Evolution of corporate governance in Chile since the OPASs law

Abstract

The text draws the reader into overlapping academic debates, since the content is not merely theoretical, but, through empirical studies, firstly, evaluates the incorporation of the OECD GC Principles into Chilean regulations; and, secondly, it studies the application of these principles by Open Stock Companies (listed on the Stock Exchange) and the implication that said praxis has on the value of the company and, by rebound, on the Capital Market.

The hypothesis raised, in the sense that in the Chilean Capital Market, good corporate governance based on OECD provisions –measured through a compliance index– is positively related to the value of the company, is partially demonstrated. It is concluded that, in the study period, the least important factor in the value of the company is the quality of the Corporate Governance.