Valentín Azofra Palenzuela | Universidad de Valladolid (original) (raw)

Papers by Valentín Azofra Palenzuela

Research paper thumbnail of Endeudamiento, oportunidades de crecimiento y estructura contractual: un contraste empírico para el caso español

Este trabajo tiene como objetivo estudiar la incidencia de la decisión de endeudamiento y de la e... more Este trabajo tiene como objetivo estudiar la incidencia de la decisión de endeudamiento y de la estructura contractual sobre el valor de mercado de las empresas en el contexto definido por la ausencia o existencia de oportunidades de crecimiento para un panel de 101 empresas que han cotizado en la Bolsa de Madrid en el periodo 1991-1995.

Research paper thumbnail of El enfoque multistakeholder de la responsabilidad social corporativa: De la ambigüedad conceptual a la coacción y al intervencionismo

The ambiguous nature of the term “social” and the lack of satisfactory answers to questions such ... more The ambiguous nature of the term “social” and the lack of satisfactory answers to questions such as what a firm is or what its responsibilities may be, are turning the idea of corporate social responsibility (CSR) into a veritable battleground for business activity. Misinterpreting the concept of stakeholder, CSR is viewed in certain academic, political and media circles as a moral obligation towards society’s interests and is used as an excuse to justify multiple intervention in the control and management of firms. We are witnessing fresh efforts to “democratise” residual decision rights, once again ignoring the fact that these are inseparable from ownership and that most social structures, whilst due to human interaction, are not, however, the result of human conception.

Research paper thumbnail of El Gobierno de las fundaciones en España: patronatos sin patronos

The Codes of Best Practices have turned into rules that any organization trying to improve its go... more The Codes of Best Practices have turned into rules that any organization trying to improve its governance performance must fulfil. However, the automatic adherence to these recommendations does not always drives to an increase of the results. Our study shows how in heterogeneous sectors, as the foundational one, not only the board of trustees is differently composed according to the entity’s characteristics but also its influence on the organizational efficiency is dissimilar.

Research paper thumbnail of Determinants of Nonprofit Board Size and Composition

Recently, many empirical studies have examined the determinants of corporate boards of directors.... more Recently, many empirical studies have examined the determinants of corporate boards of directors. Using an agency theory framework, the authors explain how nonprofit boards are structured. Although nonprofits cannot disburse profits to their contributors, the role played by their boards of trustees in monitoring and advising managers is analogous to that of corporate boards of directors.

Research paper thumbnail of Real options as a component of the market value of stocks: evidence from the Spanish Stock Market

This paper aims to examine how investors' expectations about the value of a firm's real options a... more This paper aims to examine how investors' expectations about the value of a firm's real options are reflected in the price of its stocks. If the real-option approach is correct, then the efficient-market hypothesis predicts that stock prices will reflect the available information relative to the real options held by firms and their ability to identify, acquire, maintain and exercise them.

Research paper thumbnail of The bank: controller or predator in the governance of nonfinancial firms?

businessperspectives.org

This paper deals with one of the most interesting topics related to corporate governance: the rol... more This paper deals with one of the most interesting topics related to corporate governance: the role of the banks in the governance of nonfinancial firms and its consequences on the value creation process. We explore the impact of bank participation in shareholding, board of directors, and financing on the governance of nonfinancial listed Spanish firms. We show that governance behavior depends on the bank’s position of power within the firm, and that when banks participate in a firm where a nonbank controlling shareholder holds different control and cash flow rights, banks act as an efficient control mechanism. But if the controller is the bank and has the capacity to expropriate, then it becomes a predator. This opportunistic behavior is lessened when the bank's position as shareholder is combined with its interests as a creditor.

Research paper thumbnail of Corporate boards in OECD countries: size, composition, functioning and effectiveness

… : An International Review, Jan 1, 2005

"In recent years, the debate about the efficiency of corporate governance mechanisms has focused ... more "In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the size of the board of directors. This relation holds when we control for alternative definitions of firm size and for board composition, the board’s internal functioning, country effect and industry effect. We
find no significant relationship between the composition of the board and the value of the firm. These results are consistent with previous relevant papers and show that companies with oversized boards of directors have poorer performance both in countries where internal mechanisms of governance dominate and in countries where external mechanisms are predominant."

