Silvia Gomez-Anson

University of Oviedo | UNIOVI · Department of Business Administration

This study explains family ownership of listed firms in developed countries using a holistic perspective that integrates three approaches: the formal institutional context, cultural context, and socio-economic development. We hypothesize that in developed economies, where economic development is robust and formal institutional voids are less pronou...

This study empirically explores the formal and informal institutional antecedents of the enactment of quotas and codes to increase gender diversity on corporate boards. A panel of 30 European countries and 510 observations from 2002 to 2018 reveals that formal and informal national institutional contexts affect the likelihood of board gender codes...

Este estudio describe los principales avances en el estudio de las implicaciones y los determinantes de la educación y las competencias financieras en diferentes temáticas abordadas en la literatura académica. Desde la perspectiva de las implicaciones de la educación financiera en la riqueza de los individuos, la literatura resalta la importancia...

Este libro presenta los principales resultados de un proyecto financiado por Funcas en la convocatoria de 2021 del programa dirigido a fomentar la investigación en educación financiera. Los estudios se centran en estudiantes preuniversitarios, y más concretamente el que oscila entre 15 y 16 años. Los datos recogidos relativos a la competencia finan...

Con motivo de la publicación “ODS Año 8. Rentabilidad económica y Agenda 2030”, Pacto Mundial de la ONU España junto al Grupo de investigación de finanzas y gobierno corporativo de la Universidad de Oviedo ha desarrollado un estudio sobre la relación entre el desempeño en sostenibilidad empresarial y el rendimiento empresarial. En concreto, este es...

One of the most pressing ethical issues that corporations worldwide face nowadays is the diversity of management structures. In this vein, female presence on the board of directors and in top management teams of corporations is the object of policy and public debate. Women are significantly underrepresented in corporate decision-making bodies. Coun...

This study analyses how the existence, the number, their ownership, and the identity of other large shareholders coexisting with families, influence disproportionate family board power of listed firms. Using a database of the Spanish market over an 8-year period, the results show that the number of other large shareholders and their relative owners...

Women are significantly underrepresented worldwide on corporate boards of directors, leading to board gender diversity regulations. Drawing from agency and socioemotional wealth theories, we investigate the moderating effect of ownership structure, shareholder identity and shareholder control on how gender diversity codes and soft quotas influence...

En este artículo se analiza cómo las características del gobierno corporativo de las empresas influyen en la adopción de actuaciones en materia de sostenibilidad que avancen en la consecución de los Objetivos de Desarrollo Sostenible (ODS) propuestos por las Naciones Unidas en 2015. Para ello, se cuenta con un panel de empresas españolas cotizadas...

It is widely recognised that the formal institutional context affects firm ownership concentration. However, the impact of the informal institutional context has received less research attention. Drawing from institutional theory, we tested our hypothesis that both the formal and informal (cultural) institutional contexts simultaneously influence f...

We explore how a code, soft quota and a proposal for supranational law for board gender diversity affects women directors’ human capital characteristics and corporate outcomes with an unbalanced panel of 116 non‐financial firms and 1,321 firm‐year observations from 2003 to 2016 in Spain. Consistent with resource dependence theory, after a non‐punit...

While principal–principal problems are prevalent in emerging economies, the severity of these problems could vary based on the identity of shareholders and the institutional context. This study theoretically and empirically analyzes the effect of state and family blockholders as well as their possible interaction on financial firm performance in th...

Este trabajo analiza la efectividad de las diferentes normativas que promueven la diversidad de género en los consejos de administración y cómo los factores institucionales influyen en la relación entre normativas y presencia de mujeres en el gobierno corporativo de las empresas. Los resultados sugieren que las cuotas de género sin sanción no son e...

For a panel of companies belonging to the STOXX Europe 600 stock index and for the period 2004-2018, it is analyzed how the regulation of gender diversity in the boards of directors influences the presence of women on the boards and in their committees and how institutional, formal and informal factors moderate the relationship between regulation a...

