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  4. Ibero-American corporate ownership and boards of directors: Implementation and impact on firm value in Chile and Spain
 
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Ibero-American corporate ownership and boards of directors: Implementation and impact on firm value in Chile and Spain
Dr. San Martín-Mosqueira, Pablo 
Facultad de Ciencias Económicas y Administrativas 
Saona, Paolo
Muro, Laura
Cid, Carlos
10.1080/1331677X.2019.1694558
Taylor & Francis
2020
From a corporate governance point of view, this paper addresses the question of how corporate ownership and board characteristics influence firm value for a sample of Ibero-American companies. Specifically, we analyse indexed non-financial companies from Chile and Spain for the period 2007 – 2016, using the GMM panel data technique. Our research is novel in considering a two-country approach, with one emerging and one developed country, and in analysing how corporate ownership and board characteristics, in addition to contextual variables, determine firm value. Our results assess the efficiency of corporate governance mechanisms. Although findings are intriguing regarding ownership concentration, they confirm the benefits of a good board of directors. This type of board is characterised by a large size, sufficiently independent directors, and a balance in terms of gender diversity. We provide several policy recommendations from our main findings.
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Ibero-American corporate ownership and boards of directors. Implementation and impact on firm value in Chile and Spain.pdf

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Corporate governance
Corporate ownership
Board characteristics
Firm value
Panel data
Historial de mejoras
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