Ibero-American corporate ownership and boards of directors: implementation and impact on firm value in Chile and Spain

Ekonomska Istraživanja

Carlos Cid¹  Pablo San Martín¹  Paolo Saona²  Laura Muro² 

[1] Facultad de Ciencias Económicas y Administrativas, Universidad Católica de la Santísima Concepción;Richard A. Chaifetz School of Business, Saint Louis University;

关键词: corporate governance;    corporate ownership;    board characteristics;    firm value;    panel data;   

DOI  :  10.1080/1331677X.2019.1694558

来源: DOAJ

【 摘 要 】

From a corporate governance point of view, this paper addresses the question of how corporate ownership and board characteristics influence firm value for a sample of Ibero-American companies. Specifically, we analyse indexed non-financial companies from Chile and Spain for the period 2007 – 2016, using the GMM panel data technique. Our research is novel in considering a two-country approach, with one emerging and one developed country, and in analysing how corporate ownership and board characteristics, in addition to contextual variables, determine firm value. Our results assess the efficiency of corporate governance mechanisms. Although findings are intriguing regarding ownership concentration, they confirm the benefits of a good board of directors. This type of board is characterised by a large size, sufficiently independent directors, and a balance in terms of gender diversity. We provide several policy recommendations from our main findings.

【 授权许可】

Unknown