Efecto de independencia de la Junta Directiva en el desempeño financiero de pymes familiares colombianas

##plugins.themes.themeTen.article.main##

Camilo Correal Cuervo https://orcid.org/0009-0000-1238-9461
José Bernardo Betancourt Ramírez https://orcid.org/0000-0002-0507-1196

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.

Descargas

Los datos de descargas todavía no están disponibles.
Abstract 33 | PDF Downloads 38

Citas

Abor, J., & Biekpe, N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: Implications for financing opportunities. Corporate Governance: The International Journal of Business in Society, 7(3), 288–300. https://doi.org/10.1108/14720700710756562

Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. (2008). An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475-492. https://doi.org/10.1287/orsc.1070.0322

Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. https://doi.org/10.2307/4131472

Arosa, B., Iturralde, T., & Maseda, A. (2010). Outsiders on the board of directors and firm performance: Evidence from Spanish non-listed family firms. Journal of Family Business Strategy, 1(4), 236-245. https://doi.org/10.1016/j.jfbs.2010.10.004

Bammens, Y., Voordeckers, W., & Van Gils, A. (2011). Boards of directors in family businesses: A literature review and research agenda. International Journal of Management Reviews, 13(2), 134-152. https://doi.org/10.1111/j.1468-2370.2010.00289.x

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

Bernal, A., Oneto, A., Penfold, M., Schneider, L., & Wilcox, J. (2012). Corporate governance in Latin America: Importance for state owned enterprises. Public Policy and Productive Transformation, 6, 11-75. https://scioteca.caf.com/handle/123456789/367

Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. Journal of Corporation Law, 27, 231-273. http://ssrn.com/abstract_id=133808

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

Carney, M. (2005). Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship Theory and Practice, 29(3), 249-265. https://doi.org/10.1111/j.1540-6520.2005.00081.x

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

Confederación Colombiana de Cámaras de Comercio [Confecámaras]. (2018). Informe de dinámica empresarial en Colombia: I semestre de 2018. https://bibliotecadigital.ccb.org.co/handle/11520/22708

Corbetta, G., & Salvato, C. A. (2004). The board of directors in family firms: One size fits all? Family Business Review, 17(2), 119-134. https://doi.org/10.1111/j.1741-6248.2004.00008.x

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

Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta‐analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3), 269-290. https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K

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

Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73-87. https://doi.org/10.1111/j.1741-6248.2006.00026.x

O’Boyle, E. H., Jr., Pollack, J. M., & Rutherford, M. W. (2012). Exploring the relation between family involvement and firms’ financial performance: A meta-analysis of main and moderator effects. Journal of Business Venturing, 27(1), 1-18. https://doi.org/10.1016/j.jbusvent.2011.09.002

Pearce, J. A., & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411-438. https://doi.org/10.1111/j.1467-6486.1992.tb00672.x

Peng, M. W. (2004). Outside directors and firm performance during institutional transitions. Strategic Management Journal, 25(5), 453-471. https://doi.org/10.1002/smj.390

Pombo, C., & Gutiérrez, L. H. (2011). Outside directors, board interlocks and firm performance: Empirical evidence from Colombian business groups. Journal of Economics and Business, 63(4), 251-277. https://doi.org/10.1016/j.jeconbus.2011.01.002

Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191. https://doi.org/10.1016/0304-405X(90)90002-H

Samara, G., & Berbegal-Mirabent, J. (2018). Independent directors and family firm performance: Does one size fit all? International Entrepreneurship and Management Journal, 14(1), 149–172. https://doi.org/10.1007/s11365-017-0455-6

Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12(2), 99-116. https://doi.org/10.1287/orsc.12.2.99.10114

Sciascia, S., Mazzola, P., & Kellermanns, F. W. (2014). Family management and profitability in private family-owned firms: Introducing generational stage and the socioemotional wealth perspective. Journal of Family Business Strategy, 5(2), 131-137. https://doi.org/10.1016/j.jfbs.2014.03.001

Setia-Atmaja, L., Haman, J., & Tanewski, G (2011). The role of board independence in mitigating agency problem II in Australian family firms. The British Accounting Review, 43(3), 230-246. https://doi.org/ 10.1016/j.bar.2011.06.006

Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1), 1-36. https://doi.org/10.1111/j.1741-6248.2004.00001.x

Sherlock, C., & Marshall, D. (2019). A literature review of family firm boards: An input-mediator-output-input perspective. The Palgrave handbook of heterogeneity among family firms, 141-179.

Siebels, J. F., & zu Knyphausen-Aufseß, D. (2012). A review of theory in family business research: The implications for corporate governance. International Journal of Management Reviews, 14(3), 280-304. https://doi.org/10.1111/j.1468-2370.2011.00317.x

Solarino, A. M., & Boyd, B. K. (2023). Board of director effectiveness and informal institutions: A meta-analysis. Global Strategy Journal, 13(1), 58-89. https://doi.org/10.1002/gsj.1468

Stewart, A., & Hitt, M. A. (2012). Why can’t a family business be more like a non-family business? Modes of professionalization in family firms. Family Business Review, 25(1), 58-86. https://doi.org/10.1177/0894486511421665

Superintendencia de Sociedades. (2021). Informe de las 1000 empresas más grandes de Colombia. https://www.supersociedades.gov.co/documents/80312/3648223/Presentacion-1000-empresas.pdf/1e5ab9b3-bc6a-b874-238f-a5eb8c24a402?t=1669754279899

Tai, Y.-H. (2025). Do independent directors’ independence and familiarity enhance family firm performance? The role of corporate governance performance. Pacific Accounting Review, 37(2), 271-293. https://doi.org/10.1108/PAR-05-2024-0088

Uhlaner, L., Wright, M., & Huse, M. (2007). Private firms and corporate governance: An integrated economic and management perspective. Small Business Economics, 29, 225-241. https://doi.org/10.1007/s11187-006-9032-z

Van Essen, M., Carney, M., Gedajlovic, E. R., & Heugens, P. P. (2015). How does family control influence firm strategy and performance? A meta-analysis of US publicly listed firms. Corporate Governance: An International Review, 23(1), 3-24. https://doi.org/10.1111/corg.12080

Wright, M., Kellermanns, F. W., & Chu, D. (2014). Family enterprise in emerging economies: Strategies for sustainable growth. Global Strategy Journal, 4(2), 130-146. https://doi.org/10.1002/gsj.1082

Zattoni, A., Gnan, L., & Huse, M. (2015). Does family involvement influence firm performance? Exploring the mediating effects of board processes and tasks. Journal of Management, 41(4), 1214-1243. https://doi.org/10.1177/0149206312463936

Zellweger, T. M., & Nason, R. S. (2008). A stakeholder perspective on family firm performance. Family Business Review, 21(3), 203-216. https://doi.org/10.1177/08944865080210030103