JOSE ANTONIO TRIBO GINE | Stevens Institute of Technology (original) (raw)

Papers by JOSE ANTONIO TRIBO GINE

Definir el papel que juega el sistema financiero en general, y los bancos en particular, a la hor... more Definir el papel que juega el sistema financiero en general, y los bancos en particular, a la hora de facilitar las inversiones y crecimiento de las empresas, impulsar la adopc ión de innovaciones tecnológicas y las mejoras en la productividad, o en la mejor supervisión de la actuación de los directivos ha sido siempre un tema que ha generado encendidos debates y para el que se han elaborado numerosas comparaciones internacionale s. Se observan dos soluciones extremas a este problema: por un lado, el modelo anglo-americano, con mercados financieros importantes e instituciones financieras no tan involucradas en la propiedad o financiación de las empresas; y por otro lado el modelo germano-japonés, con un número reducido de bancos, de tamaño importante y que han jugado un papel más activo en la supervisión y control de las entidades no financieras con las que colaboran. El caso español correspondía, tradicionalmente, a una situación i ntermedia con bancos importantes pero no excesivamente involucrados y con la presencia de mecanismos de mercado de una cierta importancia, especialmente cuando lo comparábamos con la situación presente en otros países europeos. En este trabajo intentamos ver hasta qué punto los bancos siguen siendo importantes en la financiación de las empresas, analizando sus participaciones accionariales y determinando hasta qué punto son accionistas activos y alternativos al mercado. En este sentido, una de las preguntas claves consiste en entender qué ha pasado con la estructura de propiedad de las empresas españolas y, en particular, de aquellas que cotizan en bolsa. Este es un elemento crucial ya que en la mayoría de países europeos es habitual una estructura de propiedad altamente concentrada y donde la caracterización de los grandes accionistas resulta relevante. Otra cuestión que merece nuestra atención es la evolución de las grandes empresas de propiedad estatal, que durante la última década han experimentado importantes procesos de privatización, por otro lado generalizados en todas las economías. Los sectores de la energía, telecomunicaciones y transporte, entre otros, han visto cambios dramáticos en su propiedad. Dado su importante peso específico en la economía y mercados nacionales, analizaremos cómo ha afectado dicha privatización a los diferentes mecanismos de gobierno, la eficiencia y el valor de las empresas.

Este trabajo analiza los condicionantes de la emisión de deuda negociable (obligaciones y pagarés... more Este trabajo analiza los condicionantes de la emisión de deuda negociable (obligaciones y pagarés) por parte de las empresas españolas que cotizan en la bolsa. En particular, nos centramos en el impacto que tiene las expectativas de beneficios futuros en la decisión de emitir o no deuda pública corporativa. El resultado principal es que las empresas con altas expectativas de crecimiento tienen pocos incentivos a emitir deuda negociable, prefiriendo en cambio otras fuentes de financiación. Este resultado está en sintonía con otros estudios sobre las rentabilidades anormalmente negativas a largo plazo que presentan las acciones de compañías en sectores de alto crecimiento una vez han emitido deuda corporativa JEL Classification: G32

SSRN Electronic Journal, 2009

We study the effect of social capital on financial capital. Specifically, we study how similarity... more We study the effect of social capital on financial capital. Specifically, we study how similarity (matching) of borrowers' and lenders' cohorts along their corporate social responsibility dimension affects the cost of debt financing. The main finding is that borrowers' ethical posture alone is not enough for obtaining cheapest rates. Favorable loan conditions are obtained when both lenders and borrowers belong to similar cohorts attributing high value for social responsibility aspects. Employing an international database composed of 4,554 syndicated loans involving 175 corporations in 15 different countries for the period 2003-2006 we document a large and significant reduction in lending rates when both borrowers and lenders belong to similar cohort along the social responsibility dimension. These results withstand a battery of robustness tests.

