Are Governance Practices Associated with Good Results? The Case of Colombia

26 Pages Posted: 30 Jun 2012 Last revised: 27 Aug 2012

See all articles by Julián Benavides Franco

Julián Benavides Franco

Universidad ICESI - Finance; Universidad ICESI - Economics & Management

Date Written: June 29, 2012

Abstract

Since 2007 Colombian listed firms, non-financial and financial, are required to disclose their compliance to a governance country code. The compliance is interpreted as the level of governance and used as independent variable for regressions looking for the determinants of performance and dividends. The results mostly confirm a positive association of governance with performance, and a U-shaped effect of governance on dividend payout. The effect of governance is higher for non-financial firms and for large non-financial firms.

Keywords: Corporate governance, performance, dividends

JEL Classification: G3, G32, G35

Suggested Citation

Benavides Franco, Julián, Are Governance Practices Associated with Good Results? The Case of Colombia (June 29, 2012). Available at SSRN: https://ssrn.com/abstract=1986196 or http://dx.doi.org/10.2139/ssrn.1986196

Julián Benavides Franco (Contact Author)

Universidad ICESI - Finance ( email )

Calle 18 #122-135
A.A. 25608
A.A. 25608 Cali
Colombia

Universidad ICESI - Economics & Management ( email )

Cali
Colombia

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