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Article

Open Access

Corporate Governance Structure and Its Impact on Human Resource Management and Financial Performance

Author(s)

Jorge Pelayo-Maciel, Gregorio Calderón-Hernández, Héctor Mauricio Serna-Gómez

Full-Text PDF Download XML 808 Views

DOI:10.17265/1537-1514/2012.08.010

Affiliation(s)

Jorge Pelayo-Maciel, Ph.D., Economics and Administrative Sciences, Business and Studies Economics, Professor of Marketing and International Business Department, University of Guadalajara.
Gregorio Calderón-Hernández, Ph.D. in Management, Professor of Accounting, Economics and Business Department, University of Manizales.
Héctor Mauricio Serna-Gómez, M.A. in Economics, National University of Colombia.

ABSTRACT

financial performance in the context of Colombian business environment. For this purpose, the paper will analyze the concept of corporative governance and discuss the streams of thought that study both the structure of corporate governance as the behavior of managers, the agency theory and stewardship theory. The methodological development aims to test four models by using regression analysis. The results allow to identify that the structure of corporate governance and distinctive capabilities of human resource are positively related to company performance, but this does not explain the attitude steward of the CEO and collaboration systems.

KEYWORDS

corporate governance, agency theory, stewardship theory, Colombia

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