Female directors and firm performance in Italian and Spanish listed firms. Does masculinity matter?

Purpose The purpose of this paper is to examine the relationship between women on the board of directors and firm performance in a comparative analysis between Italy and Spain. Design/methodology/approach The generalized method of moment is employed to examine this relationship in a sample of 1,393 firm-year observations. Findings The results show that the presence of women on the board has a positive impact on the performance of Italian and Spanish firms. However, when the whole sample is divided into Italy and Spain, some results are remarkable. For Spain, the presence of women on the board has a positive influence on firm performance, whereas for Italy the authors find a negative and significant effect on firm performance. This study also finds that the “masculinity” dimension has a negative impact on firm performance. Practical implications The results of this study have several practical implications. First, masculinity differences within the countries can have a large impact on firm performance and can explain some differences between similar countries. Second, the legal system of countries might not explain adequately some differences in the decision-making process. Third, cultural values and thinking styles, in terms of masculinity, might better explain why the results on the relationship between female directors and firm performance are mixed. Fourth, the findings suggest that it is very important to promote gender equality, not only by passing laws but also taking action about the educational system. Originality/value To the best of the authors’ knowledge, this is the first study that investigates the relationship between female directors and firm performance between Italy and Spain considering the cultural differences in term of “masculinity.

Executive directors' compensation and monitoring: the influence of gender diversity on Spanish boards

This study presents evidence of the influence of gender diversity on the pay system and the monitoring of executives in Spain. In this country/context, characterized by a few male dominant shareholders acting simultaneously as executives, there is an ongoing discussion regarding the enactment of laws to promote gender equality on the boards of directors of large listed companies. This paper presents several contributions. On the one hand, the scarce previous evidence on this topic is focused on US firms. On the other hand, this study includes the role of ownership structure as a factor that indirectly moderates the relationships between gender diversity on board and monitoring effectiveness in terms of executive directors’ compensation. Furthermore, this paper makes an important effort to control endogeneity. The sample examined includes 120 companies listed on the Spanish stock market during the period 2004–2011. The results show a positive and highly significant effect of the presence of women independent directors on the proportion of variable pay in the compensation of executive directors. Our findings also point out the negative moderating effect of ownership concentration: the more concentrated is ownership in the hands of internal majority shareholder, the less is the link between board diversity and pay-for-performance systems

Pulmonary long-term consequences of COVID-19 infections after hospital discharge

Objectives: COVID-19 survivors are reporting residual abnormalities after discharge from the hospital. Limited information is available about this stage of recovery or the lingering effects of the virus on pulmonary function and inflammation. The aim of this study was to describe lung function and to identify biomarkers in serum and induced sputum samples from patients recovering from COVID-19 hospitalisation. Methods: Patients admitted to Spanish hospitals with laboratory-confirmed COVID-19 infection by a real-time PCR (RT-PCR) assay for severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) were recruited for this study. Each hospital screened their lists of discharged patients at least 45 days after symptom onset. SARS-CoV-2-infected patients were divided into mild/moderate and severe disease groups according to the severity of their symptoms during hospitalisation. Patients’ epidemiological and medical histories, comorbidities, chronic treatments, and laboratory parameters were evaluated. Pulmonary function tests, the standardised 6-minute walk test (6 MWT) and chest computed tomography (CT) were also performed. The levels of proteases, their inhibitors, and shed receptors were measured in serum and induced sputum samples. Results: A total of 100 patients with respiratory function tests were included in this study. The median number of days after the onset of symptoms was 104 (IQR 89.25, 126.75). COVID-19 was severe in 47% (47/100) of patients. CT was normal in 48% (48/100) of patients. Lung function was normal (FEV1 ≥80%, FVC ≥80%, FEV1/FVC ≥0.7, and diffusing capacity for carbon monoxide [DLCO] ≥80%) in 92% (92/100), 94% (94/100), 100% (100/100) and 48% (48/100) of patients, respectively. Multivariate analysis showed that a DLCO <80% (OR 5.92; 95%CI 2.28-15.37; p <0.0001) and a lower serum LDH level (OR 0.98; 95%CI 0.97-0.99) were associated with the severe disease group of SARS-CoV-2 during hospital stay. Conclusions: A diffusion deficit (DLCO <80%) was still present after hospital discharge and was associated with the most severe SARS-CoV-2 cases

Female Institutional Directors on Boards and Firm Value

The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm. We hypothesize that there is a non-linear association, specifically quadratic, between institutional and pressure-resistant female directors on boards and corporate performance. Our results report that female institutional directors on boards enhance corporate performance, but when they reach a certain threshold on boards (11.72 %), firm value decreases. In line with female institutional directors, pressure-resistant female directors on boards also increase firm value, but only up to a certain figure (12.71 % on boards), above which they have a negative impact on firm performance. These findings are consistent with an inverted U-shaped relationship between female institutional directors and pressure-resistant female directors and firm performance

