Article information
RESUMEN
La separación entre propiedad y gestión, junto con la presencia de accionistas minoritarios ha provocado la necesidad de mecanismos de control que permitan la aproximación de los objetivos de accionistas y directivos. Dentro de estos mecanismos destacan la divulgación de información a accionistas y el gobierno corporativo. El presente trabajo analiza la tipología de dicho vínculo para las sociedades mercantiles españolas no-financieras que cotizan en un mercado organizado. Los resultados obtenidos, en contra de los esfuerzos actuales dirigidos a perfeccionar ambos mecanismos, ponen de manifiesto una relación sustitutiva, es decir, la divulgación de menores volúmenes de información para las compañías cuyos consejos de Administración son más eficaces.
PALABRAS CLAVE:
Reporting digital
Revelación voluntaria
Internet
Gobierno corporativo
ABSTRACT
The division between ownership and management and the existence of minority shareholders have led to the need for control systems which allow for the convergence of shareholders and managers’ objectives. The disclosure of information for shareholders and corporate governance stand out among these control systems. This work analyses the nature of this relationship for non-financial Spanish quoted corporations. Unlike the current efforts devoted to improving both systems, our findings reveal a substitutive relationship, by showing the disclosure of less information in those companies whose Boards of Directors are more effective.
KEYWORDS:
Digital reporting
Voluntary disclosure
the Internet
Corporate governance
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