Montserrat Manzaneque

University of Castilla-La Mancha · Department of Business Administration

This work analyses the impact of gaps in stakeholder aspiration levels concerning value capture and company performance, especially regarding the impact on this relationship by family management. The work offers empirical evidence from a sample of 114 Spanish companies of a collaborative attitude among stakeholders when the gaps of generated value...

The Directive (EU) 2019/1023 of 20th June 2019 on preventive restructuring frameworks, have highlighted the need to evaluate, the possibilities of restructuring insolvent companies, but viable in the future. Based on the Theory of Resources, this research aims to identify those internal factors that contribute to explain the differences in the outc...

The objective of this chapter is to empirically investigate the relationship between remuneration received by members of the board and firm performance of listed companies in Spain. We have chosen the Spanish context since is a scenario ideal to study the above relationship because the companies present concentrated shareholding with control exerci...

We investigate the effects of bank power, block ownership and board independence on the likelihood of financial distress. Using a matched sample, we find that firms in which banks have power are more likely than their counterparts to enter financial distress. However, the bank power effects are moderated by block ownership and board independence. S...

The purpose of this paper is twofold: to know whether those firms that achieve greater efficiency from their intangible resources (intellectual capital) also obtain greater performance; and to analyze the moderating role of family management on that relationship in small to medium-sized enterprises (SMEs). This paper conducts an empirical study wit...

By taking insights from the Behavioural Theory, this study analyses how performing below aspiration levels influences innovation efficiency. Furthermore, this research analyses whether firms respond differently to performance pressures depending on certain factors at the organizational level, such as financial slack and family management. Conductin...

We investigate the stakeholders’ role in a business failure situation. In particular, we analyse which primary stakeholders have an impact on the business failure, and how. This work also proposes an order of prioritization of primary stakeholders with the purpose of showing business managers useful information which guides their decisions to reduc...

The articles of this issue are nice examples of studies that intend to broaden our understanding of the role of the board of directors as a key driver of corporate governance and performance.

This article empirically examines the connection between the board of directors’ characteristics and excesses in remuneration for directors from a sustainability perspective, highlighting the role of information transparency on remuneration control. Using data from 73 listed companies in the period 2007–2012 (the global financial crisis), we find t...

El entorno dinámico al que se enfrentan habitualmente las empresas y la influencia que ejerce sobre ellas el ambiente externo e interno rodea la gestión empresarial de incertidumbres que requieren sistemas de prevención y control de riesgos en los que se debe implicar a gran parte de la organización. Conscientes de esta realidad, en España se han v...

The impact of crises on the long-term sustainability of small and medium-sized enterprises (SMEs) has been attracting growing interest in the literature and from governments due to the significance of such companies with respect to economic growth, innovation, and employment. Although failure prediction models have been proposed based on accounting...

Las pequeñas y medianas empresas (PyMES) enfrentan, dada su estructura, múltiples restriccionesque influyen sobre sus decisiones financieras. Los estudios con enfoque centrado en decisiones de estructura financiera PyMES son relativamente recientes. Tradicionalmente, se ha investigado a grandes empresas, cotizadas y esencialmente de economías desar...

Manzaneque-Lizano, M. (2019). Editorial note: Theory and practices of the corporate board in the international context. Corporate Board: Role, Duties and Composition, 15(2), 4-6. http://doi.org/10.22495/cbv15i2_editorial https://www.virtusinterpress.org/Editorial-Theory-and-practices-of-the-corporate-board-in-the-international.html

Following a stakeholder corporate governance perspective, we examine whether the characteristics of boards of directors (board size, separation of Chairman and CEO roles, independent directors and board ownership) have an impact on the value-added distribution to stakeholders, who are differentiated as shareholders and other primary stakeholders (w...

Purpose: This paper has three purposes: (1) to know the views of university stakeholders concerning IC reporting; (2) to examine the quality of voluntary IC disclosure by public Spanish universities on their websites; and (3) analyse some of the potential factors affecting this kind of disclosure. Design/methodology/approach: The study applies a co...

