La regulación y sus efectos en el desempeño y la estructura de capital. Evidencia del mercado financiero mexicano
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nov 21, 2011
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Resumen
Existe una tendencia mundial a reforzar la regulación de los mercados financieros y de las empresas públicas, con miras a proteger los intereses del principal. Una manera de disminuir la exposición de los inversionistas es mejorar
las prácticas de gobierno corporativo en las empresas que utilizan recursos del
público. Este artículo analiza, a la luz de la teoría de la agencia, las siguientes
cuestiones. ¿Las mejores prácticas de gobierno corporativo protegen a los
inversionistas? ¿Existen diferencias en el corto y en el largo plazo? ¿La regulación para mejorar el gobierno corporativo ayuda a mejorar la estructura de capital? En el comportamiento de corto y largo plazo del mercado financiero
mexicano parece influir la globalización, la información privilegiada y la convergencia entre las empresas nacionales y sus contrapartes extranjeras en
materia de riesgo y rendimiento.
Keywords
Regulation, investors, risk, capital structureRegulación, inversionistas, riesgo, estructura de capitalRegulamentação, investidores, risco, estrutura de capital.
References
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Akerlof, G. (1970). The markets for lemons: qualitative uncertainty and the market mechanism. Quarterly Journal of Economics, 85, 488-500.
Bearle, A. and Means, G. (1932). The modern corporation and private property. New York: Macmillan.
Bebchuk, M. and Fried, J. M. (2003). Executive compensation as an Agency Problem. Journal of Economic Perspective, 17, 71-92.
Bhagat, S. and Romano, R. (2002). Event studies and the law: Part I Technique and corporate litigation. American Law and Economics Review, 4 (1), 141.
Bhagat, S. and Romano, R. (2002a). Event studies and the law: Part II Empirical studies of Corporate Law. American Law and Economics Review, 4 (2), 380.
Bhattacharya, M.; Daouk, H.; Jorgenson, B. and Carl-Heinrich, B. (2000). When a event is not an event the curious case of an emerging market. Journal of Financial Economics, 55, 69-101.
Black, B. S.; Jang, H. and Kim, W. (2002). Does corporate governance affect firm value? Evidence from Korea. Working Paper. Stanford Law School.
Bushman, R. M. and Smith, A. J. (2003). Transparency, financial accounting information and corporate governance. Economic Policy Review, 9 (1), 65-87.
Bushman, R. M. and A. J. Smith (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207-252.
Campbell, C. and Ch. Wasley (1999). Stock based incentive contracts and managerial performance: The case of Ralston Purina Company. Journal of Financial Economics, 51 (2), 195-217.
Castaneda, G. (1998). La empresa mexicana y su gobierno corporativo. Antecedentes y desafios para el siglo xx. Universidad de las Américas-Puebla y Alter Ego Editores. Cholula, Puebla. México.
Castaneda, G. (2000). Corporate governance in Mexico. Organization for Economic Co-Operation and Development. Latin American Corporate Governance Roundtable.
CCE - Consejo Coordinador Empresarial (1999). Código de mejores prácticas corporativas. Comisión Nacional Bancaria y de Valores, México.
Chiang, H. and F. Chia (2005). An empirical study of corporate governance and corporate performance. Journal of American Academy of Business, 6 (1), 95-101.
Chong, A.; Guillen, J. and Lopez de Silanes, F. (2009). Corporate governance reform and firm value in Mexico: an empirical assessment. Journal of Economic Policy Reform,12(3),163-188.
CNBV Comisión Nacional Bancaria y de Valores. (2000). Boletín de Prensa, 28 de septiembre.
CNBV Comisión Nacional Bancaria y de Valores. (2005). Boletín de Prensa, 7 de diciembre.
Denis, D. (2001). Twenty five years of corporate governance research and counting. Review of Financial Economics, 10, 191-212.
Epstein, M. and Roy, M. (2005). Evaluating and monitoring CEO performance: evidence from US compensation committee reports. Corporate Governance, 5 (4), 75-87.
