{"id":529,"date":"2018-11-26T12:46:44","date_gmt":"2018-11-26T12:46:44","guid":{"rendered":"http:\/\/cesa-cegc.co\/?page_id=529"},"modified":"2025-10-07T15:16:42","modified_gmt":"2025-10-07T15:16:42","slug":"publicaciones-cegc","status":"publish","type":"page","link":"https:\/\/cesa-cegc.co\/es\/publicaciones-cegc\/","title":{"rendered":"Publicaciones"},"content":{"rendered":"\t\t
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Publicaciones<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Las publicaciones asociadas a proyectos de investigaci\u00f3n en gobierno corporativo, divulgadas por el CEGC del CESA son las siguientes:<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tArt\u00edculos<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

\u2022 Determinants of Environmental Disclosure and Firm Value: Evidence From Latin American Energy and Mining Industries. <\/b><\/a> <\/a><\/span>We developed an Environmental Disclosure Index (EDI) to capture a broad and detailed range of environmental issues. This comprehensive approach helps reduce the risk of superficial or selective reporting by firms. Using the EDI, we analyzed the <\/span>factors associated with environmental disclosure practices among 220 companies in the energy and mining sectors in Latin <\/span>America over the period 2015\u20132023. Additionally, we examined how the level of environmental disclosure is associated with a <\/span>firm’s value.<\/span><\/p>\n

\u2022 The value effect of sustainability: evidence from Latin American ESG bond market.<\/b><\/a>  <\/a><\/span>We use the event study  methodology to examine the effect of 115 environmental, social, and governance (ESG) bond issuances on the stock price of Latin American listed firms over the period 2016-2022. Consistent with the signaling theory, firms sending a signal of commitment to sustainability obtain a positive and significant average Cumulative Abnormal return (CAR) of 1.97% during an event window of 18 days.<\/p>\n

\u2022 Determinants of corporate tone in an initial public offering: Powerful CEOs versus well-functioning boards:  <\/b><\/a>This study concentrates on the factors that shape the tone of the information disclosed in IPOs. Sampling 211 Latin American IPOs during the period 2000\u20132019, we find empirical evidence that a powerful CEO can influence tone, avoiding unfavorable tone and fostering the use of positive words in the information disclosed to the market.<\/span><\/p>\n

\u2022 What you say and how you say it: Information disclosure in Latin American firms: <\/b><\/a>In this paper, we construct an Information Disclosure Index (IDI) for a sample of 454 firms in the six largest Latin America countries. We look at 4.622 company reports and show that firms with better disclosure practices have better market valuation (Tobin\u2019s Q) and better accounting financial performance (return on equity, ROE).<\/p>\n

\u2022 Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings:<\/a> <\/b>Using a database featuring 875 initial coin offerings between 2017 and 2019, we analyze women\u2019s participation and the effects of team gender diversity on initial coin offering (ICO) success measured by the total funding amount raised in the actual ICO and the project\u2019s long-term survival.<\/span><\/p>\n

\u2022 Gobierno Corporativo y familiar: An\u00e1lisis sobre su relevancia para las empresas multifamiliares en expansi\u00f3n a partir de un estudio de caso: <\/b><\/a>Este art\u00edculo se analiza el caso de Franquicias Americanas (FA), una empresa multifamiliar colombiana en una etapa de crecimiento acelerado, para argumentar que una empresa con alto potencial puede experimentar dificultad en la consolidaci\u00f3n de su modelo de negocio y poner en riesgo su viabilidad debido a la ausencia de buenas pr\u00e1cticas de gobierno corporativo y gobierno familiar.<\/p>\n

\u2022 The effectiveness of corporate governance hybrid models in emerging markets: The case of the Issuer Recognition program: <\/b><\/a>In this paper, we show that hybrid models, such as the innovative Colombian’s IR, might serve as a solution for the effective implementation of good corporate governance practices at the country level.<\/p>\n

\u2022 Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence: <\/b><\/a>Using a database featuring 324 environmental initial coin offerings between 2017 and 2019, we analyze the effects of attention to global warming on the success of environmental initial coin offerings (ICOs) measured by the total funding amount raised in the actual ICOs and the long-term survival of the projects.<\/p>\n