Las teorías de agencia y de los derechos de propiedad en las cooperativas agrícolas: evidencia para España

This manuscript examines the member-agricultural cooperative relationship from the point of view of the agency and the property rights theories. The sample analysed includes 277 personal surveys completed by members of agricultural cooperatives in the Region of Murcia (Spain). Results show that in all questions related to objectives and level of satisfaction, members value them with an average of 6.9 out of 10 or higher in all cases. For both objectives and satisfaction, the directors and the cooperative members who depend upon agricultural activity for a large percentage of their income have higher scores, compared with non-board members and members who are less dependent on agricultural activity (with a statistical significance of 1% and 5%, respectively). We also find that members who agree in more with the admission of new members, who think it is easy to recover their investments and who want to stay longer in the cooperative are those who are more willing to invest and to exert control. Furthermore, we find that members that prefer to have a participation in the assembly proportional to their contribution and that prefer that the cooperative diversifies more are those who are more willing to invest. In addition, control is favoured by members pertaining to the cooperative for a large period and for those members who think that investing in the cooperative is a high risk and who prefer long-term investments. Finally, directors are more willing to invest and to exert control.Este trabajo examina la relaci&oacute;n socio-cooperativa agraria desde el punto de vista de las teor&iacute;as de la agencia y los derechos de propiedad. La muestra analizada incluye 277 encuestas personales realizadas a los socios de las cooperativas agrarias de la Regi&oacute;n de Murcia (Espa&ntilde;a). Los resultados muestran que los niveles de valoraci&oacute;n de los objetivos que se pueden alcanzar en la cooperativa y de satisfacci&oacute;n de los socios superan 6,9 sobre 10 en todas las cuestiones planteadas. Tanto para los objetivos como para el nivel de satisfacci&oacute;n, los miembros del consejo rector y los socios cuyo porcentaje de ingresos dependen en mayor medida de la actividad agraria presentan mayores valores (con una significaci&oacute;n del 1 y 5% respectivamente). Tambi&eacute;n encontramos los socios que est&aacute;n de acuerdo con la entrada de nuevos cooperativistas, que piensan que resulta f&aacute;cil recuperar las aportaciones y que tienen intenci&oacute;n de permanecer m&aacute;s tiempo en la cooperativa est&aacute;n m&aacute;s incentivados a la hora de invertir y de ejercer el control. Adicionalmente, se observa que aquellos que desean una participaci&oacute;n proporcional a la aportaci&oacute;n, y que desean diversificar m&aacute;s son los que est&aacute;n m&aacute;s dispuestos a realizar inversiones. Por otro lado, el control se ve favorecido por aquellos miembros m&aacute;s antiguos, o que piensan que invertir en la cooperativa supone un elevado riesgo o que prefieren inversiones a largo plazo. Finalmente, los consejeros se encuentran m&aacute;s incentivados a invertir y a realizar el control

Chronic citalopram administration desensitizes prefrontal cortex but not somatodendritic α2-adrenoceptors in rat brain

Selective serotonin reuptake inhibitors (SSRIs) regulate brain noradrenergic neurotransmission both at somatodendritic and nerve terminal areas. Previous studies have demonstrated that noradrenaline (NA) reuptake inhibitors are able to desensitize α-adrenoceptor-mediated responses. The present study was undertaken to elucidate the effects of repeated treatment with the SSRI citalopram on the α-adrenoceptor sensitivity in locus coeruleus (LC) and prefrontal cortex (PFC), by using in vivo microdialysis and electrophysiological techniques, and in vitro stimulation of [S]GTPγS binding autoradiography. Repeated, but not acute, treatment with citalopram (5 mg/kg, i.p., 14 days) increased extracellular NA concentration selectively in PFC. The α-adrenoceptor agonist clonidine (0.3 mg/kg, i.p.), administered to saline-treated animals (1 ml/kg i.p., 14 days) induced NA decrease in LC (E = −44 ± 4%; p < 0.001) and in PFC (E = −61 ± 5%, p < 0.001). In citalopram chronically-treated rats, clonidine administration exerted a lower decrease of NA (E = −25 ± 7%; p < 0.001) in PFC whereas the effect in LC was not different to controls (E = −36 ± 4%). Clonidine administration (0.625–20 μg/kg, i.v.) evoked a dose-dependent decrease of the firing activity of LC noradrenergic neurons in both citalopram- (ED = 3.2 ± 0.4 μg/kg) and saline-treated groups (ED = 2.6 ± 0.5 μg/kg). No significant differences between groups were found in ED values. The α-adrenoceptor agonist UK14304 stimulated specific [S]GTPγS binding in brain sections containing LC (144 ± 14%) and PFC (194 ± 32%) of saline-treated animals. In citalopram-treated animals, this increase did not differ from controls in LC (146 ± 22%) but was lower in PFC (141 ± 8%; p < 0.05). Taken together, long-term citalopram treatment induces a desensitization of α-adrenoceptors acting as axon terminal autoreceptors in PFC without changes in somatodendritic α-adrenoceptor sensitivity.This work was supported by Spanish MCyT and MINECO (grant numbers SAF01/0553; SAF2009/08460 and SAF2013/48586R), Basque Government (grant number IT616-13) and the ERD Funds.Peer Reviewe

