Corporate Governance and Firm Value in Mexico

Alberto Chong and Florencio Lopez-de-Silanes ()

No 1587, IDB Publications (Working Papers) from Inter-American Development Bank

Abstract: The objective of this paper is twofold. On one hand, we undertake an analysis of the recent evolution of capital markets and their effect on the availability of external financing in Mexico in the last two decades. On the other hand, based on a newly assembled firm-level data set on corporate governance and firm performance, we show that better firm-level corporate governance practices are linked to higher valuations, better performance and more dividends disbursed to investors. These results hold after controlling for endogeneity. Overall, the evidence shows that the Mexican legal environment poses serious problems for access to capital.

Keywords: WP-564 (search for similar items in EconPapers)
Date: 2006-07
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Citations: View citations in EconPapers (2)

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Working Paper: Corporate Governance and Firm Value in Mexico (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:idb:brikps:1587

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