Fama, E. (1970). Efficient capital markets: Areview of theory andempiricalwork. Journal of Finance, 25 (2), 383-417.
Fama, E. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88 (2), 288-307.
Fama, E.; Fisher, L.; Jensen, M. and Roll, R. (1969). The adjustment of the stock prices to new information.
International Economic Review, 10 (1), 1-21.
Firend, I. and Herman. E. (1964). The SEC through a glass darkly. The Journal of Business, 37 (4), 382.
Gibson,Ch.(2009). Financial Reporting & Analysis, 12th. ed. South-Western.
Graham, J.; Harvey, C. and Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics. Recuperado de http://www.nber.org/papers/w10550.
Gregory, H. J. (1999). Comparison of board guide-lines and practices. Washington DC. Recuperado de www.thecorporatelibrary.com/gregory/comparison.pdf.
Holmstrom, B. and Kaplan, S. (2003). The State of U.S. Corporate Governance: What's Right and What's Wrong? European Corporate Governance Institute ECGI. Finance Working Paper 2003.
Jensen, M. and Murphy, K. (1990). Performance pay and top management incentives. Journal of Political Economy, 98, 225-263.
Jensen, M. and Meckling, W. (1976). Theory of the Firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305-360.
Jensen, M. (1993). The modern industrial revolution, exit, and the failure of the internal control system. Journal of Finance, 48, 831-880.
Jiraporn, P.; Sang Kim, Y. and Davidson III, W. (2005). CEO Compensation, Shareholder rights and corporate governance: An empirical investigation. Journal of Economics and Finance, 29 (2), 242-258.
Kang, S.; Kumar, P. and Lee, H. (2006). Agency and corporate investment: the role of executive compensation and corporate governace. The Journal of Business, 79 (3), 1127-1148.
Karpoff, J. and Malatesta, P. (1995). State takeover legislation and share values: The Wealth effects of Pennsylvania´s Act 36. Journal of Corporate Finance, 1 (3), 367-382.
Klapper, L. and Love, I. (2005). Corporate governance, investor protection and performance in emerging markets. Washington DC: The World Bank.
Kuo, Ch.; Fu, C. and Lai, Y. (2006). Board control and employee stock bonus plans: an empirical study on TSEC Listed electronic companies in Taiwan. Journal of American Academy of Business, 2, 95-125.
La Porta, R.; Lopez de Silanes, F.; Shleifer, A. and Vishny, R. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R.; Lopez de Silanes, F.; Shleifer, A. and Vishny, R. (2001). Investor protection and corporate valuation. Working Paper. Harvard University.
Li, J.; Lam, K.; Qian, G. and Fang, Y. (2006). The effect of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong. Management International Review, 46 (3), 259.
Lombardo, D. and Pagano, M. (2002). Law and Equity: A simple model. Centre for studies in economics and finance. Working Paper. CSEF University of Salreno.
Lombardo, D. and M.Pagano (2000). Legal determinants of the return on equity. Centre for studies in economics and finance. CSEF University of Salerno. Working Paper.
Machuga, S. and Teitel, K. (2007). The effects of the Mexican Corporate Governance Code on Quality of Earnings and its Components. Journal of International Accounting Research, 6 (1), 37-55.
Margotta, D.; Williams, T. and Williams, V. (1986). An analysis of the stock price effect of the 1986 Ohio takeover legislation. Journal of Law, Economics and Organization, 6 (1), 235-251.
Mensah, M.; Nguyen, H. and Prattipati, S. (2006). Transparency in financial statements: a conceptual framework from user perspective. Journal of the American Academy of Business, 9 (1), 47.
Mork, R.; Shleifer, A. and Vishny, R. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293-315.
Muth, J. (1961). Rational expectations and the theory of price movements. Econometrica, 1 (29), 315-335.
Myers, P. and Ziegenfuss, D. (2006). Audit committee pre-Enron efforts to increase the effectiveness of corporate governance. Corporate Governance, 6 (1), 49-63.
