Do Corporate Governance best practices play a determinant role in firm value? Evidence from Bolivia's national oil company

This paper tries to answer the question of top management, public policy makers, researchers and scholars of how important the role of Corporate Governance (CG) and best practices are. Although there are plenty of previous researches, we find it necessary to conduct this study because we believe the outcome will be significant to Bolivia's corporate governance and best practices in order to support and validate the application of the CG's code as management strategy. Likewise, the lack of academic research about this subject in a developing country where these kinds of practices are just starting to be promoted is an important fact, enlightening firms to consider this public policy in order to be more competitive and efficient. We use Pearson's correlations analysis in contrast with multiple regression analysis to examine the significance of Board of directors' characteristics on financial performance ratios and the influence on firm value.