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The effectiveness of corporate governance hybrid models in emerging markets : the case of the Issuer Recognition program

dc.contributor.authorGonzález Ferrero, Maximilianospa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorTéllez Falla, Diego Fernandospa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.date.accessioned2023-06-21T22:23:02Z
dc.date.available2023-06-21T22:23:02Z
dc.date.issued2021-01-04
dc.identifier.issn0964-8410
dc.identifier.urihttp://hdl.handle.net/10726/5060
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing Ltd.
dc.subjectCorporate governance
dc.subjectComply or explain regulations
dc.subjectCorporate reputation
dc.subjectEmerging market economies
dc.subjectHard versus soft law
dc.titleThe effectiveness of corporate governance hybrid models in emerging markets : the case of the Issuer Recognition programeng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishResearch question/issue What is the Issuer Recognition (IR) program, and what has been its impact as a new and replicable corporate governance hybrid form used in the Colombian Securities Exchange (CSE)? Research findings/insights We find that the IR program has significantly increased the information disclosure level of the adopting firms. This set of firms that were among the opaquest businesses in the region in 2010 ranked at the top in terms of disclosure in 2017. In addition, using as a benchmark the rate of implementation of the Colombian Country Code (soft law), we are able to show that the IR program serves as a strong signaling mechanism in the Colombian capital market. Theoretical/academic implications The literature is not conclusive on the effectiveness of hard law and soft law regulations in the emerging markets. In this paper, we show that hybrid models, such as the innovative Colombian's IR, might serve as a solution for the effective implementation of good corporate governance practices at the country level. Practitioner/policy implications The advantages and impacts of hybrid models are relatively unknown for policymakers, stock exchange promoters, and agency surveillance bodies, given the lack of empirical evidence of their application's effects. This paper seeks to increase the awareness of these models and call for their development and implementation, especially in emerging markets.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume29
dc.relation.citationissue3
dc.relation.citationstartpage252
dc.relation.citationendpage276
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidTéllez Falla, Diego Fernando [0000-0002-1902-2870]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusTéllez Falla, Diego Fernando [57200984310]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0002-1902-2870
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=57200984310
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.eissn1467-8683
dc.relation.ispartofjournalCorporate Governance: An International Review
dc.identifier.doihttps://doi.org/10.1111/corg.12358
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


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