El papel del Consejo de Administración en la creación de valor en la empresa

The role of the Board of Directors in the creation of value for the company

  • María Consuelo Pucheta-Martínez
Palabras clave: Consejo de administración, Consejeros independientes y dominicales, Dualidad de poder, Creación de valor

Resumen

El objetivo de este trabajo es analizar si el Consejo de Administración de las empresas cotizadas españolas crea valor en las mismas. Para ello, planteamos diferentes hipótesis que abordan la relación que existe entre el porcentaje de consejeros independientes y dominicales, así como el tamaño, actividad y dualidad de poder del Consejo de Administración con la creación de valor en la empresa. Esta la mediremos a través de la rentabilidad económica de la empresa y el ratio market-to-book. Utilizando una muestra de empresas cotizadas desde 2004 hasta 2011, ambos inclusive, los resultados han revelado que tanto la actividad como determinado tamaño del Consejo de Administración contribuyen a crear valor en la empresa. Concretamente, las conclusiones revelan que el número de reuniones del Consejo de Administración se asocia positivamente con la creación de valor, así como el tamaño del mismo, pero hasta cierto punto, ya que llegado a este, el incremento de un miembro adicional en el Consejo de Administración hace disminuir la creación de valor en la empresa. Por otra parte, los resultados han documentado que la presencia de consejeros independientes y dominicales, así como la dualidad de poder en el Consejo de Administración, no influyen en la creación de valor en la empresa.

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Biografía del autor/a

María Consuelo Pucheta-Martínez

AssociateProfessor

Campus del Riu Sec, s/n
Castellón
12070
SPAIN

Citas

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Publicado
01-07-2015
Cómo citar
Pucheta-Martínez, M. (2015). El papel del Consejo de Administración en la creación de valor en la empresa. Revista De Contabilidad - Spanish Accounting Review, 18(2), 148-161. https://doi.org/10.1016/j.rcsar.2014.05.004
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Artículos