Governance codes: facts or fictions? : a study of governance codes in Colombia

Julián Benavides Franco, Samuel Arturo Mongrut Montalván

Producción científica: Contribución a una revistaArtículo de revista revisión exhaustiva


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.
Título traducido de la contribuciónCódigos de Gobierno en Colombia: ¿realidad o ficción?
Idioma originalInglés
Páginas (desde-hasta)85-102
PublicaciónEstudios Gerenciales
EstadoPublicada - oct. 2010

Nota bibliográfica

Bibliografía: páginas 99-100

Palabras clave

  • Corporate governance
  • Governance codes
  • Agency theory
  • Accounting performance
  • Leverage


Profundice en los temas de investigación de 'Governance codes: facts or fictions? : a study of governance codes in Colombia'. En conjunto forman una huella única.

Citar esto