Evolución de las transacciones con partes relacionadas en el marco de gobierno corporativo
Palabras clave:
Consecuencias económicas, gobierno corporativo, transacciones con partes relacionadas
Resumen
En el marco de gobierno corporativo, las Transacciones con Partes Relacionadas-TPR, corresponden a
transacciones como obligaciones, recursos o servicios entre una parte relacionada y la entidad informante;
las cuales pueden influir en las decisiones de la empresa, derivando implicaciones económicas que, según
la teoría de la agencia, se reflejan en conflictos de intereses. El propósito de este estudio fue analizar la
evidencia empírica de la literatura académica en TPR, a través de análisis bibliométrico de textos científicos
publicados en Scopus entre los años 2014 y 2019. En los resultados obtenidos se identificó que la revista con
mayor número de publicaciones científicas sobre el tema abordado fue International Journal of Accounting
and Information Management; de otro lado, los países con mayor evidencia de estudios fueron China con
un 17.58%, seguido de Italia y Malasia con 9,89% cada uno; adicional, el idioma de mayor preferencia fue
inglés. Este estudio se realiza con el fin de motivar la profundización en la investigación sobre las TPR, en
aras de identificar el uso y las consecuencias en el desempeño empresarial.
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Citas
Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. (2008). An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3), 475–492. https://doi.org/10.1287/orsc.1070.0322
Al-Dhamari, R. A., Al-Gamrh, B., Ku Ismail, K. N. I., & Haji Ismail, S. S. (2017). Related party transactions and audit fees: the role of the internal audit function. Journal of Management and Governance, 22(1), 187–212. https://doi.org/10.1007/s10997-017-9376-6
Antonios, S., Ioannis, S., & Panagiotis, A. (2011). The effect of the international accounting standards on the related party transactions disclosure. American Journal of Applied Sciences, 8(2), 156–163. https://doi.org/10.3844/ajassp.2011.156.163
Berle, A., & Means, G. (1932). The Modern Corporation and Private Property. New York: Chamber of Commerce, Loose Leaf Service Division of The Corporation Trust Company.
Chaghadari, M. F., & Shukor, Z. A. (2011). Corporate Governance and Disclosure of Related. 2nd INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2nd ICBER 2011) PROCEEDING, 1392–1405.
Chang, S. J. (2003). Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Academy of Management Journal, 46(2), 238–253. https://doi.org/10.2307/30040617
Chen, Y., Chen, C. H., & Chen, W. (2009). The impact of related party transactions on the operational performance of listed companies in china. Journal of Economic Policy Reform, 12(4), 285–297. https://doi.org/10.1080/17487870903314575
Cheung, Y. L., Qi, Y., Raghavendra Rau, P., & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking and Finance, 33(5), 914–924. https://doi.org/10.1016/j.jbankfin.2008.10.002
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting and Economics, 3(3), 183–199. https://doi.org/10.1016/0165-4101(81)90002-1
Dicarlo, E. (2014). Related party transactions and separation between control and direction in business groups: The Italian case. Corporate Governance (Bingley), 14(1), 58–85. https://doi.org/10.1108/CG-02-2012-0005
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465. https://doi.org/10.1016/j.jfineco.2007.02.007
Downs, D. H., Ooi, J. T. L., Wong, W. C., & Ong, S. E. (2016). Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore. Journal of Real Estate Finance and Economics, 52(4), 408–427. https://doi.org/10.1007/s11146-015-9509-0
Durieux, V., & Gevenois, P. (2010). Bibliometric idicators: Quality masurements of sientific publication. Radiology, 255(2), 342–351. https://doi.org/10.1148/radiol.09090626
El-Helaly, M. (2016). Related Party Transactions and Accounting Quality in Greece. (Unit 07), 1–5.
El-Helaly, M., Georgiou, I., & Lowe, A. D. (2018). The interplay between related party transactions and earnings management: The role of audit quality. Journal of International Accounting, Auditing and Taxation, 32, 47–60. https://doi.org/10.1016/j.intaccaudtax.2018.07.003
Elkelish, W. wahid. (2017). Related Party Transactions Disclosure In The Emerging Market Of The United Arab Emirates. Accounting Research Journal.
