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Papers by Paolo Saona Hoffmann

Revista de Contabilidad y Tributación. CEF, Apr 7, 2006

Palabras clave: costes de agencia, dividendos, estructura de capital, estructura de propiedad, aj... more Palabras clave: costes de agencia, dividendos, estructura de capital, estructura de propiedad, ajustes por devengo.

El objetivo del trabajo es contrastar si la elección tanto del nivel de endeudamiento bancario co... more El objetivo del trabajo es contrastar si la elección tanto del nivel de endeudamiento bancario como de su vencimiento para la financiación de las oportunidades de inversión viene condicionado por la estructura de propiedad y el entorno institucional en el que las empresas desarrollan su actividad. Para ello, se trabaja con muestras de empresas de países pertenecientes al sistema financiero de la civil law –Chile y España–, cuyos resultados son comparados con resultados de trabajos realizados para empresas estadounidenses. Los resultados muestran que las oportunidades de crecimiento de las empresas chilenas y españolas se financian con deuda bancaria en mayor medida de lo que lo hacen las empresas estadounidenses. Asimismo, observamos que la mayor concentración de la propiedad característica de las empresas chilenas y españolas favorece el recurso al endeudamiento bancario. Finalmente, cuando consideramos el plazo de vencimiento de la deuda bancaria los resultado nos indican que las ...

Applied Economics, 2010

We test whether the use of bank debt as a governance mechanism is conditioned by the financial sy... more We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their growth opportunities when the country's banking system contributes to solving agency and asymmetric information problems and avoiding information monopoly costs. The evolutionary process of the financial systems in each country means that market imperfections such as information asymmetry or agency costs can have a diverse influence on firms' bank debt decisions.

SSRN Electronic Journal, 2021

Purpose: Investigate how gender diversity on the board of directors and board remuneration influe... more Purpose: Investigate how gender diversity on the board of directors and board remuneration influence earnings quality in Spanish listed firms. Design/methodology/approach: The primary empirical method uses a Tobit semiparametric estimator with firm-industry level fixed effects and an innovative set of measures for earnings quality developed by StarMine. Findings: Results exhibit a positive correlation of increased gender diversity on a firm’s earnings quality, suggesting that a gender-balanced board of directors is associated with more transparent financial reporting and informative earnings. We also find a non-monotonic, concave relationship between board remuneration and earnings quality. This indicates that at a certain point, excessive board compensations lead to more opportunistic manipulation of financial reporting with the subsequent dilution of earnings quality. Originality: It introduces measures of earnings quality developed by StarMine that have yet to be tested in the Spanish context. Additionally, since most of the literature is focused on Anglo-Saxon countries, this study articulates a pertinent discussion of board gender diversity and board remuneration in a underexplored institutional context like Spain. Moreover, the hand collected data set comprised of financial reports provide previously untested board features. Furthermore, this study presents a novel non-linear relationship between board remuneration and earnings quality. Research limitations/implications: Firstly, our study only covers Spanish non-financial listed firms. Second, this study is silent about the relationship of alternative board features’ influence on the quality of financial reporting.

Cross-Border E-Commerce Marketing and Management, 2021

Given deregulation and advances in technology worldwide, cross-border e-commerce is the next move... more Given deregulation and advances in technology worldwide, cross-border e-commerce is the next move for any business venture regardless of its size. From corner shops to giant multinational organizations, every business venture is now addressing the online demand of customers at home and abroad. Many developed and emerging countries have already been rallying for a transparent and sustainable online business environment to achieve the full potential of cross-border e-commerce. This chapter describes the technologies that enable cross-border e-commerce.

SSRN Electronic Journal, 2019

We analyze the effect board activity and board remuneration has on earnings management (EM). Our ... more We analyze the effect board activity and board remuneration has on earnings management (EM). Our results show that more active boards are inefficient in preventing earnings manipulation. Regarding board compensation we find a U-shaped relation indicating that excessive remuneration will lead to more earnings management. Policy recommendations are derived from the findings.

BRQ Business Research Quarterly, 2018

Using a sample of 595 firms listed in the capital markets of Argentina, Brazil, Chile, Colombia, ... more Using a sample of 595 firms listed in the capital markets of Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the period of 2000-2015, we confirm prior literature by showing that when power distribution among several large shareholders (contestability) increases, firms' financial performance is enhanced. More interestingly, we find that these relations are even more significant in family-owned firms, emphasising the relevance of contesting control in this kind of firm. Furthermore, contestability has a greater influence in family firms that have the most concentrated ownership. We also find that the legal framework attenuates the impact of the balance of ownership. Here, contesting control acts as an internal corporate governance mechanism that provides an alternative to the external legal setting. Taken together, our results mean that in institutional settings characterised by weak investor protection and possible conflicts of interest among shareholders, oversight by multiple large, non-related shareholders (balanced ownership concentration) becomes an important governance mechanism.