Research paper thumbnail of Beyond the Disciplinary Role of Governance: How Boards Add Value to Spanish Foundations

British Journal of …, Jan 1, 2010

Due to the significant role of non-profit organizations in the development of modern societies, t... more Due to the significant role of non-profit organizations in the development of modern societies, these organizations must adjust their boardrooms. Since traditional theories
of corporate governance appear to be limited in explaining the changing non-profit world, we propose an extended model of governance that integrates the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish
foundations, we present evidence on the effect of the board composition on foundations’ organizational efficiency. We show that board size and independence do not have a definitive effect on the entity’s efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explaining how boards impact on organizational performance.

Research paper thumbnail of The real options component of firm market value: The case of the technological corporation

Journal of Business …, Jan 1, 2006

This paper tests whether stock prices reflect investor’s expectations regarding the value of real... more This paper tests whether stock prices reflect investor’s expectations regarding the value of real options. The analysis is implemented based on a sample of 391 high-tech companies listed on main OECD stock markets during the period December 1994 through December 2000. Results confirm the predicted relation between the fraction of a firm’s market value not accounted for by its assets-in-place, and a series of variables that are assumed to disclose its real options value, variables such as research and development activity, risk and skewness of stock returns, and size. The results are robust even after controlling for valuation date, sub-industry, country, and alternative measures of risk.

Research paper thumbnail of Dividendos, estructura de propiedad y endeudamiento de las empresas desde una perspectiva institucional. Evidencia empírica internacional

Cuadernos de Economía y Dirección de la Empresa, 2007

Palabras clave: dividendos, gobierno corporativo, aspectos institucionales, propiedad de los inte... more Palabras clave: dividendos, gobierno corporativo, aspectos institucionales, propiedad de los internos, datos panel con efectos dinámicos.

Research paper thumbnail of An Experimental Study of Herding and Contrarian Behavior among Financial Investors

SSRN Electronic Journal, 2000

One of the arguments to explain the existence of anomalies in capital markets is the existence of... more One of the arguments to explain the existence of anomalies in capital markets is the existence of cognitive biases in the behaviour of investors. Our goal is to study one of these cognitive biases: herding among investors. Our laboratory experiment results lead us to reject that subjects' tendency to herd is to blame for inadequate price formation in financial markets.

Research paper thumbnail of Oportunidades de Crecimiento y Estructura de Propiedad como Determinantes del Apalancamiento de las Empresas Españolas

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 2007

RESUMEN Nuestro objetivo es analizar la decisión de endeudamiento de las empresas españolas, cons... more RESUMEN Nuestro objetivo es analizar la decisión de endeudamiento de las empresas españolas, considerando los problemas de información asimétrica, los costes de agencia y la estructura de propiedad. Las hipótesis se establecen teniendo en cuenta el entorno institucional al que pertenecen las empresas. Para el análisis se utiliza un panel de datos incompleto de 111 empresas adquiridas durante los años 1991-2001. Los resultados obtenidos indican que: i) La elevada concentración accionarial de las empresas españolas favorece el uso de la deuda para financiar sus oportunidades de crecimiento; ii) Las empresas con déficit de fondos recurren preferentemente, a los recursos externos mientras cuenten con una estructura de propiedad mayoritaria; iii) Las empresas cotizadas mantienen una velocidad de ajuste a su ratio de endeudamiento óptima distinta a la de las empresas no cotizadas y a la de las empresas de otros países.