Enriques, L., & Volpin, P. (2007). Corporate Governance Reforms in Continental Europe. Expectations of Life, 21(1), 388–395. https://doi.org/10.1007/978-1-4612-1003-0_38
Ferguson, A., & Matolcsy, Z. (2004). Audit quality and post earnings announcement drift. Asia-Pacific Journal of Accounting & Economics, 11(2), 121–137. https://doi.org/10.1080/16081625.2004.10510639
Fernández-Cano, A., Torralbo, M., & Vallejo, M. (2004). Reconsidering Price’s model of scientific growth: An overview. Scientometrics, 61(3), 301–321. https://doi.org/10.1023/B:SCIE.0000045112.11562.11
Gallery, G., Gallery, N., & Supranowicz, M. (2008). Cash-based related party transactions in new economy firms. Accounting Research Journal, 21(2), 147–166. https://doi.org/10.1108/10309610810905935
Ge, W., Drury, D. H., Fortin, S., Liu, F., & Tsang, D. (2010). Value relevance of disclosed related party transactions. Advances in Accounting, 26(1), 134–141. https://doi.org/10.1016/j.adiac.2010.02.004
Gordon, E. A., & Henry, E. (2011). Related Party Transactions and Earnings Management. SSRN Electronic Journal, (November 2005). https://doi.org/10.2139/ssrn.612234
Gordon, E. A., Henry, E., & Palia, D. (2004). Related Party Transactions and Corporate Governance. Advances in Financial Economics, 9(04), 1–27. https://doi.org/10.1016/S1569-3732(04)09001-2
Hwang, S., & Kim, W. (2016). When heirs become major shareholders: Evidence on pyramiding financed by related-party sales. Journal of Corporate Finance, 41, 23–42. https://doi.org/10.1016/j.jcorpfin.2016.08.013
Jesover, F., & Kirkpatrick, G. (2005). The revised OECD principles of corporate governance and their relevance to non-OECD countries. Corporate Governance: An International Review, 13(2), 127–136. https://doi.org/10.1111/j.1467-8683.2005.00412.x
Jian, M., & Wong, T. J. (2010). Propping through related party transactions. Review of Accounting Studies, 15(1), 70–105. https://doi.org/10.1007/s11142-008-9081-4
Kang, M., Lee, H. Y., Lee, M. G., & Park, J. C. (2014). The association between related-party transactions and control-ownership wedge: Evidence from Korea. In Pacific Basin Finance Journal (Vol. 29). https://doi.org/10.1016/j.pacfin.2014.04.006
Kim, K., Kitsabunnarat, P., & Nofsinger, J. (2006). Shareholder Protection Laws and Corporate Boards: Evidence from Europe. Working Paper, State University of New York at Buffalo, (509).
Kohlbeck, M., & Mayhew, B. W. (2010). Valuation of firms that disclose related party transactions. Journal of Accounting and Public Policy, 29(2), 115–137. https://doi.org/10.1016/j.jaccpubpol.2009.10.006
Kohlbeck, M., & Mayhew, B. W. (2016). Are Related Party Transactions Red Flags? International Journal of Laboratory Hematology, 38(1), 42–49. https://doi.org/10.1111/ijlh.12426
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
Lee, M. G., Kang, M., Lee, H. Y., & Park, J. C. (2016). Related-party transactions and financial statement comparability: evidence from South Korea. Asia-Pacific Journal of Accounting and Economics, 23(2), 224–252. https://doi.org/10.1080/16081625.2014.957706
M. C., A. B., & Rentala, S. (2018). Role of Leadership and Corporate Governance: The Case of Tata Group and Infosys. FIIB Business Review, 7(4), 252–272. https://doi.org/10.1177/2319714518813589
Marchini, P. L., Mazza, T., & Medioli, A. (2018). Related party transactions, corporate governance and earnings management. Corporate Governance (Bingley), 18(6), 1124–1146. https://doi.org/10.1108/CG-11-2017-0271
Ming, J. J., & Wong, T. J. (2005). Earnings Management and Tunneling through Related Party Transactions: Evidence from Chinese Corporate Groups. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.424888
P C, A. R., Mallikarjunappa, T., & Thomachan, K. T. (2019). Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India. FIIB Business Review, 8(3), 205–217. https://doi.org/10.1177/2319714519834400
Pizzo, M. (2013). Related party transactions under a contingency perspective. Journal of Management and Governance, 17(2), 309–330. https://doi.org/10.1007/s10997-011-9178-1
Pozzoli, M., & Venuti, M. (2014). Related Party Transactions and Financial Performance: Is There a Correlation? Empirical Evidence from Italian Listed Companies. Open Journal of Accounting, 03(01), 28–37. https://doi.org/10.4236/ojacct.2014.31004
Ryngaert, M. D., & Thomas, S. E. (2011). Related Party Transactions: Their Origins and Wealth Effects. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.970689
Ryngaert, M., & Thomas, S. (2012). Not All Related Party Transactions (RPTs) Are the Same: Ex Ante Versus Ex Post RPTs. Journal of Accounting Research, 50(3), 845–882. https://doi.org/10.1111/j.1475-679X.2012.00437.x
Sancho, R. (2003). Indicadores bibliométricos utilizados en la evaluación de la ciencia y la tecnología. Revisión bibliográfica. In UNISCI Discussion Papers. https://doi.org/10.5209/rev_UNIS.2003.n1.29484
Shin, H. H., & Park, Y. S. (1999). Financing constraints and internal capital markets: Evidence from Korean “chaebols.” Journal of Corporate Finance, 5(2), 169–191. https://doi.org/10.1016/s0929-1199(99)00002-4
Shleifer, A., & Vishny, R. (1997). A Survey of Corporate Governance. PhD Proposal, 1(2), 737–783. https://doi.org/10.1017/CBO9781107415324.004
Srinivasan, P. (2013). WORKING PAPER NO: 402 An Analysis of Related-Party Transactions in India An Analysis of Related-Party Transactions in India. (September).
