Concentración de propiedad y retribución de la alta dirección: un estudio de panel en las empresas cotizadas españolas

• Autores: Gregorio Sánchez Marín, Juan Samuel Baixauli Soler, María Encarnación Lucas Pérez
• Localización: Revista de Trabajo y Seguridad Social. CEF, ISSN-e 2792-8322, ISSN 2792-8314, Nº. 334, 2011, págs. 219-244
• Idioma: español
• Texto completo no disponible (Saber más ...)
• Referencias bibliográficas
  • AECA [2008]: «Retribución del alto directivo y gobierno corporativo». Documento n.º 19, Asociación Española de Contabilidad y Administración...
  • AGRAWAL, A. y KNOEBER, C.R. [1996]: «Firm performance and mechanisms to control agency problems between managers and shareholders». Journal...
  • BAIXAULI SOLER, J.S. y SÁNCHEZ MARÍN, G. [2010]: «Organizational governance and TMT pay level adjustment». Journal of Business Research, doi:10.1016/j.jbusres.2010.09.011.
  • BALTAGI, B.H. [2001]: Econometric Analysis of Panel Data. Wiley. Chichester.
  • BATHALA, C.T., MOON, K.P. y RAO, R.P. [1994]: «Managerial ownership, debt policy and the impact of institu- tional holdings: An agency perspective»....
  • BATHALA, C.T. y RAO, R.P. [1995]: «The determinants of board composition: An agency theory perspective». Managerial and Decision Economics,...
  • BECHT, M. y RÖELL, A. [1999]: «Blockholdings in Europe: An international comparison». European Economic Review, n.º 43, págs. 1.049-1.056.
  • BERLE, A.A. y MEANS, G.C. [1932]: The modern corporation and private property. Nueva York. MacMillan.
  • BERTRAND, M. y MUHANATHAN, S. [2000]: «Do CEO set their own pay? The ones without principals do». NBER Working Paper, n.º 7.604.
  • BIANCO, M. y CASAVOLA, P. [1999]: «Italian corporate governance: Effects on financial structure and firm performance». European Economic Review,...
  • BOYD, B.K. [1994]: «Board control and CEO compensation». Strategic Management Journal, vol. 15, págs. 335-344.
  • BOZEC, Y. y BOZEC, R. [2007]: «Ownership concentration and corporate governance practices: Substitution or expropriation effects?». Canadian...
  • BRICK, I.E., PALMON, O. y WALD, J.K. [2006]: «CEO compensation, director compensation, and firm performance: Evidence of cronyism». Journal...
  • CHENG, S. y fIRTH, M. [2005]: «Ownership, corporate governance and top management pay in Hong Kong». Corporate Governance: An International...
  • COLES, J.W., MCWILLIAMS, V.B. y SEN, N. [2001]: «An examination of the relationship of governance mechanism to performance». Journal of Management,...
  • CONYON, M.J. y PECK, S.I. [1998]: «Board control, remuneration committees, and top management compensa- tion». Academy of Management Journal,...
  • CORE, J.E, HOLTHAUSEN, R.W. y LARCKER, D.F. [1999]: «Corporate governance, chief executive officer com- pensation, and firm performance»....
  • CYERT, R., KANG, S. y KUMAR, P. [2002]: «Corporate governance, takeovers, and top-management compensa- tion: Theory and evidence». Management...
  • DAVID, P., KOCHHAR, R. y LEVITAS, E. [1998]: «The effect of institutional investors on the level and mix of CEO compensation». Academy of...
  • DE ANDRÉS, P., AZOfRA, V. y RODRÍGUEZ, J.A. [2000]: «Endeudamiento, oportunidades de crecimiento y estructura contractual: Un contraste empírico...
  • DE ANDRÉS, P., AZOfRA, V. y LÓPEZ, F. [2005]: «Corporate boards in OECD countries: Size, composition, functio- ning and effectiveness». Corporate...
  • DE MIGUEL, A., PINDADO, J. y DE LA TORRE, C. [2004]: «Ownership structure and firm value: New evidence from Spain». Strategic Management Journal,...
  • DEMSETZ, H. [1983]: «The structure of ownership and the theory of the firm». Journal of Law and Economics, vol. 26, págs. 375-390.
  • DONNELLY, R. y KELLY, P. [2005]: «Ownership and board structures in Irish plcs». European Management Journal, vol. 23, págs. 730-740.
  • FACCIO, L. y LANG, L. [2002]: «The ultimate ownership of Western European corporations». Journal of Finan- cial Economics, vol. 65, págs....
  • FAMA, E.F. y JENSEN, M.C. [1983]: «Separation of ownership and control». Journal of Law and Economics, vol. 2, págs. 301-325.
  • GALVE, C. y SALAS, V. [1992]: «Estructura de propiedad de la empresa». Información Comercial Española (ICE), n.º 701, págs. 79-90.
  • GISPERT, C. y ORTÍN, P. [2002]: «Mecanismos de disciplina de los directivos en España: el consejo de administración y los sistemas de retribución»....
