Domingo J. Santana-Martin

Universidad de Las Palmas de Gran Canaria | ULPGC · Department of Financial Economics and Accounting

We analyse the relationship between female directors and payout policy for a sample of non-financial Spanish listed firms. Based on the critical mass theory, we find an inverted-U shaped relationship. For low levels of female representation in the board, women directors increase dividends in order to reduce agency conflicts, and improve reputation...

Despite the efforts of governments and market regulators, the under-representation of women on corporate boards continues to be a global concern. In this context, this study extends prior literature by investigating the relationship between media visibility and gender diversity on boards of directors. We examine a sample of 101 Spanish nonfinancial...

We examine the relationship between firms’ political connections and corporate innovation in a European context. We also consider the moderating effect of political connections on the relationship between political uncertainty and firms’ innovation. We use two different metrics of innovation: R&D (an input measure), and patent counts (an output mea...

This work examines the relationship between political ties and tax burden in a sample of non-financial Spanish-listed firms during the period 2003–2013. Moreover, we analyse whether such incidence is dependent upon family control. In a context where political ties exist for business strategy reasons rather than for public policy ones, our results r...

We investigate whether politically connected family firms provide the market with more or less credible earnings compared with unconnected family firms. Our results evidence that politically connected family firms show higher earnings informativeness than unconnected family firms. Our findings are consistent with the market perceiving that, in the...

We analyse the effect of the media on the informativeness of accounting earnings. We collected news articles on a sample of non-financial listed firms over the 1996 to 2014 period in Spain, a country characterised by the widespread presence of dominant owners. Our results indicate that disclosing information through financial media coverage in news...

Manuscript typeEmpiricalResearch QuestionWe examine the effect of shareholder coalitions on the corporate payout policy in Spain, a context characterized by the presence of dominant shareholders.Research findingsOur results show that shareholder coalitions affect payout policy negatively (both for dividends and shares repurchases). We also find tha...

The goal of this study is to analyze the incidence of dominant owners in the probability of the presence of political directors and the effect of said presence on firm value. The study uses a sample of non-financial Spanish companies listed on the Spanish Stock Exchange over the period 2003–2012. The results show that around half of the firms have...

In this paper we analyze the relation between dominant institutional control and earnings informativeness in a sample of non-financial Spanish firms listed on the electronic market over the 1996 to 2009 period. Our results suggest that, when a bank is the firm's dominant owner, increasing his ownership stake beyond the minimum level needed for effe...

Research Question/Issue: Focusing on an environment where the principal agency conflict steams from the divergence of interests between dominant owners and minority shareholders, and where the legal system provides weak protection to external investors, we analyze the effect of firms’ political ties on earnings informativeness. We also address a qu...

En el trabajo analizamos la relación entre el control institucional dominante y la capacidad informativa de los resultados contables en una muestra de empresas no financieras cotizadas españolas en el periodo 1996–2009. Nuestros resultados revelan que a medida que aumenta la propiedad más allá del nivel requerido para el control efectivo en manos d...

En el trabajo analizamos la relación entre el control institucional dominante y la capacidad informativa de los resultados contables en una muestra de empresas no financieras cotizadas españolas en el periodo 1996-2009. Nuestros resultados revelan que a medida que aumenta la propiedad más allá del nivel requerido para el control efectivo en manos d...

The aim of this research is to examine the effect of defensive measures (DMs) on earnings management in an owner dominant environment such as Continental Europe, where control is assumed to be exercised by large shareholders. Thus, compared to the manager dominant context of the US/UK, in the owner dominant environment firms operate in a setting wi...

This research analyzes the impact of control by dominant institutional owners (banking institutions and investment funds) on firm value. The analysis considers the level of voting rights in the hands of the dominant institutional owner and other large shareholders. The results reveal a different effect on value depending on whether the dominant ins...

Spanish institutions and researchers have made a great effort to know the level of use of governance mechanisms of listed companies. However, there are still little known areas of this system. In this sense, the work analyzes the presence of shareholders coalitions in the Spanish stock market in the period 2003-2009. The results show the presence o...

A pesar del esfuerzo realizado por parte de las instituciones e investigadores españoles por conocer el nivel de utilización de los distintos mecanismos de gobierno de las empresas cotizadas, aun existen instrumentos poco conocidos de este sistema. En este sentido, este trabajo analiza la presencia de pactos parasociales en el mercado bursátil espa...

This work examines the relationship between the family control and informativeness of accounting earnings in listed non-financial Spanish companies between 1997 and 2003. The results reveal a negative relationship between the family nature of the controlling shareholder and the credibility of accounting information. Moreover, as the level of voting...

In this paper we analyze whether the extent of timely recognition of unrealized losses into earnings shown by firms with a controlling owner depends on 1) the ownership share of the controlling owner and 2) the divergence between the controlling owner’s voting and cash flow rights. Our results document a negative relation between both aspects of th...

The objective of this paper focuses on analysing the impact that the ownership in the hands of ultimate owner and the degree of divergence between his/her voting and cash flow rights exercise on the takeover defences. The study was undertaken on a sample of non-financial Spanish listed firms in the period from 1999 to 2007, and based on the defence...

Manuscript Type: Empirical Research Question/Issue: We examine the relationship between the level of voting rights held by the principal owner and the use of defense measures in Spanish listed firms when the owner is an institutional investor. Research Findings/Results: When a bank or a fund is the principal shareholder, the level of defense increa...

