Sandra Gaitan | Universidad EAFIT (original) (raw)

Uploads

Papers by Sandra Gaitan

Research paper thumbnail of ¿Genera valor la adopción de Gobierno Corporativo en Colombia?

Research paper thumbnail of Corporate Governance in Colombia: New Challenges and Opportunities

Research paper thumbnail of Gobierno Corporativo en Colombia. Tendencias Actuales

Research paper thumbnail of Does Board Diversity Matter in Credit Risk?

Global Business Review, 2021

The board of directors’ diversity plays a crucial role in the firm’s decision-making process, whi... more The board of directors’ diversity plays a crucial role in the firm’s decision-making process, which includes risk management. This study proposes a multidimensional index to measure board diversity. We use the Standard and Poor’s (S&P) 1500 between 1996 and 2013 to analyse the relationship between board diversity and credit risk. We find an inverse and significative relation between board diversity and credit risk, which means that diversity matters in credit risk, and more diversity leads to less credit risk.

Research paper thumbnail of Methodology for the financial valuation of a power plant under regulatory changes

IEEE Latin America Transactions, 2017

In this paper is quantified the impact on the financial viability of smaller plants in the Colomb... more In this paper is quantified the impact on the financial viability of smaller plants in the Colombian Electricity Market-MEC by modifying the rules of participation in the mechanism of firm energy payment (Cargo por Confiabilidad) from the implementation of the norm Resolución CREG 138/2015. A valuation model is used under the methodology of discounted Free Cash Flow-FCF with a rate for the sector, considering the different sources of funding and structure of income and costs of a 19.9 MW hydroelectric plant taking into account benefits from energy sales and firm energy remuneration and expenses associated with the investment, operating costs and MEC's own. It is found that the implementation of the new regulation would result in significant impacts affecting even the viability of these power plants.

Research paper thumbnail of Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

SSRN Electronic Journal, 2016

This paper examines the impact of industrial productivity on transnationals M&As from OECD countr... more This paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and 2 transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.

Research paper thumbnail of Export behavior and board independence in Colombian family firms: The reverse causality relationship

Journal of Business Research, 2016

In the context of greater market liberalization in Latin America, one issue that merits greater a... more In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards' composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.

Research paper thumbnail of Board Characteristics, Compliance, and Firm Performance: Empirical Findings from Colombia

Latin American Business Review, 2018

Using data from a single database of Colombian firms, we confirmed an endogenous relationship bet... more Using data from a single database of Colombian firms, we confirmed an endogenous relationship between specific board characteristics, compliance with corporate governance guidelines, and firm performance. A board comprising experts without conflicts of interest is more likely to control ethical behavior, implement audit committees, review compliance with accepted accounting standards, and approve and control the firm's strategic planning, all of which will lead to an improvement in firm results, and engagement and retention of higher quality board members. Conclusions have strong implications for public policy and managerial practice.

Research paper thumbnail of Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional

Journal of Economics Finance and Administrative Science, 2014

Research paper thumbnail of Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional

Journal of Economics Finance and Administrative Science, 2014

Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional ଝ informac... more Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional ଝ información del artículo Historia del artículo: Recibido el 8 de agosto de 2014 Aceptado el 9 de octubre de 2014

Working Papers 2016 by Sandra Gaitan

Research paper thumbnail of Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship

In the context of greater market liberalization in Latin America, one issue that merits greater a... more In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards’ composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.

Research paper thumbnail of ¿Genera valor la adopción de Gobierno Corporativo en Colombia?

Research paper thumbnail of Corporate Governance in Colombia: New Challenges and Opportunities

Research paper thumbnail of Gobierno Corporativo en Colombia. Tendencias Actuales

Research paper thumbnail of Does Board Diversity Matter in Credit Risk?

Global Business Review, 2021

The board of directors’ diversity plays a crucial role in the firm’s decision-making process, whi... more The board of directors’ diversity plays a crucial role in the firm’s decision-making process, which includes risk management. This study proposes a multidimensional index to measure board diversity. We use the Standard and Poor’s (S&P) 1500 between 1996 and 2013 to analyse the relationship between board diversity and credit risk. We find an inverse and significative relation between board diversity and credit risk, which means that diversity matters in credit risk, and more diversity leads to less credit risk.

Research paper thumbnail of Methodology for the financial valuation of a power plant under regulatory changes

IEEE Latin America Transactions, 2017

In this paper is quantified the impact on the financial viability of smaller plants in the Colomb... more In this paper is quantified the impact on the financial viability of smaller plants in the Colombian Electricity Market-MEC by modifying the rules of participation in the mechanism of firm energy payment (Cargo por Confiabilidad) from the implementation of the norm Resolución CREG 138/2015. A valuation model is used under the methodology of discounted Free Cash Flow-FCF with a rate for the sector, considering the different sources of funding and structure of income and costs of a 19.9 MW hydroelectric plant taking into account benefits from energy sales and firm energy remuneration and expenses associated with the investment, operating costs and MEC's own. It is found that the implementation of the new regulation would result in significant impacts affecting even the viability of these power plants.

Research paper thumbnail of Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance

SSRN Electronic Journal, 2016

This paper examines the impact of industrial productivity on transnationals M&As from OECD countr... more This paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and 2 transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.

Research paper thumbnail of Export behavior and board independence in Colombian family firms: The reverse causality relationship

Journal of Business Research, 2016

In the context of greater market liberalization in Latin America, one issue that merits greater a... more In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards' composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.

Research paper thumbnail of Board Characteristics, Compliance, and Firm Performance: Empirical Findings from Colombia

Latin American Business Review, 2018

Using data from a single database of Colombian firms, we confirmed an endogenous relationship bet... more Using data from a single database of Colombian firms, we confirmed an endogenous relationship between specific board characteristics, compliance with corporate governance guidelines, and firm performance. A board comprising experts without conflicts of interest is more likely to control ethical behavior, implement audit committees, review compliance with accepted accounting standards, and approve and control the firm's strategic planning, all of which will lead to an improvement in firm results, and engagement and retention of higher quality board members. Conclusions have strong implications for public policy and managerial practice.

Research paper thumbnail of Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional

Journal of Economics Finance and Administrative Science, 2014

Research paper thumbnail of Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional

Journal of Economics Finance and Administrative Science, 2014

Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional ଝ informac... more Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional ଝ información del artículo Historia del artículo: Recibido el 8 de agosto de 2014 Aceptado el 9 de octubre de 2014

Research paper thumbnail of Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship

In the context of greater market liberalization in Latin America, one issue that merits greater a... more In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards’ composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.