<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0124-8693</journal-id>
<journal-title><![CDATA[Tendencias]]></journal-title>
<abbrev-journal-title><![CDATA[Tend.]]></abbrev-journal-title>
<issn>0124-8693</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Nariño, Facultad de Ciencias Económicas y Administrativas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-86932025000100061</article-id>
<article-id pub-id-type="doi">10.22267/rtend.252601.265</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Board of directors and value of Chilean companies]]></article-title>
<article-title xml:lang="es"><![CDATA[Consejo de administración y valor de empresas chilenas]]></article-title>
<article-title xml:lang="pt"><![CDATA[Conselho de administração e valor das empresas chilenas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Chávez]]></surname>
<given-names><![CDATA[Felipe Muñoz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[King Domínguez]]></surname>
<given-names><![CDATA[Andrea]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ortega Martínez]]></surname>
<given-names><![CDATA[Rosa Martha]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rivas]]></surname>
<given-names><![CDATA[Luis Améstica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Bío-Bío  ]]></institution>
<addr-line><![CDATA[Chillán ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Bío-Bío  ]]></institution>
<addr-line><![CDATA[Concepción ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of the State of Durango (UJED)  ]]></institution>
<addr-line><![CDATA[Durango ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,University of Bío-Bío  ]]></institution>
<addr-line><![CDATA[Chillán ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<volume>26</volume>
<numero>1</numero>
<fpage>61</fpage>
<lpage>88</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-86932025000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-86932025000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-86932025000100061&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Introduction:  Boards of directors are key to organizational performance. This study analyzes the composition of boards in non-financial Chilean companies between 2019 and 2022, focusing on the number of members, female participation, and professional diversity.  Objective:  To assess how these characteristics impact management practices and the strategic direction of organizations.  Methodology:  A statistical description and multiple linear regression were used to analyze the relationship between the variables and the company's value (Price to Book, Price to Sales, and EV to EBITDA).  Results:  The analysis shows an average of 7.9 members per board, low female participation, and a concentration in five professional areas. The number of members is positively related to the company's value in all cases. Female participation shows a negative relationship, while professional diversity has a positive impact in some cases, although not significant in others. Additionally, company size and indebtedness also influence company value.  Conclusions:  The number of board members positively impacts company value, while female participation and professional diversity show a less clear influence.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Introducción:  Los consejos de administración son clave en el desempeño organizacional. Este estudio analiza la composición de los consejos de empresas chilenas no financieras entre 2019 y 2022, centrándose en el número de integrantes, la participación femenina y la diversidad profesional.  Objetivo:  Evaluar cómo estas características impactan en las prácticas de gestión y el direccionamiento estratégico de las organizaciones.  Metodología:  Se empleó una descripción estadística y una regresión lineal múltiple para analizar la relación entre las variables y el valor de la empresa (Price to Book, Price to Sales y EV to EBITDA).  Resultados:  El análisis muestra un promedio de 7,9 integrantes por consejo, baja participación femenina y una concentración en cinco áreas profesionales. El número de integrantes está positivamente relacionado con el valor de la empresa en todos los casos. La participación femenina muestra una relación negativa, mientras que la diversidad profesional tiene un impacto positivo en algunos casos, aunque no significativo en otros. Además, el tamaño de la empresa y el endeudamiento también influyen en el valor empresarial.  Conclusiones:  El número de integrantes del consejo tiene un impacto positivo en el valor de la empresa, en tanto que la participación femenina y la diversidad profesional muestran una influencia menos clara.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo  Introdução:  Os conselhos de administração são fundamentais para o desempenho organizacional. Este estudo analisa a composição dos conselhos de administração de empresas chilenas não financeiras entre 2019 e 2022, com foco no número de membros do conselho, na participação feminina e na diversidade profissional.  Objetivo:  avaliar como essas características afetam as práticas de gestão e a direção estratégica das organizações.  Metodologia:  a descrição estatística e a regressão linear múltipla foram usadas para analisar a relação entre as variáveis e o valor da empresa (Price to Book, Price to Sales e EV to EBITDA).  Resultados:  a análise mostra uma média de 7,9 membros por conselho, baixa participação feminina e uma concentração em cinco áreas profissionais. O número de membros do conselho está positivamente relacionado ao valor da empresa em todos os casos. A participação feminina mostra uma relação negativa, enquanto a diversidade profissional tem um impacto positivo em alguns casos, embora não seja significativa em outros. Além disso, o tamanho da empresa e o endividamento também influenciam o valor da empresa.  Conclusões:  O número de membros do conselho tem um impacto positivo sobre o valor da empresa, enquanto a participação feminina e a diversidade profissional mostram uma influência menos clara.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Chile]]></kwd>
<kwd lng="en"><![CDATA[board of directors]]></kwd>
<kwd lng="en"><![CDATA[economic evaluation]]></kwd>
<kwd lng="en"><![CDATA[finance]]></kwd>
<kwd lng="en"><![CDATA[corporate governance.]]></kwd>
<kwd lng="es"><![CDATA[Chile]]></kwd>
<kwd lng="es"><![CDATA[directorio]]></kwd>
<kwd lng="es"><![CDATA[evaluación económica]]></kwd>
<kwd lng="es"><![CDATA[finanzas]]></kwd>
<kwd lng="es"><![CDATA[gobierno corporativo]]></kwd>
<kwd lng="pt"><![CDATA[Chile, conselho de administração]]></kwd>
<kwd lng="pt"><![CDATA[avaliação econômica]]></kwd>
<kwd lng="pt"><![CDATA[finanças]]></kwd>
<kwd lng="pt"><![CDATA[governança corporativa.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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