Previous research suggests that boards of directors influence firm performance due to their role in activities such as strategic design and its implementation. From this perspective, many corporate governance researchers have tried to demonstrate empirically the impact of board characteristics on firm performance in different contexts. In this cont...

Los diferentes escándalos financieros y la crisis económica pusieron de manifiesto, entre otras cuestiones, que, en primer lugar, era necesaria una mayor transparencia por parte de todo tipo de organizaciones; y , en segundo lugar, que la información contenida en los estados financieros tradicionales es insuficiente para satisfacer los requerimient...

Los procesos de reestructuración empresarial han adoptado, en la práctica, distintas fórmulas que hacen necesario un análisis detallado de las cuestiones contables que pueden ir asociadas a los mismos. En especial, la identificación del “negocio” y el reconocimiento del Fondo de Comercio son aspectos que se han debatido y cuestionado en el ámbito n...

This studyinvestigatesthemoderatinginfluenceofR&Dintensityontherelationships between familymanagementandfirmperformanceinprivatefirms.Theresultsconfirmthat R&D intensityreinforcesthenegativeeffectoffamilymanagementonfirmperformance.More specifically,weobtainthatR&Dintensityisastatisticallysignificantmoderatorforthosefirms having largelevelsofR&Dinv...

As a result of the last economic crisis, several international (OECD) and supranational (European Union) organizations showed special concern for the establishment of an adequate control and supervision of risks, transferring this concern to the business context. In fact, the lack of efficiency in the function of supervision and control of risks by...

Los planteamientos contables y jurídicos y las aplicaciones prácticas que se exponen en esta obra vienen derivados de la necesidad de una mayor comprensión de la realidad empresarial inherente a operaciones de restructuraciones empresariales, fundamentalmente fusiones, que se producen entre empresas del grupo, en general, y entre empresas sometidas...

The analysis of innovation in a family business context has become an emerging topic in literature, but recent studies have resulted in mixed findings. To disentangle these inconclusive results, we propose to analyse the influence of family management on the relationship between different innovation inputs and innovation outputs. In particular, thi...

La ponencia resume y discute los retos del Blockchain para la gestión contable y la auditoría.

Esta obra se dedica principalmente al desarrollo conceptual y análisis práctico de los documentos contables que forman las cuentas anuales, según los fundamentos de economía y de la disciplina contable, así como de la normativa contable actual, pero también se plantean reflexiones iniciales, válidas para todo tiempo y lugar, sobre la capacidad comu...

The analysis of technological innovation in a family business context has become a relevant topic in management literature. However, there is a lack of studies examining process innovation and the real impact of family management on the relationship between innovation inputs and outputs. Based on a longitudinal sample of 922 Spanish manufacturing f...

Tras la crisis económica-fi nanciera arranca un nuevo periodo de regeneración ético-moral, en el que se han visto reforzadas las medidas regulatorias y normativas en materia de gobierno corporativo, gestión de riesgos, control interno, cumplimiento y responsabilidad social. Ante un entorno competitivo complejo, disruptivo y cambiante, las empresas...

Is the achieving of intellectual capital efficiency important to obtain greater firm’s profitability? How does family management change this relationship? Using a longitudinal analysis of 6,132 observations, 438 firms during the period from 2000-2013, and controlling for endogeneity, this paper addresses these questions. After confirming that those...

THE PAPER WAS AWARDED WITH THE "BEST CONTRIBUTION TO PRACTICE AWARD 2017"

La capacidad innovadora de la empresa se ha vinculado a los conocimientos y activos intelectuales que posea, así como a la habilidad desplegada para desarrollarlos. Sin embargo, la literatura previa no ha profundizado en qué factores o componentes del capital intelectual pueden condicionar la habilidad de la empresa para desarrollar outputs de inno...

Formulating and elaborating a model for the measurement of intellectual capital in Spanish public universities Intellectual capital approaches become critical at universities mainly due to the fact that knowledge is the main output as well as input in these institutions. Although some attempts to measure intellectual capital have been made so far,...

