Gobierno corporativo y rentabilidad de empresas mexicanas
Palabras clave:
Earnings Management, índice de gobierno corporativo, regresión lineal
Resumen
La importancia del Gobierno Corporativo como herramienta generadora de valor y competitividad en las sociedades se ha hecho patente desde junio de 1999, cuando México publicó el Código de Mejores Prácticas Corporativas, hasta julio de 2018, cuando el Consejo Coordinador Empresarial revisó y actualizó el documento. El propósito del trabajo se decanta en identificar el grado en que los mecanismos de Gobierno Corporativo limitan las prácticas de manipulación de la información contable, para ello, es analizada una muestra formada por 310 Códigos de Mejores Prácticas Corporativas y 310 reportes anuales, correspondientes a 31 empresas listadas en la Bolsa Mexicana de Valores (BMV) durante el periodo 2010-2019. Los resultados del modelo de regresión lineal muestran una relación negativa significativa entre los mecanismos del GC (Función de Auditoría y el Consejo de Administración) y la manipulación de resultados. Los resultados dan evidencia de avances significativos en materia de Gobierno Corporativo, sin embargo, aún existen áreas de oportunidad en la realización de prácticas discrecionales.
Citas
Abdel, R. y Basheer, A. (2016). The Impact of Corporate Governance Characteristics on Earnings Quality and Earnings Management: Evidence from Jordan. Jordan Journal of Business Administration, XII (1), 187-207. https://journals.ju.edu.jo/JJBA/article/viewFile/9414/4864
Abdou, H, Ellelly, N, Elamer, A, Hussainey, K. y Yazdifar, H. (2020). Corporate Governance and Earnings Management Nexus: Evidence from the UK and Egypt Using Neural Networks, International Journal of Finance & Economics, Accepted 18th June 2020, Forthcoming.
Aguilar, I, García, M, Klender, A. (2019). ¿Son las prácticas de Gobierno Corporativo y de Earnings Management relevantes para el valor de las empresas en México?, Contaduría y Administración, 64(4), 1-20. http://dx.doi.org/10.22201/fca.24488410e.2020.1965
Aysha, S. y Fahad, A. (2015). The effectiveness of corporate governance in constraining earnings management in Pakistan. The Lahore Journal of Economics, XX(1), 135-155. http://lahoreschoolofeconomics.edu.pk/EconomicsJournal/Journals/Volume%2020/Issue%201/05%20Latif%20and%20Abdullah%20ED%20ttc.pdf
Bahaaeddin, A. (2019). Does corporate governance influence earnings management in listed companies in Bahrain Bourse? Journal of Asia Business Studies, XII(4), 551-570. http://dx.doi.org/10.1108/JABS-06-2017-0082
Barrera, V. y Polo, S. (2021). Análisis de la influencia de los mecanismos del gobierno corporativo en la manipulación del resultado contable. Evidencia empírica desde México 2014-2017. Revista ESPACIOS, 42(2), 1-16. https://www.revistaespacios.com/a21v42n02/a21v42n02p01.pdf
Briano, G. C. y Saavedra, M. L. (2015). La composición del consejo de administración y la estructura accionaria como factores explicativos de la transparencia en el gobierno corporativo en Latinoamérica: evidencia en empresas cotizadas de Argentina, Brasil, Chile y México. Elsevier España, 276-286. http://dx.doi.org/10.1016/j.estger.2015.02.001
Chairina, A. y Kamila, Z. (2018). The Effect of Good Corporate Governance and Earnings Management to Corporate Social Responsibility Disclosure. Academy of Accounting and Financial Studies Journal, 22(1), 1–16 https://www.abacademies.org/articles/the-effect-of-good-corporate-governance-and-earnings-management-1528-2635-22-1-114.pdf
Cyrus, I, Mwangi, M. y Muchoki, G. (2015). The effect of corporate governance practices on earnings management of companies listed at the nairobi securities exchange. European Scientific Journal, XI(6), 169-178. https://eujournal.org/index.php/esj/article/view/4945
Deangelo, L.E. (1986). Accounting Numbers as Market valuation Substitutes: A study of Management Buyouts of Public Stockholders. The Accounting Review, LXI(3), 400-420.