RePEc: Research Papers in Economics, May 1, 1998

This paper anaIyzes the costs and benefits of using a Main Bank (MB) as a financial provider. Sev... more This paper anaIyzes the costs and benefits of using a Main Bank (MB) as a financial provider. Several banks lend resources to a particular firm but on1y one monitors and remains responsible to other participants. These inside banks act as fund providers for the project, exchanging roles by the time other projects are considered. We showhow, depending on firms quality and the banks skills to monitor, an MB-contract outperforms other arrangements. This type of financial relationship is particularly prominent in the Japanese marketplace, and in spite of recent setbacks, we believe sorne of its features have the potential to be implemented in other marketplaces.

Medicina Clinica, 2008

Las estrategias de innovaCión en la Industm manufacturera espanola: sus determinantes y efectos s... more Las estrategias de innovaCión en la Industm manufacturera espanola: sus determinantes y efectos sobre el desempeño innovador [tesis doctoral], Valencia: Universidad Politécnica de Valencia.

Strategic Management Journal, 2014

ABSTRACT In this study, we examine the existence and performance of cognitive groups. In accordan... more ABSTRACT In this study, we examine the existence and performance of cognitive groups. In accordance with the attention-based view of managerial cognition, cognitive groups are defined as groups of firms in which the CEOs focus their attention on similar strategic elements when seeking to maximize their firm&#39;s competitive advantage. We developed a panel data extension of the original Data Envelopment Analysis to gauge CEOs’ focus of attention and then clustered firms into groups. We compared our approach, with other approaches that use content analysis of CEOs’ letters to shareholders and CEOs’ demographic characteristics to measure CEOs’ attention. Although the different approaches are related, indicating the existence of a common underlying construct (i.e., mental models), our approach explains a higher proportion of the variation in organizational performance.

Strategic Management Journal, 2009

Journal of Banking & Finance, 2014

Corporate Governance: An International Review, 2008

This paper investigates the connection between earnings management and corporate social responsib... more This paper investigates the connection between earnings management and corporate social responsibility (CSR). We argue that earnings management practices damage the collective interests of stakeholders; hence, managers who manipulate earnings can deal with stakeholder activism and vigilance by resorting to CSR practices. Research Findings/Insights: Using archival data from a multinational panel sample of 593 firms from 26 countries between 2002 and 2004, we find a positive impact of earnings management practices on CSR; this relationship holds for different robustness checks. Also, we demonstrate that the combination of earnings management and CSR has a negative impact on financial performance. Theoretical/Academic Implications: This study draws on a generalized agency theory where managers are seen as the agents of all stakeholders and the earnings management literature to highlight that CSR can be used to garner support from stakeholders and, therefore, provides an opportunity for entrenchment to those managers that manipulate earnings. As such, it suggests new avenues of research for both the corporate governance literature, as well as for the stakeholder perspective. Practitioner/Policy Implications: This study offers insights for policy makers and managers interested in enhancing CSR. For managers, our findings suggest that projecting a socially-friendly image in order to disguise earnings management cannot be sustained over time due to the detrimental effect on financial performance. In addition, this study provides a warning signal to policy makers that certain practices geared toward raising a firm's CSR may simply be a mechanism for hindering other devious practices.

Academy of Management Journal, 2012

Nº.: UC3M Working Papers. …, 2007

Purpose-The paper aims to re-interpret the role of corporate social responsibility (CSR) in limit... more Purpose-The paper aims to re-interpret the role of corporate social responsibility (CSR) in limiting the extreme practices in earnings management (EM) by using evidence from large UK companies. Design/methodology/approach-The study has used content analysis and disclosure index to measure the level of CSR. The authors measured EM based on discretionary accruals by using cross-sectional version of the modified Jones model. Findings-The findings of this study reveal that companies with a higher commitment to CSR activities are less likely to manage earnings through accruals. Originality/value-This study shed more light on the potential impact of CSR on earnings management in the context of the UK. Prior research on the impact of CSR on earnings management has used exclusively CSR scores, provided by CSR score indices. The manual measurement used in this study for CSR (disclosure index/content analysis) is considered to provide a more detailed and precise measure.