Supatmi, Sutrisno, T., Saraswati, E., & Purnomosidhi, B. (2019). The effect of related party transactions on firm performance: The moderating role of political connection in indonesian banking. Business: Theory and Practice, 20(2003), 81–92. https://doi.org/10.3846/BTP.2019.08
Tareq M, Houge N, Ziil T, Taylor D, M. C. (2011). Discriminatory Related Party Transactions: A New Measure Abstract. International Journal of Accounting & Information Management, 19(3), 120–124. https://doi.org/10.1108/ijaim.2011.36619caa.003
Utama, C. A., & Utama, S. (2014). Corporate governance, size and disclosure of related party transactions, and firm value: Indonesia evidence. International Journal of Disclosure and Governance, 11(4), 341–365. https://doi.org/10.1057/jdg.2013.23
Wahab, E. A. A., Haron, H., Lok, C. L., & Yahya, S. (2011). Does corporate governance matter? Evidence from related party transactions in Malaysia. In Advances in Financial Economics (Vol. 14). https://doi.org/10.1108/S1569-3732(2011)0000014009
WALKER, R. G., & ROBINSON, S. P. (1994). Related Party Transactions: A Case Study of Inter‐Organizational Conflict Over the‘Development’ of Disclosure Rules. Abacus, 30(1), 18–43. https://doi.org/10.1111/j.1467-6281.1994.tb00340.x
Wang, J., & Yuan, H. (2012). The Impact of Related Party Sales by Listed Chinese Firms on Earnings Informativeness and Earnings Forecasts. 258–275.
Willenborg, M. (1999). Empirical Analysis of the Economic Demand for Auditing in the Initial Public Offerings Market. Journal of Accounting Research, 37(1), 225. https://doi.org/10.2307/2491405
Williamson, O. (1975). Market and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.
Al-Dhamari, R. A., Al-Gamrh, B., Ku Ismail, K. N. I., & Haji Ismail, S. S. (2017). Related party transactions and audit fees: the role of the internal audit function. Journal of Management and Governance, 22(1), 187–212. https://doi.org/10.1007/s10997-017-9376-6
Antonios, S., Ioannis, S., & Panagiotis, A. (2011). The effect of the international accounting standards on the related party transactions disclosure. American Journal of Applied Sciences, 8(2), 156–163. https://doi.org/10.3844/ajassp.2011.156.163
Berle, A., & Means, G. (1932). The Modern Corporation and Private Property. New York: Chamber of Commerce, Loose Leaf Service Division of The Corporation Trust Company.
Chaghadari, M. F., & Shukor, Z. A. (2011). Corporate Governance and Disclosure of Related. 2nd INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2nd ICBER 2011) PROCEEDING, 1392–1405.
Chang, S. J. (2003). Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Academy of Management Journal, 46(2), 238–253. https://doi.org/10.2307/30040617
Chen, Y., Chen, C. H., & Chen, W. (2009). The impact of related party transactions on the operational performance of listed companies in china. Journal of Economic Policy Reform, 12(4), 285–297. https://doi.org/10.1080/17487870903314575
Cheung, Y. L., Qi, Y., Raghavendra Rau, P., & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking and Finance, 33(5), 914–924. https://doi.org/10.1016/j.jbankfin.2008.10.002
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting and Economics, 3(3), 183–199. https://doi.org/10.1016/0165-4101(81)90002-1
Dicarlo, E. (2014). Related party transactions and separation between control and direction in business groups: The Italian case. Corporate Governance (Bingley), 14(1), 58–85. https://doi.org/10.1108/CG-02-2012-0005
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465. https://doi.org/10.1016/j.jfineco.2007.02.007
Downs, D. H., Ooi, J. T. L., Wong, W. C., & Ong, S. E. (2016). Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore. Journal of Real Estate Finance and Economics, 52(4), 408–427. https://doi.org/10.1007/s11146-015-9509-0
Durieux, V., & Gevenois, P. (2010). Bibliometric idicators: Quality masurements of sientific publication. Radiology, 255(2), 342–351. https://doi.org/10.1148/radiol.09090626
El-Helaly, M. (2016). Related Party Transactions and Accounting Quality in Greece. (Unit 07), 1–5.