Dechow, P.M, Sloan, R.G, Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review, LXX(2), 193-225.
DeFond, M. L., & Jiambalvo, J. (1994). Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting and Economics, 17, 145-176.
https://doi.org/10.1016/0165-4101(94)90008-6
Diem, N, Anh, Hong L. (2021). Relationship Between the Audit Committee and Earning Management in Listed Companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 0135–0142.
Egbunike, A., Ezelibe, C. y Aroh, N. (2015). The Influence of Corporate Governance on Earnings Management Practices: A Study of Some Selected Quoted Companies in Nigeria. American Journal of Economics, Finance and Management, I(5), 482-493.
Frode, K., Ane, Tolnes, A. S., y Anne, V. (2020). Corporate Governance and Earnings Management in a Nordic Perspective: Evidence from the Oslo. Risk Financial Management, 13(256), 2-18. https://www.mdpi.com/1911-8074/13/11/256
Garay, U., González, G., y González, M. (2006). Índice de buen gobierno corporativo y desempeño financiero en la Bolsa de Valores de Caracas. Estudio IESA, (24), 4-21.
García, O., Gill de Albornoz, B., y Gisbert, C. A. (2005). La investigación sobre Earnings Management. Revista Española de Financiación y Contabilidad, CXXVII, 1001-1035. https://dialnet.unirioja.es/servlet/articulo?codigo=1401999
Grau, A. J. y Lassala, C. (2015). Relaciones entre gestión corporativa y crisis financiera en el mercado de capitales español. Revista Europea de Dirección y Economía de la Empresa, (24), 76-91.
Hakim, B. (2015). The impact of corporate governance mechanisms on earnings management in Islamic banks in the Middle East region. Journal of Islamic Accounting and Business Research, 7(4), 1-38. https://doi.org/10.1108/JIABR-11-2014-0039
Healy, J. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, VII, (1,3), 85-107.
Ibama, K., y Ibama, K. (2021). qui, The International Journal of Business & Management, 9(1), 64-70.
Jensen, M. y Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, (3), 305-360. https://doi.org/10.1016/0304-405X(76) 90026-X.
Jevri, A., Rindu, R., y Usep, S. (2021). The Effect of Earnings Management on Firm Value with Corporate Governance as a Moderating Variable. International Journal for Innovation Education and Research, 9(2), 262-268.
Jones, J. (1991). Earnings Management during import relief investigations”, Journal of Accounting Research, XXIX, 193 – 228.
Kam, P. M. (2007). Corporate Governance and Earnings Management: Some Evidence from Hong Kong Listed Companies (Doctor of Philosophy), University of the Sunshine Coast Maroochydore DC Queensland 4558 Australia. http://research.usc.edu.au/vital/access/manager/Repository/usc:1511
Kamran, y Shah, A. (2014). The Impact of Corporate Governance and Ownership Structure on Earnings Management Practices: Evidence from Listed Companies in Pakistan. The Lahore Journal of Economics, XIX(2), 27-70.
Khan, H. (2010). The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2), 82-109. https://doi.org/10.1108/17542431011029406
Lagos, C., y Vecino, C. (2021). Medición de la aplicación de prácticas de Gobierno Corporativo en Colombia. Tendencias, 12(2), 230-253.
