Financial Economics I Department, Faculty of Business Administration, University of the Basque Country (UPV/EHU), Bilbao, Spain.
Finance and Accounting Department, University of Malaga (UMa), Málaga, Spain.
PLoS One. 2024 Oct 11;19(10):e0307806. doi: 10.1371/journal.pone.0307806. eCollection 2024.
The aim of this paper is to analyse how the factors remuneration, supervision and board structure influence the good corporate governance of companies in the Spanish Continuous Market. This paper develops, for the first time, an index based on the recommendations defined in the Good Governance Code of Listed Companies. This paper measures remuneration, monitoring and governance structure and employs a multiple linear regression model modelling corporate governance as a latent factor. Based on this model, this research presents empirical evidence of the relationship between corporate governance and the defined variables, considering Spanish Continuous Market firms disaggregated by sector. To date, there are no studies that have taken into account the analysis for all sectors in the same country. Among the conclusions, the research finds that the larger a company is, the better the mechanisms for providing an optimal degree of governance, as is the case in the oil, energy and technology sectors. In another sense, the higher the number of proprietary directors the lower the levels of good governance, mainly in basic materials, industrial, construction and consumer goods and services companies. The empirical results also justify the inclusion of Corporate Governance-related factors in governance regulation.
本文旨在分析薪酬、监督和董事会结构这三个因素是如何影响西班牙连续市场公司的良好公司治理的。本文首次基于上市公司良好治理准则中定义的建议，开发了一个指数。本文衡量薪酬、监督和治理结构，并采用多元线性回归模型将公司治理建模为潜在因素。基于该模型，本研究从行业角度对西班牙连续市场公司进行细分，提供了公司治理与定义变量之间关系的实证证据。迄今为止，还没有研究考虑在同一国家对所有行业进行分析。在研究结论中，研究发现，公司规模越大，提供最佳治理程度的机制就越好，石油、能源和技术等行业就是如此。另一方面，独立董事的数量越多，良好治理的水平就越低，主要是在基础材料、工业、建筑和消费类商品和服务公司。实证结果也证明了将与公司治理相关的因素纳入治理法规的合理性。
