Impacto de las buenas prácticas de gobierno corporativo en la creación de valor de las empresas que cotizan en la Bolsa de Valores de Lima durante el periodo 2012 - 2016
Date
2018-09-23
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Pontificia Universidad Católica del Perú
Abstract
Esta investigación propone analizar el impacto de las buenas prácticas del gobierno
corporativo en la creación de valor financiero de las empresas que cotizaron en la Bolsa de
Valores de Lima para el periodo 2012-2016. Para ello, se realizó una investigación a seis
empresas con los procedimientos y métodos que se utilizan para aplicar los principios del
Bueno Gobierno Corporativo.
En la investigación se utilizó el enfoque cualitativo con un diseño no experimental
descriptivo transversal. Para ello se analizó la información de los reportes de cumplimiento
del Código de Buen Gobierno Corporativo para las Sociedades Peruanas y los Estados
Financieros, de seis empresas de diversos sectores económicos que presentaron su
información a la Superintendencia de Mercado de Valores. A fin de evaluar la creación de
valor financiero fue necesario evaluar con el cálculo de los indicadores tales como el ROE,
ROA, ROIC, EVA, WACC e Índice de Lucratividad.
La información analizada muestra la relación entre el buen uso de las prácticas de
gobierno corporativo y su impacto en el valor financiero de las empresas evaluadas como
factor clave para mejorar su eficiencia económica crecimiento, y confianza de los
inversionistas. Pero no hay indicios suficientes que muestren una relación entre dichas
variables, pues se tuvo como resultado que tanto las empresas analizadas con mayor
porcentaje de cumplimiento de buenas prácticas, obtuvieron un desempeño variado entre
positivo y negativo en la evolución de sus indicadores financieros.
This research aims to analyze the impact of a good corporate governance practices and the creation of financial value of the companies listed on the Lima Stock Exchange for the 2012-2016 period. To do this, an investigation was conducted to a group of companies with the procedures and methods that they use in the application of the principles of Good Corporate Governance. In the research, the qualitative approach was used with a non-experimental descriptive transversal design. For this, the information of the reports of compliance of the Code of Good Corporate Governance for the Peruvian Companies and the Financial Statements of 6 companies from several sectors that reported to the Superintendency of Securities Market was analyzed. Regarding the creation of financial value were taken into account from the calculation of financial indicators such as ROE, ROA, ROIC, EVA, WACC, and Lucrative Index. The analyzed information shows the existence between the relationship between the good use of corporate governance practices and their impact on the financial value of the evaluated companies, being the key element to improve their economic efficiency and to increase the growth, as well as to reinforce the confidence of investors. But there is not enough evidence to show a relationship between the variables, as it was found that both companies analyzed with a higher percentage of compliance with good practices, obtained a varied performance between positive and negative in the performance of their financial indicators.
This research aims to analyze the impact of a good corporate governance practices and the creation of financial value of the companies listed on the Lima Stock Exchange for the 2012-2016 period. To do this, an investigation was conducted to a group of companies with the procedures and methods that they use in the application of the principles of Good Corporate Governance. In the research, the qualitative approach was used with a non-experimental descriptive transversal design. For this, the information of the reports of compliance of the Code of Good Corporate Governance for the Peruvian Companies and the Financial Statements of 6 companies from several sectors that reported to the Superintendency of Securities Market was analyzed. Regarding the creation of financial value were taken into account from the calculation of financial indicators such as ROE, ROA, ROIC, EVA, WACC, and Lucrative Index. The analyzed information shows the existence between the relationship between the good use of corporate governance practices and their impact on the financial value of the evaluated companies, being the key element to improve their economic efficiency and to increase the growth, as well as to reinforce the confidence of investors. But there is not enough evidence to show a relationship between the variables, as it was found that both companies analyzed with a higher percentage of compliance with good practices, obtained a varied performance between positive and negative in the performance of their financial indicators.
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Investigación cualitativa, Valor--Finanzas
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