Lawal, A.I., Nwanji, T.I., Opeyemi, O.O., y Adama, I.J. (2018). Can corporate governance mechanisms deter earnings management? Evidence from firms listed on the Nigerian Stock Exchange. The IEB international journal of finance, 17, 220–233. https://dialnet.unirioja.es/servlet/articulo?codigo=6639139
Leal, R., y Carvalhal da Silva, A. (2005). Corporate Governance and Valuein Brazil (and in Chile). Washington: InterAmerican Development Bank, Latin American Research Network, Research Network Working paper R-514. https://www.ibgc.org.br/biblioteca/download/LEAL,RPC_2005_Corporate...livro.pdf
Liao, W., Lu, C., y Wang, H. (2014). Venture capital corporate governance and financial stability of IPO firms. Emerging Markets Review, (18), 19-33. https://doi.org/10.1016/j.ememar.2013.11.002
Lim, M. (2014). Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence. Journal of Contemporary Accounting y Economics, (10), 32-45.
Lizarzaburu, E. y Del Brio, J. (2016). Responsabilidad Social Corporativa y Reputación Corporativa en el sector financiero de países en desarrollo. Revista de Globalización, Competitividad y Gobernabilidad, X(1), 42. https://www.redalyc.org/pdf/5118/511854473002.pdf
Macías, A. J. y Román, F. J. (2014). Consecuencias económicas de la reforma de gobierno corporativo en un mercado de capitales emergente. El Trimestre Económico, LXXXI(322), 357-412.
Mancilla, M., y Saavedra, M. (2015). El gobierno corporativo y el comité de auditoría en el marco de la responsabilidad social empresarial. Contaduría y Administración, LX, 486-506.
Martin, S. y Yunita, A. (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, CLXXVII(1), 363 – 366.
Muda, I., Maulana, W., Siregar, H.S., e Indra, N. (2018). The Analysis of Effects of Good Corporate Governance on Earnings Management in Indonesia with Panel Data Approach. Iran. Econ. Rev, 22(2), 599–625. https://dx.doi.org/10.22059/ier.2018.66169
Muhammad, I., Ahmad, A., Muhammad, T., e Ihtesham, K. (2018). The Impact of Corporate Governance on Earnings Management: Empirical Evidence from Pakistan. Journal of Research in Social Sciences, VI(2), 2305- 6533.
Muñoz, I. y Rodríguez, J. M. (2014). Valor bursátil de los bancos europeos: Determinantes económico-financieros y de gobierno corporativo. Revista de Estudios de Economía Aplicada, XXXII(2), 677-702.
Nhat, D. y Thi, A. (2021). Relationship Between the Audit Committee and Earning Management in Listed Companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 135-142.
Nyatichi, V., Cyrus, I., Mwangi, M., y Njihia, J. (2020). Corporate Governance and Earnings Management of companies listed at Nairobi Securities Exchange. African Development Finance Journal, 4(2), 79-95.
Polo, S. D, Hidalgo, R. y Jimenéz, M. (2013). Impacto del gobierno corporativo en empresas mexicanas cotizadas. Código de mejores prácticas corporativas estudio empírico (2005-2010). ANFECA.
Poveda Fuentes, F. (2001). Cuestiones estadísticas sobre modelos y contrastes de ajustes por devengo anormales. Working Paper, Instituto Valenciano de Investigaciones Económicas (IVIE), Serie EC. 2001-16.
Poveda, F. (2003). Nuevo enfoque en la estimación de los Ajustes por Devengo Anormales: Un modelo desagregado. (1ra. ed). Instituto Valenciano de Investigaciones Económicas, S.A.
Prommin, P., Jumreornvog, S. y Jiraporn, J. (2014). The effect of corporate governance on stock liquidity: The case of Thailand. International Review of Economics and Finance, (32), 132-142.
Shleifer, A. y Vishny, R. (1997). A survey of corporate gobernance. Journal of finance, XII(2), 737-783. http://scholar.harvard.edu/files/shleifer/files/surveycorpgov.pdf.
