gov.co/docum/ftp/borra447.pdf

LEAL, Ricardo y CARVALHAL-DA-SILVA, André (2005). Corporate Governance and Value in Brazil (and in Chile). En: Research Department Working paper series, No 514. Banco Interamericano de Desarrollo. pp. 1-80. En línea: http://www.istfin.eco.usi.ch/r_leal.pdf.

MITTON, Todd (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. En: Journal of Financial Economics, Vol. 64, No. 2. pp. 215-241.

ORGANIZACIÓN PARA LA COOPERACIÓN Y EL DESARROLLO ECONÓMICO (2004). Principios de gobierno corporativo de la OCDE. 69 p. En línea: http://www.oecd.org/dataoecd/47/25/37191543,pdf

Downloads

Published

2013-05-03

How to Cite

Lagos Cortés, D., & Vecino Arenas, C. E. (2013). Medición de la aplicación de prácticas de gobierno corporativo en Colombia. Tendencias, 12(2), 230–253. Retrieved from https://revistas.udenar.edu.co/index.php/rtend/article/view/535

Issue

Vol. 12 No. 2 (2011): Vol. XII No. 2 Segundo Semestre Julio-Diciembre 2011

Section

Articles

License

Those authors who have publications with this journal, accept the following terms:

This journal is licensed under a Creative Commons Reconocimiento-NoComercial 4.0 Internacional License. The articles can be copied, distributed, adapted and communicated publicly, as long as the credits of the work are recognized and the respective source is quoted. This work can not be used for commercial purposes.

To increase their visibility, documents are sent to databases and indexing systems.

The content of the items is the responsibility of each author, and does not compromise in any way, journal or institution.