This page has only limited features, please log in for full access.
This study examines the influence of board interlocks and former politicians on decisions regarding acquisitions in Spain. Our research suggests that board interlocks to other firms can positively influence operations in terms of acquisition scale. Our findings also show that this relationship is positively moderated by the presence of former politicians. That is, the effects of interlocks on acquisitions are amplified further when there are former politicians on boards, which confirms their role as community influentials. In the case of Spain, and under-regulated industries, this complementary effect is maintained. However, the role played by interlocks seems to be more important than former politicians, which means that board interlocks can replace other formal methods of acquiring information (through former politicians) while attempting acquisitions.
Santiago Kopoboru; Gloria Cuevas-Rodríguez; Leticia Pérez-Calero. Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain. Sustainability 2020, 12, 984 .
AMA StyleSantiago Kopoboru, Gloria Cuevas-Rodríguez, Leticia Pérez-Calero. Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain. Sustainability. 2020; 12 (3):984.
Chicago/Turabian StyleSantiago Kopoboru; Gloria Cuevas-Rodríguez; Leticia Pérez-Calero. 2020. "Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain." Sustainability 12, no. 3: 984.
Leticia Pérez‐Calero; Bárbara Larrañeta; Mike Wright. Initial public offering valuation and prior shared experience in the boardroom of threshold ventures: A study of industry effects. Corporate Governance: An International Review 2019, 27, 322 -340.
AMA StyleLeticia Pérez‐Calero, Bárbara Larrañeta, Mike Wright. Initial public offering valuation and prior shared experience in the boardroom of threshold ventures: A study of industry effects. Corporate Governance: An International Review. 2019; 27 (5):322-340.
Chicago/Turabian StyleLeticia Pérez‐Calero; Bárbara Larrañeta; Mike Wright. 2019. "Initial public offering valuation and prior shared experience in the boardroom of threshold ventures: A study of industry effects." Corporate Governance: An International Review 27, no. 5: 322-340.
Many studies have examined the relationships between board attributes (board independence, CEO duality, board size, and women on boards) and corporate social responsibility disclosure (CSRD) as a means to improve a firm’s reputation. This research was performed in various international settings and uneven outcomes were obtained. We therefore meta-analyzed 88 studies to summarize scattered evidence and found that CEO duality had a significantly negative relationship with CSRD, while board independence, board size and women representation had a significantly positive relationship with CSRD. These relationships were more significant in countries with low levels of commitment to sustainable goals. Thus, our study revealed differences in the relationship between board attributes and CSRD, and that these differences were conditioned by the institutional contexts in which firms operate. Our research has practical implications for practitioners and policy makers alike as we offer guidelines on the most suitable corporate governance mechanisms to achieve lower capital costs and better access to finance.
Jaime Guerrero-Villegas; Leticia Pérez-Calero; José Manuel Hurtado-González; Pilar Giráldez-Puig. Board Attributes and Corporate Social Responsibility Disclosure: A Meta-Analysis. Sustainability 2018, 10, 4808 .
AMA StyleJaime Guerrero-Villegas, Leticia Pérez-Calero, José Manuel Hurtado-González, Pilar Giráldez-Puig. Board Attributes and Corporate Social Responsibility Disclosure: A Meta-Analysis. Sustainability. 2018; 10 (12):4808.
Chicago/Turabian StyleJaime Guerrero-Villegas; Leticia Pérez-Calero; José Manuel Hurtado-González; Pilar Giráldez-Puig. 2018. "Board Attributes and Corporate Social Responsibility Disclosure: A Meta-Analysis." Sustainability 10, no. 12: 4808.
Prior research into the relationship between firm ownership structure and board of director independence has been conducted in a variety of international settings and has led to mixed results. Given this divergence, we meta-analyze 127 studies in order to test whether different types of owners (if a firm's ownership lies mainly in the hands of managers, families or institutions) explain these mixed results. We also examine whether the institutional context (civil, common or emerging legal system) may moderate the relationship between ownership concentration and type of owner and board independence. We find that ownership concentration has a significant negative relation with board independence in common law countries, and when firms are under managerial or family control. In contrast, the relation is positive for firms in civil law countries or for firms owned by institutional investors. Thus, our paper reveals differences in the relation between ownership concentration and board of director independence contingent on type of owner and the institutional context in which the firm operates. Our research has practical implications for practitioners and policy makers, and provides them with certain guidelines aimed at achieving the most efficient design for corporate governance mechanisms.
Leticia Pérez-Calero; José Manuel Hurtado-González; Félix J. López-Iturriaga. Do the institutional environment and types of owners influence the relationship between ownership concentration and board of director independence? An international meta-analysis. International Review of Financial Analysis 2018, 61, 233 -244.