Surifah. (2017). The role of corporate governance in the effect earnings management has on firm value. Journal of Indonesian Economy and Business, XXXII(1), 51- 69. https://doi.org/10.22146/jieb.12793
Tejedo-Romero, F., & Araujo, J. (2018). Estrategia de gestión y divulgación del capital intelectual: influencia del gobierno corporativo. Contaduría y administración, 63(2). https://doi.org/10.22201/fca.24488410e.2018.1236
Tulcanaza, A. y Lee, Y. (2022). Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market, International Journal of Financial Studies, 10(1), 19. https://doi.org/10.3390/ijfs10010019
Zafar, I. C., Naveeda, Z., Munawar, H., y Muhammmad, M. K. (2020). Impact of corporate governance on earning management moderating role of firm size and leverage. Journal of Critical Review, 7(16), 3186-3198. https://www.jcreview.com/paper.php?slug=impact-of-corporate-governance-on-earning-management-moderating-role-of-firm-size-and-leverage
Abdou, H, Ellelly, N, Elamer, A, Hussainey, K. y Yazdifar, H. (2020). Corporate Governance and Earnings Management Nexus: Evidence from the UK and Egypt Using Neural Networks, International Journal of Finance & Economics, Accepted 18th June 2020, Forthcoming.
Aguilar, I, García, M, Klender, A. (2019). ¿Son las prácticas de Gobierno Corporativo y de Earnings Management relevantes para el valor de las empresas en México?, Contaduría y Administración, 64(4), 1-20. http://dx.doi.org/10.22201/fca.24488410e.2020.1965
Aysha, S. y Fahad, A. (2015). The effectiveness of corporate governance in constraining earnings management in Pakistan. The Lahore Journal of Economics, XX(1), 135-155. http://lahoreschoolofeconomics.edu.pk/EconomicsJournal/Journals/Volume%2020/Issue%201/05%20Latif%20and%20Abdullah%20ED%20ttc.pdf
Bahaaeddin, A. (2019). Does corporate governance influence earnings management in listed companies in Bahrain Bourse? Journal of Asia Business Studies, XII(4), 551-570. http://dx.doi.org/10.1108/JABS-06-2017-0082
Barrera, V. y Polo, S. (2021). Análisis de la influencia de los mecanismos del gobierno corporativo en la manipulación del resultado contable. Evidencia empírica desde México 2014-2017. Revista ESPACIOS, 42(2), 1-16. https://www.revistaespacios.com/a21v42n02/a21v42n02p01.pdf
Briano, G. C. y Saavedra, M. L. (2015). La composición del consejo de administración y la estructura accionaria como factores explicativos de la transparencia en el gobierno corporativo en Latinoamérica: evidencia en empresas cotizadas de Argentina, Brasil, Chile y México. Elsevier España, 276-286. http://dx.doi.org/10.1016/j.estger.2015.02.001
Chairina, A. y Kamila, Z. (2018). The Effect of Good Corporate Governance and Earnings Management to Corporate Social Responsibility Disclosure. Academy of Accounting and Financial Studies Journal, 22(1), 1–16 https://www.abacademies.org/articles/the-effect-of-good-corporate-governance-and-earnings-management-1528-2635-22-1-114.pdf
Cyrus, I, Mwangi, M. y Muchoki, G. (2015). The effect of corporate governance practices on earnings management of companies listed at the nairobi securities exchange. European Scientific Journal, XI(6), 169-178. https://eujournal.org/index.php/esj/article/view/4945
Deangelo, L.E. (1986). Accounting Numbers as Market valuation Substitutes: A study of Management Buyouts of Public Stockholders. The Accounting Review, LXI(3), 400-420.
Dechow, P.M, Sloan, R.G, Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review, LXX(2), 193-225.
DeFond, M. L., & Jiambalvo, J. (1994). Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting and Economics, 17, 145-176.
https://doi.org/10.1016/0165-4101(94)90008-6
Diem, N, Anh, Hong L. (2021). Relationship Between the Audit Committee and Earning Management in Listed Companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 0135–0142.
Egbunike, A., Ezelibe, C. y Aroh, N. (2015). The Influence of Corporate Governance on Earnings Management Practices: A Study of Some Selected Quoted Companies in Nigeria. American Journal of Economics, Finance and Management, I(5), 482-493.
