Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad最新文献_第4页

Managerial ability and CEO pay of family firms in Malaysia: does family involvement in management matter? 马来西亚家族企业的管理能力与CEO薪酬:家族参与管理是否重要?

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-03-25 DOI: 10.1080/02102412.2022.2051296

S. Foong, B. Lim

{"title":"Managerial ability and CEO pay of family firms in Malaysia: does family involvement in management matter?","authors":"S. Foong, B. Lim","doi":"10.1080/02102412.2022.2051296","DOIUrl":"https://doi.org/10.1080/02102412.2022.2051296","url":null,"abstract":"ABSTRACT Family managers are found to get lower pay, especially when family members are involved in management. This paper examines whether managerial ability has a positive impact on CEO pay in family firms. We further examine whether the relationship is higher for nonfamily CEOs compared with that for family CEOs, and whether family involvement in management affects the relationship. The data covered were hand-collected information on CEOs of 362 listed family firms in Bursa Malaysia during the 2009–2015 period. We found a positive relationship between pay and managerial ability for Malaysian family firms, and nonfamily managers are found to be compensated with a higher pay for their managerial ability compared with family managers. Also, when a family has a dominant involvement in management by chairing the board and remuneration committee, they accord pay increment for every unit increase in a CEOs ability. In the case of family chairing the board, nonfamily CEOs tend to get a higher pay with higher managerial ability compared with family CEOs. Our finding shows that family firms, especially those with a dominant involvement in management, adhere to devising first-best contract when rewarding nonfamily CEOs.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121940811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Audit fees and hours of Chinese companies listed on the South Korean stock market 在韩国上市的中国公司的审计费用和时间

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-03-09 DOI: 10.1080/02102412.2022.2041348

Byungchul Choi, Jungyoon Byun, Doo-cheol Moon, Andrés Guiral

引用次数: 1

The Nordic nomination committee and board tenure: an empirical investigation 北欧提名委员会和董事会任期:一项实证调查

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-02-17 DOI: 10.1080/02102412.2022.2037120

Laura Arranz Aperte, Therese Strand

引用次数: 0

Governance, human capital and politicization of Spanish banks 西班牙银行的治理、人力资本和政治化

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-02-17 DOI: 10.1080/02102412.2021.2024012

Miguel García-Cestona, M. Sagarra

{"title":"Governance, human capital and politicization of Spanish banks","authors":"Miguel García-Cestona, M. Sagarra","doi":"10.1080/02102412.2021.2024012","DOIUrl":"https://doi.org/10.1080/02102412.2021.2024012","url":null,"abstract":"ABSTRACT Before the 2007 financial crisis, Spanish savings banks (Cajas) and commercial banks had shared, almost equally, the Spanish market for years. By 2012, the stakeholder-oriented Cajas had disappeared. We study if these different outcomes of Cajas and commercial banks respond to different ownership structures, governance practices and top managers’ human capital. Most of the previous debate has focused on the political affiliation of Cajas’ managers. We contribute to the debate by using broader measures of banks’ performance and by manually collecting chairman’s human capital (through proxies such as chairman’s experience, education, and political affiliation) for both bank types. We find that commercial banks took more risks in pre-crisis years and showed better risk-management than Cajas during the crisis. We find no evidence of the influence of chairman’s political affiliation on banks’ performance, but chairman’s firm experience and certain levels of education did have an impact on banks’ performance, showing that managers’ human capital deserves more attention. Finally, we analyse deeper Cajas-stakeholders’ participation, and while the presence of politicised seats in the governing bodies have no significant effects, larger employee participation or depositors’ involvement could have helped to improve the resilience of these stakeholder organisations during the crisis.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127218395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Family owners and the appointment of family and non-family women directors. Where is the ownership point where preferences change? 家族所有者和任命家族和非家族女性董事。偏好改变的所有权点在哪里?

