Transparencia corporativa en la industria de generación, transmisión y distribución de energía eléctrica
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Date
2019-04-08
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Pontificia Universidad Católica del Perú
Abstract
Con el propósito de medir la transparencia corporativa en la industria de generación,
transmisión y distribución de energía eléctrica en el Perú se realizó esta investigación de tipo
descriptivo y alcance correlacional, con enfoque cuantitativo. Se desarrolló el estudio bajo la
premisa de que la transparencia corporativa es un concepto que nació con el objetivo de
reforzar los valores de confianza, integridad y franqueza en la información que las empresas
proporcionan. El concepto ha evolucionado y en la actualidad se entiende por transparencia
corporativa a la divulgación de toda la información relevante para los grupos de interés de la
organización, revelando aspectos como la constitución del patrimonio, los pagos a directores
y los negocios en los que la empresa participa, entre muchos otros. Dada la necesidad que
tienen los inversionistas de saber si una empresa o una industria es transparente, son varios
los autores que han creado modelos con el objetivo de medir la transparencia corporativa,
mediante un índice numérico que permita hacer comparaciones entre empresas, así como
también a través del tiempo. Para el desarrollo de esta investigación se ha seleccionado el
modelo de Briano y Rodríguez (2013), con el que se evaluaron 36 elementos, agrupados en
tres dimensiones: (a) información corporativa, (b) información financiera, y (c) información
de Gobierno Corporativo. Es así que se recopiló información para las 18 empresas que listan
en la Bolsa de Valores de Lima de la industria de generación, transmisión y distribución de
energía eléctrica en Perú. Los resultados llevaron a concluir que el nivel de transparencia en
este sector es medio con un puntaje promedio de 0.59 para el año 2017; así como no existe
correlación entre la transparencia corporativa, el tamaño del directorio, el número de
directores independientes, la concentración de propiedad de acciones y el desempeño
financiero.
In order to measure corporate transparency in the electric power generation, transmission and distribution industry in Perú, this descriptive and correlational research was carried out, with a quantitative approach. The study was developed under the premise that corporate transparency is a concept that reinforces the values of trust, integrity and openness in the information that companies provided. The concept has evolved and nowadays corporate transparency is understood as the disclosure of all the relevant information for the organization's stakeholders, revealing aspects such as the constitution of the patrimony, the payments to directors and the businesses in which the company participates, among many others. Given the need for investors to know if a company or an industry is transparent, several authors have created models with the objective of measuring corporate transparency, using a numerical index that allows comparisons between companies, as well as through time For the development of this research, the model of Briano and Rodríguez (2013) has been selected, with which 36 elements are evaluated, grouped into three dimensions: (a) corporate information, (b) financial information, and (c) information from Corporate governance. Thus, the researchers collected the data for the 18 companies that list on Lima Stock Exchange in generation, transmission and distribution of electricity industry in Peru. The results led to the conclusion that the level of transparency in this sector is medium with an average score of 0.59 for the year 2017; as well as there is no correlation between corporate transparency, the size of the board, the number of independent directors, the concentration of ownership of shares and financial performance.
In order to measure corporate transparency in the electric power generation, transmission and distribution industry in Perú, this descriptive and correlational research was carried out, with a quantitative approach. The study was developed under the premise that corporate transparency is a concept that reinforces the values of trust, integrity and openness in the information that companies provided. The concept has evolved and nowadays corporate transparency is understood as the disclosure of all the relevant information for the organization's stakeholders, revealing aspects such as the constitution of the patrimony, the payments to directors and the businesses in which the company participates, among many others. Given the need for investors to know if a company or an industry is transparent, several authors have created models with the objective of measuring corporate transparency, using a numerical index that allows comparisons between companies, as well as through time For the development of this research, the model of Briano and Rodríguez (2013) has been selected, with which 36 elements are evaluated, grouped into three dimensions: (a) corporate information, (b) financial information, and (c) information from Corporate governance. Thus, the researchers collected the data for the 18 companies that list on Lima Stock Exchange in generation, transmission and distribution of electricity industry in Peru. The results led to the conclusion that the level of transparency in this sector is medium with an average score of 0.59 for the year 2017; as well as there is no correlation between corporate transparency, the size of the board, the number of independent directors, the concentration of ownership of shares and financial performance.
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Keywords
Transparencia corporativa--Perú, Sector energético--Perú, Investigación cuantitativa
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