  • GOLDBERG, L. e IDSON, T. [1995]: «Executive compensation and agency effects». The Financial Review, vol. 30, págs. 313-335.
  • GÓMEZ MEjÍA, L.R. y WISEMAN, R.M. [1997]: «Reframing executive compensation: and assessment and out- look». Journal of Management, vol. 23,...
  • GROSSMANN, S.J. y HART, O.D. [1980]: «Takeover bibs, the free rider problem and the theory of the corpora- tion». Bell Journal of Economics,...
  • HART, O. [1995]: «Corporate governance: Some theory and implications». The Economic Journal, vol. 105, págs. 678-689.
  • HARTZELL, J.C. y STARKS, L.T. [2003]: «Institutional investors and executive compensation». The Journal of Finance, vol. 58, págs. 2.351-2.374.
  • HAUSMAN, J.A. [1978]: «Specification tests in econometrics». Econometrica, vol. 46, págs. 1.251-1.271.
  • JENSEN, M.C. [1993]: «The modem industrial revolution, exit, and the failure of internal control systems». Journal of Applied Corporate Finance,...
  • JENSEN, M.C. y MECKLING, W.H. [1976]: «Theory of the firm: Managerial behavior, agency cost and ownership structure». Journal of Financial...
  • LAMBERT, R., LACKER, D.F. y WEIGLET, K. [1993]: «The structure of organizational incentives». Administrative Science Quarterly, vol. 38, págs....
  • LEECH, D. y LEAHY, J. [1991]: «Ownership structure, control type classifications and the performance of large British companies». Economic...
  • LEFORT, F. y URZÚA, F. [2008]: «Board independence, firm performance and ownership concentration: Eviden- ce from Chile». Journal of Business...
  • LI, J., LAM, K., QIAN, G. y fANG, Y. [2006]: «The effects of institutional ownership on corporate governance and performance: An empirical...
  • MANGEL, R. y SINGH, H. [1993]: «Ownership structure, board relations and CEO compensation in Large U. S. corporations». Accounting and Business...
  • MAUG, E. [1998]: «Large shareholders as monitors: Is there a trade-off between liquidity and control?». Journal of Finance, vol. 53, págs....
  • MCCONNELL, J.J. y SERVAES, H. [1990]: «Additional evidence in equity ownership and corporate value». Jour- nal of Financial Economic, vol....
  • MEHRAN, H. [1995]: «Executive compensation, structure ownership, and firm performance». Journal of Financial Economics, vol. 38, págs. 163-184.
  • MORCK, R., SHLEIfER, A. y VISHNY, R.W. [1988]: «Management ownership and market valuation: An empirical analysis». Journal of Financial Economics,...
  • OZKAN, N. [2007]: «Do corporate governance mechanisms influences CEOS compensation? An empirical investigation of UK companies». Journal of...
  • PEDERSEN, T. y THOMSEN, S. [1997]: «European patterns of corporate ownership». Journal of International Business Studies, vol. 28, págs. 759-778.
  • PREVOST, A.K., RAO, R.P. y HOSSAIN, M. [2002]: «Board composition in New Zealand: An agency perspective». Journal of Business Finance and...
  • RAJAN, R. [1992]: «Insiders and outsiders: the choice between relationship and arms-length debt». Journal of Finance, vol. 47, págs. 1.367-1.400.
  • REDIKER, K. y SETH, A. [1995]: «Board of directors and substitution effects of alternative governance mechanisms.» Strategic Management Journal,...
  • SALAS, V. [2002]: «El gobierno de la empresa». Colección de Estudios Económicos de La Caixa, n.º 29, Barcelona.
  • SÁNCHEZ MARÍN, G, BAIXAULI SOLER, J.S. y LUCAS PÉREZ, M.E. [2010]: «When much is not better? Top management compensation, board structure...
  • SHLEIfER, A. y VISHNY, R.W. [1997]: «A survey of corporate governance». The Journal of Finance, vol. 52, págs. 737-783.
  • SHORT, H. [1994]: «Ownership, control, financial structure and the performance of the firm». Journal of Economic Surveys, vol. 8, págs. 203-249.
  • TOSI, H.L. y GÓMEZ MEJÍA, L.R. [1989]: «The decoupling of CEO pay and performance: An agency theory perspective». Administrative Science Quarterly,...
  • USEEM, M. y GAGER, C. [1996]: «Employee shareholders or institutional investors? When corporate managers replace their stockholders». The...
  • VAfEAS, N. [2003]: «Further evidence on compensation committee composition as a determinant of CEO compensation». Financial Management, vol....
  • WHIDBEE, D.A. [1997]: «Board composition and control of shareholder voting rights in the banking industry». Financial Management, vol. 26,...
  • ZAjAC, E.J. y WESTPHAL, J.D. [1995]: «Accounting for the explanations of CEO compensation: Substance and symbolism». Administrative Science...