The diversification-performance relationship in Spanish firms : does the CEO´S behaviour style matter?

The agency-stewardship theoretical framework posits that CEOs may choose to act as agents or as stewards. CEOs as agents are economically rational individuals driven by self-interest, whereas CEOs as stewards are self-actualizing individuals that behave pro-organizationally. Our study extends this framework to analyze whether the CEO´s behavior style affects the diversification-performance relationship. After applying Heckman´s method on a sample of Spanish firms, our results verify that diversification affects positively on firm performance and such effect is significantly strong when this strategy is managed and implemented by a CEO inclined to behave as steward.peer-reviewe

How important is the European economic and monetary union in the foreign trade with the EU-27 countries? Empirical evidence from Spain

This paper analyzes the effect of the European Economic and Monetary Union on export flows from a Spanish region (Castilla y Leon) to the EU-27 countries during the last years Applying static panel data estimation technique, this study finds that exporter and importer incomes, exporter population, distance, and a common land border are the main explanatory factors of exports from this Spanish region. Moreover, the EU membership of the importer country only caused positive and significant effects between 1994 and 1996, whereas the EMU membership reduced export flows from Castilla y Leon to the European countries during the whole period.peer-reviewe

The Diversification-Performance relationship in Spanish Firms: Does The CEO/S Behaviour Style matter?

The agency-stewardship theoretical framework posits that CEOs may choose to act as agents or as stewards. CEOs as agents are economically rational individuals driven by self-interest, whereas CEOs as stewards are self-actualizing individuals that behave pro-organizationally. Our study extends this framework to analyze whether the CEO/s behavior style affects the diversification-performance relationship. After applying Heckman/s method on a sample of Spanish firms, our results verify that diversification affects positively on firm performance and such effect is significantly strong when this strategy is managed and implemented by a CEO inclined to behave as steward.Diversification strategy, firm performance, CEOs behavior style, agent, steward