Research paper thumbnail of Verificación Empírica y Método del caso: Revisión de Algunas Experiencias en Contabilidad de Gestión a la luz de su Metodología

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 2004

VERIFICACI~N EMPÍRICA Y MÉTODO DEL CASO: REVISIÓN DE ALGUNAS EXPERIENCIAS EN CONTABILIDAD DE GEST... more VERIFICACI~N EMPÍRICA Y MÉTODO DEL CASO: REVISIÓN DE ALGUNAS EXPERIENCIAS EN CONTABILIDAD DE GESTIÓN A LA LUZ DE SU METODOLOGÍA Empiicul unal ysOl und /he ({case me~hod)). Aeviav of some e~peiencu

Research paper thumbnail of La estructura contractual de la gran empresa española. Factores determinantes del apalancamiento contractual

Cuadernos de economía y dirección de la empresa, 1998

Research paper thumbnail of Corporate boards in OECD countries: size, composition, functioning and effectiveness

In recent years, the debate about the efficiency of corporate governance mechanisms has focused o... more In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of corporate boards of directors. This paper joins this debate by analyzing the effect of board size, composition and structure on firm value in a sample of 450 non-financial companies from ten Western Europe and North American countries. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the board of directors size. This relation holds when we control for alternative definitions of firm size and for board composition, board structure, country effect and industry effect. We find no significant relationship between outside directors and firm value. These results are consistent, in an international framework, with previous relevant papers.

Research paper thumbnail of Déterminants financiers de l'investissement en capital fixe: le cas espagnol

The enrichment of the investment models with the contributions of the economics of information op... more The enrichment of the investment models with the contributions of the economics of information opens the possibility of an opportunist behaviour among agents. Its application to the field of finance implies the existence of financial constraints, tightening especially those firms more involved in asymmetric information. The constraints arise in the absence of substitution between internal and external resources and in the presence of credit rationing. This paper confirms the different validity of the Euler equation for the Spanish firms with or without information problems. Although this equation works for the investment function of the firms with more informative capacity, it doesn't for those without.

L'enrichissement des modèles explicatifs de l'investissement par l'analyse des situations d'asymétries d'information conduit à mettre en évidence l'existence de restrictions financières qui influent d'une manière spécifique sur les entreprises les plus soumises à l'asymétrie d'information. Le présent travail étudie les comportements d'investissement de groupes d'entreprises espagnoles avec ou sans problèmes d'information en estimant une équation d'Euler. Bien que cette modélisation se révèle comme un instrument adéquat pour décrire l'investissement des entreprises sans problèmes d'information, elle offre des résultats insuffisants pour les entreprises les plus soumises aux asymétries d'information.

Research paper thumbnail of Beyond the Disciplinary Role of Governance: How Boards Add Value to Spanish Foundations

British Journal of Management, 2010

Due to the significant role of non-profit organizations in the development of modern societies, t... more Due to the significant role of non-profit organizations in the development of modern societies, these organizations must adjust their boardrooms. Since traditional theories of corporate governance appear to be limited in explaining the changing non-profit world, we propose an extended model of governance that integrates the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish foundations, we present evidence on the effect of the board composition on foundations' organizational efficiency. We show that board size and independence do not have a definitive effect on the entity's efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explaining how boards impact on organizational performance.

Research paper thumbnail of ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS

Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock mar... more Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.

Research paper thumbnail of Ownership, control, and pyramids in Spanish commercial banks

Fuel and Energy Abstracts, 2011

Using the law and finance approach we analyze how the ultimate ownership and control structure in... more Using the law and finance approach we analyze how the ultimate ownership and control structure influences the performance of Spanish commercial banks during the period 1996-2004. Our evidence shows that 96% of Spanish commercial banks have an ultimate controlling owner. Also, we observe that whenever there is a gap between the ultimate controlling owner's cash flow and control rights, than the bigger the gap, the poorer the bank's performance. We find that whenever there is no difference between the ultimate controlling owner's cash flow and control rights, there is a non-monotonic relation between ownership concentration and the bank's performance.

Research paper thumbnail of Corporate Boards in OECD Countries: size, composition, functioning and effectiveness

Corporate Governance-an International Review, 2005

In recent years, the debate about the efficiency of corporate governance mechanisms has focused o... more In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity.

