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Ítem Are Governance Practices Associated with Good Results? The Case of Colombia(SSRN, 2012-06-29) Benavides Franco, JuliánSince 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.
Ítem Governance codes: facts or fictions? a study of governance codes in Colombia(Universidad Icesi, 2011-01-24T21:11:58Z) Mongrut Montalvan, Samuel; Benavides Franco, JuliánThis article studies the effects on accounting performance and financing decisions of Colombian firms after issuing a corporate governance code. We assemble a database of Colombian issuers and test the hypotheses of improved performance and higher leverage after issuing a code. The results show that the firms’ return on assets after the code introduction improves in excess of 1%; the effect is amplified by the code quality. Additionally, the firms leverage increased, in excess of 5%, when the code quality was factored into the analysis. These results suggest that controlling parties commitment to self restrain, by reducing their private benefits and/or the expropriation of non controlling parties, through the code introduction, is indeed an effective measure and that the financial markets agree, increasing the supply of funds to the firms.Ítem Concentración de la propiedad y desempeño contable: El caso latinoamericano.(Universidad Icesi, 2005-09-01) Benavides Franco, JuliánThis paper studies the effects of ownership concentration on the accounting returns for a panel of 532 publicly listed Latin-American firms between the years 1999 and 2003. The firms are from five countries: Colombia, Brazil, Chile, Peru and Venezuela. The results, for a model that assumes variables independence, indicate a positive effect of ownership concentration on performance, and an effect, weaker, but still positive of performance on the ownership concentration. Under an approach of simultaneous equations, the effect of ownership concentration on performance is negative, and the effect of performance on ownership concentration, vanishes. The relationship between ownership concentration and performance suggests an entrenchment effect of controlling shareholders that hinders the competitiveness of the sampled firms.