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

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    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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    Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2003-05.

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    Date of creation: Jun 2003
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    Publication status: Published in Revista Europea de Direcci¢n y Econom¡a de la Empresa, vol. 14, no. 2, 2005, pages 9-26 with the title "Discrecionalidad gerencial, estructura de recursos y creaci¢n de valor. Una aplicaci¢n al sector bancario espa¤ol (1992-1999)".
    Handle: RePEc:ntd:wpaper:2003-05

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    Keywords: Managerial discretion; corporate governance; resource-based view; banking; dynamic panel data analysis.;

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