Determinants of good governance practices: the role of board independence

  1. Álvaro Melón-Izco 1
  2. Francisco J. Ruiz-Cabestre 1
  3. Carmen Ruiz-Olalla 1
  1. 1 Universidad de La Rioja
    info

    Universidad de La Rioja

    Logroño, España

    ROR https://ror.org/0553yr311

Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2020

Volumen: 49

Número: 3

Páginas: 370-393

Tipo: Artículo

DOI: 10.1080/02102412.2019.1655336 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

Este estudio contribuye a ampliar el conocimiento sobre gobierno corporativo de las empresas. En particular, consideramos la independencia del consejo de administración como una variable fundamental en la explicación de las prácticas de buen gobierno. Para ello, analizamos los Informes Anuales de Gobierno Corporativo de las sociedades cotizadas españolas en el Mercado Continuo de la Bolsa de Madrid durante el período 2010-2016. Los resultados para todas las empresas revelan que el tamaño de la empresa, la dispersión de la propiedad y la independencia del consejo de administración tienen una relación positiva con las buenas prácticas, y que la relación entre la independencia del consejo y las prácticas de buen gobierno se ve moderada por la dispersión de la propiedad. Sin embargo, cuando distinguimos entre las empresas que cumplen con la recomendación de independencia del consejo y aquellas que no lo hacen, los resultados difieren sustancialmente en términos de signo, magnitud y nivel de significación. Esto resalta la importancia de la independencia del consejo de administración para explicar las prácticas de buen gobierno.

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