Nahar A., S. (2006). Directors remuneration, firm's performance and corporate in malaysia among distressed companies. Corporate Governance, 6 (2), 162-174.
OECD (1999). OECD Principles of corporate governance. Paris: OECD.
Payne, A. (2006). Corporate governance in the USA and Europe. They are closer than you might think. Corporate Governance, 6 (1), 69-71.
Peltzman, S. (1976). Toward a more general theory of regulation. Law and Economics, 19 (2), 211-240.
Petra, S. (2005). Do outside independent directors strengthen corporate boards. Corporate Governance, 5 (1), 55-64.
Posner, R. (1974). Theories of Economics Regulation. The Bell Journal of Economics and Management Science, 5 (2), 335-358.
Pugh, W. and Jahera, J. (1990). State antotakeover legislation and shareholder wealth. The Journal of Financial Research, 13 (3), 221-231.
Rubach, M. and Picou, A. (2005). The enactment of corporate governance guidelines an empirical examination. Corporate Governance,5 (5), 30-38.
Ryngaert, M. and Netter, J. (1988). Shareholder wealth effects of the Ohio antitakeover law. Journal of Law, Economics and Organization, 4 (2), 373-383.
Schwert, G. W. (1981). Using financial data to measure effects of regulation. Journal of Law and Economics, 24 (1), 121-158.
Shen, M.; Hsu, C. and Chen, M. (2006). A study of ownership structures and firm values under corporate governance. The case of listed and OTC companies in Taiwans Finance Industry. Journal of American Academy of Business,8 (1), 184-191.
Starks, L. and Gillan, S. (2003). Corporate Governance, corporate ownership and the role of the institucional investors a global perspective. Journal of Applied Finance, 13, 4-22.
Stern, J. and Stewart, B. (2002). Roundtable on relationship investing and shareholder communication. The new corporate finance where theory meets practice. Donald Chew: McGraw Hill.
Stigler, G. J. (1987). The theory of economic regulation. The Bell Journal of Economcis and Management Science, 2 (1), 3-21.
Ting, H. (2006). When does corporate governance add value? The Business Review, 5 (2), 196-203.
Venkatraman, N. and Ramanujan, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, 11, 801-814.
Yeh, Y.; Lee, T. and Ko, C. (2002). Corporate Governance and Rating System. Taipei: Sunbrigth Culture.
Akerlof, G. (1970). The markets for lemons: qualitative uncertainty and the market mechanism. Quarterly Journal of Economics, 85, 488-500.
Bearle, A. and Means, G. (1932). The modern corporation and private property. New York: Macmillan.
Bebchuk, M. and Fried, J. M. (2003). Executive compensation as an Agency Problem. Journal of Economic Perspective, 17, 71-92.
Bhagat, S. and Romano, R. (2002). Event studies and the law: Part I Technique and corporate litigation. American Law and Economics Review, 4 (1), 141.
Bhagat, S. and Romano, R. (2002a). Event studies and the law: Part II Empirical studies of Corporate Law. American Law and Economics Review, 4 (2), 380.
Bhattacharya, M.; Daouk, H.; Jorgenson, B. and Carl-Heinrich, B. (2000). When a event is not an event the curious case of an emerging market. Journal of Financial Economics, 55, 69-101.
Black, B. S.; Jang, H. and Kim, W. (2002). Does corporate governance affect firm value? Evidence from Korea. Working Paper. Stanford Law School.
Bushman, R. M. and Smith, A. J. (2003). Transparency, financial accounting information and corporate governance. Economic Policy Review, 9 (1), 65-87.
Bushman, R. M. and A. J. Smith (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207-252.
Campbell, C. and Ch. Wasley (1999). Stock based incentive contracts and managerial performance: The case of Ralston Purina Company. Journal of Financial Economics, 51 (2), 195-217.
Castaneda, G. (1998). La empresa mexicana y su gobierno corporativo. Antecedentes y desafios para el siglo xx. Universidad de las Américas-Puebla y Alter Ego Editores. Cholula, Puebla. México.
