Índice integrado de gobierno corporativo para el mercado español: desarrollo y validación
An integrated corporate governance index for Spain: From construction to construct validity
Agencias de apoyo
- Spanish Ministry of Science and Innovation (MICIU/AEI/10.13039/501100011033, ref. PID2020- 114797GB-I00)
- Saint Louis University - Madrid Campus Internal Research Grant, Universidad Pontificia Comillas Internal Research Grants PP2022_11 and PP2024_3
- 2023 Research Grant from the European Academy of Management (EURAM)
Resumen
Este estudio, basado en la teoría de la agencia, se centra en la medición del gobierno corporativo en el sector corporativo español. Su objetivo es desarrollar, evaluar y validar un índice específico de gobierno corporativo que supere las limitaciones de investigaciones previas, las cuales se basan en medidas agregadas y no validadas.
Las preguntas de investigación son: ¿cómo medir adecuadamente el gobierno corporativo en España?, y ¿cuán bien representa el índice propuesto los aspectos relevantes del gobierno corporativo? De estas preguntas se deriva una sub-pregunta sobre la validez de los subíndices que componen el índice en relación con los aspectos específicos del gobierno corporativo.
El estudio analiza una muestra de 130 empresas españolas cotizadas con 1.039 observaciones correspondientes al período 2007-2018. Se construye un índice agregado de gobierno corporativo, compuesto por cuatro subíndices: cumplimiento con códigos de buen gobierno, características de la propiedad, características de los consejos directivos y transparencia de la información contable.
Los resultados muestran que tanto el índice general como los subíndices están positivamente relacionados con el valor de la empresa. Para validar el índice, se utilizan métodos como el coeficiente de Cronbach α para la consistencia interna y el análisis de componentes principales (PCA) para la estructura del índice. También se emplea el análisis de datos de panel GMM, incorporando una medida novedosa del valor de la empresa que considera el coste de reposición de los activos.
Este estudio llena un vacío en la literatura al crear y validar un índice específico para España, abordando además problemas econométricos como la endogeneidad y la heterogeneidad inobservable. A nivel práctico, el índice puede apoyar la implementación de la Agenda de Desarrollo Sostenible 2030 de las Naciones Unidas, que promueve la adopción de códigos de buen gobierno.
Finalmente, se sugiere que futuras investigaciones se enfoquen en la creación y validación de índices robustos para evaluar la calidad del gobierno corporativo en otros contextos, promoviendo así las mejores prácticas a nivel global.
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