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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidad ICESI
2010
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| Acceso en línea: | https://www.redalyc.org/articulo.oa?id=21218551004 |
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- GOVERNANCE CODES: FACTS OR FICTIONS? A STUDY OF GOVERNANCE CODES IN COLOMBIA JULIÁN BENAVIDES FRANCO SAMUEL MONGRUT MONTALVÁN Administración y Contabilidad leverage agency theory governance codes Corporate governance accounting performance This article studies the effects on accounting performance and financing decisions of Colombian firms after issuing a corporate governance code. We assemble a database of Colombian issuers and test the hypotheses of improved performance and higher leverage after issuing a code. The results show that the firms¿ return on assets after the code introduction improves in excess of 1%; the effect is amplified by the code quality. Additionally, the firms leverage increased, in excess of 5%, when the code quality was factored into the analysis. These results suggest that controlling parties commitment to self restrain, by reducing their private benefits and/or the expropriation of non controlling parties, through the code introduction, is indeed an effective measure and that the financial markets agree, increasing the supply of funds to the firms. 2010 artículo científico 0123-5923 https://www.redalyc.org/articulo.oa?id=21218551004 en http://www.redalyc.org/revista.oa?id=212 Estudios Gerenciales application/pdf Universidad ICESI Estudios Gerenciales (Colombia) Num.117 Vol.26