西班牙中小企业董事会与企业债务:权力视角

IF 7.1 3区 管理学 Q1 BUSINESS European Research on Management and Business Economics Pub Date : 2023-09-01 DOI:10.1016/j.iedeen.2023.100231
Juan Francisco Martín-Ugedo, Antonio Mínguez-Vera
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引用次数: 0

摘要

本文考察了与董事会相关的一些变量的影响,我们认为这些变量是权力的代理(性别多样性、二元性、董事会规模和内部人所有权)。探讨了它们对企业债务的影响。所考察的西班牙非金融中小企业样本具有一些特殊的特点。在民法背景下通常高度集中的股权,在中小企业中更为集中。因此,所有权和控制权之间几乎没有分离。我们采用权力视角作为主要的理论框架。数据来自SABI数据库,采用面板数据方法,应用系统GMM技术。这种方法使控制内生性和个体异质性成为可能。研究结果表明,女性董事比例的增加、董事会规模的扩大、CEO与董事长角色的分离以及董事和CEO所持股份的增加均能促进公司债务的减少。这一证据支持了经过测试的假设。
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Board of directors and firm debt in Spanish SMEs: A power perspective

This manuscript examines the influence of some variables relating to boards of directors that we consider to be proxies for power (gender diversity, duality, board size and insider ownership). Their influence on firm debt is explored. The sample examined, Spanish non-financial SMEs, has some particular characteristics. Share ownership, which is usually highly concentrated in the Civil Law context, is even more concentrated when we focus on SMEs. As a consequence, there is little separation between ownership and control. We have employed a power perspective as the main theoretical framework. Data were obtained from the SABI database, and the methodology employed is a panel data, applying the System GMM technique. This methodology makes it possible to control for endogeneity and individual heterogeneity. The results show that a larger proportion of female directors, larger boards, the separation of the roles of CEO and Chairman, and more shares owned by directors and by the CEO stimulate a decrease in firm debt. This evidence supports the hypotheses tested.

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来源期刊
CiteScore
11.70
自引率
3.40%
发文量
30
审稿时长
50 weeks
期刊介绍: European Research on Management and Business Economics (ERMBE) was born in 1995 as Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE). The journal is published by the European Academy of Management and Business Economics (AEDEM) under this new title since 2016, it was indexed in SCOPUS in 2012 and in Thomson Reuters Emerging Sources Citation Index in 2015. From the beginning, the aim of the Journal is to foster academic research by publishing original research articles that meet the highest analytical standards, and provide new insights that contribute and spread the business management knowledge
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