Board of directors and value of Chilean companies

Felipe Muñoz Chávez (), Andrea King Domínguez (), Rosa Martha Ortega Martínez () and Luis Améstica Rivas ()
Additional contact information
Felipe Muñoz Chávez: Universidad del Bío-Bío
Andrea King Domínguez: University of Bío-Bío
Rosa Martha Ortega Martínez: Juárez University of the State of Durango
Luis Améstica Rivas: University of Bío-Bío

Revista Tendencias, 2025, vol. 26, issue 1, 61-88

Abstract: Introduction: Boards of directors are key to organizational performance. This study analyzes the composition of boards in non-financial Chilean companies between 2019 and 2022, focusing on the number of members, female participation, and professional diversity. Objective: To assess how these characteristics impact management practices and the strategic direction of organizations. Methodology: A statistical description and multiple linear regression were used to analyze the relationship between the variables and the company's value (Price to Book, Price to Sales, and EV to EBITDA). Results: The analysis shows an average of 7.9 members per board, low female participation, and a concentration in five professional areas. The number of members is positively related to the company's value in all cases. Female participation shows a negative relationship, while professional diversity has a positive impact in some cases, although not significant in others. Additionally, company size and indebtedness also influence company value. Conclusions: The number of board members positively impacts company value, while female participation and professional diversity show a less clear influence.

Keywords: Chile; board of directors; economic evaluation; finance; corporate governance (search for similar items in EconPapers)
JEL-codes: G30 G32 G34 M21 (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://revistas.udenar.edu.co/index.php/rtend/article/view/9252 Full text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:col:000520:021332

Access Statistics for this article

More articles in Revista Tendencias from Universidad de Narino Contact information at EDIRC.
Bibliographic data for series maintained by Universidad de Narino ().