The objective of this work is to analyse the factors motivating firms to follow a conservative (or low-leverage) financial policy over several years. We carry out a study on a sample of 1,396 Spanish firms in the period 1993-2001. Using logit regression and various difference of means analyses,...

This paper analyzes the relationship between ownership concentration andshares liquidity for a sample of 115 listed firms that traded during the period from April2000 to December 2000. Results show a negative influence of ownership of directors,major shareholders and outside shareholders on...

This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...

The aim of this paper is to analyze whether some of the empirical implications of the Berger and Udell's (1998) financial growth cycle hold. We use a sample of 22.842 observations for year 2003 and test several hypothesis through MANOVA analysis. Results show that companies tend to have...