Efecto de independencia de la Junta Directiva en el desempeño financiero de pymes familiares colombianas
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Keywords
Gobierno corporativo, empresas familiares, pymes
Resumen
Objetivo: analizar la influencia de la independencia de junta directiva en el desempeño financiero de pymes familiares colombianas para determinar si incorporar miembros independientes contribuye a mejorar resultados económicos y así proporcionar recomendaciones prácticas adaptadas al contexto de países en desarrollo. Método: se emplearon modelos de regresión lineal múltiple con errores robustos en 142 pymes para evaluar cómo la proporción de miembros independientes en junta influye en indicadores de rendimiento como ROA, ROE, ingresos y rentabilidad operacionales del patrimonio. Resultados: los resultados señalan una relación positiva y significativa entre independencia de la junta y tres indicadores: ROE (β=0.12, p<0.05), ingresos operacionales (β=6,663.88, p<0.01) y rentabilidad operacional del patrimonio (β=0.03, p<0.01). La investigación muestra una discrepancia entre las prácticas de empresarios y las recomendaciones teóricas sobre la composición óptima de la junta. Conclusiones: la discusión de este estudio contrasta con la literatura que sugiere una mayoría de miembros independientes, mientras los empresarios prefieren una menor proporción. Las conclusiones ofrecen un aporte relevante para la literatura sobre gobierno corporativo en empresas familiares de países en economías emergentes con evidencia empírica y recomendaciones adaptadas al contexto colombiano.
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Basco, R., & Voordeckers, W. (2015). The relationship between the board of directors and firm performance in private family firms: A test of the demographic versus behavioral approach. Journal of Management & Organization, 21(4), 411-435. https://doi.org/10.1017/jmo.2015.23
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Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
Brenes, E. R., Madrigal, K., & Requena, B. (2011). Corporate governance and family business performance. Journal of Business Research, 64(3), 280-285. https://doi.org/10.1016/j.jbusres.2009.11.013
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Castilla, J. D. (2018, 18 de octubre). Aspectos que una empresa familiar debe estudiar para consolidarse en el tiempo. Asuntos Legales. https://www.asuntoslegales.com.co/actualidad/aspectos-que-una-empresa-familiar-debe-estudiar-para-consolidarse-en-el-tiempo-2783054
Chrisman, J. J., Chua, J. H., & Litz, R. A. (2004). Comparing the agency costs of family and non–family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335-354. https://doi.org/10.1111/j.1540-6520.2004.00049.x
Chrisman, J. J., Chua, J. H., Le Breton-Miller, I., Miller, D., & Steier, L. P. (2018). Governance mechanisms and family firms. Entrepreneurship Theory and Practice, 42(2), 171-186. https://doi.org/10.1177/1042258717748650
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Cortés, D., & Botero, I. C. (2016). Corporate governance in family businesses from Latin America, Spain and Portugal: A review of the literature. Academia Revista Latinoamericana de Administración, 29(3), 231-254. https://doi.org/10.1108/ARLA-03-2016-0064
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Duchin, R., Matsusaka, J. G., & Ozbas, O. (2010). When are outside directors effective? Journal of Financial Economics, 96(2), 195–214. https://doi.org/10.1016/j.jfineco.2009.12.004
Dyer, W. G. (1989). Integrating professional management into a family owned business. Family Business Review, 2(3), 221-235. https://doi.org/10.1111/j.1741-6248.1989.00221.x
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. https://doi.org/10.1086/467037
García-Ramos, R., & García-Olalla, M. (2011). Board characteristics and firm performance in public founder- and nonfounder-led family businesses. Journal of Family Business Strategy, 2(4), 220-231. https://doi.org/10.1016/j.jfbs.2011.09.001
Gómez-Betancourt, G., López Vergara, M. P., Betancourt Ramírez, J. B., y Millán Payán, J. O. (2012). Estudio sobre el desempeño de las empresas familiares colombianas que cotizan en la bolsa de valores, frente a las empresas no familiares. Entramado, 8(1), 28-42. http://www.scielo.org.co/scielo.php?pid=S1900-38032012000100003&script=sci_arttext
Gómez-Mejía, L. R., Cruz, C., Berrone, P., & De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707. https://doi.org/10.5465/19416520.2011.593320
Gonzales-Bustos, J. P., Hernández-Lara, A. B., & Li, X. (2020). Board effects on innovation in family and non-family business. Heliyon, 6(9). https://doi.org/10.1016/j.heliyon.2020.e04980
Gupta, P., & Chauhan, S. (2023). Dynamics of corporate governance mechanisms – family firms’ performance relationship: A meta-analytic review. Journal of Business Research, 154, 113299. https://doi.org/113299. 10.1016/j.jbusres.2022.113299
Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management, 20(4), 101-112. https://doi.org/10.2307/3665716
Hu, X., Lin, D., & Tosun, O. K. (2023). The effect of board independence on firm performance - New evidence from product market conditions. The European Journal of Finance, 29(4), 363–392. https://doi.org/10.1080/1351847X.2022.2049448
Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India’s top companies. Corporate Governance: An International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x
Jaskiewicz, P., & Klein, S. B. (2007). The impact of goal alignment on board composition and board size in family businesses. Journal of Business Research, 60(10), 1080-1089. https://doi.org/10.1016/j.jbusres.2006.12.015
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. En C. A. Mallin (Ed.), Corporate governance (pp. 77–132). Gower. https://www.taylorfrancis.com/chapters/edit/10.4324/9781315191157-9/theory-firm-managerial-behavior-agency-costs-ownership-structure-michael-jensen-william-meckling
Khan, M. J., Saleem, F., Din, S. U., & Khan, M. Y. (2024). Nexus between boardroom independence and firm financial performance: Evidence from a South Asian emerging market. Humanities and Social Sciences Communications, 11(1), 590. https://doi.org/10.1057/s41599-024-02952-3
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. https://doi.org/10.1086/250042
Le Breton-Miller, I., & Miller, D. (2018). Looking back at and forward from: “Family Governance and Firm Performance: Agency, Stewardship, and Capabilities”. Family Business Review, 31(1), 90-104. https://doi.org/10.1177/0894486518759140
Lefort, F., & Urzúa, F. (2008). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61(6), 615–622. https://doi.org/10.1016/j.jbusres.2007.06.036
Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223–244. https://doi.org/10.1016/j.jcorpfin.2014.12.004
Madison, K., Holt, D. T., Kellermanns, F. W., & Ranft, A. L. (2016). Viewing family firm behavior and governance through the lens of agency and stewardship: A mixed methods study. Family Business Review, 29(1), 65-93. https://doi.org/10.1177/0894486515594292
Mashele, A., Mouton, M., & Pelcher, L. (2024). Corporate governance and financial performance: Family firms vs. non-family firms. Journal of Risk and Financial Management, 17(10), 444. https://doi.org/10.3390/jrfm17100444
Mazzi, C. (2011). Family business and financial performance: Current state of knowledge and future research challenges. Journal of Family Business Strategy, 2(3), 166-181. https://doi.org/10.1016/j.jfbs.2011.07.001
Mazzola, P., Sciascia, S., & Kellermanns, F. W. (2013). Non-linear effects of family sources of power on performance. Journal of Business Research, 66(4), 568-574. https://doi.org/10.1016/j.jbusres.2012.01.005
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jun 24, 2025
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Correal Cuervo, C., & Betancourt Ramírez, J. B. (2025). Efecto de independencia de la Junta Directiva en el desempeño financiero de pymes familiares colombianas. Desarrollo Gerencial, 17(1), 1–19. https://doi.org/10.17081/dege.17.1.8153
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