Intellectual capital approaches become critical at universities mainly due to the fact that knowledge is the main output as well as input in these institutions. Although some attempts to measure intellectual capital have been made so far, there is still a long way to go. The purpose of the present article is to provide a model for the measurement o...

Understanding the relation between intellectual capital and innovation has become one of the most relevant topics for both academics and practicing managers in the field of innovation management. This paper attempts to advance this theme by empirically investigating the role played by both human and structural capital efficiency as determinants of...

El trabajo analiza el procedimiento de capitalización de deuda, en los distintos escenarios –preconcursal y concursal– en que este puede tener lugar, y describe cómo debe contabilizarse tal operación desde la óptica de la normativa prudencial de las entidades de crédito. Partiendo del texto de la Circular 4/2016, se intentan definir los criterios e...

El trabajo analiza el procedimiento de capitalización de deuda, en los distintos escenarios –preconcursal y concursal– en que este puede tener lugar, y describe cómo debe contabilizarse tal operación desde la óptica de la normativa prudencial de las entidades de crédito. Partiendo del texto de la Circular 4/2016, se intentan definir los criterios e...

Understanding the relation between intellectual capital and innovation has become one of the most relevant topics for both academics and practicing managers in the field of innovation management. This paper attempts to advance this theme by empirically investigating the role played by both human and structural capital efficiency as determinants of...

The aim of this research is to study the moderating role of family management in the relationships between the intensity of research and development and the occurrence of continuous technological innovation and between the existence of technological innovation outcomes and long-term firm performance. The results show that family management reduces...

From the Agency Theory point of view, the role of the board of directors is critical for supervision as well as for the control performed over management, preventing opportunistic behavior by shareholders in general and particularly by controlling shareholders against minority shareholders. Some corporate scandals (Enron, WorldCom, Nortel Networks...

Purpose – This paper aims to provide a better understanding of the relationship between intellectual capital (IC) reporting and transparency in Spanish universities. The purpose of this paper is to obtain new empirical findings and an enhanced understanding of the role of IC in an organizational change process is obtained. Design/methodology/appro...

La lucha contra la corrupción en los últimos años se ha abierto en varios frentes, desde organismos internacionales como Naciones Unidas o la OCDE, hasta múltiples iniciativas de la sociedad civil. Y también el sector empresarial ha desarrollado iniciativas interesantes, como el programa corporativo antisoborno promovido por el Foro de Davos. Las l...

Previous studies of corporate governance and the likelihood of business failure have focused on the role of large shareholders as owners; especially on the role that institutional shareholders play in management control. However, scant attention has been paid to the role of institutional shareholders as board members. To contribute towards an under...

The paper discusses the link between the remuneration of directors and the business performance. However, the question remains whether this relationship is being implemented or, on the contrary, we must address through other measures that encourage directors’ remunerations more in line with the shareholders’ interests. The analysis of a sample of 7...

Since the crisis of 2008 the term 'bankers' bonus' has become loaded with negative assumptions, whilst being used as a politically dividing / uniting force on both the Left and the Right. Examining one of the most controversial corporate issues of our times, this book argues for a correct balance between risk and reward and for Directors' remunerat...

This study aims to carry on a cost-benefit analysis of the long-term prison sentences enforcement model, which has been recently approved by the Spanish Senate (January, 2015) and waiting final approval at next summer. Although most of the arguments against such prison sentences have been asserted in the legal or sociological environment, there are...

This paper explores the role and significance of stakeholders on business failure process of small and medium enterprise (SMEs) SMEs. An empirical study was carried out with a sample of 1,568 Spanish SMEs using Classification Trees (CART). The results reveal that in more distant periods to the failure (t-4 to failure or 2006 year), the risk of fail...