Frode, K., Ane, Tolnes, A. S., y Anne, V. (2020). Corporate Governance and Earnings Management in a Nordic Perspective: Evidence from the Oslo. Risk Financial Management, 13(256), 2-18. https://www.mdpi.com/1911-8074/13/11/256
Garay, U., González, G., y González, M. (2006). Índice de buen gobierno corporativo y desempeño financiero en la Bolsa de Valores de Caracas. Estudio IESA, (24), 4-21.
García, O., Gill de Albornoz, B., y Gisbert, C. A. (2005). La investigación sobre Earnings Management. Revista Española de Financiación y Contabilidad, CXXVII, 1001-1035. https://dialnet.unirioja.es/servlet/articulo?codigo=1401999
Grau, A. J. y Lassala, C. (2015). Relaciones entre gestión corporativa y crisis financiera en el mercado de capitales español. Revista Europea de Dirección y Economía de la Empresa, (24), 76-91.
Hakim, B. (2015). The impact of corporate governance mechanisms on earnings management in Islamic banks in the Middle East region. Journal of Islamic Accounting and Business Research, 7(4), 1-38. https://doi.org/10.1108/JIABR-11-2014-0039
Healy, J. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, VII, (1,3), 85-107.
Ibama, K., y Ibama, K. (2021). qui, The International Journal of Business & Management, 9(1), 64-70.
Jensen, M. y Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, (3), 305-360. https://doi.org/10.1016/0304-405X(76) 90026-X.
Jevri, A., Rindu, R., y Usep, S. (2021). The Effect of Earnings Management on Firm Value with Corporate Governance as a Moderating Variable. International Journal for Innovation Education and Research, 9(2), 262-268.
Jones, J. (1991). Earnings Management during import relief investigations”, Journal of Accounting Research, XXIX, 193 – 228.
Kam, P. M. (2007). Corporate Governance and Earnings Management: Some Evidence from Hong Kong Listed Companies (Doctor of Philosophy), University of the Sunshine Coast Maroochydore DC Queensland 4558 Australia. http://research.usc.edu.au/vital/access/manager/Repository/usc:1511
Kamran, y Shah, A. (2014). The Impact of Corporate Governance and Ownership Structure on Earnings Management Practices: Evidence from Listed Companies in Pakistan. The Lahore Journal of Economics, XIX(2), 27-70.
Khan, H. (2010). The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2), 82-109. https://doi.org/10.1108/17542431011029406
Lagos, C., y Vecino, C. (2021). Medición de la aplicación de prácticas de Gobierno Corporativo en Colombia. Tendencias, 12(2), 230-253.
Lawal, A.I., Nwanji, T.I., Opeyemi, O.O., y Adama, I.J. (2018). Can corporate governance mechanisms deter earnings management? Evidence from firms listed on the Nigerian Stock Exchange. The IEB international journal of finance, 17, 220–233. https://dialnet.unirioja.es/servlet/articulo?codigo=6639139
Leal, R., y Carvalhal da Silva, A. (2005). Corporate Governance and Valuein Brazil (and in Chile). Washington: InterAmerican Development Bank, Latin American Research Network, Research Network Working paper R-514. https://www.ibgc.org.br/biblioteca/download/LEAL,RPC_2005_Corporate...livro.pdf
Liao, W., Lu, C., y Wang, H. (2014). Venture capital corporate governance and financial stability of IPO firms. Emerging Markets Review, (18), 19-33. https://doi.org/10.1016/j.ememar.2013.11.002
Lim, M. (2014). Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence. Journal of Contemporary Accounting y Economics, (10), 32-45.
Lizarzaburu, E. y Del Brio, J. (2016). Responsabilidad Social Corporativa y Reputación Corporativa en el sector financiero de países en desarrollo. Revista de Globalización, Competitividad y Gobernabilidad, X(1), 42. https://www.redalyc.org/pdf/5118/511854473002.pdf
Macías, A. J. y Román, F. J. (2014). Consecuencias económicas de la reforma de gobierno corporativo en un mercado de capitales emergente. El Trimestre Económico, LXXXI(322), 357-412.