\u2022 The impact of governance on IPO underpricing and performance at the country and corporate level: literature review and research directions:  <\/b><\/a>We update and review the current literature on IPO underpricing and performance, stressing the link with corporate governance at the country and firm-level. We focus on the separation between ownership and control and the signaling that firms\u2019 governance structure could send to the IPO market.<\/p>\n

\u2022 How institutional development news moves an emerging market:<\/a> <\/b>Major moves in Colombia\u2019s stock market in the 2000s correspond to major news of progress or setbacks in rebuilding the country\u2019s institutions, shattered by widespread guerrilla insurgencies in the 1990s. This contrasts with prior work reporting no news on major market moves in the US, a country with comparatively stable institutions. Colombian economy-level news during the institutional rebuilding phase may have been exceptionally economically significant.<\/p>\n

\u2022 Governance, sentiment analysis, and initial public offering underpricing: <\/b><\/a>What is the relationship between governance, tone in language, \u00bfand underpricing of initial public offerings (IPOs) in Latin America? We find a positive (negative) and statistically significant relationship between board size (board independence) and IPO underpricing at the time firms go public.<\/p>\n

\u2022 Is board turnover driven by performance in family firms?:<\/a> <\/b>Using a sample of Colombian companies, we study director turnover as a corporate governance mechanism in family firms; specifically, the effect that family involvement in management, ownership, and control has on director turnover (direct effect) and on director turnover-performance sensitivity (moderating effect).<\/p>\n

\u2022 Does gender really matter in the boardroom? Evidence from closely held family firms: <\/b><\/a>In this study, using a unique hand-collected sample of 523 closely held Colombian family firms and 5.094 firm-year observations, with 4907 board members, including 833 female board members, we show that female directors have a negative effect on firm performance.<\/p>\n

\u2022 <\/b>Una revisi\u00f3n propositiva a la pol\u00edtica p\u00fablica para el mejoramiento del gobierno en las IES en Colombia: <\/b><\/a>Las pr\u00e1cticas de gobierno en las instituciones de educaci\u00f3n superior (ies) en Colombia han sido objeto de debate en la d\u00e9cada actual. En el marco de este debate, el Consejo Nacional de Educaci\u00f3n Superior estableci\u00f3 la pol\u00edtica p\u00fablica para el mejoramiento del gobierno en las ies en noviembre de 2017. Este art\u00edculo realiza un an\u00e1lisis cr\u00edtico a la pol\u00edtica p\u00fablica promulgada en el a\u00f1o 2017 y sugiere al Ministerio de Educaci\u00f3n Nacional nuevos aspectos.<\/p>\n

\u2022 What Are Boards For? Evidence from Closely Held Firms in Colombia:<\/a> <\/b>Using a large survey database on the corporate governance practices of privately held Colombian firms, we investigate why firms have boards, and how that choice and the balance of power among the board, controlling shareholders, and minority shareholders affect the trade-offs between control, liquidity, and growth and, ultimately, firm performance.<\/p>\n

\u2022 Who controls the board in non-profit organizations? The case of private higher education institutions in Colombia: <\/b><\/a>We examine the case of private higher education institutions (HEIs) in Colombia and the balance of power in university governance systems which feature this organizational form. Most HEIs in our sample have a kind of assembly of representatives as the governance body with the highest authority and able to appoint and control the board.<\/p>\n

Determinants of successful internationalisation processes in business schools:<\/a>  <\/b>We analyse the internationalisation process in business schools as a response to the globalisation phenomena and argue that environmental pressures, isomorphic forces, the pool of internal resources and the alignment of the process with the institution\u2019s general strategic plan are the main determinants of a successful internationalisation process.<\/p>\n

The Role of Family Involvement on CEO Turnover: Evidence from Colombian Family Firms: <\/b><\/a>We analyze CEO turnover in closely held firms with some level of ownership dispersion in a context of low investor protection. In particular, we examine the impact of family involvement on CEO turnover and CEO turnover\/performance sensitivity.<\/p>\n

