Publication: Gobierno corporativo y rendición de cuentas: ¿existe algún efecto sobre la performance empresarial?
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Date
2012
Authors
Acero Fraile, Isabel ; Alcalde Fradejas, Nuria
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Publisher
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DOI
https://doi.org/10.1016/S1138-4891(12)70041-9
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info:eu-repo/semantics/article
Description
Abstract
El artículo analiza el efecto que la estructura de los consejos de administración y la
divulgación de información de responsabilidad social corporativa ejercen sobre la performance
empresarial. A partir de un modelo dinámico estimado mediante el método generalizado de
momentos (MGM), y utilizando una muestra de 171 sociedades españolas cotizadas en el
periodo 2004-2008, se constata que no existe ningún efecto de la estructura de gobierno
corporativo y la rendición de cuentas sobre la performance de la organización, tras controlar
por la performance previa. El artículo pone de manifiesto la importancia de considerar la
endogeneidad dinámica en la relación existente entre gobierno corporativo/responsabilidad
social corporativa y performance
We analyze the effect that the structure of boards of directors and disclosure of corporate social responsibility information have on business performance after controlling for dynamic endogeneity in the model. We analyse 171 Spanish enterprises during the period 2004 to 2008. The results of the estimation using the GMM method (Generalized Method of Moments) show that there is no effect on performance from the structure of corporate governance and corporate social responsibility after controlling for prior performance. The article highlights the importance of considering the dynamic endogeneity in the relation between corporate governance/corporate social responsibility and performance
We analyze the effect that the structure of boards of directors and disclosure of corporate social responsibility information have on business performance after controlling for dynamic endogeneity in the model. We analyse 171 Spanish enterprises during the period 2004 to 2008. The results of the estimation using the GMM method (Generalized Method of Moments) show that there is no effect on performance from the structure of corporate governance and corporate social responsibility after controlling for prior performance. The article highlights the importance of considering the dynamic endogeneity in the relation between corporate governance/corporate social responsibility and performance
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