El-Helaly, M., Georgiou, I., & Lowe, A. D. (2018). The interplay between related party transactions and earnings management: The role of audit quality. Journal of International Accounting, Auditing and Taxation, 32, 47–60. https://doi.org/10.1016/j.intaccaudtax.2018.07.003
Elkelish, W. wahid. (2017). Related Party Transactions Disclosure In The Emerging Market Of The United Arab Emirates. Accounting Research Journal.
Enriques, L., & Volpin, P. (2007). Corporate Governance Reforms in Continental Europe. Expectations of Life, 21(1), 388–395. https://doi.org/10.1007/978-1-4612-1003-0_38
Ferguson, A., & Matolcsy, Z. (2004). Audit quality and post earnings announcement drift. Asia-Pacific Journal of Accounting & Economics, 11(2), 121–137. https://doi.org/10.1080/16081625.2004.10510639
Fernández-Cano, A., Torralbo, M., & Vallejo, M. (2004). Reconsidering Price’s model of scientific growth: An overview. Scientometrics, 61(3), 301–321. https://doi.org/10.1023/B:SCIE.0000045112.11562.11
Gallery, G., Gallery, N., & Supranowicz, M. (2008). Cash-based related party transactions in new economy firms. Accounting Research Journal, 21(2), 147–166. https://doi.org/10.1108/10309610810905935
Ge, W., Drury, D. H., Fortin, S., Liu, F., & Tsang, D. (2010). Value relevance of disclosed related party transactions. Advances in Accounting, 26(1), 134–141. https://doi.org/10.1016/j.adiac.2010.02.004
Gordon, E. A., & Henry, E. (2011). Related Party Transactions and Earnings Management. SSRN Electronic Journal, (November 2005). https://doi.org/10.2139/ssrn.612234
Gordon, E. A., Henry, E., & Palia, D. (2004). Related Party Transactions and Corporate Governance. Advances in Financial Economics, 9(04), 1–27. https://doi.org/10.1016/S1569-3732(04)09001-2
Hwang, S., & Kim, W. (2016). When heirs become major shareholders: Evidence on pyramiding financed by related-party sales. Journal of Corporate Finance, 41, 23–42. https://doi.org/10.1016/j.jcorpfin.2016.08.013
Jesover, F., & Kirkpatrick, G. (2005). The revised OECD principles of corporate governance and their relevance to non-OECD countries. Corporate Governance: An International Review, 13(2), 127–136. https://doi.org/10.1111/j.1467-8683.2005.00412.x
Jian, M., & Wong, T. J. (2010). Propping through related party transactions. Review of Accounting Studies, 15(1), 70–105. https://doi.org/10.1007/s11142-008-9081-4
Kang, M., Lee, H. Y., Lee, M. G., & Park, J. C. (2014). The association between related-party transactions and control-ownership wedge: Evidence from Korea. In Pacific Basin Finance Journal (Vol. 29). https://doi.org/10.1016/j.pacfin.2014.04.006
Kim, K., Kitsabunnarat, P., & Nofsinger, J. (2006). Shareholder Protection Laws and Corporate Boards: Evidence from Europe. Working Paper, State University of New York at Buffalo, (509).
