The article explores how good governance affects the value of companies in Spain. By analyzing data from 113 Spanish public companies between 2003 and 2007, the researchers found that better governance leads to higher firm value. They also discovered that factors like firm size and growth opportunities influence the quality of governance. The study used different econometric methods to show that the relationship between governance and firm value is not just a coincidence, and that improving governance can positively impact a company's worth over time.