¿Crean mayor rentabilidad para sus accionistas las empresas con mejores prácticas de gobierno corporativo? La experiencia de las empresas españolas del Ibex-35

Published in: Innovation and Development for the Americas: Engineering, Education, Research and Development: Proceedings of the 8th Latin American and Caribbean Conference for Engineering and Technology
Date of Conference: June 1-4, 2010
Location of Conference: Arequipa, Peru
Authors: Santiago Chivite Fernández
Carlos Rodríguez Monroy
Refereed Paper: #14

Abstract

The objective of this paper is to investigate if higher compliance of codes of corporate governance implies some extra shareholder value. To get that, we analyze a group of spanished listed companies between 1998 & 2007. First of all, we describe shortly the evolution of Spanish corporate governance in their first ten years (1998-2007). After, we select the twenty companies that belonged to Ibex-35 index (composed by 35 most liquid listed companies of Spanish Stock Exchange) at least 75% of period analyzed (from 1998 to 2007) to calculate their annual index of corporate governance (from the annual report about this material of every company). Finally, we compare that index with the annual shareholder value creation, concluding that those companies with higher index of corporate governance created more shareholder value, at less in the short time.