Kohlbeck, M., & Mayhew, B. W. (2010). Valuation of firms that disclose related party transactions. Journal of Accounting and Public Policy, 29(2), 115–137. https://doi.org/10.1016/j.jaccpubpol.2009.10.006
Kohlbeck, M., & Mayhew, B. W. (2016). Are Related Party Transactions Red Flags? International Journal of Laboratory Hematology, 38(1), 42–49. https://doi.org/10.1111/ijlh.12426
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
Lee, M. G., Kang, M., Lee, H. Y., & Park, J. C. (2016). Related-party transactions and financial statement comparability: evidence from South Korea. Asia-Pacific Journal of Accounting and Economics, 23(2), 224–252. https://doi.org/10.1080/16081625.2014.957706
M. C., A. B., & Rentala, S. (2018). Role of Leadership and Corporate Governance: The Case of Tata Group and Infosys. FIIB Business Review, 7(4), 252–272. https://doi.org/10.1177/2319714518813589
Marchini, P. L., Mazza, T., & Medioli, A. (2018). Related party transactions, corporate governance and earnings management. Corporate Governance (Bingley), 18(6), 1124–1146. https://doi.org/10.1108/CG-11-2017-0271
Ming, J. J., & Wong, T. J. (2005). Earnings Management and Tunneling through Related Party Transactions: Evidence from Chinese Corporate Groups. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.424888
P C, A. R., Mallikarjunappa, T., & Thomachan, K. T. (2019). Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India. FIIB Business Review, 8(3), 205–217. https://doi.org/10.1177/2319714519834400
Pizzo, M. (2013). Related party transactions under a contingency perspective. Journal of Management and Governance, 17(2), 309–330. https://doi.org/10.1007/s10997-011-9178-1
Pozzoli, M., & Venuti, M. (2014). Related Party Transactions and Financial Performance: Is There a Correlation? Empirical Evidence from Italian Listed Companies. Open Journal of Accounting, 03(01), 28–37. https://doi.org/10.4236/ojacct.2014.31004
Ryngaert, M. D., & Thomas, S. E. (2011). Related Party Transactions: Their Origins and Wealth Effects. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.970689
Ryngaert, M., & Thomas, S. (2012). Not All Related Party Transactions (RPTs) Are the Same: Ex Ante Versus Ex Post RPTs. Journal of Accounting Research, 50(3), 845–882. https://doi.org/10.1111/j.1475-679X.2012.00437.x
Sancho, R. (2003). Indicadores bibliométricos utilizados en la evaluación de la ciencia y la tecnología. Revisión bibliográfica. In UNISCI Discussion Papers. https://doi.org/10.5209/rev_UNIS.2003.n1.29484
Shin, H. H., & Park, Y. S. (1999). Financing constraints and internal capital markets: Evidence from Korean “chaebols.” Journal of Corporate Finance, 5(2), 169–191. https://doi.org/10.1016/s0929-1199(99)00002-4
Shleifer, A., & Vishny, R. (1997). A Survey of Corporate Governance. PhD Proposal, 1(2), 737–783. https://doi.org/10.1017/CBO9781107415324.004
Srinivasan, P. (2013). WORKING PAPER NO: 402 An Analysis of Related-Party Transactions in India An Analysis of Related-Party Transactions in India. (September).
Supatmi, Sutrisno, T., Saraswati, E., & Purnomosidhi, B. (2019). The effect of related party transactions on firm performance: The moderating role of political connection in indonesian banking. Business: Theory and Practice, 20(2003), 81–92. https://doi.org/10.3846/BTP.2019.08
Tareq M, Houge N, Ziil T, Taylor D, M. C. (2011). Discriminatory Related Party Transactions: A New Measure Abstract. International Journal of Accounting & Information Management, 19(3), 120–124. https://doi.org/10.1108/ijaim.2011.36619caa.003
Utama, C. A., & Utama, S. (2014). Corporate governance, size and disclosure of related party transactions, and firm value: Indonesia evidence. International Journal of Disclosure and Governance, 11(4), 341–365. https://doi.org/10.1057/jdg.2013.23
Wahab, E. A. A., Haron, H., Lok, C. L., & Yahya, S. (2011). Does corporate governance matter? Evidence from related party transactions in Malaysia. In Advances in Financial Economics (Vol. 14). https://doi.org/10.1108/S1569-3732(2011)0000014009
WALKER, R. G., & ROBINSON, S. P. (1994). Related Party Transactions: A Case Study of Inter‐Organizational Conflict Over the‘Development’ of Disclosure Rules. Abacus, 30(1), 18–43. https://doi.org/10.1111/j.1467-6281.1994.tb00340.x
Wang, J., & Yuan, H. (2012). The Impact of Related Party Sales by Listed Chinese Firms on Earnings Informativeness and Earnings Forecasts. 258–275.
Willenborg, M. (1999). Empirical Analysis of the Economic Demand for Auditing in the Initial Public Offerings Market. Journal of Accounting Research, 37(1), 225. https://doi.org/10.2307/2491405
Williamson, O. (1975). Market and Hierarchies: Analysis and Antitrust Implications. New York: Free Press.
Publicado
2021-11-09
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Bedoya Ríos, B. E., & Arboleda Gómez, P. A. (2021). Evolución de las transacciones con partes relacionadas en el marco de gobierno corporativo. Escenarios: Empresa Y Territorio, 9(13), 115-139. Recuperado a partir de http://esumer.edu.co/revistas/index.php/escenarios/article/view/194
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