Gobierno Corporativo
Prácticas sugeridas e implementadas por empresas familiares y no familiares colombianas
DOI:
https://doi.org/10.18041/entramado.2016v12n2.24240Palabras clave:
Gobierno corporativo, empresa familiar, empresa no familiar, prácticas, Códigos de Gobierno CorporativoResumen
El objetivo de esta investigación es identificar las prácticas de gobierno corporativo implementadas por las empresas familiares y no familiares colombianas, en comparación con las recomendaciones de los códigos de gobierno. Se estudiaron 22 códigos de gobierno corporativo de 17 países, se identificaron las prácticas de gobierno corporativo comunes, posteriormente se diseñó una encuesta que fue aplicada a 202 empresarios y las respuestas se analizaron con la prueba Z. Los resultados revelan una alta concentración de poder en la primera generación de empresas familiares, debido a que el fundador no delega responsabilidades y funciones. La segunda generación y las generaciones posteriores tienden a comportarse más como empresas no familiares en temas relacionados con el gobierno corporativo. Futuras investigaciones deberán identificar cuáles prácticas de gobierno corporativo influyen en las organizaciones y en su desempeño.
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Referencias
ABOAGYE-OTCHERE, Francis; BEDI, Ibrahim; OSSEI KWAKYE, Teddy. Corporate governance and disclosure practices of Ghanaian listed companies. En: Journal of Accounting in Emerging Economies, 2012, vol. 2, no 2, p. 140-161.
AGUILERA, Ruth V.; CUERVO-CAZURRA, Alvaro. Codes of good governance worldwide: what is the trigger? En: Organization Studies, 2004, vol. 25, no 3, p. 415-443.
AHMADJIAN, Christina L.; OKUMURA, Ariyoshi. Corporate governance in Japan. En: Handbook on International Corporate Governance: Country Analyses. UK: Edward Elgar Publishing, 2011. P. 223-247.
ASX - ASX Corporate Governance Council. Corporate Governance Principles and Recommendations (2nd ed.) Sydney: ASX, 2007.
BOTERO, Isabel C.; GÓMEZ, Gonzalo.; BETANCOURT, Jose.; LÓPEZ, María. Family protocols as governance tools: Understanding why and how family protocols are important in family firms. En: Journal of Family Business Management, 2015, vol. 5, no 2, p. 218-237.
BOYD, Brian K. CEO duality and firm performance: A contingency model. En: Strategic Management Journal, 1995, vol. 16, no 4, p. 301-312.
BRICKLEY, James A.; COLES, Jeffrey L.; JARRELL, Gregg. Leadership structure: Separating the CEO and chairman of the board. En: Journal of corporate Finance, 1997, vol. 3, no 3, p. 189-220.
CAF - Banco de Desarrollo de América Latina. Lineamientos para un código latinoamericano de gobierno corporativo. (3rd ed.). Caracas: CAF, 2013.
CCGENC - Commission Corporate Governance pour les Entreprises Non Cotées. Code Buysse: Corporate governance for non-listed enterprises. Belgium: CCGENC, 2005.
CCGLC - Committee for the Corporate Governance of Listed Companies. Report Code of Conduct (The Preda Code). Italy: CCGLC,1999.
CEFTSMSC - Comisión Especial para el Fomento de la Transparencia y Seguridad en los Mercados y en las Sociedades Cotizadas. Informe de la comisión especial para el fomento de la transparencia y seguridad en los mercados y en las sociedades cotizadas. España: CEFTSMSC, 2003.
CCE - Consejo Coordinador Empresarial. Código de Mejores Prácticas Corporativas. México: CCE, 2010.
CGC - Corporate Governance Committee. The 2009 Belgian Code on Corporate Governance (1st ed.). Brussels: CGC, 2009.
COLLETT, Peter; HRASKY, Sue. Voluntary disclosure of corporate governance practices by listed Australian companies. En: Corporate Governance: An International Review, 2005, vol. 13, no 2, p. 188-196.
COLLEY, Jhon.; DOYLE, Jacqueline.; LOGAN, George.; STETTINIUS, Wallace. (2005). What is Corporate Governance?. New York: McGraw Hill, 2005. 96 p.
COLOMBIA. Congreso de Colombia. Ley 964 (08, julio, 2005). Por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público que se efectúen mediante valores y se dictan otras disposiciones. Diario Oficial. Bogotá, 2005. No. 45963.
