Corporate Governance and Capital Structure: A Spanish Study

Granado-Peiró, Noelia; López-Gracia, José

doi:10.1111/emre.12088

Cited by 30 publications

(24 citation statements)

References 87 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…To assess the reliability of the analysis, a robustness test was performed. According to prior methodological studies in the business and management field, the adoption of additional analysis in order to check the reliability of the findings represents an effective strategy in order to increase the overall rigor of the research [83,84].…”

Section: Regression Analysis Resultsmentioning

confidence: 99%

The Role of Gender Diversity on Tax Aggressiveness and Corporate Social Responsibility: Evidence from Italian Listed Companies

et al. 2020

View full text Add to dashboard Cite

The paper aims to examine the moderating role of gender diversity within a corporate board on the relationship between tax aggressiveness and a firm’s corporate social responsibility (CSR) approach. This analysis was conducted using a set of indicators of financial statements of 168 Italian listed firms between 2011 and 2018. In addition, the sustainability reports of the same companies were observed. To perform the analysis a logit regression model is used. This paper shows different empirical results. First, this study notes that there is not a direct relationship between tax aggressiveness and CSR reporting. Second, gender diversity in a board of directors increases the orientation of companies to CSR disclosure, but does not have an impact on the relationship between tax aggressiveness and CSR disclosure. Instead, CEO gender has a positive influence on the relationship between corporate tax planning and CSR reporting in accordance with Global Reporting Initiative (GRI) standards. This study emphasizes the key role of gender diversity in the growth of the CSR approach and the reputation of companies. Therefore, governments and policymakers of major countries should promote gender diversity in corporate decision-making bodies, which contributes to achieving the Sustainable Development Goals (SDGs).

show abstract

Section: Regression Analysis Resultsmentioning

confidence: 99%

The Role of Gender Diversity on Tax Aggressiveness and Corporate Social Responsibility: Evidence from Italian Listed Companies

et al. 2020

View full text Add to dashboard Cite

show abstract

“…Second, from a theoretical and practitioner point of view, corporate governance is important in corporate decision‐making and thus, should and is expected to influence corporate outcomes (Larcker et al ., ; Foss and Stea, ). Indeed, this expectation is reflected in the large volume of studies that have investigated the effect of different corporate governance mechanisms on different managerial behaviour and corporate outcomes (e.g., Morck et al ., ; Yermack, ; Murphy, ; Gompers et al ., ; Donadelli et al ., ; Serra et al ., ; Granado‐Peiró and López‐Gracia, ). However and as corporate governance is a complex ‘concept' to operationalise, existing studies have either mostly employed single corporate governance mechanisms, such as board size and ownership structure (e.g., Morck et al ., ; Yermack, ) or some form of arbitrarily constructed composite governance disclosure indices (e.g., Gompers et al ., ; Bebchuk et al ., ; Karpoff et al ., ).…”

Section: Introductionmentioning

confidence: 99%

Corporate Governance Disclosure Index–Executive Pay Nexus: The Moderating Effect of Governance Mechanisms

Elmagrhi

Ntim

Wang

et al. 2018

European Management Review

View full text Add to dashboard Cite

This paper first employs principal component analysis technique to develop and introduce an alternative UK corporate governance disclosure index to the US-centric ones. Second, we then investigate whether this new corporate governance disclosure index can determine the level of executive pay (including CEOs, CFOs, and all executive directors) in UK listed firms, and consequently ascertain whether the governance mechanisms can moderate the pay-for-performance sensitivity. Employing data on corporate governance, executive pay and performance from 2008 to 2013, we find that, on average, better-governed firms tend to pay their executives lower compared with their poorly-governed counterparts. Additionally, our findings suggest that the payfor-performance sensitivity is generally positive, but improves in firms with high corporate governance quality, implying that the pay-for-performance sensitivity is contingent on the quality of internal governance structures. We interpret our findings within the predictions of optimal contracting theory and managerial power hypothesis.

show abstract

“…There are several well‐cited articles that relate to this cluster, which look at how different aspects of formal and informal institutions affect corporate governance in a European setting, including Scandinavia (Sinani et al, ), Germany (Höpner and Jackson, ), and the Netherlands and Switzerland (Heemskerk and Schnyder, ). A recent study examined how high levels of management ownership relate to capital structures in a Spanish context, where the results show that at high levels of ownership, managers’ interests are no longer aligned with other shareholders, and that this influences the capital structure of the firm (Granado‐Peiró and López‐Gracia, ).…”

Section: Resultsmentioning

confidence: 99%