Working Papers
BOARD pone a disposición del público general una serie de documentos sobre gobierno corporativo, los cuales pueden ser consultados y descargados gratuitamente en esta sección.
| Nombre del Artículo: | Portfolio Preferences of Foreign Institutional Investors |
| Autor(es): | Reena Aggarwal, Leora Klapper, Peter D. Wysocki |
| Idioma: | Inglés |
| Resumen: | Este artículo examina asignaciones de inversión en mercados emergentes, por parte de fondos mutuos norteamericanos activamente gestionados. |
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Abstract:
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This paper examines investment allocations in emerging markets by actively-managed U.S. mutual funds. The authors analyze both country- and firm-level characteristics and policies that influence these investment allocations. At the country-level, they find that U.S. funds invest more in open emerging markets with stronger shareholder rights, legal frameworks and accounting policies. After controlling for country characteristics, U.S. funds are found to invest more in large, growing firms with high analyst following and policies such as an ADR listing and more transparent accounting policies. The impact of an ADR listing and better accounting policies is most pronounced in countries with weaker investor protection. Their results suggest that steps can be taken both at the country- and the firm-level to create an environment conducive to foreign institutional investment. |
| Nombre del Artículo: | Board Profile, structure and practice in large European Banks, a comparative corporate governance study |
| Autor(es): | NestorAdvisors |
| Idioma: | Inglés |
| Resumen: | Artículo sobre el perfil de los directorios, estructura y practicas, de los grandes bancos europeos. |
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Abstract:
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In May 2006, a European bank, at the initiative of its Chairman and following discussion by its board, retained Nestor Advisors Ltd (NeAd) to produce a comparative analysis of the corporate governance practices undertaken by ten of its European peers. A year later, in view of the interest aroused by the study, NeAd decided to enlarge and update this study for circulation amongst a wider group of financial institutions. In working with several financial institutions and their boards we identified a significant information gap. There was little systematic, comparative analysis of the issues and challenges that European bank boards face in directing and controlling financial institutions in spite of the growing role of the board in several key areas, such as risk governance and internal control oversight. |
| Nombre del Artículo: | The Irresistible Case for Corporate Governance |
| Autor(es): | International Finance Corporation, World Bank Group |
| Idioma: | Inglés |
| Resumen: | Artículo sobre los beneficios del gobierno corporativo. |
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Abstract:
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This article suggests that good corporate governance won’t just keep companies out of trouble. Well-governed companies often draw huge investment premiums, get access to cheaper debt, and outperform their peers. |
| Nombre del Artículo: | Corporate Governance, Investor Protection, and Performance in Emerging Markets |
| Autor(es): | Leora Klapper, Inessa Love |
| Idioma: | Inglés |
| Resumen: | Artículo sobre gobierno corporativo, protección al inversionista, y desempeño en mercados emergentes. |
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Abstract:
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Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. The authors use recent data on firm-level corporate governance rankings across 14 emerging markets and find that there is wide variation in firm-level governance across countries in our sample and that the average firm-level governance is lower in countries with weaker legal systems. They explore the determinants of firm-level governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. They also find that better corporate governance is highly correlated with better operating performance and market valuation. Finally, they provide evidence that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. |
| Nombre del Artículo: | Gobierno Corporativo: ¿Qué es? y ¿Cómo andamos por casa? |
| Autor(es): | Fernando Lefort |
| Idioma: | Español |
| Resumen: | Artículo que describe un marco conceptual sobre gobierno corporativo y su efecto sobre la estructura y desempeño de las empresas. |
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Abstract:
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Este artículo busca estructurar un marco conceptual sencillo que permita ordenar la discusión acerca de las diferentes formas de gobierno corporativo y de su efecto sobre la estructura y desempeño de las empresas. Basándose en la literatura reciente, el artículo discute la validez de la hipótesis de que en el largo plazo sobreviven las estructuras que tienden a mejorar el desempeño de las empresas y la compara con otras hipótesis alternativas tanto a nivel teórico como a la luz de la evidencia empírica. En particular, se discute el significativo rol de los sistemas legales y regulatorios en condicionar el desarrollo de las estructuras de gobierno corporativo en el mundo. En el marco de esta discusión, este artículo enfatiza aquellos aspectos que pueden ayudar a entender mejor el funcionamiento y efecto del gobierno corporativo en el caso de empresas que funcionan en economías emergentes. También se discute el tipo de factores exógenos, relacionados con regulaciones que pueden ayudar a mejorar las prácticas de gobierno corporativo en una economía emergente como la chilena. Con ese objetivo, se revisa y discute el grueso de la incipiente literatura académica sobre gobierno y estructura corporativa en Chile, a la luz del marco conceptual desarrollado previamente. |
| Nombre del Artículo: | Ownership and Capital Structure of Chilean Conglomerates: Facts and Hypotheses for Governance |
| Autor(es): | Fernando Lefort, Eduardo Walker |
| Idioma: | Inglés |
| Resumen: | Artículo que describe la estructura de propiedad y de capital de los conglomerados o grupos económicos chilenos. |
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Abstract:
