Corporate Governance and Performance during the Aftermath of the 1994 Mexican Crisis

Authors

  • Karen Watkins Universidad Popular Autónoma del Estado de Puebla
  • Dick Van Dijk Erasmus Universiteit Rotterdam, Econometric Institute
  • Jaap Spronk Erasmus Universiteit Rotterdam, Department of Finance and Investments

DOI:

https://doi.org/10.18381/eq.v2i2.242

Abstract

Buenos mecanismos de gobierno corporativo se relacionan con buen desempeño empresarial. Este artículo estudia los efectos de los vínculos familiares, bancarios y empresariales en el desempeño de las empresas mexicanas durante el período 1995-1997. Se emplean dos variables de desempeño son empleadas por razones de solidez: retorno sobre los activos y margen de ventas. Los resultados muestran que durante este período, el desempeño de las firmas con mejores estructuras de gobierno corporativo fue más favorable que para las demás.

Downloads

Download data is not yet available.

References

Alba, P., Claessens, S., & Djankov, S. (2003) ¨Thailand’s corporate financing and governance structures¨, The World Bank, Policy Research Working Paper, Washington.

Aoki, M. (2001) ¨Toward a comparative institutional analysis¨, MIT Press, Massachusetts.

Baek, J.S., Kang, J.K, & Park, K.S. (2004) ¨Corporate governance and firm value: Evidence from the Korean financial crisis¨, Journal of Financial Economics 71, 265–313.

Bennedsen, M. & Wolfenzon, D. (2000) ¨The balance of power in closely held corporations¨, Journal of Financial Economics 58, 113-139.

Berger, A. & Bonaccorsi di Patti, E. (article in press) ¨Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry¨, Journal of Banking and Finance.

Boubakri, N., Cosset, J.C., & Guedhami, O. (2005) ¨Post privatization corporate governance: The role of ownership structure and investor protection¨, Journal of Financial Economics 76, 369-399.

Castañeda, G. (2002) ¨Internal capital markets and financing choices of Mexican firms before and during the financial paralysis of 1995-2000¨, Unpublished manuscript.

Castañeda, G. (2005) ¨Consequences of firms’ relational financing in the aftermath of the 1995 Mexican banking crisis¨, Journal of Applied Economics, 8 (1), 53-79.

Claessens, S., Djankov, S., & Xu, L.C. (2000) ¨Corporate performance in the East Asian financial crisis¨, The World Bank Research Observer 15, 23-46, Washington.

Coles, J.W., McWilliamsb, V.B., & Sen, N. (2001) ¨An examination of the relationship of governance mechanisms to performance¨, Journal of Management 27, 23-50.

Dahyaa, J. & McConnell, J.J. (article in press) ¨Outside directors and corporate board decisions¨, Journal of Corporate Finance.

Fama, E. & Jensen, M. (1983) ¨Agency problems and residual claims¨, Journal of Law and Economics 26, 327–350.

Jensen, M.C. & Meckling, W.H. (1976) ¨Theory of the firm: Managerial behavior, agency costs and ownership structure¨, Journal of Financial Economics 3, 305–360.

Khanna, T. & Palepu, K. (1996) ¨Corporate scope and severe market imperfections: An empirical analysis of diversified business groups in an emerging economy¨, Graduate School of Business Administration, Harvard University, Boston, Massachusetts.

Kim, B. & Lee, I. (2003) ¨Agency problems and performance of Korean companies during the Asian financial crisis: Chaebol vs. non-chaebol firms¨, Pacific – Basin Finance Journal 11, 327-348.

Kose, J. & Senbet, L.W. (1998) ¨Corporate governance and board effectiveness¨, Journal of Banking and Finance 22, 371-403.

Lee, J. (1998) ¨Causes for business failures: Understanding the 1997 Korean crisis¨, Journal of Asian Economics 9, 637-651.

Maury, B. (article in press) ¨Family ownership and firm performance: Empirical evidence from Western European corporations¨, Journal of Corporate Finance.

Mitton, T. (2002) ¨A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis¨, Journal of Financial Economics 64, 215-241.

Morck, R. & Nakamura, M. (1999) ¨Banks and corporate control in Japan¨, Journal of Finance 54, 319–339.

Myers, S.C. (1977), ¨Determinants of corporate borrowing¨, Journal of Financial Economics 5, 147-175.

Titman, S. & Wessels, R. (1998) ¨The determinants of capital structure choice¨, Journal of Finance 42, 1-19.

Watkins, K., Van Dijk, D., & Spronk, J. (2005) ¨Macroeconomic crisis and individual firm performance: The Mexican experience¨, Tinbergen Institute Discussion Paper 04-057/2, Rotterdam, The Netherlands.

Published

2015-06-18

How to Cite

Watkins, K., Van Dijk, D., & Spronk, J. (2015). Corporate Governance and Performance during the Aftermath of the 1994 Mexican Crisis. EconoQuantum, 2(2). https://doi.org/10.18381/eq.v2i2.242

Metrics