Impacto del buen gobierno corporativo en la generación de valor financiero de empresas representativas del sector cementero de Perú y Colombia
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2017-03-16
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Pontificia Universidad Católica del Perú
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La presente tesis realiza el análisis de las empresas representativas del sector
cementero de Perú y Colombia con prácticas de buen gobierno corporativo y su implicancia
en la generación de valor financiero a partir de la revisión de los reportes o códigos de
gobierno corporativo y estados financieros auditados publicados en medios oficiales por las
empresas que conforman el estudio.
Una vez que se recopiló la información de las prácticas de buen gobierno corporativo
de cada una de las empresas contempladas en el estudio, correspondiente al periodo 2011 -
2015 se transformaron los resultados en datos numéricos que determinaron ratios de avance o
nivel de implementación de las prácticas del gobierno corporativo. De manera equivalente, se
analizaron los estados financieros de las mismas empresas durante el mismo período de
investigación a fin de determinar indicadores financieros que identificaron la generación o
pérdida de valor financiero.
Los datos analizados sugieren que no existe relación evidente entre el gobierno
corporativo y el valor financiero en empresas representativas del sector cementero en
evaluación, de igual forma, que las prácticas de gobierno corporativo no garantizan mejores
resultados financieros, debiendo incorporarse en futuras investigaciones otros factores que
puedan contribuir en el desarrollo de ambas variables. Otro hallazgo importante refiere a la
falta de un sistema de evaluación estándar para desarrollar y calificar el nivel de
cumplimiento de las buenas prácticas de gobierno corporativo en cada país y en América
Latina lo que dificulta la evaluación conjunta
This thesis makes the analysis of the representative companies in the cement sector of Perú and Colombia with good corporate governance practices and their implications in generating financial value beginning from reviewing the reports or corporate governance codes and audited financial statements published through official media by the companies in study. Once the information of good corporate governance practices for each of the companies covered by the study, for the period 2011 - 2015 was compiled, the results were transformed into numerical data determining forward ratios or level of implementation of practices of corporate governance. Equivalently, the financial statements of the same companies were analyzed during the same investigation period to determine financial indicators, which identified the generation or loss of financial value. The analyzed data suggest that there is no clear relationship between corporate governance and financial value in representative companies of the cement sector in assessment, likewise, the corporate governance practices do not guarantee better financial results, and other factors ought to be incorporated for future research to contribute with the development of both variables. Another important finding relates to the lack of a standard evaluation system to develop and qualify the level of compliance with good corporate governance practices in each country and in Latin America making more difficult the final joint assessment
This thesis makes the analysis of the representative companies in the cement sector of Perú and Colombia with good corporate governance practices and their implications in generating financial value beginning from reviewing the reports or corporate governance codes and audited financial statements published through official media by the companies in study. Once the information of good corporate governance practices for each of the companies covered by the study, for the period 2011 - 2015 was compiled, the results were transformed into numerical data determining forward ratios or level of implementation of practices of corporate governance. Equivalently, the financial statements of the same companies were analyzed during the same investigation period to determine financial indicators, which identified the generation or loss of financial value. The analyzed data suggest that there is no clear relationship between corporate governance and financial value in representative companies of the cement sector in assessment, likewise, the corporate governance practices do not guarantee better financial results, and other factors ought to be incorporated for future research to contribute with the development of both variables. Another important finding relates to the lack of a standard evaluation system to develop and qualify the level of compliance with good corporate governance practices in each country and in Latin America making more difficult the final joint assessment
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Industria del cemento
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