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This paper provides an accurate descriptive analysis of consolidated ownership and capital structures in Chilean conglomerates, emphasizing the implications of these structures for corporate governance. The authors avoid double counting investments made through pyramid schemes, and consider the universe of non-financial firms registered at the Superintendencia de Seguros y Valores (SVS). They find that economic groups are the predominant form of corporate structure in Chile, and that the most common way of separating control from cash-flow rights in Chilean conglomerates is through pyramid schemes. These schemes have proven to be successful in raising external funding. Controllers of Chilean conglomerates rely in a relatively small number of people in order to conduct business, and these people participate exclusively as board members of corporations affiliated to their group. However, controllers of Chilean conglomerates hold more equity than strictly needed for control, suggesting that cash-flow benefits associated to subsidiaries are relatively large. Finally, pension funds and ADRs constitute a significant minority shareholder in Chilean groups. |
| Nombre del Artículo: | Ley 18.045 |
| Autor(es): | Gobierno de Chile |
| Idioma: | Español |
| Resumen: | Ley de Mercado de Valores de Chile |
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Abstract:
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Ley 18.045 de Mercado de Valores de Chile |
| Nombre del Artículo: | Ley 18.046 |
| Autor(es): | Gobierno de Chile |
| Idioma: | Español |
| Resumen: | Ley de Sociedades Anónimas de Chile |
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Abstract:
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Ley 18.046 de Sociedades Anónimas de Chile |
| Nombre del Artículo: | OECD Guidelines on the Corporate Governance of State Owned Enterprises |
| Autor(es): | OECD |
| Idioma: | Inglés |
| Resumen: | Artículo sobre las directrices de gobierno corporativo para empresas del Estado |
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Abstract:
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These Guidelines should be viewed as a complement to the OECD Principles of Corporate Governance on which they are based and with which they are fully compatible. The Guidelines are explicitly oriented to issues that are specific to corporate governance of State-Owned Enterprises and consequently take the perspective of the state as an owner, focusing on policies that would ensure good corporate governance. Nonetheless the Guidelines are not intended to, nor in their effect should they, contradict or discourage OECD countries or non-OECD countries from undertaking any privatisation policies or programmes. |
| Nombre del Artículo: | OECD Principles of Corporate Governance |
| Autor(es): | OECD |
| Idioma: | Inglés |
| Resumen: | Artículo sobre las directrices de gobierno corporativo para empresas en general |
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Abstract:
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The Principles are a living instrument offering non-binding standards and good practices as well as guidance on implementation, which can be adapted to the specific circumstances of individual countries and regions. |
| Nombre del Artículo: | Corporate Governance: Improving Competitiveness and access to capital in global markets |
| Autor(es): | Ira Millstein, Michel Albert, Sir Adrian Cadbury, Robert Denham, Dieter Feddersen, Nobuo Tateisi |
| Idioma: | Inglés |
| Resumen: | Artículo sobre gobierno corporativo y su relación con el aumento de la competitividad y el acceso a capital en mercados globales |
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Abstract:
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This Report explains why it has emphasized the foregoing parameters as a basis for both public and private sector initiatives to improve corporate governance throughout the OECD countries, to suggest certain public and private initiatives and to suggest an agenda and priorities for further OECD efforts in corporate governance. |
| Nombre del Artículo: | Report on the Observance of Standards and Codes (ROSC), Chile, 2004 |
| Autor(es): | World Bank, International Monetary Fund (IMF) |
| Idioma: | Inglés |
| Resumen: | Reporte sobre la observancia de estándares y códigos contables y financieros en Chile, 2004 |
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Abstract:
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This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in Chile, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and drawing on international experience and best practices in that field. It sets forth several policy recommendations aimed at strengthening the regulatory framework governing financial reporting by corporate entities and the audit practice. |
| Nombre del Artículo: | Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment, Chile, 2003 |
| Autor(es): | World Bank, International Monetary Fund (IMF) |
| Idioma: | Inglés |
| Resumen: | Reporte sobre la observancia de estándares y códigos de gobierno corporativo en Chile, 2003 |
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Abstract:
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This ROSC provides an assessment of the corporate governance policy framework and practices in Chile. The country’s legislative and regulatory framework dealing with corporate governance has been upgraded in recent years, and Chile has become a standard setter in this field for the entire Latin American region. |
| Nombre del Artículo: | White Paper sobre Gobierno Corporativo en América Latina |
| Autor(es): | OECD |
| Idioma: | Español |
| Resumen: | Reporte sobre el gobierno corporativo en América Latina |
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Abstract:
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El “White Paper” sobre Gobierno Corporativo en Latinoamérica, fue desarrollado por la Mesa Redonda Latinoamericana sobre Gobierno Corporativo, un foro que reúne a creadores de política, reguladores, líderes comerciales, inversionistas y expertos de la región, así como a contrapartes de los países de la OECD. Utilizando los Principios de Gobierno Corporativo de la OECD, como un marco de trabajo conceptual para su análisis y discusión, el “White Paper” examina la importancia de un buen gobierno corporativo para la región, discute las tendencias y características particulares de ésta y, fija las recomendaciones de la Mesa Redonda y prioridades para reforma. Iniciada en el año 2000, la Mesa Redonda desarrolló este “White Paper” a través del curso de cuatro reuniones celebradas en Brasil (2000), Argentina (2001), Méjico (2002) y Chile (2003), así como a través de contactos continuos entre las reuniones. |
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