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Revista Finanzas y Política Económica
Print version ISSN 2248-6046
Abstract
RIVAS, Luis Améstica; DOMINGUEZ, Andrea King; DIONICIO, Viviana Moraga and ROMERO, Rodrigo Romero. Influence of the Board of Directors on the Performance of the Latin American Integrated Market. Finanz. polit. econ. [online]. 2021, vol.13, n.1, pp.225-251. Epub July 10, 2021. ISSN 2248-6046. https://doi.org/10.14718/revfinanzpolitecon.v13.n1.2021.10.
The main objective of this research is to determine whether characteristics of the composition of the board of directors, such as percentage of women, board independence, or size and ownership concentration in the Integrated Latin American Market (MILA), contribute to the economic performance of companies. The ROA, ROE, and Tobin's Q were used as performance measures. This study performs a regression analysis using the Tobit Model, with dynamic and static panel data with fixed effects, on a sample of 83 companies. Finally, evidence was found that both board size and ownership concentration influence the performance of companies.
Keywords : Board behavior; corporate control; governance; principles of corporate governance.