COLOMBIA. Presidencia de La República. Decreto 410 (27, marzo, 1971). Por el cual se expide el Código de Comercio. Diario Oficial. Bogotá, 1971. No. 33339.
COLOMBIA. Presidencia de La Republica. Decreto 4327 (25, noviembre, 2005). Por el cual se fusiona la Superintendencia Bancaria de Colombia en la Superintendencia de Valores y se modifica su estructura. Diario Oficial. Bogotá, 2005. No. 46104.
COLOMBIA. Superintendencia de valores. Resolución 0275 (23, mayo, 2001). Por la cual se establecen los requisitos que deben acreditar las personas jurídicas públicas y privadas que pretendan ser destinatarias de la inversión de recursos de los fondos de pensiones. Bogotá: La Superintendencia, 2001. 3 p.
CONYON, Martin J. Compensation committees and CEO pay. En: Handbook on International Corporate Governance: Country Analyses, 2011. UK: Edward Elgar Publishing, 2011.
CONYON, Martin J.; HE, Lerong. Compensation committees and CEO compensation incentives in US entrepreneurial firms. En: Journal of Management Accounting Research, 2004, vol. 16, no 1, p. 35-56.
CRASWELL, Allen T.; TAYLOR, Stephen L.; SAYWELL, Richard A. Ownership structure and corporate performance: Australian evidence. En: Pacific-Basin Finance Journal, 1997, vol. 5, no 3, p. 301-323.
CSRC - China Securities Regulatory Commission. Provisional Code of Corporate Governance for Securities Companies. Beijing: CSRC, 2004.
DE JONG, Abe.; DEJONG, Douglas.; MERTENS, Gerard.; WASLEY, Charles. The role of self-regulation in corporate governance: Evidence and implications from the Netherlands. En: Journal of corporate finance, 2005, vol. 11, no 3, p. 473-503.
DESAI, Ashay; KROLL, Mark; WRIGHT, Peter. CEO duality, board monitoring, and acquisition performance: A test of competing theories. En: Journal of Business Strategies, 2003, vol. 20, no 2, p. 137.
ECONOMIESUISSE. Swiss Code of best practice for corporate governance. Zurich: Economiesuisse, 2008.
EISENHARDT, Kathleen M. Agency theory: An assessment and review. En: Academy of Management Review, 1989, vol. 14, no 1, p. 57-74.
ESPINEL, Jaime.; CRISTANCHO, Laura. Evolución del sistema financiero colombiano durante el periodo 1980-2007. En: Revista Facultad de Ciencias Económicas: Investigación y Reflexión, 2009, vol. 17, no 1, p. 25-56.
FRC- Financial Reporting Council. The UK Corporate Governance Code. London: FRC, 2012.
FCCC - Finland Central Chamber of Commerce. Improving Corporate Governance of Unlisted Companies. Hensinki: FCCC, 2006.
GÓMEZ-ANSÓN, Silvia; CABEZA-GARCÍA, Laura. Recent corporate governance developments in Spain. En: Handbook on International Corporate Governance. UK: Edward Elgar Publishing, 2011, P. 14-36.
GÓMEZ-BETANCOURT, Gonzalo. ¿Cómo construir un legado familiar? Un modelo para tener familias empresarias perdurables. México: Cengage Learning, 2010. 176 p.
GÓMEZ-BETANCOURT, Gonzalo. ¿Cómo construir un legado familiar? Un modelo para tener familias empresarias perdurables. México: Cengage Learning, 2010. 176 p.
GÓMEZ-BETANCOURT, Gonzalo; ZAPATA-CUERVO, Natalia. Gobierno Corporativo: Una comparación de códigos de gobierno en el mundo, un modelo para empresas latinoaméricanas familiares y no familiares. En: Entramado, 2013, vol. 9, no. 2, pp. 98-117.
GOVERNMENT COMMISSION. German Corporate Governance Code. Germany: Government Commission, 2012.
HERACLEOUS, Loizos. What is the impact of corporate governance on organisational performance? En: Corporate Governance: An International Review, 2001, vol. 9, no 3, p. 165-173.
HO, Poh-Ling; TAYLOR, Grantley. Corporate governance and different types of voluntary disclosure: Evidence from Malaysian listed firms. En: Pacific Accounting Review, 2013, vol. 25, no 1, p. 4-29.
