Gobierno corporativo y desempeño financiero de las empresas chilenas

Abstract

The purpose of this research is to determine and analyze the degree of adoption and homogeneity of the corporate governance practices (hereinafter GC) implemented by the Chilean companies registered with the SVS, through the analysis of the Answers to the questionnaire required by General Standard No. 385, in addition to establishing, if this adoption affects variables of financial performance of the companies under review. The data analyzed correspond to the responses provided by the companies themselves to the SVS, for the year 2015, which were disseminated through the SVS website in 2016. In order to achieve the proposed objective, we have developed an indicator of adoption of GC practices that we have taken as a variable to establish whether the sector and economic subsector of membership has any influence on the degree of adoption of GC practices obtained by companies that make up the database under analysis. For this effect, a descriptive study was carried out and statistical tools such as the coefficient of variation (CV) were applied, which determined that these groups were heterogeneous in adoption, after which a normality analysis was performed to the data group, which established That nonparametric tests should be applied using Spearman’s Rho. Through our research, we established that there is no significant relationship between the degree of adoption and the valuation of the company measured through the Q of Tobin, the variable of return and return on equity, but we managed to establish a relationship between membership to the indicators, Dow Jones Sustainability Index Chile and Selective Stock Price Index (IPSA).