Corporate entrepreneurship and governance: Mergers and acquisitions in Europe

Mergers and acquisitions (M&A) are a form of corporate entrepreneurship involving strategic decisions that require discussion and approval by the board of directors of the acquiring firm. We focus on board attributes to analyze the entrepreneurial function of the board of directors and its involvement in corporate entrepreneurship. Building on different theories (agency theory, resource dependence theory, stewardship theory, and stakeholder theory), we examine whether board composition affects the number of acquisitions, the risk involved in bids, and the creation of value for the acquirer's shareholders. For a sample of European firms over the period 2002 to 2020, we find that board size and the percentage of external directors are related to the number of acquisitions. However, neither the percentage of women on the board nor CEO duality affects the number of acquisitions by a given firm. We also show that more risky acquisitions are associated with larger firms with a lower proportion of women directors, whereas less risky transactions are related to smaller firms where the CEO is also the chair of the board. Finally, our results indicate that firm acquisitions create value for the acquiring firm and that the market reaction is positively related to board size and CEO duality

Female directors, capital structure, and financial distress

The composition of the board of directors is highly relevant to a firm's capital structure and likelihood of financial distress. This study builds on the complementary proposals of agency theory and gender theories based on gender-differential behavior. We examine whether the gender diversity of the board affects firms' capital structure (leverage, cost of debt, and debt maturity) and likelihood of bankruptcy. For a sample of European firms over the period 2002 to 2019, we find that the percentage of women directors is the most influential board characteristic in terms of capital structure decisions. This characteristic is negatively related to leverage, cost of debt, and debt maturity. We also find that having a small and independent board with a high ratio of women directors reduces the likelihood of financial distress. However, CEO duality does not have a significant impact on the likelihood of financial distress or capital structure decisions

La mujer en los consejos de administración: evidencia para el mercado bursátil español

Antecedentes: durante décadas se ha luchado por la incorporación de la mujer al mercado laboral, lo que promueve la igualdad de género. Sin embargo, una mayor presencia de la mujer en el mercado laboral no indica una plena igualdad, pues es evidente la existencia del conocido techo de cristal y de una brecha salarial. El artículo proporciona evidencia de estas dos características en los consejos de administración de las empresas del mercado continuo español. Metodología: se estima un modelo de regresión múltiple con observaciones por consejero, empresa y ano, controlando efectos fijos temporales de la empresa y del sector. En el estudio consideramos específicamente la presencia de diversidad de género en cada categoría de consejero (ejecutivo, independiente y dominical) con el fin de evitar sesgos. Asimismo, se realiza un análisis de robustez. Resultados: desde los consejeros ejecutivos se percibe tanto mayor ausencia de mujeres como mayor diferencia salarial. Afortunadamente, esta brecha salarial no se percibe en las otras categorías de consejeros analizadas, esto es, independientes y dominicales. Asimismo, aunque es cierto que la presencia de mujeres en estas categorías, esto es, independientes y dominicales, es más elevada, los resultados muestran una escasa incorporación. Conclusiones: las mujeres que logran romper el techo de cristal y llegar a puestos ejecutivos reciben una compensación inferior a la de los hombres por el mismo trabajo desarrollado

Las Fuentes Musicales Históricas: RISM España [Reseña bibliográfica]

Del libro "Répertoire International des Sources Musicales" publicado en 1996, de la presentación y prólogo de sus autores, "Ars Sacra" describe los contenidos y objetivos de esta publicación fundamental para Musicólogos, Universidades y Arxhivos con Fondos Musicales en habla hispanaPeer reviewe

Exploring the determinants of corporate green bond issuance and its environmental implication: The role of corporate board

The exponential growth of the green bond market has generated an incipient debate in the literature about the causes and implications for companies employing this green financing. An unexplored issue is the role of the board. In this context, the aim of this research is two-fold. Firstly, we analyse whether companies that have issued green bonds during the 2013-2021 period are characterised over the previous two years by having certain corporate governance characteristics, such as having a sustainability committee or a board with a higher percentage of women. Secondly, we examine whether these companies improve their environmental performance post-issuance by considering these governance characteristics, as well as the certification of green bonds and the purpose of the funds. For this purpose, we employ up to five alternative environmental performance variables. Our overall results indicate that companies that issue green bonds have a higher environmental score, a lower volume of CO2 emissions, a board with a higher percentage of women and a sustainability committee. Moreover, such companies continue to perform certain environmentally friendly actions in the years after issuance. Furthermore, the results reflect that companies with poorer environmental scores may be using external certification of their emissions to improve their image

Exploring the determinants of corporate green bond issuance and its environmental implication: The role of corporate board

Exploring the determinants of corporate green bond issuance and its environmental implication: the role of corporate boar

A conceptual model of green HRM adoption towards sustainability in hospitality industry

This chapter seeks to provide a better understanding on the predictors of green human resource management which can result in improved environmental and financial performance across hospitality industry. The proposed model has been constructed from the perspective of external pressure (i.e., normative) and internal pressure (manager’s environmental concerns) by using the Institutional Theory and Resource Based View Theory. The chapter examines the antecedents of sustainability in hospitality industry in terms of improved financial and environmental performance. It therefore expands the level of understanding on mechanisms which leads to corporation sustainability. While the chapter is written with a focus on hospitality industry, the proposed model is applicable to corporations across other sectors