This paper analyzes the influence of financial decisions and ownership structure on firm value in function of whether companies have profitable growth opportunities for a sample of 182 listed Brazilian firms during the period 1995-2004. Concerning financial leverage, the results offer support...

This paper is concerned with the ownership structure of corporate debt from an institutional perspective. We try to identify the factors affecting bank debt use from an international sample of companies from Austria, Germany, Japan, Belgium, France, Italy, Holland, Spain, Portugal, Finland,...

This article analyses the effect of institutional ownership in alleviating or exacerbating the conflicts of interests among stakeholders in different legal and institutional frameworks. This analysis is carried out based on two characteristics: the concentration of power of institutional...

This paper analyzes the relation between corporate risk-taking and firm performance for a sample of 791 firms from 21 OECD countries over the period 2001–2013. Following a critical realist paradigm, we use prospect theory to posit that corporate risk-taking depends on the gap between target...

We analyze some personal characteristics of the members of the audit committee of the Spanish listed firms and the relation between these characteristics and earnings management. We find a non-linear relation with tenure, so that long tenures can initially compromise the directors' independence...

Using the firms' directors who have a background in politics as a measure of political connections, we analyze the relationship between political ties and dividend policy in a sample of listed Spanish firms. We find that political connections are positively related with cash dividends. This...

This paper analyzes the incentives of large shareholders to implement the corporate governance system that favors their interests within a framework of highly concentrated ownership and poor legal protection for investors. A metric for corporate governance based on the fulfillment of...

This paper analyzes the presence of financial constraints for investment in innovation in Brazil. Dynamic investment models are estimated for a panel dataset of 206 Brazilian nonfinancial firms in the period 1995-2006. Results show that innovation of Brazilian firms is subject to financial...

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...