Two essays on board of directors and corporate governance - evidence from Latin America
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This dissertation, in the field of knowledge of finance, is about boards of directors in Latin America. Two great features of boards are analyzed, diversity and independence. This work is an empirical contribution to the corporate governance literature. Moreover, this is a contribution on the research on emerging markets, where there are scare studies on board of directors. These essays consider agency theory as a base of the discussion on corporate governance, though the conception of board and directors are not exclusively taken as a monitoring mechanism. Both studies share the same database of firms, boards, and directors. This hand-collected database consists of 450 firms from 2001 to 2012 in 6 countries (Argentina, Brazil, Chile Colombia, Mexico and Peru). We constructed it with information of each board member, financial information of the firm and control variables in firm-level and country-level