This paper explores the role and significance of stakeholders on business failure process of small and medium enterprise (SMEs) SMEs. An empirical study was carried out with a sample of 1,568 Spanish SMEs using Classification Trees (CART). The results reveal that in more distant periods to the failure (t-4 to failure or 2006 year), the risk of fail...

This paper explores the role and significance of stakeholders on business failure process of small and medium enterprise (SMEs) SMEs. An empirical study was carried out with a sample of 1,568 Spanish SMEs using Classification Trees (CART). The results reveal that in more distant periods to the failure (t-4 to failure or 2006 year), the risk of fail...

The objective of this article is to study the relationship between R&D intensity and continuous technological innovation and between technological innovation outcomes and sustained firm performance. We also analyse the moderating role of family management in both relationships. The results show that R&D intensity has a positive effect on continuous...

Este trabajo analiza algunos mecanismos de gobierno corporativo (propiedad y características del Consejo de Administración) en las empresas cotizadas españolas y su impacto sobre las probabilidades de fracaso empresarial. Usando la técnica del emparejamiento, se lleva a cabo un estudio empírico con 308 observaciones, la mitad de ellas fracasadas y...

La incorporación de la enseñanza por competencias en los Títulos de Grado ha supuesto importantes cambios metodológicos y docentes en todos los ámbitos de la enseñanza universitaria. En este contexto, las Tecnología de la Información y la Comunicación (TIC) han asumido un papel relevante, especialmente en las materias de Contabilidad que se imparte...

The aim of this study was to answer the question of how the economic cycle affects the stability and efficiency of business failure prediction models, using bootstrap replacement method for validation. We analyse 2228 Spanish small and medium-sized enterprises for the period 2001–2009, and divide it into three different phases of the economic cycle...

The purpose of this paper is to analyze the impact of corporate governance mechanisms on the probability of financial distress in the Spanish listed firms. Using a matched-pairs research design, we examined 202 financially distressed and non-financially distressed firms in the period of time from 2007 and 2012. Employing several conditional logisti...

This investigation verifies the impact of corporate governance measure on the likelihood of financial distress on the Spanish Stock Exchange for the time period from 2007 to 2012. The authors applied an empirical study with panel data and conducted regression logistic models with the objective to calculate different measures of goodness of fit. The...

This paper verifies empirically the link between employee job satisfaction and the rate of failure, understood as cessation of activity. The authors examine a sample of nine industrial sectors during the period 2007-2010. The results show that job satisfaction reduces the failure rate in the business sector and they highlight the importance of empl...

This paper verifies empirically the link between employee job satisfaction and the rate of failure, understood as cessation of activity. The authors examine a sample of nine industrial sectors during the period 2007-2010. The results show that job satisfaction reduces the failure rate in the business sector and they highlight the importance of empl...

El objetivo de este trabajo es analizar las ventajas e inconvenientes tanto para las entidades financieras, como para el propio deudor, de la capitalización de deuda, como contenido del acuerdo de refinanciación. Se señalan los parámetros legales, económico-financieros y contables de estas operaciones. Se analiza el procedimiento del aumento de cap...

Purpose This work provides an empirical analysis to determine whether directors’ compensation is lower (“transparency control effect” and “transparency deterrent effect”) or higher (“effects of transparency on increasing competition in pay”) among firms with greater transparency in terms of directors’ compensation. Methodology/approach A disclosur...

Purpose The purpose of this paper is to analyze the potential impact of stakeholders’ behavior on business failure, through its influence on the generation and distribution of value added. Design/methodology/approach Using a sample of 2,277 Spanish SMEs – half of which were businesses that failed during the years 2006‐2009 – the authors conducted...

p>El fin de este trabajo consiste en el estudio de la influencia del comportamiento de los stakeholders en el fracaso o cese de la actividad empresarial, en base a la caracterización de los datos extraídos de la información contable (Cuenta de Pérdidas y Ganancias y del Estado de Valor Añadido). Para ello, se ha seleccionado una muestra de 2.536 PY...

