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...

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...

El presente trabajo analiza los determinantes financieros de la inversi¢n en activos de largo plazo de una muestra de empresas espa¤olas. El an lisis se articula en dos fases: identificaci¢n de aquellas empresas que sufren en mayor medida el efecto de las restricciones financieras y estudio...

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...

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...

En el presente trabajo analizamos el efecto de dos mecanismos de gobierno corporativo como son el consejo de administraci¢n y la comisi¢n de auditor¡a en la decisi¢n de cambio de auditor. Partiendo de una muestra que incluye todas las empresas no financieras cotizadas en el mercado continuo...

The majority of managers set themselves some long-term coefficient-objective for the distribution of dividends in relation to the profits of the period (target payout ratio). But they do not mechanically apply this ratio to each year?s profits as they try to avoid brusque fluctuations which...

El presente trabajo analiza la relaci¢n existente entre la composici¢n y estructura de los ¢rganos de gobierno de las cajas de ahorros espa¤olas y su eficiencia en el a¤o 1999. Utilizando ecuaciones tobit los resultados del estudio constatan la existencia de una relaci¢n negativa entre la...

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...

This paper is concerned with the set of mutualrelationships between firm valuation andinvestment, and with the possible endogeneityof ownership structure. In order to deal withthem properly, we aim to test the mutual impactof investment, corporate value and ownership bybroadening the usual...