El objetivo del presente trabajo es analizar la influencia que tienen las decisiones de endeudamiento, de distribuci¢n de dividendos y la estructura de propiedad sobre el valor de mercado de la empresa en situaciones caracterizadas por la ausencia o existencia de oportunidades rentables de...

We identify the factors influencing the board composition of an international sample of commercial banks over the period 1996?2006. After considering the dual role of the board as monitor and advisor, our analysis shows that no one board composition is optimal for the banking industry and that...

The aim of this paper is to examine the notion that the market value of companies reflects the investors? expectations with regard to the value of real options. We test the empirical relation between alternative estimates of the proportion of total firm market value accounted for by the value of...

Recently, many empirical studies have shed light on the determinants of boards of directors. Our aim in this paper goes far from the corporate setting. We explain how nonprofits boards are structured. As opposed to corporations? goals, the objectives of nonprofits are non-lucrative. They can not...

We test hypotheses about the structure of corporate debt ownership and the use of bank debt by firms in a civil-law country, Spain. We focus on bank debt effects in the presence of information asymmetrics and agency costs, and on efficient versus inefficient firm liquidation. We find that the...

La ausencia de derechos residuales en las entidades no lucrativas (non profit) singulariza el problema de gobierno tradicionalmente estudiado. En este contexto, el objetivo de este trabajo es verificar la existencia y relevancia de los mecanismos de control para evitar la expropiaci¢n de...

Este trabajo tiene como objetivo estudiar la relaci¢n entre la estructura de propiedad y el valor de la empresa, teniendo en cuenta el potencial car cter end¢geno de la propiedad as¡ como las peculiaridades del sistema corporativo espa¤ol. El an lisis se realiza a partir de un panel...

In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of corporate boards of directors. This paper joins this debate by analyzing the effect of board size, composition and structure on firm value in a sample of 450 non-financial companies...