Research Policy, 2017

Research is a key determinant of health improvement. However, there is little empirical evidence ... more Research is a key determinant of health improvement. However, there is little empirical evidence show-ing how the research conducted in hospitals affects healthcare outcomes. To address this issue, we usedpanel data of 189 Spanish public hospitals over the period 1996–2009 to estimate the causal effect ofboth clinical and basic research on hospitals’ efficiency, measuring their impact on the average lengthof stay (LOS). We considered two fixed effects econometric models; one for medical and the other forsurgical specialties respectively. Our results show that increases in the quantity of research produced inmedical (surgical) disciplines contribute significantly to the reduction of hospital LOS in medical (surgi-cal) specialties. This effect is greater for hospitals with higher absorptive capacity (high R&D investmentand with teaching status). There is also clear evidence that basic research produces efficiency gains inclinical outcomes. Furthermore, we have identified other important determinants of hospitals’ efficiencynamely, hospitals’ characteristics, human resources, diagnostic activity, hospital investment and hos-pitals’ absorptive capacity. Finally, we evaluated the economic impact of increases in medical, surgicaland basic research on hospitals’ cost efficiency gains by measuring the corresponding reduction in theaverage cost of stay in Spanish hospitals

This article appeared in a journal published by Elsevier. The attached copy is furnished to the a... more This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier's archiving and manuscript policies are encouraged to visit: http://www.elsevier.com/authorsrights a b s t r a c t This paper shows that borrowers' ethical behavior leads lending banks to loosen financing conditions when setting loan rates. We advance the banking literature by stressing that the previous financing loosening is enhanced when there is similarity of lenders and borrowers along their ethical domain given that such similarity brings about familiarity and trust in non-opportunistic behavior between them, thereby contributing to lower information frictions. Unique data composed of 12,545 syndicated loan facilities from 19 countries for the period 2003–2007 indicate a 24.8% reduction in the mean spread associated with an increase of one standard deviation in the degree of borrowers' ethical behavior from its mean value. Such reduction is enhanced to 37.6% when lenders also behave in an ethical way. Results withstand a battery of robustness tests including the use of alternative databases that capture the effect of the 2008 financial crisis, financing alternatives such as equity financing as well as nonparametric estimations.

In this study, we examine the existence and performance of cognitive groups. In accordance with t... more In this study, we examine the existence and performance of cognitive groups. In accordance with the attention-based view of managerial cognition, cognitive groups are defined as groups of firms in which the CEOs focus their attention on similar strategic elements when seeking to maximize their firm's competitive advantage. We developed a panel data extension of the original Data Envelopment Analysis to gauge CEOs' focus of attention and then clustered firms into groups. We compared our approach with other approaches that use content analysis of CEOs' letters to shareholders and CEOs' demographic characteristics to measure CEOs' attention. Although the different approaches are related, indicating the existence of a common underlying construct (i.e., mental models), our approach explains a higher proportion of the variation in organizational performance.

This paper examines the effects of a firm's intangible resources in mediating the relationship be... more This paper examines the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance. We hypothesize that previous empirical findings of a positive relationship between social and financial performance may be spurious because the researchers failed to account for the mediating effects of intangible resources. Our results indicate that there is no direct relationship between corporate responsibility and financial performance—merely an indirect relationship that relies on the mediating effect of a firm's intangible resources. We demonstrate our theoretical contention with the use of a database comprising 599 companies from 28 countries.

In this study, we explain how multinational enterprises (MNEs) respond to pressure to conform to ... more In this study, we explain how multinational enterprises (MNEs) respond to pressure to conform to their stakeholders' expectations for greater attention to corporate social responsibility (CSR). We invoke institutional theory to propose that mounting stake-holder pressure in an MNE's home country leads to the transfer of socially irresponsible practices from its headquarters to its overseas subsidiaries. This transfer is more pronounced when a subsidiary is apparently unconnected to an MNE, yet is controlled by an MNE's headquarters through the appointment of the subsidiary's board members ; the institutional environment of the MNE's home country enforces compliance; and the degree of institutional enforcement, vigilance, and sanctions for noncompli-ance in the subsidiary's host country is low. Our hypotheses are empirically supported using panel data on 269 subsidiaries in 27 countries belonging to 110 MNEs from 22 countries. Results are robust to alternative measures, explanations, and sample.