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...

El presente trabajo analiza la influencia de los mecanismos internos de control, los costes de agencia, la eficiencia empresarial, la posibilidad de sinergias fiscales y la posici¢n de liquidez como determinantes de los procesos de oferta p£blica de adquisici¢n (OPA) de sociedades cotizadas...

One of the main limitations of the models most frequently used in strategic management studies to explain firm performance is their implicit determinism. We aim to improve explanation by including managerial discretion as an element that mediates between market structure and firm behavior. By...

We analyze the relation between capital structure, ownership structure, and corporate value for a sample of 1,216 firms from 15 European countries. Our results stress two different conflicts of interest and show the differential role played by the mechanisms of corporate control depending on the...

This paper analyzes the impact of auditing on the quality of accounting information of firms. Based on a sample of 237 firms listed in Spanish capital markets in 2002 and 2003, our study has two different scopes: the characteristics of the auditing committee and the relation of the firm with...