This report sheds light on the current corporate structures in the GCC region by examining the ownership concentration and ownership identity of listed firms in the region. An ownership structure is important because it may, on the one hand, reduce possible conflicts of interest between managers and shareholders, while, on the other hand, it may in...

Purpose This article attempts to answer the following questions: Who ultimately owns firms listed in the Gulf Cooperation Council (GCC) countries? Does ownership structure depend on the institutional context? How does ownership affect firm performance? Do institutional factors influence the ownership–performance relationship? Design/methodology/ap...

En este artículo se analiza la efectividad de las diferentes normativas que promueven la diversidad de género en los consejos de administración y cómo los factores institucionales, formales e informales, influyen en la relación entre normativa y presencia de mujeres consejeras. Tras describir las normativas de diversidad de género introducidas en E...

This article analyses the effectiveness of the different regulations promoting gender diversity on boards of directors and how formal and informal institutional factors influence the relationship between regulations and the presence of female directors on boards. It describes the gender diversity regulations implemented in Europe, and goes on to an...

Purpose This study investigates the relationship between family-managed firms and firm employment growth by considering the effects of location and economic crisis as moderating variables. Design/methodology/approach The study uses random-effect models on a large panel dataset of Spanish manufacturing firms covering 2003 to 2015 to estimate the jo...

Purpose: This paper studies the implication on Spanish listed companies´ corporate governance structures of regulations that aim to promote gender diversity on boards- code of good governance, Spanish national quota legislation and the proposal of Directive of the European Commission-. Design / Methodology / Approach: We analyze the changes in corp...

The Treaty on the Functioning of the European Union, as its predecessors did, proclaims the protection of consumers as one of the objectives of the internal market. A vast series of norms, secondary legislation, contain provisions aimed at this purpose, conferring upon national authorities responsibility for their implementation, including the remo...

This paper analyses different factors that may explain the changes in firms' performance after privatisation in Europe. Using a sample of divested firms through Share Issue Privatisations in six countries within the period 1985-2005, our results show an improvement in firm efficiency for a long term horizon of five years after privatisation. Howeve...

This paper analyses different factors that may explain the changes in firms' performance after privatisation in Europe. Using a sample of divested firms through Share Issue Privatisations in six countries within the period 1985-2005, our results show an improvement in firm efficiency for a long term horizon of five years after privatisation. Howeve...

This chapter analyzes the significance of family ownership in corporate governance. With specific emphasis on European, Latin American, and East Asian countries, it first evaluates the empirical evidence concerning the importance of families and individuals as large shareholders. In this context, it identifies factors that may influence the existen...

Manuscript Type Empirical Research Question/Issue Using a panel of non‐financial listed firms over a seven‐year period, the authors analyse how the value of family firms is potentially affected by the existence of multiple shareholders, by other large shareholders’ voting rights in relation to the family's, by the final power distribution (that is...

El objetivo de este trabajo es analizar el papel de la propiedad familiar en la política de Responsabilidad Social Corporativa (RSC) medida ésta a partir de varios indicadores de transparencia informativa sobre las acciones sociales y medioambientales realizadas por las empresas. Utilizando una muestra de empresas no financieras españolas en el per...

Using a panel data analysis of Spanish privatised firms, we study how different factors influence the operating performance of divested companies. The results show that it is not privatisation per se but other factors that matter. After controlling for possible sample selection bias related to government timing of divestments, we find that the grea...

As some international studies show, women’s employment makes economic sense. The OECD Report (2008, pp. 11) estimates that a quarter of Europe’s annual economic growth and a half of the increase in Europe’s overall employment rate since 1995 is attributable to narrowing the gap between the employment rates of men and women. A report by Goldman Sach...

With this study we aim to contribute to the empirical literature on privatisation processes by analysing the determinants of post-divestment private ownership concentration and its possible link to corporate efficiency. For Spanish firms, we find that the method of privatisation, the type of industry, the company's size and its level of risk may he...