The reporting of intellectual capital (IC) in higher education institutions is of vital importance, mainly owing to the fact that knowledge is the main output and input in these institutions. Furthermore, the increasing social concern about establishing procedures of accountability and ensuring information transparency in public universities prompt...

In the actual knowledge-based economy, the presentation of information about intellectual capital becomes of prime importance in institutions of higher education, mainly because knowledge is the main output and input of these institutions. Universities produce knowledge, either through scientific and technical research (the results of investigation...

This paper examines the relationship between “board independence” and the level and structure of directors´ compensation to determine whether this “independence” exerts a moderating effect on the different systems of remuneration granted to directors. We have developed several models based on linear panel data regression. The sample included 76 lis...

Amendments made to 2007 Financial Accounting Standards ¾FAS 141 (R)¾ and 2008 International Financial Reporting Standards ¾IFRS 3 (R)¾ in order to harmonize the accounting aspects of operations concerning a business combination, have shown the existence of certain transactions that are not part of the combination itself, which are called "separate...

The events in recent years have pushed many companies to extreme situations, testing their ability to adapt to a changing and turbulent environment. In this context, it is necessary to know what are the determinants factors of survival chances of a company. Especially when it is considered the effect of "firm death" or cessation of business activit...

The purpose of this paper is to determine which internal factors of competitiveness are applied by the most successful companies while implementing their competitive strategies. The complexity and dynamism of the current managerial environment calls for a thorough knowledge of organizations and of all the success factors they consider in order to c...

Purpose – The purpose of this chapter is to examine the hypothesized effects of board characteristics and performance on directors’ compensation in the Spanish corporations, whose corporate governance is a special example of a unitary board system. Methodology/approach – In order to test the influence of a set of factors on directors’ compensation...

On the basis of the theoretical approaches of the Agency Theory, the Theory of Resource Dependency and the Stakeholder theory, this paper seeks to contribute to the analysis of the factors that impact in the business risk, showing the dependence that unsuccessful and not unsucessful companies have with the different stakeholders with them relates....

El Real Decreto 1159/2010 ha modificado determinados aspectos de la norma de registro y valoración 19.ª (NRV 19.ª), contenida en el Real Decreto 1514/2007, por el que se aprobó el actual Plan General de Contabilidad. Este trabajo pretende profundizar en el tratamiento específico que la citada norma atribuye a las denominadas «transacciones separada...

The absence or failure of some mechanisms of corporate governance facilitates to board members on the possibility of establishing a reward system more suitable to their own personal interests rather than to those of investors. Nowadays, this problem has intensified the lack of investors confidence in the members of the board of directors, whose pay...

This work aims to contribute to the field of research on Agency Theory, based on an approach that is different from the previous literature. It focuses on analysis of characteristics of the structure of the Board of Directors as mechanisms for control over the level of remuneration awarded to executive personnel, both in the context of "concentrate...

Los cambios económicos experimentados en las últimas décadas han incrementado el interés de los investigadores por la gestión de riesgos futuros desencadenantes de fenómenos que puedan poner en peligro la supervivencia de las empresas. A estos efectos, numerosas investigaciones se han centrado en el fenómeno del �fracaso empresarial�, obteniendo di...

Economic changes in past decades have increased the interest of reserchers in management of future risks that could endanger the survival of enterprises. To this end, different predictive models have focused on the "business failure" concept . Despite the level of progress that have experienced, these models still present limitations that cause a d...

Este trabajo tiene como objetivo principal analizar las características de las empresas españolas cotizadas en el Mercado Continuo durante el ejercicio 2007, excluyendo las empresas financieras, en relación a la retribución, composición y estructura del Consejo de Administración, a fin de observar si éstas reúnen ciertas condiciones que inhiban o a...

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En los últimos años estamos asistiendo a una intensificación de los esfuerzos para la construcción del Espacio Europeo de Educación Superior (EEES), ante su inminente puesta en marcha en todas las universidades españolas a partir del 2010 o, incluso, antes. En este sentido, el Grupo de Docencia de Administración de Empresas de la Facultad de Cienci...