Camarillo-Castillo, María E.

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Gobernanza corporativa en América del Norte: análisis del marco legal y su impacto en el desempeño financiero de las empresas
(2011) Camarillo-Castillo, María E.; Frontera-Agenjo, José A.; College of Business Administration; Ruiz-Vargas, Yolanda; Amador Dumois, María; Department of Business Administration; Crespo Barillo, José
This research examined the legal framework of Corporate Governance in North America using: The Sabarnes Oxley Act (U.S.A), The Canadian Business Act and The Ontario Business Corporation (Canada), and Ley de Sociedades de Valores y Ley de Sociedades de Inversión (Mexico) and its impact on the financial performance of 125 companies traded on the stock markets: Dow Jones Industrial Average (U.S.A), S&P/TSX60 Toronto Stock Exchange (Canada) and Indices de Precios al Consumidor (México). The objective of this research was to determine which variables were most influential in the firm’s financial performance (per country) for the 2009 period using multiple regression analysis. Using descriptive statistics, we also analyzed which country shows the best Corporate Governance in North America. The empirical analysis leads to the conclusion that in the United States, the most influential Corporate Governance variable was Board of Directors (number of insiders). Mexico and Canada did not show any statistically significant variable. The country that showed the best Corporate Governance in North America was Canada.