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Relationship between changes in regulation, corporate governance, and firm performance: Mexico’s case
(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) García Nuñez, Heriberto; Fonseca Ramirez, Alejandro; Ibarra Yunez, Alejandro; Flores Zambada, Ricardo
The present dissertation is dedicated to study the regulation of corporate governance practices and performance relationships. Several studies have been conducted around the world, based on how the good corporate governance practices impact the performance of the firm. Good corporate governance is related to the protection of the investor rights, and could be established by changes in law, regulation procedures, contracts, control, and normative procedures or product market influence. The present research is related to the regulation, law changes around corporate governance practices in Mexico, and how those changes influence the performance of the firm. The Mexican economy is affected by globalization, financial market integration, and potential investment opportunities around the world; part of the answer of those changes is regulation and investor protection rights.
Compensation structure as a determinant of firm performance
(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-04-01) Zambrano Mañueco, Homero; Ibarra Yúnez, Alejandro; Lowe, Robert A.; Laszlo, Alexander
This study presents a theoretical model of firm performance as a function of wage dispersion with a causal relationship that explains most of the inconsistency of previous empirical research, which shows contrasting results from one study to the other. We can trace the shortcomings of empirical research in this field to narrow geographic or industrial sector settings, which limit the validity of the studies. In this study, effort is modeled based on equity theory and relative deprivation theory, within a systemic framework that considers interaction between hierarchical levels in the firm, and the interaction with the market, with a trans-disciplinary approach. The main results are: a) wage dispersion cannot increase indefinitely without causing operating margin to fall. The behavior of this financial indicator is non-monotone with respect to iv the degree of wage dispersion in the firm; b) large firms are more likely to benefit from a hierarchical wage structure, while small firms could experience some improvement in their fundamental financial indicators with a more compressed compensation structure. Firm size is measured in terms of number of employees; c) upper levels tend to apply more effort if the firm increases its wage dispersion with respect to a firm mimicking the labor market; d) a market with high income inequality affects the firm in that the former makes less attractive for the firm to make a move towards increased internal inequality. An ancillary result of this work is the proposition of a way to determine the weighing factor ? in Akerlof and Yellen's (1990) equation that models relative deprivation. I list the factors that affect that parameter

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