Relaciones entre gestión corporativa y crisis financiera en el mercado de capitales español
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Alfredo Juan Grau Grau [1] ; Carlos Lassala Navarré [1]
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[1] Universitat de València
Universitat de València
Valencia, España
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- Localización: Revista europea de dirección y economía de la empresa, ISSN 1019-6838, Vol. 24, Nº 2, 2015, págs. 76-91
- Idioma: español
- DOI: 10.1016/j.redee.2014.07.002
- Títulos paralelos:
- Corporate governance and financial crisis in the Spanish capital market
- Enlaces
- Dialnet Métricas: 5 Citas
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Resumen
- español
La crisis financiera internacional impulsada por las noticias vertidas en agosto de 2007 ha tenido efectos devastadores sobre los mercados de capitales internacionales. El objetivo de este artículo se centra en verificar, en este contexto de crisis, si las empresas del mercado continuo español generan rendimientos anormales negativos, a la par que investigar qué factores ligados al gobierno corporativo podrían justificar estas anomalías. Nuestros resultados confirman que: a) cuando un mismo sujeto asume dirección ejecutiva y presidencia de la junta, en contra de todo pronóstico, ha tenido efectos beneficiosos sobre la gestión corporativa, permitiendo que esas anomalías se vayan diluyendo a lo largo del tiempo; b) los elevados niveles de apalancamiento han provocado que los efectos beneficiosos de la deuda hayan desaparecido y estén justificando la relación positiva existente con los rendimientos anormales negativos, y c) la capacidad de control de juntas con numerosos miembros confirma que la gestión corporativa no ha sido eficiente, ya que la trayectoria de los rendimientos de las empresas se ha visto perjudicada.
- English
The international financial crisis that began in August 2007 has had devastating effects on international capital markets. The aim of this paper is to study whether the crisis has led to the Spanish financial market firms obtaining abnormally negative returns, and then to investigate what factors related to corporate governance could justify these anomalies. The results demonstrate that: (i) when the same person assumes the position of managing director and chairman of the board this, contrary to expectations, has had beneficial effects on corporate governance, with these anomalies gradually disappearing over time; (ii) high levels of leverage have led to the disappearance of the benefits of debt and are justifying the positive relationship with negative abnormal returns; and (iii) the ability to control boards with numerous members confirms that corporate management has not been effective, since the trajectory of the yields of the companies has deteriorated
- español
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