\u2022 Governance of Family Firms: <\/b><\/a>We review what the financial economics literature has to say about the unique ways in which the following three classic agency problems manifest themselves in family firms: (a) shareholders versus managers, (b) controlling (family) shareholders versus noncontrolling shareholders, and (c) shareholders versus creditors. We also call attention to a fourth agency problem that is unique to family firms: the conflict of interest between family shareholders and the family at large.<\/p>\n

\u2022 Pr\u00e1cticas de gobierno corporativo en las asambleas generales de accionistas de empresas listadas en Colombia: <\/b><\/a>Este estudio analiza las Asambleas Generales de Accionistas (AGA) bajo el enfoque de gobierno corporativo, caracterizando las asambleas del a\u00f1o 2012 de once empresas colombianas que representan un poco m\u00e1s del 50% del COLCAP.<\/p>\n

\u2022 Family Involvement and Dividend Policy in Closely Held Firms: <\/b><\/a>This article examines the effects of family involvement on dividend policy in closely held firms that face agency problems involving majority\u2013minority shareholders. We argue that minority shareholders press for dividends when they perceive situations fostering wealth expropriation.<\/p>\n

\u2022 Internet-based corporate disclosure and market value: Evidence from Latin America: <\/b><\/a>We examine the relationship between an Internet-based corporate disclosure index and firm value in the seven largest stock markets of Latin America. The evidence contributes to the literature suggesting that firms can differentiate themselves by self-adopting better financial and corporate disclosure measures using the Internet.<\/p>\n

\u2022 Family firms and debt: Risk aversion versus risk of losing control: <\/b><\/a>This study examines the effect of family management, ownership, and control on capital structure for 523 Colombian firms between 1996 and 2006. The study finds that debt levels tend to be lower for younger firms when the founder or one of his heirs acts as manager, but trends higher as the firm ages.<\/p>\n

\u2022 Family firms and financial performance: The cost of growing: <\/b><\/a>This study examines the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms over 1996\u20132006. Using a detailed database and performing several panel data regression models, we find that family firms exhibit better financial performance on average than non-family firms when the founder is still involved in operations, although this effect decreases with firm size.<\/p>\n

\u2022 Revisi\u00f3n de la literatura de empresas familiares: una perspectiva financiera: <\/b><\/a>En este art\u00edculo facilitamos una integraci\u00f3n mediante una revisi\u00f3n de la literatura de empresas familiares desde la perspectiva financiera, ordenando m\u00e1s de 30 a\u00f1os de avances y presentando una agenda de investigaci\u00f3n comprehensiva desde esta perspectiva financiera.<\/p>\n

\u2022 Pol\u00edticas de incentivos relacionadas con la investigaci\u00f3n: una revisi\u00f3n cr\u00edtica desde la teor\u00eda de contratos: <\/b><\/a>Este art\u00edculo pretende resaltar el valor de la Teor\u00eda de Contratos para entender la pol\u00edtica de est\u00edmulos a la investigaci\u00f3n en instituciones de educaci\u00f3n superior colombianas, realizando una revisi\u00f3n a los principales aportes te\u00f3ricos respecto al problema de riesgo moral y discutiendo las pol\u00edticas de incentivos a la investigaci\u00f3n con este marco te\u00f3rico.<\/p>\n

\u2022 Empresas familiares: Una revisi\u00f3n de la literatura desde una perspectiva de agencia: <\/b><\/a>En este art\u00edculo se presenta una revisi\u00f3n comprehensiva de la literatura financiera alrededor de los principales estudios relacionados con las empresas familiares. La revisi\u00f3n, hecha desde la teor\u00eda de agencia, enmarca la estructura de propiedad familiar dentro de los principales problemas de agencia que surgen entre gerentes y propietarios, gerentes y tenedores de deuda y accionistas mayoritarios y minoritarios.<\/p>\n

\u2022 The role of heirs in family businesses: The case of Carvajal: <\/b><\/a>We use Carvajal, a large Colombian business group, to support our ideas and show that, contrary to international empirical evidence, there are certain circumstances where efforts made by heirs can be similar to those of the founder and exceed those of outside manager.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tDocumentos e Informes<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t