AMA StyleLeticia Pérez-Calero, José Manuel Hurtado-González, Félix J. López-Iturriaga. Do the institutional environment and types of owners influence the relationship between ownership concentration and board of director independence? An international meta-analysis. International Review of Financial Analysis. 2018; 61 ():233-244.
Chicago/Turabian StyleLeticia Pérez-Calero; José Manuel Hurtado-González; Félix J. López-Iturriaga. 2018. "Do the institutional environment and types of owners influence the relationship between ownership concentration and board of director independence? An international meta-analysis." International Review of Financial Analysis 61, no. : 233-244.
Purpose Using a contingency approach, the purpose of this paper is to study how organizational factors (such as the organizational life cycle, firm size, firm ownership concentration and firm technology) determine the relative importance of the monitoring and provision of resources roles provided by board members. Design/methodology/approach This paper highlights the importance of contingency factors in carrying out board’s roles using a sample of 579 European firms registered in the STOXX Europe 600 index. The authors used a longitudinal analysis for the period from 2002 through to 2011. Findings The results show that the monitoring role is more relevant for companies that are large, are operating at the mature and stagnant stages, have a dispersed ownership and are low-technology. However, the provision of resources role is more relevant for companies that are in the growth and stagnant stages, and have a concentrated ownership. Originality/value The traditional analysis that relates the board’s structure and composition to the board’s roles focuses on determining what board should be the best. It plays little attention to analyzing which organizational factors affect the importance and presence of monitoring or resource dependence roles. In this regard, this work adds significant insights to agency theory and resource dependence theory as, with a contingency framework, the research aims to find what functions the board needs to develop in order to get better firm performance.
Leticia Pérez-Calero Sánchez; Jaime Guerrero-Villegas; José Manuel Hurtado González. The influence of organizational factors on board roles. Management Decision 2017, 55, 842 -871.
AMA StyleLeticia Pérez-Calero Sánchez, Jaime Guerrero-Villegas, José Manuel Hurtado González. The influence of organizational factors on board roles. Management Decision. 2017; 55 (5):842-871.
Chicago/Turabian StyleLeticia Pérez-Calero Sánchez; Jaime Guerrero-Villegas; José Manuel Hurtado González. 2017. "The influence of organizational factors on board roles." Management Decision 55, no. 5: 842-871.
Purpose The purpose of this paper is to examine in greater depth the concept of “board capital”, which the authors consider to be a bundle of three types of capital, and believe to be a clear antecedent of the board’s ability to perform its roles, which have positive consequences for the firm’s performance. Design/methodology/approach Through 83 firms listed on The Madrid Stock Exchange during the period 2005-2010, the authors test empirically the relationships between different dimensions of board capital and firm performance, and specially how internal social capital moderates the relationships between board human capital and external social capital with firm performance. Findings The results show that certain characteristics of human capital (average board tenure) and external social capital (directors’ interlocks) are positively related to the firm performance. The empirical findings also indicate that the internal social capital, measured by board density, is positively related to the firm performance and moderates these above relationships, increasing the potential of the resources contributed by the board members and influencing to a large extent on a firm’s performance. Practical implications The results of the investigation will help both executives and scholar in two ways. First, they will assist firms when they have to select board members, as they can now understand how the resources that board members bring with them can affect the firm performance. To be more effective, boards need to have members that have experience as firm’s directors, external connections to other boards and many internal ties among them. Second, in this context, internal social capital is especially relevant, so the firms should look for possible ways of encouraging internal ties between directors. In this paper, the authors have opted for study the participation of directors in committees. Originality/value The authors propose that these three types of capital (human, external and internal social capital) need to be synergistically combined to create a group of directors with access to a complete set of skills, knowledge and connections, but which can still work as a compact social group when making decisions.
Leticia Pérez-Calero; Ma Del Mar Villegas; Carmen Barroso-Castro. A framework for board capital. Corporate Governance: The International Journal of Business in Society 2016, 16, 452 -475.
AMA StyleLeticia Pérez-Calero, Ma Del Mar Villegas, Carmen Barroso-Castro. A framework for board capital. Corporate Governance: The International Journal of Business in Society. 2016; 16 (3):452-475.
Chicago/Turabian StyleLeticia Pérez-Calero; Ma Del Mar Villegas; Carmen Barroso-Castro. 2016. "A framework for board capital." Corporate Governance: The International Journal of Business in Society 16, no. 3: 452-475.