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-02-10 DOI: 10.1080/02102412.2022.2031508

Emma García‐Meca, Domingo Javier Santana Martín

{"title":"Family owners and the appointment of family and non-family women directors. Where is the ownership point where preferences change?","authors":"Emma García‐Meca, Domingo Javier Santana Martín","doi":"10.1080/02102412.2022.2031508","DOIUrl":"https://doi.org/10.1080/02102412.2022.2031508","url":null,"abstract":"ABSTRACT We analyse the impact of voting rights in the hands of the dominant family owner on the presence of women directors in a sample of listed family firms in Spain during 2007–2020. As distinctive features of this paper, we examine whether women directors have or do not have family ties with the dominant family owner, use the control-chain methodology to identify the ultimate or dominant owner of Spanish listed firms and analyse a curvilinear association between family ownership and the appointment of family and non-family female directors in family firms. Drawing on socioemotional, agency and stewardship theories, our results show that when the voting rights of the dominant families are low, they appoint more female directors with family associations. The results also indicate that when family voting rights are high, family founders appoint more non-family women directors to benefit from their industry-specific expertise and objective advice. Overall, our findings suggest that when a certain level of family ownership is reached there is a need to reduce the appointment of women directors with family ties in order to move towards a more balanced and diversified board with a wider representation of skills, knowledge, diverse experiences and talent.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"346 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131091752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Audit committee characteristics and debt choice: evidence from the S&P 500 审计委员会特征与债务选择:来自标准普尔500指数的证据

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-02-10 DOI: 10.1080/02102412.2022.2031507

I. Ahmed, Zeeshan Ghafoor

{"title":"Audit committee characteristics and debt choice: evidence from the S&P 500","authors":"I. Ahmed, Zeeshan Ghafoor","doi":"10.1080/02102412.2022.2031507","DOIUrl":"https://doi.org/10.1080/02102412.2022.2031507","url":null,"abstract":"ABSTRACT This study examines the impact of audit committee (AC) characteristics on firms’ debt choice. Specifically, we focus on AC independence, the frequency of meetings, financial experts, gender diversity, and the gender of the AC chair. The sample of this study is composed of 300 firms listed on the S&P 500. To examine the impact of the composition of the AC on debt choice, we use Ordinary Least Squares (OLS) regression and Tobit regression. The empirical findings reveal that the number of independent directors, the ratio of female directors, and a female AC chair are positively associated with public debt. This finding is in line with ‘the bank monitoring substitution hypothesis’ that the AC’s mentioned features substitute for the monitoring role of the bank. On the other hand, the frequency of AC meetings and the ratio of financial experts on the AC are negatively associated with public debt. The findings of this study offer some important insights for policy implications. For instance, firms can access the public debt market by increasing the number of independent directors, improving the gender diversity of the AC, and appointing a female AC chair.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133018131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The adoption of a code of corporate governance: incentive implications 公司治理准则的采用:激励意义

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-01-20 DOI: 10.1080/02102412.2021.2013064

Eduard Alonso‐Paulí

引用次数: 0

Is the effect of dividend policy on the volatility of stock prices stable? An empirical study on European countries 股利政策对股价波动的影响是否稳定?对欧洲国家的实证研究

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-01-20 DOI: 10.1080/02102412.2022.2027647

Esen Aktürk, M. Karan, Burak Pirgaip

引用次数: 2

Female directors, audit effort and financial reporting quality 女性董事、审计工作和财务报告质量

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2022-01-05 DOI: 10.1080/02102412.2021.2009298

Carlos Fernández-Méndez, Shams Pathan

{"title":"Female directors, audit effort and financial reporting quality","authors":"Carlos Fernández-Méndez, Shams Pathan","doi":"10.1080/02102412.2021.2009298","DOIUrl":"https://doi.org/10.1080/02102412.2021.2009298","url":null,"abstract":"ABSTRACT This paper analyses the influence of female directors on the demand for audit effort and on financial reporting quality for a sample of Australian non-financial listed firms over the period 2004–2018. Our results suggest that gender diversity at the Board and the audit committee have a beneficial impact both on the demand of audit effort and on the outcomes of the audit process. This beneficial effect of female directors is attributable to non-executive directors. Long tenured and busy female directors and women chairing the board or the audit committee are revealed as especially influential at improving audit efforts and outcomes. We obtain further indication that audit effort and reporting quality improve from the first women added to the board not being necessary to attain a certain critical mass to generate these effects. Also, gender diversity improves the external auditor independence though the presence of lower of non-audit fees. The results are robust to endogeneity corrections. Evidence from the Australian market provides a positive argument for small and mid-cap Australian listed firms to follow the path of large Australian listed firms towards gender diversity.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132919675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Expected credit losses under imperfect foresight: insights from a partial equilibrium model 不完全预见下的预期信贷损失:来自部分均衡模型的见解

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2021-12-29 DOI: 10.1080/02102412.2021.2006028

Antonio Sánchez Serrano

引用次数: 0