Castaneda, G. (2000). Corporate governance in Mexico. Organization for Economic Co-Operation and Development. Latin American Corporate Governance Roundtable.
CCE - Consejo Coordinador Empresarial (1999). Código de mejores prácticas corporativas. Comisión Nacional Bancaria y de Valores, México.
Chiang, H. and F. Chia (2005). An empirical study of corporate governance and corporate performance. Journal of American Academy of Business, 6 (1), 95-101.
Chong, A.; Guillen, J. and Lopez de Silanes, F. (2009). Corporate governance reform and firm value in Mexico: an empirical assessment. Journal of Economic Policy Reform,12(3),163-188.
CNBV Comisión Nacional Bancaria y de Valores. (2000). Boletín de Prensa, 28 de septiembre.
CNBV Comisión Nacional Bancaria y de Valores. (2005). Boletín de Prensa, 7 de diciembre.
Denis, D. (2001). Twenty five years of corporate governance research and counting. Review of Financial Economics, 10, 191-212.
Epstein, M. and Roy, M. (2005). Evaluating and monitoring CEO performance: evidence from US compensation committee reports. Corporate Governance, 5 (4), 75-87.
Fama, E. (1970). Efficient capital markets: Areview of theory andempiricalwork. Journal of Finance, 25 (2), 383-417.
Fama, E. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88 (2), 288-307.
Fama, E.; Fisher, L.; Jensen, M. and Roll, R. (1969). The adjustment of the stock prices to new information.
International Economic Review, 10 (1), 1-21.
Firend, I. and Herman. E. (1964). The SEC through a glass darkly. The Journal of Business, 37 (4), 382.
Gibson,Ch.(2009). Financial Reporting & Analysis, 12th. ed. South-Western.
Graham, J.; Harvey, C. and Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics. Recuperado de http://www.nber.org/papers/w10550.
Gregory, H. J. (1999). Comparison of board guide-lines and practices. Washington DC. Recuperado de www.thecorporatelibrary.com/gregory/comparison.pdf.
Holmstrom, B. and Kaplan, S. (2003). The State of U.S. Corporate Governance: What's Right and What's Wrong? European Corporate Governance Institute ECGI. Finance Working Paper 2003.
Jensen, M. and Murphy, K. (1990). Performance pay and top management incentives. Journal of Political Economy, 98, 225-263.
Jensen, M. and Meckling, W. (1976). Theory of the Firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305-360.
Jensen, M. (1993). The modern industrial revolution, exit, and the failure of the internal control system. Journal of Finance, 48, 831-880.
Jiraporn, P.; Sang Kim, Y. and Davidson III, W. (2005). CEO Compensation, Shareholder rights and corporate governance: An empirical investigation. Journal of Economics and Finance, 29 (2), 242-258.
Kang, S.; Kumar, P. and Lee, H. (2006). Agency and corporate investment: the role of executive compensation and corporate governace. The Journal of Business, 79 (3), 1127-1148.
Karpoff, J. and Malatesta, P. (1995). State takeover legislation and share values: The Wealth effects of Pennsylvania´s Act 36. Journal of Corporate Finance, 1 (3), 367-382.
Klapper, L. and Love, I. (2005). Corporate governance, investor protection and performance in emerging markets. Washington DC: The World Bank.
Kuo, Ch.; Fu, C. and Lai, Y. (2006). Board control and employee stock bonus plans: an empirical study on TSEC Listed electronic companies in Taiwan. Journal of American Academy of Business, 2, 95-125.
La Porta, R.; Lopez de Silanes, F.; Shleifer, A. and Vishny, R. (1998). Law and Finance. Journal of Political Economy, 106, 1113-1155.
La Porta, R.; Lopez de Silanes, F.; Shleifer, A. and Vishny, R. (2001). Investor protection and corporate valuation. Working Paper. Harvard University.