IBGC - Instituto Brasileiro de Governança Corporativa. Code of Best Practices of Corporate Governance (4th ed.). Sao Pablo: IBGC, 2010.
JENSEN, Michael C.; MECKLING, William H. Theory of the firm: Managerial behavior, agency costs and ownership structure. En: Journal of financial economics, 1976, vol. 3, no 4, p. 305-360.
LANDER, Guy. What is Sarbanes Oxley?. New York: Mc Graw Hill, 2004. 111 p.
LANNOO, Karel. A European perspective on corporate governance. En: Journal of Common Market Studies, 1999, vol. 37, no 2, p. 269-294.
LA PORTA, Rafael.; LÓPEZ-DE-SILANES, Florencio.; SHLEIFER, Andrei.; VISHNY, Robert. Law and finance. En: Journal of political economy, 1998, vol. 106, no. 6, p. 1113-1155.
LEAL, Ricardo PC. 14 The emergence of a serious contender: corporate governance in Brazil. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 317-329.
LTA - Lebanese Transparency Association.; LCGTF - Lebanon Corporate Governance Task Force. Corporate Governance Guidelines for Listed Companies (1st ed.). Lebanon: LTA y LCGTF, 2010.
LTA - Lebanese Transparency Association. The Lebanese Corporate Governance Code. Lebanon: LTA, 2006.
LEVINE, Ross. Law, finance, and economic growth. En: Journal of financial Intermediation, 1999, vol. 8, no 1, p. 8-35.
LIND, Douglas.; MARCHAL, William.; WATHEN, Samuel. (1999). Statistical Techniques in Business and Economics (13th Ed.) New York: McGraw-Hill/Irwin, 1999.
MALLIN, Chris A. (ed.). Handbook on international corporate governance: country analyses. UK: Edward Elgar Publishing, 2011. P. 3-13.
MELIS, Andrea; GAIA, Silvia. Corporate governance in Italy: Normative developments vs. actual practices. En: Handbook on international corporate governance—Country analyses, 2011, p. 59-92.
MURTHA, Thomas P.; LENWAY, Stefanie Ann. Country capabilities and the strategic state: How national political institutions affect multinational corporations’ strategies. En: Strategic management journal, 1994, vol. 15, no S2, p. 113-129.
NCGB - Norwegian Corporate Governance Board. The Norwegian Code of Practice for Corporate Governance (7th ed.). Norway: NCGB, 2012.
RASMUSSEN, Janicke L.; HUSE, Morten. Corporate governance in Norway: women and employee-elected board members. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 121-148.
SMA - Securities Market Association. Finnish Corporate Governance Code 2010. Finland: SMA, 2010.
STAPLEDON, Geof. 15 The development of corporate governance in Australia. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 330-352.
STRÄTLING, Rebecca. General Meetings: a dispensable tool for corporate governance of listed companies? En: Corporate Governance: An International Review, 2003, vol. 11, no 1, p. 74-82.
SUPERINTENDENCIA DE SOCIEDADES.; Confecámaras.; Cámara de Comercio de Bogotá. Guía Colombiana de Gobierno Corporativo para Sociedades Cerradas y de Familia. Bogotá, 2009.
SCGB - Swedish Corporate Governance Board. The Swedish Code of Corporate Governance. Sweden: SCGB, 2010.
TAM, Kit.; YU, Celina P. China’s corporate governance development. En: Handbook on International Corporate Governance (2nd ed.). UK: Edward Elgar Publishing, 2011.
TAYLOR, Grantley.; TOWER, Greg.; VAN DER ZAHN, Mitchell.; y NEILSON, Jhon. Corporate governance determinants on Australian resource companies’ financial instrument disclosure practices. En: Asian Review of Accounting, 2008, vol. 16, no 1, p. 56-73.
TELEGDY, Álmos. 9 Corporate governance and the structure of ownership of Hungarian corporations. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 192-221.
TSE - Tokyo Stock Exchange. Principles of Corporate Governance for Listed Companies.Tokyo: TSE, 2009.
USEEM, Michael. Investor capitalism: How money managers are changing the face of corporate America. New York: Basic Books. 1996. 332 p.
VAFEAS, Nikos. Board meeting frequency and firm performance. En: Journal of financial economics, 1999, vol. 53, no 1, p. 113-142.
Continuum AG.; Prager Dreifuss. Code G: Governance Guide for Families and their Businesses. Switzerland: Continuum AG y Prager Dreifuss, 2006.