When families are large firm's owners, different shareholders' combinations may appear. This paper describes Spanish family firms' shareholder structures and explains which first-second largest shareholders' combinations are most common. The paper shows that the most common combination within our sample is families and individuals as first sharehol...

This article analyzes, using various econometric techniques, how family ownership, family control, and the presence of a second significant shareholder affect firm performance. The authors studied a panel of 118 nonfinancial Spanish companies (711 observations) from 2002 to 2008. Once endogeneity issues were considered, it was found that family own...

The effect of privatization on the performance of the Spanish companies that were sold through public offers from 1985 to 2007 is analyzed in terms of mean and median difference assessment. Once considered the sector effect, the analysis reveals a slightly better long term performance of the private companies. However, according to the study, expla...

This paper provides empirical evidence of family firm corporate governance structures, by examining a set of corporate governance characteristics of 132 non-financial Spanish listed firms. Results show that family firm boards present differential characteristics and that different patterns of family ownership configurations do not affect family fir...

The effect of privatization on the performance of the Spanish companies that were sold through public offers from 1985 to 2007 is analyzed in terms of mean and median difference assessment. Once considered the sector effect, the analysis reveals a slightly better long term performance of the private companies. However, according to the study, expla...

En las últimas décadas muchos Estados han decidido privatizar sus empresas públicas. Los argumentos más frecuentemente utilizados para emprender los procesos de privatización son de tipo financiero, político y, sobre todo, económico. Este trabajo hace una revisión de la evidencia empírica existente a nivel mundial, y en particular para el caso espa...

Privatización / OPV / Gobierno corporativo

This paper reviews the main characteristics of the Spanish privatisation and liberalisation processes and their consequences for the performance of privatised firms. Conventional pre- versus post-privatisation comparisons fail to indicate significant improvements in privatised firms' profitability and operating efficiency over a medium-term horizon...

This aim of this article is to describe, in the Spanish setting, family ownership and to explore how families hold their shares (the use of indirect ownership, pyramids, and cross-shareholdings). It also seeks to describe to what extent cash-flow rights differ from control rights and the degree of the firm's professionalization according to every t...

This paper analyses the effect of the Spanish privatisation process on the performance and corporate governance of the firms that were privatised through public offerings over the 1985-2003 period. Using conventional pre- versus post-privatisation comparisons, we do not find significant improvements in privatised firms' profitability and efficiency...

Este trabajo analiza los efectos de la privatización sobre el funcionamiento de empresas españolas privatizadas en el período de tiempo comprendido entre 1985-2000. Se compara la evolución post-privatización versus pre-privatización de la rentabilidad y la eficiencia de las empresas privatizadas. Los resultados no parecen apoyar la idea de una mejo...

This paper analyzes the influence of stock ownership structure on firm performance in Spain, a country characterised by the dominance of internal mechanisms of control and a weak external control performed by the markets. Once the possible endogeneity of managerial stock ownership is taken into account, we find no evidence of its influence on firm'...

This paper analyses the market reaction to announcements made by Spanish firms of compliance with the code of best practice. It also attempts to determine how the characteristics of different firms may account for the excess returns observed. The results suggest that the market reacts positively to announcements of compliance with the code of best...

This chapter analyzes the relation between firms' corporate governance structure and capital structure choice. Different methodologies are applied that includes ordinary least squares regressions with time-effects (OLS), OLS with both time and industry effects and panel data techniques. The results suggest that unobserved heterogeneity does have an...

The ability of asymmetric informational models and agency models is analysed to explain the firm's security issue choice and the market reaction to equity and bond issues. The results support mainly agency models as an explanation for the firm's decisions to issue debt or equity, while the market reaction to equity issues is both explained by model...

This study analyzes the motivations and valuation effects of stock splits in a "medium-sized market" such as the Spanish market. Our findings suggest that splitting firms present a pre-split stock price above the normal trading range, and that, after the split, the number of transactions and the average transaction size increase significantly. More...

