This paper examines the governance of Spanish Banks around two main issues. First, does a poor economic performance activate those governance interventions that favor the removal of executive directors and the merger of non-performing banks? And second, does the relationship between governance...

This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing...

This paper analyzes the characteristics of firms that declare board directors as independents, although the directors are not strictly independent, and examines the consequences in terms of performance and corporate governance outcomes. Based on publicly available information, eight criteria of...

In this paper, we analyze how the diversification pattern of business groups is affected by the structure of the families behind them. To address this question, we construct a data set of family relationships among board members of firms that integrate into family business groups (FBG) that...

The paper analyzes the governance of the corporation when politicians hold board positions. Specifically, we study whether former politicians have different probabilities of holding relevant positions on boards of directors and delegated committees compared to other directors. Our results...

Recommendations of codes on board independence do not match the predictions of optimal board structure theories. We investigate whether firms solve this tradeoff between optimal and recommended levels with gray independent directors, those who do not achieve the formal requirements of...