Manuscript Tytpe: Empirical Research Question/Issues: The resource‐based view of the firm may provide the theoretical explanation as to how boards can be a source of firm competitive advantage. Directors' experience, knowledge, expertise are valuable, rare, inimitable and non‐substitutable resources that make up the board potential. These resources must be integrated with other firm resources in strategic processes through dynamics of relations. Research Findings/Insights: Given the preliminary nature of this work, the empirical section is an exclusive analysis of the board's potential. Our specific aim is to establish whether resources that directors bring to board are sources of board competence and ability with consequences for international strategic decisions. To do this, we use a sample of 562 board members of 45 listed Spanish companies. Our results show that average board tenure is negatively related to the firm's degree of international diversification. Directors with long tenures may operate from the basis of routines that are built up over time and their knowledge of the firm could eventually become a less valuable resource. The empirical findings also indicate that the directors' managerial experience within the specific industry to which the firm belongs and a high level of academic achievement affects the firm's degree of international diversification. Theoretical/Academic Implications: The contribution of this article is three‐fold. First, it emphasizes the role of directors in board effectiveness, investigating why and how relevant elements of directors' human capital can enhance board ability to perform their roles making up the board potential. Secondly, it refines and extends the concept of “board capability” as an adequate configuration of potential and relationship dynamics that allow boards to undertake their task competently over time. Third, this article stresses the active participation of a board in firm internationalization. Practitioner/Policy Implications: One of the important practical implications of these results refers to the selection of board members. In order to increase board effectiveness, in the context of firm internationalization, the selection process must be guided by the search of intangibles, inimitable and unique resources, that the board can capitalize on in order to differentiate its potential over competitors.
Carmen Barroso; Ma Mar Villegas; Leticia Perez-Calero. Board Influence on a Firm's Internationalization. Corporate Governance: An International Review 2011, 19, 351 -367.
AMA StyleCarmen Barroso, Ma Mar Villegas, Leticia Perez-Calero. Board Influence on a Firm's Internationalization. Corporate Governance: An International Review. 2011; 19 (4):351-367.
Chicago/Turabian StyleCarmen Barroso; Ma Mar Villegas; Leticia Perez-Calero. 2011. "Board Influence on a Firm's Internationalization." Corporate Governance: An International Review 19, no. 4: 351-367.
RESUMENNumerosos trabajos han estudiado la influencia del consejo de administración en las decisiones y resultados de sus empresas. No obstante, la enorme popularidad alcanzada en el campo del gobierno corporativo por estos estudios, no viene acompañada por sus resultados, que han sido ambiguos y, a veces, conflictivos En esta investigación proponemos que la efectividad de los consejos depende de las experiencias y conocimientos de los consejeros que lo conforman, así como de la estructura de estos consejos. Entendemos que ambas dimensiones (composición y estructura) no son “por si” suficientes para el logro de consejos plenamente efectivos, pero si se definen como elementos necesarios para ello. Desde nuestra perspectiva, constituyen el potencial que permitirá lograr una adecuada capacidad estratégica por parte del consejo. Nuestros resultados muestran la importancia de las variables que conforman la estructura y composición del consejo (tamaño del consejo, permanencia, experiencia de los consejeros) a la hora de explicar los resultados empresariales.ABSTRACTThe study of the effectiveness of boards of directors is a tremendously interesting area of investigation, heightened by the many financial scandals of the recent past. Research efforts have suffered from several deficiencies like the inconsistency of many of the results achieved (Daily, Dalton and Cannella, 2003; Dalton, Daily, Ellstrand and Johnson, 1998; Johnson et al., 1996). It emphasises the need to go further with this research subject. Within this framework, our paper examines board effectiveness through board members' level of knowledge and experience and board structure. We understand that both dimensions: board composition and structure are not enough to board effectiveness but determine the potential to get a strategic capability. Our results show how board size, length of tenure of directors and board members' experience in senior management positions, have effects on firm financial performance
Carmen Barroso-Castro; Mª Del Mar Villegas Periñán; Leticia Perez-Calero. ¿SON EFECTIVOS LOS CONSEJOS DE ADMINISTRACIÓN? LA EFICACIA DEL CONSEJO Y LOS RESULTADOS DE LA EMPRESA. Investigaciones Europeas de Dirección y Economía de la Empresa 2010, 16, 107 -126.
AMA StyleCarmen Barroso-Castro, Mª Del Mar Villegas Periñán, Leticia Perez-Calero. ¿SON EFECTIVOS LOS CONSEJOS DE ADMINISTRACIÓN? LA EFICACIA DEL CONSEJO Y LOS RESULTADOS DE LA EMPRESA. Investigaciones Europeas de Dirección y Economía de la Empresa. 2010; 16 (3):107-126.
Chicago/Turabian StyleCarmen Barroso-Castro; Mª Del Mar Villegas Periñán; Leticia Perez-Calero. 2010. "¿SON EFECTIVOS LOS CONSEJOS DE ADMINISTRACIÓN? LA EFICACIA DEL CONSEJO Y LOS RESULTADOS DE LA EMPRESA." Investigaciones Europeas de Dirección y Economía de la Empresa 16, no. 3: 107-126.