Resumo

LAGOS CORTES, Diógenes  e  RACHID, Rolando Roncancio. Management Board Independence and Financial Performance: Evidence from Colombian Firms. Finanz. polit. econ. [online]. 2021, vol.13, n.1, pp.171-196.  Epub 08-Jul-2021. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.8.

This work aims to analyze the relationship between board independence and financial performance (variables ROA, ROE, and Tobin's Q). Two perspectives on independence were used: (a) Law 964 of 2005 (mandatory in the Colombian stock market) and (b) an expanded view that included business relationships (cross-directorships, seniority on the board), financial relationships (compensation packages, ownership participation), and personal relationships (founders, members of the owner family) as factors that limit independence. Regression models (random effects) were used on an unbalanced data panel composed of 69 companies from the Colombian Stock Exchange. The results showed that a more rigorous definition of independence is better appreciated by the market. It was found that board independence does not affect accounting performance (ROA and ROE), but it does affect market performance (Tobin's Q).

Palavras-chave : Corporate governance; board of directors; board independence; economic performance.

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