Research paper thumbnail of Endeudamiento, oportunidades de crecimiento y estructura contractual: un contraste empírico para el caso español

Este trabajo tiene como objetivo estudiar la incidencia de la decisión de endeudamiento y de la e... more Este trabajo tiene como objetivo estudiar la incidencia de la decisión de endeudamiento y de la estructura contractual sobre el valor de mercado de las empresas en el contexto definido por la ausencia o existencia de oportunidades de crecimiento para un panel de 101 empresas que han cotizado en la Bolsa de Madrid en el periodo 1991-1995.

Research paper thumbnail of El enfoque multistakeholder de la responsabilidad social corporativa: De la ambigüedad conceptual a la coacción y al intervencionismo

The ambiguous nature of the term “social” and the lack of satisfactory answers to questions such ... more The ambiguous nature of the term “social” and the lack of satisfactory answers to questions such as what a firm is or what its responsibilities may be, are turning the idea of corporate social responsibility (CSR) into a veritable battleground for business activity. Misinterpreting the concept of stakeholder, CSR is viewed in certain academic, political and media circles as a moral obligation towards society’s interests and is used as an excuse to justify multiple intervention in the control and management of firms. We are witnessing fresh efforts to “democratise” residual decision rights, once again ignoring the fact that these are inseparable from ownership and that most social structures, whilst due to human interaction, are not, however, the result of human conception.

Research paper thumbnail of El Gobierno de las fundaciones en España: patronatos sin patronos

The Codes of Best Practices have turned into rules that any organization trying to improve its go... more The Codes of Best Practices have turned into rules that any organization trying to improve its governance performance must fulfil. However, the automatic adherence to these recommendations does not always drives to an increase of the results. Our study shows how in heterogeneous sectors, as the foundational one, not only the board of trustees is differently composed according to the entity’s characteristics but also its influence on the organizational efficiency is dissimilar.

Research paper thumbnail of Determinants of Nonprofit Board Size and Composition

Recently, many empirical studies have examined the determinants of corporate boards of directors.... more Recently, many empirical studies have examined the determinants of corporate boards of directors. Using an agency theory framework, the authors explain how nonprofit boards are structured. Although nonprofits cannot disburse profits to their contributors, the role played by their boards of trustees in monitoring and advising managers is analogous to that of corporate boards of directors.

Research paper thumbnail of Real options as a component of the market value of stocks: evidence from the Spanish Stock Market

This paper aims to examine how investors' expectations about the value of a firm's real options a... more This paper aims to examine how investors' expectations about the value of a firm's real options are reflected in the price of its stocks. If the real-option approach is correct, then the efficient-market hypothesis predicts that stock prices will reflect the available information relative to the real options held by firms and their ability to identify, acquire, maintain and exercise them.

Research paper thumbnail of The bank: controller or predator in the governance of nonfinancial firms?

businessperspectives.org

This paper deals with one of the most interesting topics related to corporate governance: the rol... more This paper deals with one of the most interesting topics related to corporate governance: the role of the banks in the governance of nonfinancial firms and its consequences on the value creation process. We explore the impact of bank participation in shareholding, board of directors, and financing on the governance of nonfinancial listed Spanish firms. We show that governance behavior depends on the bank’s position of power within the firm, and that when banks participate in a firm where a nonbank controlling shareholder holds different control and cash flow rights, banks act as an efficient control mechanism. But if the controller is the bank and has the capacity to expropriate, then it becomes a predator. This opportunistic behavior is lessened when the bank's position as shareholder is combined with its interests as a creditor.

Research paper thumbnail of Corporate boards in OECD countries: size, composition, functioning and effectiveness

… : An International Review, Jan 1, 2005

"In recent years, the debate about the efficiency of corporate governance mechanisms has focused ... more "In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the size of the board of directors. This relation holds when we control for alternative definitions of firm size and for board composition, the board’s internal functioning, country effect and industry effect. We
find no significant relationship between the composition of the board and the value of the firm. These results are consistent with previous relevant papers and show that companies with oversized boards of directors have poorer performance both in countries where internal mechanisms of governance dominate and in countries where external mechanisms are predominant."

