TY  - JOUR 
TI  - Governance codes: facts or fictions? a study of governance codes in Colombia
JO  - ESTUDIOS GERENCIALES, Vol. 26 No. 117
PB  - Universidad Icesi
PY  - 2011
issn 01235923
AB  - This article studies the effects on accounting performance and financing decisions of Colombian firms after issuing a corporate governance code. We assemble a database of Colombian issuers and test the hypotheses of improved performance and higher leverage after issuing a code. The results show that the firms’ return on assets after the code introduction improves in excess of 1%; the effect is amplified by the code quality. Additionally, the firms leverage increased, in excess of 5%, when the code quality was factored into the analysis. These results suggest that controlling parties commitment to self restrain, by reducing their private benefits and/or the expropriation of non controlling parties, through the code introduction, is indeed an effective measure and that the financial markets agree, increasing the supply of funds to the firms.
KW  - Gobierno corporativo
KW  - Códigos de gobierno corpotativo
KW  - Teoría de la agencia
KW  - Apalancamientos
KW  - Economía
KW  - Economics
KW  - Business
KW  - Negocios y management
UR  - http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/381
ER  -