In this paper we investigate the wealth effects, as web as their determinants, associated to the announcements of outsourcing decisions. We also look at the differences between those firms that use an outsourcing strategy and those that do no. For that purpose we construct a sample of companies listed on the Madrid Stock Exchange who have signed th...

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...

Este trabajo ha sido seleccionado y obtenido el 1.er Premio Estudios Financieros 2002 en la Modalidad de contabilidad y administración de empresas. El presente trabajo analiza la reacción del mercado bursátil ante el anuncio de cumplimiento de las recomendaciones del Código de Buen Gobierno o Código Olivencia realizadas por las empresas españolas....

Los mecanismos de gobierno de la empresa facilitan la creación de valor en presencia de asimetrías de información y conflictos de agencia. Sin embargo diferentes factores afectan al diseño y a la eficiencia de estos mecanismos. En particular su utilización está condicionada por el marco legal e institucional de protección de los derechos de los acc...

This study analyzes the relation between firms’ corporate governance structure and capital structure choice. Different methodologies are applied: ordinary least squares regressions with time-effects (OLS), OLS with both time and industry effects and panel data techniques. The results suggest that unobserved heterogeneity does have an influence and...

Este trabajo analiza la posible influencia de los mercados de productos y trabajo sobre la estructura de capital de las empresas manufactureras españolas. Los resultados sugieren que la concentración del mercado de productos en el que las empresas desarrollan su actividad no constituye un factor determinante del nivel de endeudamiento. Sin embargo,...

The Spanish Code of Best Practice, Olivencia Code, contains 23 recommendations regarding the composition, size and operating characteristics of the Board of Directors that aim to increase its supervisory duty. This paper analyzes the market reaction to announcements of compliance with the Code of Best Practice made by Spanish firms. It also tries t...

This paper analyzes how diversification influences firm value. By using a panel data of non-financial firms quoted in the Madrid Stock Exchange over the period 1990-1994 we study the relation between firm diversification degree and firm value. Firm value is defined using an accounting (return on assets) and a market (proxy of Tobin's q ratio) measu...

The aim of this paper is to review the state ot the art regarding corporate governance, making an special reference to the empirical evidence. For that purpose we analyze the main characteristics and differences between the two main corporate governance systems, internal and external systems. We also survey the efficiency ot monitoring mechanisms s...

Este trabajo analiza la influencia de la composición, tamaño del consejo de administración y la participación accionarial del equipo gestor sobre la valoración que el mercado realiza de la empresa. Para una muestra de empresas no financieras que cotizaban en 1993 en la Bolsa de Madrid, la evidencia obtenida apoya la existencia de una relación posit...

La existencia de contratos incompletos que regulan las relaciones entre accionistas y gestores, unidos a la falta de incentivos por parte de pequeños accionistas para ejercer una supervisión directa sobre las actuaciones de los directivos, genera la necesidad de la existencia de un entramado de órganos de gobierno empresarial y de mecanismos de con...

The modern corporation is characterized by the separation between shareholders, the owners of the company, and managers who control the assets and activities of the firm (Berle and Means, 1932). This separation implies the existence of conflicts of interests between managers and shareholders as managers may have the power to pursue their own object...

In this paper we review the main characteristics of the Spanish privatisation and liberalisation processes and their consequences for the performance of privatised firms. Using conventional pre-versus post-privatisation comparisons, we do not find over a medium term horizon significant improvements in privatised firms' profitability and operating e...

This paper analyses the factors which may explain the improvements in performance taking place after privatisations. Using a sample of 58 Spanish privatised firms within the period 1985-2000, we find no significant mean increases in industry adjusted profitability and efficiency following privatisation over a medium term horizon (three years), alth...

This paper aims to analyse the effect of privatisation on the performance of Spanish firms that were privatised through public offerings over the period 1985-2001. The results suggest a small improvement in firms� industry adjusted performance on the long term as well as the importance of considering additional factors in order to explain the succe...