WERDER, Axel V.; TALAULICAR, Till. Corporate governance in Germany: basic characteristics, recent developments and future perspectives. En: Handbook on International Corporate Governance. UK: Edward Elgar Publishing Limited, 2011, p. 36-58.
ZAHRA, Shaker A.; PEARCE, John A. Boards of directors and corporate financial performance: A review and integrative model. En: Journal of management, 1989, vol. 15, no 2, p. 291-334.
AGUILERA, Ruth V.; CUERVO-CAZURRA, Alvaro. Codes of good governance worldwide: what is the trigger? En: Organization Studies, 2004, vol. 25, no 3, p. 415-443.
AHMADJIAN, Christina L.; OKUMURA, Ariyoshi. Corporate governance in Japan. En: Handbook on International Corporate Governance: Country Analyses. UK: Edward Elgar Publishing, 2011. P. 223-247.
ASX - ASX Corporate Governance Council. Corporate Governance Principles and Recommendations (2nd ed.) Sydney: ASX, 2007.
BOTERO, Isabel C.; GÓMEZ, Gonzalo.; BETANCOURT, Jose.; LÓPEZ, María. Family protocols as governance tools: Understanding why and how family protocols are important in family firms. En: Journal of Family Business Management, 2015, vol. 5, no 2, p. 218-237.
BOYD, Brian K. CEO duality and firm performance: A contingency model. En: Strategic Management Journal, 1995, vol. 16, no 4, p. 301-312.
BRICKLEY, James A.; COLES, Jeffrey L.; JARRELL, Gregg. Leadership structure: Separating the CEO and chairman of the board. En: Journal of corporate Finance, 1997, vol. 3, no 3, p. 189-220.
CAF - Banco de Desarrollo de América Latina. Lineamientos para un código latinoamericano de gobierno corporativo. (3rd ed.). Caracas: CAF, 2013.
CCGENC - Commission Corporate Governance pour les Entreprises Non Cotées. Code Buysse: Corporate governance for non-listed enterprises. Belgium: CCGENC, 2005.
CCGLC - Committee for the Corporate Governance of Listed Companies. Report Code of Conduct (The Preda Code). Italy: CCGLC,1999.
CEFTSMSC - Comisión Especial para el Fomento de la Transparencia y Seguridad en los Mercados y en las Sociedades Cotizadas. Informe de la comisión especial para el fomento de la transparencia y seguridad en los mercados y en las sociedades cotizadas. España: CEFTSMSC, 2003.
CCE - Consejo Coordinador Empresarial. Código de Mejores Prácticas Corporativas. México: CCE, 2010.
CGC - Corporate Governance Committee. The 2009 Belgian Code on Corporate Governance (1st ed.). Brussels: CGC, 2009.
COLLETT, Peter; HRASKY, Sue. Voluntary disclosure of corporate governance practices by listed Australian companies. En: Corporate Governance: An International Review, 2005, vol. 13, no 2, p. 188-196.
COLLEY, Jhon.; DOYLE, Jacqueline.; LOGAN, George.; STETTINIUS, Wallace. (2005). What is Corporate Governance?. New York: McGraw Hill, 2005. 96 p.
COLOMBIA. Congreso de Colombia. Ley 964 (08, julio, 2005). Por la cual se dictan normas generales y se señalan en ellas los objetivos y criterios a los cuales debe sujetarse el Gobierno Nacional para regular las actividades de manejo, aprovechamiento e inversión de recursos captados del público que se efectúen mediante valores y se dictan otras disposiciones. Diario Oficial. Bogotá, 2005. No. 45963.
COLOMBIA. Presidencia de La República. Decreto 410 (27, marzo, 1971). Por el cual se expide el Código de Comercio. Diario Oficial. Bogotá, 1971. No. 33339.
COLOMBIA. Presidencia de La Republica. Decreto 4327 (25, noviembre, 2005). Por el cual se fusiona la Superintendencia Bancaria de Colombia en la Superintendencia de Valores y se modifica su estructura. Diario Oficial. Bogotá, 2005. No. 46104.
COLOMBIA. Superintendencia de valores. Resolución 0275 (23, mayo, 2001). Por la cual se establecen los requisitos que deben acreditar las personas jurídicas públicas y privadas que pretendan ser destinatarias de la inversión de recursos de los fondos de pensiones. Bogotá: La Superintendencia, 2001. 3 p.
