Impacto del gobierno corporativo en la rentabilidad de las empresas: Un enfoque económico
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Date
2022-05-26
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Pontificia Universidad Católica del Perú
Abstract
El propósito de este trabajo es evaluar si las prácticas de Gobierno Corporativo han
tenido un impacto positivo en la rentabilidad de las empresas realizando un trabajo
econométrico para el periodo 2017-2019. En el modelo se considera la variable
dependiente ROE. Si bien una visión amplia del Gobierno Corporativo considera el
bienestar de todos los “stakeholders”, no es posible contar con una medida operativa
de dicho bienestar y la mejor aproximación es el ROE pues considera el bienestar
para los accionistas.
En el modelo se obtiene coeficientes positivos para una de las tres variables de
Gobierno Corporativo utilizadas: la variable dummy de transparencia. Mientras tanto
las variables de Directorio Independiente y Puntaje de Gobierno Corporativo no
muestran efectos estadísticamente significativos. Las otras variables que también
fueron estadísticamente significativas son: Pbi del sector y logaritmo de los Activos
Totales.
Como se observa en el marco teórico revisado, el Gobierno Corporativo tendría
efectos en la rentabilidad, lo cual procede a testearse en el modelo, obteniéndose un
coeficiente de 6.6 para la dummy transparencia. La variable transparencia es una
variable que específicamente se refiere a que se cuente con reportes periódicos y que
sean puestos a disposición del Directorio respecto a los acuerdos realizados en la
Junta General de Accionistas.
Teóricamente los mecanismos por los que el Gobierno Corporativo contribuye a una
mejor rentabilidad son las herramientas de monitoreo y supervisión que favorecerían
todas las líneas de la empresa propiciando mejores resultados operativos.
The purpose of this work is to evaluate if the Corporate Governance practices have had a positive impact on the profitability of companies by carrying out an econometric study for the period 2017-2019. The model considers the ROE as dependent variable. Although a broad view of Corporate Governance considers the well-being of all the stakeholders, it is not possible to have an operational measure of that well-being and the best approximation is ROE, since it considers the well-being of shareholders. In the model, it is obtained a positive coefficient for one of the three variables of Corporate Governance used: the dummy variable of transparency. Meanwhile, the Independent Board of Directors and Corporate Governance Score variables do not show statistically significant effects. The other variables that were also statistically significant are: GDP of the sector and logarithm of Total Assets. As it can be seen in the theoretical framework revised, the Corporate Governance would have effects on profitability, which is tested in the model, obtaining a coefficient of 6.6 for the transparency dummy. The transparency variable is a variable that specifically refers to having periodic reports and making them available to the Board of Directors regarding the agreements made at the General Shareholders' Meeting. Theoretically, the mechanisms by which Corporate Governance contributes to better profitability are the monitoring and supervision tools that would favor all lines of the company, promoting better operating results.
The purpose of this work is to evaluate if the Corporate Governance practices have had a positive impact on the profitability of companies by carrying out an econometric study for the period 2017-2019. The model considers the ROE as dependent variable. Although a broad view of Corporate Governance considers the well-being of all the stakeholders, it is not possible to have an operational measure of that well-being and the best approximation is ROE, since it considers the well-being of shareholders. In the model, it is obtained a positive coefficient for one of the three variables of Corporate Governance used: the dummy variable of transparency. Meanwhile, the Independent Board of Directors and Corporate Governance Score variables do not show statistically significant effects. The other variables that were also statistically significant are: GDP of the sector and logarithm of Total Assets. As it can be seen in the theoretical framework revised, the Corporate Governance would have effects on profitability, which is tested in the model, obtaining a coefficient of 6.6 for the transparency dummy. The transparency variable is a variable that specifically refers to having periodic reports and making them available to the Board of Directors regarding the agreements made at the General Shareholders' Meeting. Theoretically, the mechanisms by which Corporate Governance contributes to better profitability are the monitoring and supervision tools that would favor all lines of the company, promoting better operating results.
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Keywords
Gobierno corporativo--Perú, Empresas--Perú, Ganancias corporativas--Perú