On the relationship between corporate governance and value creation in an economic crisis: Empirical evidence for the Spanish case

Villanueva-Villar, Mónica; Peñas, Santiago Lago

doi:10.1016/j.brq.2016.06.002

Cited by 50 publications

(46 citation statements)

References 72 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Many studies have established the link between corporate governance and financial performance (Korac-Kakabadse, Kakabadse, & Kouzmin, 2001;Villanueva-Villar et al, 2016) or company value (Brown & Caylor, 2006). However, the findings to emerge from academic research have been mixed.…”

Section: Literature Review and Formulation Of The Modelmentioning

confidence: 99%

Exploring sustainability, good governance, and social responsibility in small and medium enterprises

Rubio‐Andrés

Ramos‐González

Sastre‐Castillo

et al. 2019

Corp Soc Responsibility Env

View full text Add to dashboard Cite

Small and medium enterprises (SMEs) need to create shared value in order to compete in a global environment. Reputation is the result of the good work carried out by SMEs with regard to their main stakeholders, given their condition as a small‐ or medium‐sized enterprise. Rather than drawing on conventional financial performance, we propose an innovative sustainability model using shared value creation as the main endogenous variable. The results obtained are based on the opinions of the 261 owners–managers consulted. The method used is partial least squares, and conclusions show that good governance in SMEs must be reflected in good responsibility practices so as to generate reputation, which in turn has a positive effect on shared value. This leads to an effective level of commitment for SMEs, such that their codes of good governance and reports must be consistent with their responsibility towards stakeholders in order to achieve shared value.

show abstract

Section: Literature Review and Formulation Of The Modelmentioning

confidence: 99%

Exploring sustainability, good governance, and social responsibility in small and medium enterprises

Rubio‐Andrés

Ramos‐González

Sastre‐Castillo

et al. 2019

Corp Soc Responsibility Env

View full text Add to dashboard Cite

show abstract

“…How a board is configured in terms of its structure is a key determinant of what board members can do. The literature mainly analyzes board size and board composition as characteristics that influence the supervisory capacity of the board of directors (BoD) (Villanueva‐Villar et al, ). The responsibility of the board is to align firm behavior with pressure from all stakeholders driving the company toward sustainable development processes (Aguilera et al, ; Jo & Harjoto, ).…”

Section: Introductionmentioning

confidence: 99%

Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies

Cucari

Falco

Orlando

2017

Corp Soc Responsibility Env

503

441

View full text Add to dashboard Cite

This study investigates the association between environmental, social, and governance (ESG) disclosure and diversity of the board of directors (BoD) in Italian listed companies. Diversity of BoD in terms of gender diversity, CSR committees, board average, and independent directors are examined as to their influence on voluntary ESG disclosure. This rating is highly relevant to managers and investors considering ESG issues in their decision‐making process. The factors that drive or hinder ESG disclosure are gaining importance. Despite the relevance of the topic, in Italy there is a scarce amount of literature regarding diversity in the BoD. The data set includes ESG data for more than 54 Italian companies for the period 2011–2014. The results indicate that firm's CSR disclosure is associated with independent director and committee CSR. In addition, women on BoDs is negatively correlated while the age of the board is not significant. Based on this study, shareholders and policymakers will have a deeper knowledge on the significant roles that board diversity is playing as a determinant of ESG disclosure. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

show abstract

“…The consequences of firm failure are very costly for society (Carter & Van Auken, 2006;Madrid-Guijarro et al, 2011). In fact, the crisis consequences have been especially severe in Spain where unemployment increased from 8% to 25% and the economy underwent negative real GDP growth (IMF, 2012;Villanueva-Villar et al, 2016). This could be due to Spanish business structure is characterized by high percentage of SMEs (small and medium enterprises) (around 99% in 2018 according to the Nacional Institute of Statistic) with greater rates of failure than large firms (41.75% of SMEs were at risk of bankruptcy compared to 39.8% of other companies in 2013 according to the report of SFAI Spain for 2013 1 ) and very dependent on other stakeholders for obtaining resources (Hessels & Terjesen, 2010), making firms more vulnerable to their influence.…”

Section: Introductionmentioning

confidence: 99%

Understanding the stakeholders’ role in a business failure situation: An empirical boosting approach

Cruz

Alfaro

Lizano

2020

RC-SAR

View full text Add to dashboard Cite

Este estudio investiga el rol de los stakeholders en situaciones de fracaso empresarial. En concreto, analiza qué stakeholders primarios tienen impacto en la probabilidad de fracaso de una empresa y cómo lo ejercen. También propone un orden de priorización de los stakeholders primarios con la finalidad de ofrecer a los gestores empresariales información útil para que, ante situaciones de crisis financiera, orienten sus decisiones a reducir la aparición de conflictos de intereses que pueden afectar a la sostenibilidad de la empresa a largo plazo. De esta forma, se ha tomado una muestra de 2.352 pymes españolas, 1.176 empresas sanas emparejadas con 1.176 empresas fracasadas, de las que se han extraído datos económico-financieros de sus cuentas anuales y a los que se han aplicado las metodologías de regresión logística y boosting. Los resultados obtenidos indican que los stakeholders primarios tienen efecto estadísticamente significativo en la probabilidad de fracaso empresarial. Además, los resultados presentan un ranking de stakeholders primarios en relación con su impacto en la probabilidad de fracaso empresarial ante contextos de crisis financiera. De esta forma, este estudio propone una guía útil para los gestores mostrando los roles de los stakeholders primarios y su orden de prioridad ante una situación de fracaso empresarial. We investigate the stakeholders’ role in a business failure situation. In particular, we analyse which primary stakeholders have an impact on the business failure, and how. This work also proposes an order of prioritization of primary stakeholders with the purpose of showing business managers useful information which guides their decisions to reduce the emergence of conflicts of interest that may affect the sustainability of firms long-term in financial crisis situations. We have taken a sample of 2,352 Spanish SMEs, 1,176 non-failed firms matched with 1,176 failed firms, from which economic and financial data are been extracted from their financial reporting. In this vein, logistic regression and boosting methodologies have been applied. The findings indicate that the primary stakeholders have a statistically significant effect on the likelihood of business failure. Furthermore, the results present a ranking of primary stakeholders related to their impact on the likelihood of business failure in contexts of financial crisis. Thus, our study provides a useful guide to managers seeking to understand the primary stakeholders’ roles and their relative priority in business failure.

show abstract

On the relationship between corporate governance and value creation in an economic crisis: Empirical evidence for the Spanish case

Cited by 50 publications

References 72 publications

Exploring sustainability, good governance, and social responsibility in small and medium enterprises

Exploring sustainability, good governance, and social responsibility in small and medium enterprises

Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies

Understanding the stakeholders’ role in a business failure situation: An empirical boosting approach

Contact Info

Product

Resources

About