Dualidad del CEO y valor de la empresa: evidencia de México
DOI:
https://doi.org/10.18041/1900-3803/entramado.2.6435Palabras clave:
Gobierno corporativo, dualidad del CEO, valor de la empresa, teoría de la agencia, teoría de la mayordomíaResumen
Los reguladores y los activistas del gobierno corporativo están presionando a las empresas para que eliminen la dualidad del CEO, sin embargo, la efectividad de esta recomendación es cuestionada dado que la evidencia empírica ha encontrado resultados contradictorios. Este documento estudió los efectos de la dualidad del CEO en el valor de la empresa en una muestra de 104 empresas mexicanas que cotizaron públicamente entre 2000 y 2013. Para esto, se estimaron diferentes modelos de regresión utilizando la técnica de mínimos cuadrados ordinarios. El valor de la empresa se midió a través de Q y ROA de Tobin. Los resultados empíricos mostraron que no existe una relación entre la dualidad y el valor del CEO después de controlar las características de la junta, como el tamaño y la independencia.
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