Research paper thumbnail of Beyond the Disciplinary Role of Governance: How Boards Add Value to Spanish Foundations

British Journal of …, Jan 1, 2010

Due to the significant role of non-profit organizations in the development of modern societies, t... more Due to the significant role of non-profit organizations in the development of modern societies, these organizations must adjust their boardrooms. Since traditional theories
of corporate governance appear to be limited in explaining the changing non-profit world, we propose an extended model of governance that integrates the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish
foundations, we present evidence on the effect of the board composition on foundations’ organizational efficiency. We show that board size and independence do not have a definitive effect on the entity’s efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explaining how boards impact on organizational performance.

Research paper thumbnail of The real options component of firm market value: The case of the technological corporation

Journal of Business …, Jan 1, 2006

This paper tests whether stock prices reflect investor’s expectations regarding the value of real... more This paper tests whether stock prices reflect investor’s expectations regarding the value of real options. The analysis is implemented based on a sample of 391 high-tech companies listed on main OECD stock markets during the period December 1994 through December 2000. Results confirm the predicted relation between the fraction of a firm’s market value not accounted for by its assets-in-place, and a series of variables that are assumed to disclose its real options value, variables such as research and development activity, risk and skewness of stock returns, and size. The results are robust even after controlling for valuation date, sub-industry, country, and alternative measures of risk.

Research paper thumbnail of Dividendos, estructura de propiedad y endeudamiento de las empresas desde una perspectiva institucional. Evidencia empírica internacional

Cuadernos de Economía y Dirección de la Empresa, 2007

Palabras clave: dividendos, gobierno corporativo, aspectos institucionales, propiedad de los inte... more Palabras clave: dividendos, gobierno corporativo, aspectos institucionales, propiedad de los internos, datos panel con efectos dinámicos.

Research paper thumbnail of An Experimental Study of Herding and Contrarian Behavior among Financial Investors

SSRN Electronic Journal, 2000

One of the arguments to explain the existence of anomalies in capital markets is the existence of... more One of the arguments to explain the existence of anomalies in capital markets is the existence of cognitive biases in the behaviour of investors. Our goal is to study one of these cognitive biases: herding among investors. Our laboratory experiment results lead us to reject that subjects' tendency to herd is to blame for inadequate price formation in financial markets.

Research paper thumbnail of Oportunidades de Crecimiento y Estructura de Propiedad como Determinantes del Apalancamiento de las Empresas Españolas

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 2007

RESUMEN Nuestro objetivo es analizar la decisión de endeudamiento de las empresas españolas, cons... more RESUMEN Nuestro objetivo es analizar la decisión de endeudamiento de las empresas españolas, considerando los problemas de información asimétrica, los costes de agencia y la estructura de propiedad. Las hipótesis se establecen teniendo en cuenta el entorno institucional al que pertenecen las empresas. Para el análisis se utiliza un panel de datos incompleto de 111 empresas adquiridas durante los años 1991-2001. Los resultados obtenidos indican que: i) La elevada concentración accionarial de las empresas españolas favorece el uso de la deuda para financiar sus oportunidades de crecimiento; ii) Las empresas con déficit de fondos recurren preferentemente, a los recursos externos mientras cuenten con una estructura de propiedad mayoritaria; iii) Las empresas cotizadas mantienen una velocidad de ajuste a su ratio de endeudamiento óptima distinta a la de las empresas no cotizadas y a la de las empresas de otros países.

