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The corporate governance index and its relation to financial performance: A study of companies that issued on the Guayaquil stock exchange in 2013

Abstract:

The objective of this article was to determine the relationship between the Corporate Governance Index and the financial performance of the enterprises that generated shares in the stock market of Guayaquil during 2013. This non-experimental design research with quantitative approach and correlational scope was developed through primary information gathering from 70 enterprises applying a survey that allowed us to estimate the various levels of such indicator, to use, so later on, a probit model to measure the probabilistic incidence of financial return. As a result, we could observe that a raise of the Corporate Governance increases the probability to gain a higher financial performance than the average one of the market, nevertheless the variables Debt Levels and Publicity Expenses were not noteworthy to explain the model.