El gobierno corporativo y el comportamiento financiero del sector de seguros generales del Ecuador
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Date
2024-11
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Univeridad Técnica de Ambato. Facultad de Contabilidad y Auditoria. Maestria. Maestria en Economía con mención en Banca y Finanzas
Abstract
The general purpose of this research is to analyze the financial behavior of general
insurance companies and the ownership structure of their corporate governance during
the period from 2017 to 2022 in Ecuador. Specifically, three objectives are considered:
to describe the financial behavior of the companies, to examine the structure of their
corporate governance, and to quantify the effect of the latter variable on financial
performance.
The Altman Z-Score number 2 index, which is applicable to companies in other
industries, was estimated and described using descriptive statistics and box-andwhisker plots, along with the indicators that comprise the index. Similarly, the pseudo
Herfindahl-Hirschman Index (HHI) of the subscribed capital of the shareholders of
each company was estimated. This required calculating the capital shares of each
shareholder, subsequently approximating their squared values as a preliminary step for
the calculation of the index. Finally, a panel data regression analysis with a Two-Way
Fixed Effects (TWFE) structure was conducted. The research determined that the financial performance is adequate, with an Altman
Z-Score index of 3.45 points, which falls within the low-risk zone. However, the trend
of the indicator is contracting, suggesting a deterioration in the financial health of the
companies. Additionally, significant concentration was observed in the ownership
structure of corporate governance. Lastly, a negative and significant impact of the
ownership structure of corporate governance on the financial behavior of the
companies was evidenced, indicating that greater concentration in ownership leads to
a decrease in the aforementioned index.
Description
La investigación tiene como propósito general analizar el comportamiento financiero
de las empresas de seguros generales y la estructura de la propiedad de su gobierno
corporativo durante el período 2017 - 2022 en Ecuador. De manera concreta, se
contemplan tres objetivos específicos, los cuales son: describir el comportamiento
financiero de las empresas, examinar la estructura de su gobierno corporativo y
cuantificar el efecto de esta última variable sobre el comportamiento financiero.
Se estimó el Índice de Altman Z-Score número 2, el cual es aplicable a empresas de
otras industrias, el cual se describió a partir de estadísticos descriptivos y gráficos de
cajas y bigotes, lo propio se efectuó con los indicadores que componen el índice. De
igual manera, se estimó el pseudo índice de Herfindahl - Hirschman (IHH) del capital
suscrito de los accionistas de cada empresa, para lo que fue necesario estimar las
participaciones en el capital de cada accionista para posteriormente aproximar sus
valores cuadráticos como paso previo para el cálculo del indicador. Finalmente, se
consideró el análisis de una regresión de series de panel con una estructura de efectos
fijos en dos vías o Two Ways Fixed Effects (TWFE).
Keywords
ACCIONISTAS, FINANZAS, GOBIERNO CORPORATIVO, SEGUROS