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Introduction
Publications
Publications (45)
Using a sample of 630 firm-year observations of non-financial Spanish listed companies for the period 2004–2020, this study examines linkages of family and non-family female directors and cash holding. We show that family and non-family female directors affect cash holdings differently. When the presence of family female directors is scarce, their...
The growing prominence of women directors has increased interest in their role in firms' social performance. However, knowledge of what impact female directors might have on corporate social irresponsibility (CSI) remains virtually non‐existent. This study aims to fill this gap. Using a sample of 107 Spanish listed non‐financial companies from the...
Purpose
This study aims to analyse the effect of related party transactions (RPTs) on earnings quality in a sample of Spanish listed firms, as well as the moderating role played by female directors in the relationship between RPTs and earnings quality.
Design/methodology/approach
The sample includes non-financial Spanish listed firms from 2005 to...
Purpose
Internal dealings might shape female directors’ incentives to affect corporate financial policies. This study aims to explore what impact female directors have on corporate cash holdings in the presence of internal dealings.
Design/methodology/approach
The authors apply panel data regressions that allow them to address endogeneity concerns...
Los recientes escándalos corporativos han situado en el punto de mira a las operaciones de préstamos entre partes relacionadas (PPR), acrecentando el interés por su impacto en la calidad de la información contable divulgada por las empresas. En el ámbito académico, la evidencia empírica disponible ha adoptado una perspectiva internacional, centránd...
This research examines the relationship between media coverage and corporate tax burden in a sample of non-financial Spanish listed firms over the period 2003-2016. We show that media coverage reduces corporate tax burden. Our findings are consistent with a legitimation role for the media in continental Europe, such that firms subject to greater me...
Despite the extensive research in both the determinants and the results of corporate social responsibility (CSR), relatively few studies have considered extra‐legal institutions as potential determinants of CSR. Our work fills this gap by looking at how media attention affects CSR over a long‐term period in a continental European setting. Our resul...
By adopting an integrated theoretical approach, which combines supply and demand forces, the current work examines the effect of related party transactions (RPTs) on audit fees in a sample of non-financial Spanish listed firms during the period 2005–2017. Our results show a negative effect of the amount involved in RPTs and external audit fees. Thu...
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...
Este trabajo ha obtenido un accésit del Premio «Estudios Financieros» 2020 en la modalidad de Contabilidad y Administración de Empresas. En este trabajo analizamos la relación entre la cobertura mediática y las estrategias fiscales corporativas encaminadas a la minimización de la carga impositiva soportada en una muestra de empresas no financieras...
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...
Purpose – We study the role of directors appointed by banks and those appointed by investment funds in the informativeness of accounting earnings in a low investor protection environment with a high presence of institutional directors.
Design/methodology/approach – We estimate all of the regressions using the Generalized Method of Moments procedure...
We examine RPTs in one Continental European country, Spain, where ownership concentration is prevalent and state ownership is practically non-existent. Our results show that more than half of listed Spanish firms commit to RPTs over the analyzed period. Furthermore, from the perspective of the related party to the transaction, connected transaction...
Despite the relevance of related-party transactions (RPTs) in the Spanish capital market, empirical evidence on RPTs is anecdotal. Thus, in the current work we provide evidence on the configuration of RPTs for Spanish listed firms along the period 2004-2014. Our results show a significant presence of RPTs, with more than half of listed Spanish firm...
Este trabajo ha obtenido el 1.er Premio Estudios Financieros 2013 en la modalidad de Contabilidad. El objetivo de este trabajo es analizar la incidencia de la presencia de consejeros políticos en la credibilidad de la información contable divulgada por la empresa. A partir de una muestra de sociedades no financieras cotizadas españolas a lo largo d...
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...
Manuscript Type
Empirical
Research Question/Issue
Focusing on an environment where ownership concentration is prevalent and where the presence of politically connected directors on the board is the natural form of political connection, we analyze the effect of political connections on earnings informativeness. We also examine a question that has n...
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 paper examines the effect of managers’ liability exposure on earnings conservatism in the banking industry. Focusing on a wide international sample of commercial banks and using TIER1 as a proxy of bank managers’ exposure to litigation, our results show a negative relationship between the level of TIER1 and earnings conservatism. We interpret...
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...
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...
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 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...
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...
La Directiva 2000/60/EC del Parlamento Europeo y del Consejo establece un
marco de acción comunitaria en el ámbito de la política de aguas. Esta norma indica, en su artículo 9, que los miembros de los Estados tendrán en cuenta el principio de recuperación de los costes de los servicios de aguas, incluidos los medioambientales. Así pues, las empresa...
Resumen: La Directiva 2000/60/EC del Parlamento Europeo y del Consejo establece un marco de acción comunitaria en el ámbito de la política de aguas. Esta norma indica, en su artículo 9, que los miembros de los Estados tendrán en cuenta el principio de recuperación de los costes de los servicios de aguas, incluidos los medioambientales. Así pues, la...
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...
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...