CONYON, Martin J. Compensation committees and CEO pay. En: Handbook on International Corporate Governance: Country Analyses, 2011. UK: Edward Elgar Publishing, 2011.
CONYON, Martin J.; HE, Lerong. Compensation committees and CEO compensation incentives in US entrepreneurial firms. En: Journal of Management Accounting Research, 2004, vol. 16, no 1, p. 35-56.
CRASWELL, Allen T.; TAYLOR, Stephen L.; SAYWELL, Richard A. Ownership structure and corporate performance: Australian evidence. En: Pacific-Basin Finance Journal, 1997, vol. 5, no 3, p. 301-323.
CSRC - China Securities Regulatory Commission. Provisional Code of Corporate Governance for Securities Companies. Beijing: CSRC, 2004.
DE JONG, Abe.; DEJONG, Douglas.; MERTENS, Gerard.; WASLEY, Charles. The role of self-regulation in corporate governance: Evidence and implications from the Netherlands. En: Journal of corporate finance, 2005, vol. 11, no 3, p. 473-503.
DESAI, Ashay; KROLL, Mark; WRIGHT, Peter. CEO duality, board monitoring, and acquisition performance: A test of competing theories. En: Journal of Business Strategies, 2003, vol. 20, no 2, p. 137.
ECONOMIESUISSE. Swiss Code of best practice for corporate governance. Zurich: Economiesuisse, 2008.
EISENHARDT, Kathleen M. Agency theory: An assessment and review. En: Academy of Management Review, 1989, vol. 14, no 1, p. 57-74.
ESPINEL, Jaime.; CRISTANCHO, Laura. Evolución del sistema financiero colombiano durante el periodo 1980-2007. En: Revista Facultad de Ciencias Económicas: Investigación y Reflexión, 2009, vol. 17, no 1, p. 25-56.
FRC- Financial Reporting Council. The UK Corporate Governance Code. London: FRC, 2012.
FCCC - Finland Central Chamber of Commerce. Improving Corporate Governance of Unlisted Companies. Hensinki: FCCC, 2006.
GÓMEZ-ANSÓN, Silvia; CABEZA-GARCÍA, Laura. Recent corporate governance developments in Spain. En: Handbook on International Corporate Governance. UK: Edward Elgar Publishing, 2011, P. 14-36.
GÓMEZ-BETANCOURT, Gonzalo. ¿Cómo construir un legado familiar? Un modelo para tener familias empresarias perdurables. México: Cengage Learning, 2010. 176 p.
GÓMEZ-BETANCOURT, Gonzalo. ¿Cómo construir un legado familiar? Un modelo para tener familias empresarias perdurables. México: Cengage Learning, 2010. 176 p.
GÓMEZ-BETANCOURT, Gonzalo; ZAPATA-CUERVO, Natalia. Gobierno Corporativo: Una comparación de códigos de gobierno en el mundo, un modelo para empresas latinoaméricanas familiares y no familiares. En: Entramado, 2013, vol. 9, no. 2, pp. 98-117.
GOVERNMENT COMMISSION. German Corporate Governance Code. Germany: Government Commission, 2012.
HERACLEOUS, Loizos. What is the impact of corporate governance on organisational performance? En: Corporate Governance: An International Review, 2001, vol. 9, no 3, p. 165-173.
HO, Poh-Ling; TAYLOR, Grantley. Corporate governance and different types of voluntary disclosure: Evidence from Malaysian listed firms. En: Pacific Accounting Review, 2013, vol. 25, no 1, p. 4-29.
IBGC - Instituto Brasileiro de Governança Corporativa. Code of Best Practices of Corporate Governance (4th ed.). Sao Pablo: IBGC, 2010.
JENSEN, Michael C.; MECKLING, William H. Theory of the firm: Managerial behavior, agency costs and ownership structure. En: Journal of financial economics, 1976, vol. 3, no 4, p. 305-360.
LANDER, Guy. What is Sarbanes Oxley?. New York: Mc Graw Hill, 2004. 111 p.
LANNOO, Karel. A European perspective on corporate governance. En: Journal of Common Market Studies, 1999, vol. 37, no 2, p. 269-294.
LA PORTA, Rafael.; LÓPEZ-DE-SILANES, Florencio.; SHLEIFER, Andrei.; VISHNY, Robert. Law and finance. En: Journal of political economy, 1998, vol. 106, no. 6, p. 1113-1155.
