Managerial Discretion, Resources and Value Creation. An Application to the Spanish Banking Industry (1992-1999)

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Managerial Discretion, Resources and Value Creation. An Application to the Spanish Banking Industry (1992-1999)

Author Info

Fuente Sabaté, Juan Manuel de la () (Departamento de Economía y Administración de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad de Burgos)
Quevedo Puente, Esther de () (Departamento de Economía y Administración de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad de Burgos)
Dealgado García, Juan Bautista () (Departamento de Economía y Administración de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad de Burgos)

Abstract

One of the main limitations of the models most frequently used in strategic management studies to explain firm performance is their implicit determinism. We aim to improve explanation by including managerial discretion as an element that mediates between market structure and firm behavior. By taking into account managerial cognition and corporate governance, we turn the deterministic model into a behavioral one. An empirical study of banks quoted on the Spanish Stock Exchange for the period 1992-1999, using panel data analysis, shows that banks’ value creation seems to be explained only to a very small degree by their resource structures, while the most influential elements tested in our model are the Top Management Team (TMT) characteristics and, to a lesser extent, corporate governance mechanisms. Managerial decisions prior to the obtaining of resources seem to be more relevant to value creation than are banks’ resource stocks.

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Publisher Info
Paper provided by Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Dirección de Empresas", Universidades de Valladolid, Burgos y Salamanca (España). in its series Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". with number 2003-05.

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Date of creation: Jun 2003
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Publication status: Published in Revista Europea de Dirección y Economía de la Empresa, vol. 14, no. 2, 2005, pages 9-26 with the title "Discrecionalidad gerencial, estructura de recursos y creación de valor. Una aplicación al sector bancario español (1992-1999)".
Handle: RePEc:ntd:wpaper:2003-05

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