Board of directors and value of Chilean companies

Muñoz Chávez, Felipe Y King Domínguez, Andrea Y Ortega Martínez, Rosa Martha Y Améstica Rivas, Luis (2025) Board of directors and value of Chilean companies. Tendencias, 26 (1). pp. 61-88. ISSN 01248693

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Resumen

Introduction: Boards of directors are key to organizational performance. This study analyzes the composition of boards in non-financial Chilean companies between 2019 and 2022, focusing on the number of members, female participation, and professional diversity. Objective: To assess how these characteristics impact management practices and the strategic direction of organizations. Methodology: A statistical description and multiple linear regression were used to analyze the relationship between the variables and the company's value (Price to Book, Price to Sales, and EV to EBITDA). Results: The analysis shows an average of 7.9 members per board, low female participation, and a concentration in five professional areas. The number of members is positively related to the company's value in all cases. Female participation shows a negative relationship, while professional diversity has a positive impact in some cases, although not significant in others. Additionally, company size and indebtedness also influence company value. Conclusions: The number of board members positively impacts company value, while female participation and professional diversity show a less clear influence.

Tipo de Elemento:	Artículo
Palabras Clave:	Chile; board of directors; economic evaluation; finance; corporate governance
Asunto:	Ciencias Sociales > HB Economic Theory Ciencias Sociales > HC Economic History and Conditions
Division:	Revistas > Tendencias
Depósito de Usuario:	FACEA Fac. de Ciencias Econ. y Aministrativas
Fecha Deposito:	04 Jul 2025 22:26
Ultima Modificación:	04 Jul 2025 22:26
URI:	http://sired.udenar.edu.co/id/eprint/15735

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