El presente trabajo analiza la relación entre el control familiar y la credibilidad de los resultados contables. Utilizando un panel de datos de empresas españolas cotizadas no financieras para el período 1997-2003, los resultados alcanzados muestran que la credibilidad de la información contable de la empresa familiar es inferior a la de la no fam...

This paper analyses the relationship regarding the divergence between the voting rights and cash flows in the hands of the main shareholder of a pyramidal group with a level of indebtedness. The outcome obtained from a sample of Spanish non financial quoted companies in the 1996-2006 period enables us to assert that the control of a company by a py...

El objetivo del trabajo es analizar la incidencia de las medidas defensivas (MDs) en la calidad de la información contable divulgada, en un contexto en el que el principal conflicto de agencia deriva de la divergencia de intereses entre accionistas controladores y propietarios minoritarios. Utilizando un índice de blindaje diseñado a partir de las...

The aim of this research is to examine the effect of anti-takeover provisions (ATP's) on the quality of accounting earnings, in a country where, as in most countries in the world, the salient agency problem is expropriation of minority shareholders by controlling owners. Through the development of an anti-takeover index that measures the level of d...

El presente estudio analiza, desde una perspectiva de agencia, la relación entre los derechos de voto del último propietario cuando éste es un inversor institucional y la política de dividendos de las empresas cotizadas españolas en el período 1997-2003. Los resultados evidencian un comportamiento heterogéneo de los distintos tipos de entidades ana...

El trabajo analiza la relación entre el control familiar y la calidad de la información contable en un contexto en el que el tradicional conflicto de agencia entre directivos y accionistas se desplaza a la divergencia de intereses entre accionistas controladores y minoritarios. Los resultados alcanzados muestran que, en comparación con las no famil...

This work examines the relationship between family control and earnings quality in a context where the salient agency problem shifts away from the classical divergence between managers and shareholders to conflicts between the controlling owner and minority shareholders. The results reveal that, compared to non-family firms, family firms reveal hig...

In this paper we analyse the structure of ownership in non-financial Spanish listed companies in the period 1996-2002, focussing on the control chain methodology. The results obtained show that the main shareholder's control threshold stands at about 29% of the voting rights and that in 2002 families were the ultimate owners in 52.7% of the firms....

El presente trabajo analiza la relación entre la estructura de propiedad de las empresas no financieras cotizadas españolas en el periodo 1996–2002 y la capacidad informativa de sus resultados contables. Los resultados alcanzados muestran una relación negativa entre la participación en los derechos de voto del principal accionista y la capacidad in...

ABSTRACT This study examines the relationship between the ownership structure of listed non-financial Spanish (family and non-family) companies and earnings management over a seven-year period (1997-2003). In non-family firms, the results show, according to entrenchment effect, a positive relationship between the level of voting rights of the contr...

The present work analyzes the relationship between the ownership structure of listed nonfinancial Spanish companies and the informativeness of their accounting earnings, measured by the earnings-return relationship. We document that the informativeness of earnings decreases with the level of an ultimate owner's voting control. Nevertheless, we did...

En el presente trabajo realizamos un análisis de la estructura de propiedad de las empresas no financieras cotizadas españolas entre los años 1996 y 2002. Basándonos en la metodología de definición de las cadenas de control, dibujamos la totalidad de los eslabones de propiedad, identificando con ello al propietario final de los derechos de voto. Pa...

A pesar de la relevancia económica y de las particularidades de las empresas familiares, se ha prestado -~ poca atención a investigar su naturaleza y. funcionamiento. Tradicionalmente se ha asociado a las empresas familiares con características tanto positivas como negativas en sus relaciones con los grupos de interés. Esto puede estar ligado a dif...

En este estudio se analiza la repercusión que la crisis de 1997 tuvo sobre las bolsas de USA, Europa (UK, Francia, Alemania y España) y Japón. Concretamente se estudia si existió contagio o interdependencia entre las mismas durante dicha crisis. Para ello, se una muestra de datos diarios, que abarca el período comprendido entre el 30 de noviembre d...

This explorative research paper illuminates the governance systems in Spanish family businesses, and evaluates the extent to which they pursue good governance practise both in the business and family areas. Empirical evidence is drawn from a database of 112 sizeable Spanish firms, and the results show the absolute dominance of the leading family in...

RESUMEN El trabajo analiza la relación entre la propiedad institucional y las prácticas de manipulación contable (earnings management) de las empresas no financieras cotizadas españolas en el periodo 1997-2003. Los resultados obtenidos ponen de manifiesto la existencia de una relación no lineal entre la propiedad institucional y la manipulación con...

This work examines the relationship between the ownership structure and family control of listed non-financial Spanish companies and the informativeness of their accounting earnings between 1996 and 2002. The results reveal a non-linear relationship between the level of voting rights of the controlling shareholder and the credibility of accounting...

Resumen: El presente estudio trata de contrastar si la política de dividendos es utilizada como mecanismo de extracción de rentas por parte de los accionistas controladores en las empresas cotizadas españolas. Los resultados obtenidos permiten afirmar que: (i) la relación entre propiedad y dividendos difiere en función del tipo de decisión: reparti...

El trabajo analiza la relación entre la propiedad institucional y las prácticas de manipulación contable (earnings management) de las empresas no financieras cotizadas españolas en el periodo 1997-2003. Los resultados obtenidos ponen de manifiesto la existencia de una relación no lineal entre la propiedad institucional y la manipulación contable. A...