Determinantes de la concentración de la propiedad empresarial en México

Watkins-Fassler, Karen; Vargas, Diana

doi:10.1016/j.cya.2015.05.015

Cited by 5 publications

(1 citation statement)

References 51 publications

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“…Mexican firms' shareholding is very concentrated; the average proprietorship in the Mexican Stock Exchange (BMV)publicly Directorates and family firm performance traded companiesis 54%. Most of these listed companies are family firms, which belong to (family) business groups (85% - Watkins-Fassler et al, 2016;Watkins-Fassler, 2013). This shareholding structure partially responds to the low degree of investor protection that is legally established.…”

Section: Family Firms In Mexicomentioning

confidence: 99%

Interlocking directorates and family firm performance: an emerging market’s perspective

Watkins-Fassler

Ariza

Fernández‐Pérez

et al. 2023

JFBM

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PurposeThis study analyses interlocking directorates from the perspective of an emerging market, Mexico, where formal institutions are weak, and family firms with high ownership concentration dominate. It responds to recent calls in the literature on interlocks, which urge the differentiation between family and non-family businesses and to complete more research on emerging economies.Design/methodology/approachA database was constructed for 89 non-financial companies (52 family-owned) listed on the Mexican Stock Exchange (BMV) from 2001 to 2014. This period includes normal times and an episode of financial crisis (2009–2010). To test the hypotheses, a dynamic panel model (in two stages) is used, applying GMM.FindingsIn normal times, the advantages of Board Chairman (COB) interlocks for the performance of publicly traded Mexican family firms are obtained regardless of the weak formal institutional environment. By contrast, during financial crisis, interlocking family COBs are more likely to jointly expropriate minority shareholders with actions that further their family objectives, which mitigates the positive effect of interlocks on performance. These findings contrast with the insignificant effects of COB interlocks found for non-family corporates.Originality/valueA new framework is proposed which, through agency theory, finds points of concordance among resource dependence and class hegemony theories, to understand the effect of interlocking directorates on the performance of family firms operating in Mexico. The results of the empirical exercise for family companies listed on BMV during normal and financial crisis periods suggest its applicability.

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Section: Family Firms In Mexicomentioning

confidence: 99%

Interlocking directorates and family firm performance: an emerging market’s perspective

Watkins-Fassler

Ariza

Fernández‐Pérez

et al. 2023

JFBM

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Corporate governance and firm performance in hybrid model countries

Mendoza-Velázquez

Barba

Conde-Cortés

2022

RAF

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Purpose This paper aims to examine the dynamic nexus between corporate governance (CG) and firm performance in hybrid model countries. It also investigates the effect of horizontal agency conflicts on CG adherence. Design/methodology/approach This research uses vector autoregression methods and dynamic panels to examine the cross-sectional and longitudinal association between CG and performance, using three CG adherence indexes of transparency, management and board governance. The data set includes annual market and firm performance data from a sample of 93 companies trading in the Mexican stock market for the period 2010–2016. Findings This study finds evidence of dynamic interdependence between CG and firm performance, as well as weak effects of CG adherence on firms’ performance. The adverse effect of increasing return on equity and return on assets (ROE-ROA) gaps on CG adherence, which results from agency conflicts and insider ownership, is likely behind the weak association between CG and firm performance. Originality/value The findings in this study provide evidence that hybrid systems weaken the nexus between CG and firm performance. The propensity to prefer banking and bond debt to issuing stocks, as indicated by a greater ROE-ROA gap, points to favorable provisions for majority shareholders, adverse normative environments for minority shareholders and a low level of compliance with CG measures, among other problems.

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Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile

Watkins-Fassler

Turrent

Franco-Ramírez

et al. 2022

Finanz. polit. econ

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Este artículo indaga sobre el efecto de la independenciade los Consejos de Administración (juntas directivas) en la rentabilidad de las empresas no financieras listadas en México y Chile durante 2009-2016. Se estudia el impacto sobre el desempeño financiero tanto del porcentaje de miembros independientes como de la antigüedad de estos en el cargo. Lo anterior se evalúa tomando en cuenta la concentración de la propiedad accionaria. Se concluye, mediante un análisis de panel dinámico, que el grado de independencia no favorece los resultados empresariales, independientemente de la concentración de la propiedad. No obstante, la antigüedad de los directores independientes sí repercute negativamente sobre la rentabilidad de estas firmas. Lo anterior pone bajo debate los requerimientos legales en materia de gobierno corporativo para las empresas listadas en América Latina y sugiere líneas de investigación empíricas que favorezcan la identificación de pesos y contrapesos efectivos para estas firmas.

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Determinantes de la concentración de la propiedad empresarial en México

Cited by 5 publications

References 51 publications

Interlocking directorates and family firm performance: an emerging market’s perspective

Interlocking directorates and family firm performance: an emerging market’s perspective

Corporate governance and firm performance in hybrid model countries

Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile

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