LEAL, Ricardo PC. 14 The emergence of a serious contender: corporate governance in Brazil. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 317-329.
LTA - Lebanese Transparency Association.; LCGTF - Lebanon Corporate Governance Task Force. Corporate Governance Guidelines for Listed Companies (1st ed.). Lebanon: LTA y LCGTF, 2010.
LTA - Lebanese Transparency Association. The Lebanese Corporate Governance Code. Lebanon: LTA, 2006.
LEVINE, Ross. Law, finance, and economic growth. En: Journal of financial Intermediation, 1999, vol. 8, no 1, p. 8-35.
LIND, Douglas.; MARCHAL, William.; WATHEN, Samuel. (1999). Statistical Techniques in Business and Economics (13th Ed.) New York: McGraw-Hill/Irwin, 1999.
MALLIN, Chris A. (ed.). Handbook on international corporate governance: country analyses. UK: Edward Elgar Publishing, 2011. P. 3-13.
MELIS, Andrea; GAIA, Silvia. Corporate governance in Italy: Normative developments vs. actual practices. En: Handbook on international corporate governance—Country analyses, 2011, p. 59-92.
MURTHA, Thomas P.; LENWAY, Stefanie Ann. Country capabilities and the strategic state: How national political institutions affect multinational corporations’ strategies. En: Strategic management journal, 1994, vol. 15, no S2, p. 113-129.
NCGB - Norwegian Corporate Governance Board. The Norwegian Code of Practice for Corporate Governance (7th ed.). Norway: NCGB, 2012.
RASMUSSEN, Janicke L.; HUSE, Morten. Corporate governance in Norway: women and employee-elected board members. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 121-148.
SMA - Securities Market Association. Finnish Corporate Governance Code 2010. Finland: SMA, 2010.
STAPLEDON, Geof. 15 The development of corporate governance in Australia. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 330-352.
STRÄTLING, Rebecca. General Meetings: a dispensable tool for corporate governance of listed companies? En: Corporate Governance: An International Review, 2003, vol. 11, no 1, p. 74-82.
SUPERINTENDENCIA DE SOCIEDADES.; Confecámaras.; Cámara de Comercio de Bogotá. Guía Colombiana de Gobierno Corporativo para Sociedades Cerradas y de Familia. Bogotá, 2009.
SCGB - Swedish Corporate Governance Board. The Swedish Code of Corporate Governance. Sweden: SCGB, 2010.
TAM, Kit.; YU, Celina P. China’s corporate governance development. En: Handbook on International Corporate Governance (2nd ed.). UK: Edward Elgar Publishing, 2011.
TAYLOR, Grantley.; TOWER, Greg.; VAN DER ZAHN, Mitchell.; y NEILSON, Jhon. Corporate governance determinants on Australian resource companies’ financial instrument disclosure practices. En: Asian Review of Accounting, 2008, vol. 16, no 1, p. 56-73.
TELEGDY, Álmos. 9 Corporate governance and the structure of ownership of Hungarian corporations. En: Handbook on International Corporate Governance: Country Analyses, 2011, P. 192-221.
TSE - Tokyo Stock Exchange. Principles of Corporate Governance for Listed Companies.Tokyo: TSE, 2009.
USEEM, Michael. Investor capitalism: How money managers are changing the face of corporate America. New York: Basic Books. 1996. 332 p.
VAFEAS, Nikos. Board meeting frequency and firm performance. En: Journal of financial economics, 1999, vol. 53, no 1, p. 113-142.
Continuum AG.; Prager Dreifuss. Code G: Governance Guide for Families and their Businesses. Switzerland: Continuum AG y Prager Dreifuss, 2006.
WERDER, Axel V.; TALAULICAR, Till. Corporate governance in Germany: basic characteristics, recent developments and future perspectives. En: Handbook on International Corporate Governance. UK: Edward Elgar Publishing Limited, 2011, p. 36-58.
ZAHRA, Shaker A.; PEARCE, John A. Boards of directors and corporate financial performance: A review and integrative model. En: Journal of management, 1989, vol. 15, no 2, p. 291-334.
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2016-12-01
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Gobierno Corporativo: Prácticas sugeridas e implementadas por empresas familiares y no familiares colombianas. (2016). Entramado, 12(2), 12-29. https://doi.org/10.18041/entramado.2016v12n2.24240