Research paper thumbnail of Verificación Empírica y Método del caso: Revisión de Algunas Experiencias en Contabilidad de Gestión a la luz de su Metodología

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 2004

VERIFICACI~N EMPÍRICA Y MÉTODO DEL CASO: REVISIÓN DE ALGUNAS EXPERIENCIAS EN CONTABILIDAD DE GEST... more VERIFICACI~N EMPÍRICA Y MÉTODO DEL CASO: REVISIÓN DE ALGUNAS EXPERIENCIAS EN CONTABILIDAD DE GESTIÓN A LA LUZ DE SU METODOLOGÍA Empiicul unal ysOl und /he ({case me~hod)). Aeviav of some e~peiencu

Research paper thumbnail of La estructura contractual de la gran empresa española. Factores determinantes del apalancamiento contractual

Cuadernos de economía y dirección de la empresa, 1998

Research paper thumbnail of Corporate boards in OECD countries: size, composition, functioning and effectiveness

In recent years, the debate about the efficiency of corporate governance mechanisms has focused o... more In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of corporate boards of directors. This paper joins this debate by analyzing the effect of board size, composition and structure on firm value in a sample of 450 non-financial companies from ten Western Europe and North American countries. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the board of directors size. This relation holds when we control for alternative definitions of firm size and for board composition, board structure, country effect and industry effect. We find no significant relationship between outside directors and firm value. These results are consistent, in an international framework, with previous relevant papers.

Research paper thumbnail of Déterminants financiers de l'investissement en capital fixe: le cas espagnol

The enrichment of the investment models with the contributions of the economics of information op... more The enrichment of the investment models with the contributions of the economics of information opens the possibility of an opportunist behaviour among agents. Its application to the field of finance implies the existence of financial constraints, tightening especially those firms more involved in asymmetric information. The constraints arise in the absence of substitution between internal and external resources and in the presence of credit rationing. This paper confirms the different validity of the Euler equation for the Spanish firms with or without information problems. Although this equation works for the investment function of the firms with more informative capacity, it doesn't for those without.

L'enrichissement des modèles explicatifs de l'investissement par l'analyse des situations d'asymétries d'information conduit à mettre en évidence l'existence de restrictions financières qui influent d'une manière spécifique sur les entreprises les plus soumises à l'asymétrie d'information. Le présent travail étudie les comportements d'investissement de groupes d'entreprises espagnoles avec ou sans problèmes d'information en estimant une équation d'Euler. Bien que cette modélisation se révèle comme un instrument adéquat pour décrire l'investissement des entreprises sans problèmes d'information, elle offre des résultats insuffisants pour les entreprises les plus soumises aux asymétries d'information.

Research paper thumbnail of Beyond the Disciplinary Role of Governance: How Boards Add Value to Spanish Foundations

British Journal of Management, 2010

Due to the significant role of non-profit organizations in the development of modern societies, t... more Due to the significant role of non-profit organizations in the development of modern societies, these organizations must adjust their boardrooms. Since traditional theories of corporate governance appear to be limited in explaining the changing non-profit world, we propose an extended model of governance that integrates the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish foundations, we present evidence on the effect of the board composition on foundations' organizational efficiency. We show that board size and independence do not have a definitive effect on the entity's efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explaining how boards impact on organizational performance.

Research paper thumbnail of ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS

Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock mar... more Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.

Research paper thumbnail of Ownership, control, and pyramids in Spanish commercial banks

Fuel and Energy Abstracts, 2011

Using the law and finance approach we analyze how the ultimate ownership and control structure in... more Using the law and finance approach we analyze how the ultimate ownership and control structure influences the performance of Spanish commercial banks during the period 1996-2004. Our evidence shows that 96% of Spanish commercial banks have an ultimate controlling owner. Also, we observe that whenever there is a gap between the ultimate controlling owner's cash flow and control rights, than the bigger the gap, the poorer the bank's performance. We find that whenever there is no difference between the ultimate controlling owner's cash flow and control rights, there is a non-monotonic relation between ownership concentration and the bank's performance.

Research paper thumbnail of Corporate Boards in OECD Countries: size, composition, functioning and effectiveness

Corporate Governance-an International Review, 2005

In recent years, the debate about the efficiency of corporate governance mechanisms has focused o... more In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity.