Abstract

MENDEZ BELTRAN, Jairo Andrés; LUGO ROMERO, Angie Lorena  and  VALENZUELA MELO, Iván Camilo. Production of Positive Financial Returns Given the Distribution of Good Governance Codes in Listed Organizations in Colombia. rev.univ.empresa [online]. 2018, vol.20, n.35, pp.169-196. ISSN 0124-4639.  https://doi.org/10.12804/revistas.urosario.edu.co/empresa/a.5846.

This work explains the causal relationship between companies' financial performance and codes of good governance. A logistic regression is estimated through the maximum likelihood estimation method. The results show that the probability of generating a positive roa is higher as the contents of the code of good governance are published. Future research may shed light on the impact of managerial behavior on economic and social benefits.

Keywords : Corporate governance; codes of good governance; financial performance.

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