Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large...

Este trabajo explora la formación de grupos estratégicos en el Sector Bancario Español, a partir de una definición alternativa de grupo estratégico (GE). Un GE se define como un conjunto de empresas capaces de responder del mismo modo a perturbaciones. La capacidad de respuesta, o capacidad...

We propose a simple measure of the risk-taking incentives of the CEOs of highly levered financial institutions, levered delta, which captures the incentives to take on risk generated by CEOs' stock holdings. Using this measure, we find that stronger CEO risk-taking incentives prior to the...

We study how directors' reputational concerns influence executive compensation and the use ofcamouflaged forms of pay. We show that, in order to signal their independence to investors,boards lower managers' pay, but may also pay managers in hidden ways or structure compensationinefficiently. We...

We build a Real Options model to assess the importance of private provisionand the impact of expropriation risk on investment timing, investmentvolumes, governmental costs and social welfare. We consider two types ofbusinesses (essential and non essential businesses) and two stages (operatingand...

We study the antecedents that help explaining how firms should deal with CSR in this modern economy where there is a heightened demand for firms to behave in a socially responsible manner, and also why some firms succeed with their CSR initiatives while others fail. We believe (1) different...