Influencia del gobierno corporativo en el costo de capital proveniente de la emisión de deuda/Influence of corporate governance on the cost of capital from debt issuance/Influência da gestão corporativa nos custos de capital proveniente da emissão de dívida

This paper studies the relationship between the implementation of corporate governance practices, as defined in the code of best corporate practices (Código País), and the cost of debt capital from companies listed on the Stock Exchange of Colombia. Using regression models, evidence was found sugges...

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Bibliographic Details
Published in:Estudios gerenciales 2014-01, Vol.30 (130), p.73
Main Authors: Cortes, Diógenes Lagos, Arenas, Carlos Enrique Vecino
Format: Article
Language:Spanish
Subjects:
Corporate governance
Cost of capital
Debt
Regression analysis
Studies
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Summary:This paper studies the relationship between the implementation of corporate governance practices, as defined in the code of best corporate practices (Código País), and the cost of debt capital from companies listed on the Stock Exchange of Colombia. Using regression models, evidence was found suggesting the existence of an inverse relationship between the level of implementation of corporate governance practices and the cost of financial debt issuers (companies in utilities and the real sector). There was no evidence to support such conclusion in the financial sector. [PUBLICATION ABSTRACT]
ISSN:0123-5923