Jon Krause

La falsa promesa de los patrones de gobernancia global

Cambridge – A raíz de la crisis financiera global del año pasado, hoy existe un reconocimiento generalizado de que una protección inadecuada de los inversores puede afectar significativamente la manera en que se desarrollan los mercados accionarios y las economías, así como el desempeño de las empresas individuales. El mayor interés en mejorar la gobernancia corporativa ha generado una demanda de patrones confiables para evaluar la gobernancia en las empresas que cotizan en Bolsa en todo el mundo. En conjunto, las autoridades del Banco Mundial, los asesores de los accionistas y los economistas financieros han hecho considerables esfuerzos para desarrollar este tipo de patrones.

La noción de un único conjunto de criterios para evaluar la gobernancia de las empresas que cotizan en Bolsa en todo el mundo es, sin duda, atractiva. Tanto los inversores como las empresas que cotizan en Bolsa están operando en mercados globales de capital cada vez más integrados. Sin embargo, la búsqueda de un único conjunto de patrones de gobernancia global es equivocada.

Es cierto, en el transcurso de la última década, ha habido un creciente uso de patrones de gobernancia global, principalmente desarrollados en Estados Unidos, para evaluar cómo los países y las empresas de todo el mundo protegen a los inversores minoritarios. Pero estos esfuerzos pasaron por alto diferencias fundamentales entre las empresas subsidiarias, que tienen un accionista controlador, y las empresas con un amplio grupo de accionistas que carecen de un controlador de este tipo. Si bien las empresas con un amplio grupo de accionistas dominan los mercados de capital de Estados Unidos y el Reino Unido, las empresas subsidiarias predominan en la mayoría del resto de los países.

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