Chronic citalopram administration desensitizes prefrontal cortex but not somatodendritic α2-adrenoceptors in rat brain

Selective serotonin reuptake inhibitors (SSRIs) regulate brain noradrenergic neurotransmission both at somatodendritic and nerve terminal areas. Previous studies have demonstrated that noradrenaline (NA) reuptake inhibitors are able to desensitize α-adrenoceptor-mediated responses. The present study was undertaken to elucidate the effects of repeated treatment with the SSRI citalopram on the α-adrenoceptor sensitivity in locus coeruleus (LC) and prefrontal cortex (PFC), by using in vivo microdialysis and electrophysiological techniques, and in vitro stimulation of [S]GTPγS binding autoradiography. Repeated, but not acute, treatment with citalopram (5 mg/kg, i.p., 14 days) increased extracellular NA concentration selectively in PFC. The α-adrenoceptor agonist clonidine (0.3 mg/kg, i.p.), administered to saline-treated animals (1 ml/kg i.p., 14 days) induced NA decrease in LC (E = −44 ± 4%; p < 0.001) and in PFC (E = −61 ± 5%, p < 0.001). In citalopram chronically-treated rats, clonidine administration exerted a lower decrease of NA (E = −25 ± 7%; p < 0.001) in PFC whereas the effect in LC was not different to controls (E = −36 ± 4%). Clonidine administration (0.625–20 μg/kg, i.v.) evoked a dose-dependent decrease of the firing activity of LC noradrenergic neurons in both citalopram- (ED = 3.2 ± 0.4 μg/kg) and saline-treated groups (ED = 2.6 ± 0.5 μg/kg). No significant differences between groups were found in ED values. The α-adrenoceptor agonist UK14304 stimulated specific [S]GTPγS binding in brain sections containing LC (144 ± 14%) and PFC (194 ± 32%) of saline-treated animals. In citalopram-treated animals, this increase did not differ from controls in LC (146 ± 22%) but was lower in PFC (141 ± 8%; p < 0.05). Taken together, long-term citalopram treatment induces a desensitization of α-adrenoceptors acting as axon terminal autoreceptors in PFC without changes in somatodendritic α-adrenoceptor sensitivity.This work was supported by Spanish MCyT and MINECO (grant numbers SAF01/0553; SAF2009/08460 and SAF2013/48586R), Basque Government (grant number IT616-13) and the ERD Funds.Peer Reviewe

6-Hydroxydopamine lesion and levodopa treatment modify the effect of buspirone in the substantia nigra pars reticulata

none8Background and Purpose: l-DOPA-induced dyskinesia (LID) is considered a major complication in the treatment of Parkinson's disease (PD). Buspirone (5-HT1A partial agonist) have shown promising results in the treatment of PD and LID, however no 5-HT-based treatment has been approved in PD. The present study was aimed to investigate how the substantia nigra pars reticulata (SNr) is affected by buspirone and whether it is a good target to study 5-HT antidyskinetic treatments. Experimental Approach: Buspirone was studied using in vivo single-unit, electrocorticogram, local field potential recordings along with microdialysis and immunohistochemistry in naïve/sham, 6-hydroxydopamine (6-OHDA)-lesioned or 6-OHDA-lesioned and l-DOPA-treated (6-OHDA/l-DOPA) rats. Key Results: Local buspirone inhibited SNr neuron activity in all groups. However, systemic buspirone reduced burst activity in 6-OHDA-lesioned rats (with or without l-DOPA treatment), whereas 8-OH-DPAT, a full 5-HT1A agonist induced larger inhibitory effects in sham animals. Neither buspirone nor 8-OH-DPAT markedly modified the low-frequency oscillatory activity in the SNr or synchronization within the SNr with the cortex. In addition, local perfusion of buspirone increased GABA and glutamate release in the SNr of naïve and 6-OHDA-lesioned rats but no effect in 6-OHDA/l-DOPA rats. In the 6-OHDA/l-DOPA group, increased 5-HT transporter and decreased 5-HT1A receptor expression was found. Conclusions and Implications: The effects of buspirone in SNr are influenced by dopamine loss and l-DOPA treatment. The present results suggest that the regulation of burst activity of the SNr induced by DA loss may be a good target to test new drugs for the treatment of PD and LID.openVegas-Suarez S.; Pisano C.A.; Requejo C.; Bengoetxea H.; Lafuente J.V.; Morari M.; Miguelez C.; Ugedo L.Vegas-Suarez, S.; Pisano, C. A.; Requejo, C.; Bengoetxea, H.; Lafuente, J. V.; Morari, M.; Miguelez, C.; Ugedo, L