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also highlight the importance of family groups in the Spanish market. The results

also highlight the importance of family groups in the Spanish market. The results

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This study analyses, using different methodologies, the relation between the firms' organisational structure and their capital structure choice in a civil law country, with closely held and medium size firms. Our findings suggest that entrenched CEOs tend to avoid the use of debt. Leverage levels are lower for firms with larger boards, small levels...

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Citations

... Furthermore, few studies have been carried out in Spain that demonstrate which corporate governance mechanisms have a bearing on companies' financial policies. Two which are worth highlighting, however, are Menéndez-Alonso and Gómez-Ansón (2003) and Pindado and De la Torre (2011), which analyse the relationship between leverage and ownership structure and provide evidence of the role played by the agents controlling corporations during the 1990s, that is, prior to the period of our study. ...
... As stated by Smith and Stulz (1985), entrenched managers may adopt a suboptimal leverage policy in order to reduce the firm's risk. Menéndez-Alonso and Gómez-Ansón (2003) and Pindado and De La Torre (2011) use 1990s data to show how entrenched Spanish CEOs try to prevent their firms from using debt. Furthermore, Spanish managers are likely to be strongly influenced by the controlling families, who may well also be interested in adopting the cautious policy of decreasing debt. ...
... El posible papel disciplinario ejercido por la deuda es corroborado por distintos estudios que muestran que el mercado reacciona positivamente ante el anuncio de incrementos en la deuda bancaria (González, 1997; Arrondo y Gómez-Ansón, 2003) o que el apalancamiento financiero presenta una relación positiva con el valor empresarial (Rodríguez, 1997), especialmente en el caso de empresas con pocas oportunidades de inversión rentables y elevados flujos de caja libres (De Andrés et al., 2000) y en empresas pertenecientes a sectores en crisis (Gutiérrez, 2000 ). Se observa además que las empresas en las que el máximo ejecutivo tiene más posibilidades de llevar a cabo comportamientos oportunistas , tratan de eludir la disciplina del endeudamiento utilizando en menor medida esta fuente de financiación (Menéndez y Gómez-Ansón, 2002). España posee una legislación civil de origen romano-francés y por ello se encuadra dentro del grupo de países que presentan una menor protección legal a los accionistas en relación con los países anglosajones. ...
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This paper aims to analyze the role of financial institutions as shareholders of non financial listed firms. After revising the main characteristics of the two-types of financial systems (market and bank oriented) and presenting the theoretical framework of the benefits and costs of financial stockholdings, the paper describes the actual situation. Banks and savings institutions are active and qualified investors. They act more as significant shareholders than as main shareholders. Savings institutions, themselves or through their corporations have a more diversify portfolio. They invest in more non financial firms than banks. During 2006, banks have disinvested in several companies.
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Purpose The purpose of this paper is to summarize what is known about corporate governance in family firms from Ibero-American countries based on published research. Methodology The authors conducted a literature search to identify the articles that have been published about the corporate governance of family firms in Latin America, Spain, and Portugal between 1980 and 2014. The authors found 38 articles that provide the sample for this review. Findings The results indicate that research on governance in Ibero-American family firms has focussed on understanding structures and processes related to the business and ownership systems. However, generalization of results across the region is difficult because of the lack of systematic approach of studies and the focus on a small number of countries. Research limitations/implications There are at least two limitations of this work: the small sample of projects identified for the review and the lack of systematic approach to research. Both of these may be due to the importance given to publishing the university context in this part of the world. As the culture of knowledge changes, the authors expect that research in this area will grow. Originality/value Although previous research indicates that cultural characteristics affect governance system choices and understanding of family firms, not many studies explore the importance of culture in governance choices of family firms. This paper provides a baseline of the understanding of governance in Ibero-American family firms, and identifies important area for future research.
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