Mancilla, M., y Saavedra, M. (2015). El gobierno corporativo y el comité de auditoría en el marco de la responsabilidad social empresarial. Contaduría y Administración, LX, 486-506.
Martin, S. y Yunita, A. (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, CLXXVII(1), 363 – 366.
Muda, I., Maulana, W., Siregar, H.S., e Indra, N. (2018). The Analysis of Effects of Good Corporate Governance on Earnings Management in Indonesia with Panel Data Approach. Iran. Econ. Rev, 22(2), 599–625. https://dx.doi.org/10.22059/ier.2018.66169
Muhammad, I., Ahmad, A., Muhammad, T., e Ihtesham, K. (2018). The Impact of Corporate Governance on Earnings Management: Empirical Evidence from Pakistan. Journal of Research in Social Sciences, VI(2), 2305- 6533.
Muñoz, I. y Rodríguez, J. M. (2014). Valor bursátil de los bancos europeos: Determinantes económico-financieros y de gobierno corporativo. Revista de Estudios de Economía Aplicada, XXXII(2), 677-702.
Nhat, D. y Thi, A. (2021). Relationship Between the Audit Committee and Earning Management in Listed Companies in Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 135-142.
Nyatichi, V., Cyrus, I., Mwangi, M., y Njihia, J. (2020). Corporate Governance and Earnings Management of companies listed at Nairobi Securities Exchange. African Development Finance Journal, 4(2), 79-95.
Polo, S. D, Hidalgo, R. y Jimenéz, M. (2013). Impacto del gobierno corporativo en empresas mexicanas cotizadas. Código de mejores prácticas corporativas estudio empírico (2005-2010). ANFECA.
Poveda Fuentes, F. (2001). Cuestiones estadísticas sobre modelos y contrastes de ajustes por devengo anormales. Working Paper, Instituto Valenciano de Investigaciones Económicas (IVIE), Serie EC. 2001-16.
Poveda, F. (2003). Nuevo enfoque en la estimación de los Ajustes por Devengo Anormales: Un modelo desagregado. (1ra. ed). Instituto Valenciano de Investigaciones Económicas, S.A.
Prommin, P., Jumreornvog, S. y Jiraporn, J. (2014). The effect of corporate governance on stock liquidity: The case of Thailand. International Review of Economics and Finance, (32), 132-142.
Shleifer, A. y Vishny, R. (1997). A survey of corporate gobernance. Journal of finance, XII(2), 737-783. http://scholar.harvard.edu/files/shleifer/files/surveycorpgov.pdf.
Surifah. (2017). The role of corporate governance in the effect earnings management has on firm value. Journal of Indonesian Economy and Business, XXXII(1), 51- 69. https://doi.org/10.22146/jieb.12793
Tejedo-Romero, F., & Araujo, J. (2018). Estrategia de gestión y divulgación del capital intelectual: influencia del gobierno corporativo. Contaduría y administración, 63(2). https://doi.org/10.22201/fca.24488410e.2018.1236
Tulcanaza, A. y Lee, Y. (2022). Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market, International Journal of Financial Studies, 10(1), 19. https://doi.org/10.3390/ijfs10010019
Zafar, I. C., Naveeda, Z., Munawar, H., y Muhammmad, M. K. (2020). Impact of corporate governance on earning management moderating role of firm size and leverage. Journal of Critical Review, 7(16), 3186-3198. https://www.jcreview.com/paper.php?slug=impact-of-corporate-governance-on-earning-management-moderating-role-of-firm-size-and-leverage
Publicado
2023-08-05
Cómo citar
Polo Jiménez, S. D., García Ortiz, B. M., & Márceles Guerrero, V. (2023). Gobierno corporativo y rentabilidad de empresas mexicanas. Revista Venezolana De Gerencia, 28(9), 427-441. https://doi.org/10.52080/rvgluz.28.e9.27
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