Composition of Corporate Governance Mechanism and Performance in Emerging Economies: The Mexican Case

Juan M. San Martin-Reyna, Jorge Alberto Durán Encalada

Resumen


This research examines the mediation of corporate government mechanisms in the relation of family control variables (family ownership, family CEO, and its composite) and market performance. The study includes a sample of 64 Mexican listed firms for a period of 14 years (2005-2018). After confirming the positive relationship between the family control variables and performance, the study analyzes how the board size, the participation of independent directors on the board, and the debt level intervene in that relationship. The results show to what extent those corporate mechanisms become a substitute or complement each other in creating value in Mexican family firms.


Palabras clave


Family firms; value creation; corporate governance mechanisms; complementarity; Mexico

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Referencias


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