This edited volume aims to discuss the most contemporary state of the determinants of the firm va... more This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book

Education in the Knowledge Society, 2011

&... more This work analyses some reasons that might explain the insufficient academic level which is perceived in universities of developing countries. The discussion element is the teacher-student relationship which is studied under the perspective of the agency theory. It is concluded that in absence of efficient monitoring mechanisms of the teacher and student's behavior might proliferate gaps of due diligence which attempts against the quality of the teaching-learning process.

Corporate Ownership and Control, 2007

The aim of this paper is to analyze the efficiency of debt ownership as a mechanism of corporate ... more The aim of this paper is to analyze the efficiency of debt ownership as a mechanism of corporate governance in reducing the discretionary behavior of managers. We use earnings management and discretionary accruals as indicators of managerial accounting discretion. Our results show that corporate debt has a prominent impact on reducing earnings management. Banking debt can foster the discretionary behavior of managers whereas public debt plays no relevant role. At the same time we test the complementary effect of some other mechanisms of corporate governance such as capital structure and ownership concentration.

This paper seeks to examine the determinants of the profitability of the US banks during the peri... more This paper seeks to examine the determinants of the profitability of the US banks during the period 1995-2007. The empirical analysis combines bank specific (endogenous) and macroeconomic (exogenous) variables through the GMM system estimator. The empirical findings document a negative link between the capital ratio and the profitability, which supports the notion that banks are operating over-cautiously and ignoring potentially profitable trading opportunities. Additionally, they point to a non-monotonic relationship between the capital ratio and profitability, supporting the efficiency-risk and franchise-value hypotheses. The analysis also records that economies of scale do not occur if one takes into consideration the size of the bank.

Journal of Business Economics and Management, 2017

Improvements in transparency at the country level have modified the relevance of bank debt maturi... more Improvements in transparency at the country level have modified the relevance of bank debt maturity as a control mechanism. The novelty of this research is that we provide empirical evidence that the maturity of bank borrowing is contingent on the characteristics of the regulatory and the institutional setting about corporate governance. The main implication of our paper is that corporate governance rules have greater influence in civil-law countries than in common-law countries in promoting efficiency in the use of bank debt maturity. The value of this paper is that our results confirm that the implementation of similar regulations on transparency across countries with different legal systems favors the alignment of the role played by short-term bank debt in addressing asymmetric information, agency costs, and inefficient liquidation.

We analyze the ability of the capital structure and the ownership structure as mechanisms of cont... more We analyze the ability of the capital structure and the ownership structure as mechanisms of control of the managers of the firms and to reduce their accounting discretionary power for a sample of Chilean firms. Using earnings management and abnormal accruals as indicators of discretionary behavior, our results show that both debt and ownership concentration reduce the managers' discretionary behavior, so we corroborate the outstanding role both mechanisms play in a country with low protection of investors' rights. At the same time, we find that earnings management is fostered by institutional investor ownership.

Codes of Good Governande Around the World 2009 Isbn 978 1 60741 141 3 Pags 87 98, 2009

Academia Revista Latinoamericana De Administracion, 2012

The aim of this paper is to analyze to what extent business growth opportunities influence decisi... more The aim of this paper is to analyze to what extent business growth opportunities influence decisions on bank debt. This objective is addressed by considering both the arguments of the positive agency theory and the institutional characteristics of the Chilean financial system. An empirical analysis considers the GMM system estimator applied to panel data of quoted Chilean firms for the period 1997 to 2008. The main advantage of this methodology is that it overcomes the heterogeneity and endogeneity problems. The main finding supports the hypothesis of the existence of a non-monotonic U-shaped relationship between growth opportunities and the level of bank debt. The initial negative relationship is explained by the costs associated with underinvestment problems, whilst the increasing part which reflects the positive relationship among growth opportunities and bank debt is based on the arguments of overinvestment costs. This result is robust to a number of alternative measures of growth opportunities.

Revista de Contabilidad y Tributación. CEF, Apr 7, 2006

Applied Economics, 2010

SSRN Electronic Journal, 2021

Cross-Border E-Commerce Marketing and Management, 2021

SSRN Electronic Journal, 2019

BRQ Business Research Quarterly, 2018

Education in the Knowledge Society, 2011

Corporate Ownership and Control, 2007

Journal of Business Economics and Management, 2017

Codes of Good Governande Around the World 2009 Isbn 978 1 60741 141 3 Pags 87 98, 2009

Academia Revista Latinoamericana De Administracion, 2012

Contaduria Y Administracion, 2009

Teoria De La Educacion Educacion Y Cultura En La Sociedad De La Informacion, Mar 29, 2011

Resumen: En este trabajo se analizan algunas razones que pueden explicar el insuficiente nivel ac... more Resumen: En este trabajo se analizan algunas razones que pueden explicar el insuficiente nivel académico que se percibe en universidades de países en vías de desarrollo. El elemento de discusión es la relación profesor-alumno que es estudiada bajo el prisma de la teoría de agencia. Se concluye que en ausencia de eficientes mecanismos de control de la conducta tanto del profesor como del estudiante pueden proliferar vicios de responsabilidad que atentan contra la calidad del proceso de enseñanza-aprendizaje.