Determinants of best management practices for Colombia in 2013. An analytical approach from LOGIT models

Abstract

This paper explores some of the determinants of good management practices in Colombia. It designs an indicator of quality management based on a London School of Economics’ survey applied to Colombian fi rms in 2013. Good management practices are determined by using logistic regression models. Among the main fi ndings, both internal and external to the company factors signifi cantly affect corporate governance, reconfi rming Bénabou and Tirole (2003) analytical framework, where management should consider not only explicit incentives but also intrinsic motivations as strategic management practices.