Li, J.; Lam, K.; Qian, G. and Fang, Y. (2006). The effect of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong. Management International Review, 46 (3), 259.
Lombardo, D. and Pagano, M. (2002). Law and Equity: A simple model. Centre for studies in economics and finance. Working Paper. CSEF University of Salreno.
Lombardo, D. and M.Pagano (2000). Legal determinants of the return on equity. Centre for studies in economics and finance. CSEF University of Salerno. Working Paper.
Machuga, S. and Teitel, K. (2007). The effects of the Mexican Corporate Governance Code on Quality of Earnings and its Components. Journal of International Accounting Research, 6 (1), 37-55.
Margotta, D.; Williams, T. and Williams, V. (1986). An analysis of the stock price effect of the 1986 Ohio takeover legislation. Journal of Law, Economics and Organization, 6 (1), 235-251.
Mensah, M.; Nguyen, H. and Prattipati, S. (2006). Transparency in financial statements: a conceptual framework from user perspective. Journal of the American Academy of Business, 9 (1), 47.
Mork, R.; Shleifer, A. and Vishny, R. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293-315.
Muth, J. (1961). Rational expectations and the theory of price movements. Econometrica, 1 (29), 315-335.
Myers, P. and Ziegenfuss, D. (2006). Audit committee pre-Enron efforts to increase the effectiveness of corporate governance. Corporate Governance, 6 (1), 49-63.
Nahar A., S. (2006). Directors remuneration, firm's performance and corporate in malaysia among distressed companies. Corporate Governance, 6 (2), 162-174.
OECD (1999). OECD Principles of corporate governance. Paris: OECD.
Payne, A. (2006). Corporate governance in the USA and Europe. They are closer than you might think. Corporate Governance, 6 (1), 69-71.
Peltzman, S. (1976). Toward a more general theory of regulation. Law and Economics, 19 (2), 211-240.
Petra, S. (2005). Do outside independent directors strengthen corporate boards. Corporate Governance, 5 (1), 55-64.
Posner, R. (1974). Theories of Economics Regulation. The Bell Journal of Economics and Management Science, 5 (2), 335-358.
Pugh, W. and Jahera, J. (1990). State antotakeover legislation and shareholder wealth. The Journal of Financial Research, 13 (3), 221-231.
Rubach, M. and Picou, A. (2005). The enactment of corporate governance guidelines an empirical examination. Corporate Governance,5 (5), 30-38.
Ryngaert, M. and Netter, J. (1988). Shareholder wealth effects of the Ohio antitakeover law. Journal of Law, Economics and Organization, 4 (2), 373-383.
Schwert, G. W. (1981). Using financial data to measure effects of regulation. Journal of Law and Economics, 24 (1), 121-158.
Shen, M.; Hsu, C. and Chen, M. (2006). A study of ownership structures and firm values under corporate governance. The case of listed and OTC companies in Taiwans Finance Industry. Journal of American Academy of Business,8 (1), 184-191.
Starks, L. and Gillan, S. (2003). Corporate Governance, corporate ownership and the role of the institucional investors a global perspective. Journal of Applied Finance, 13, 4-22.
Stern, J. and Stewart, B. (2002). Roundtable on relationship investing and shareholder communication. The new corporate finance where theory meets practice. Donald Chew: McGraw Hill.
Stigler, G. J. (1987). The theory of economic regulation. The Bell Journal of Economcis and Management Science, 2 (1), 3-21.
Ting, H. (2006). When does corporate governance add value? The Business Review, 5 (2), 196-203.
Venkatraman, N. and Ramanujan, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, 11, 801-814.
Yeh, Y.; Lee, T. and Ko, C. (2002). Corporate Governance and Rating System. Taipei: Sunbrigth Culture.
Cómo citar
García Núñez, H. (2011). La regulación y sus efectos en el desempeño y la estructura de capital. Evidencia del mercado financiero mexicano. Cuadernos De Administración, 24(42). https://doi.org/10.11144/Javeriana.cao24-42.rede
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