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La Influencia Del Poder De La Direccion En El Riesgo Y En El Valor De La Empresa: Evidencia Para El Mercado Español

  • Antonio Mínguez

    ()

    (Universidad Politécnica de Cartagena)

  • Juan Francisco Martín Ugedo

    ()

    (Universidad de Murcia)

Registered author(s):

    This paper analyzes the effect of the power of the chairman and CEO on firm risk. As proxies of power several variables have been employed: the fact that a person accumulates both the CEO and the Chairman titles, the fact of CEO or Chairman being founders, their tenure, their shareholding and the size of the board. Risk has been measured by the systematic and the specific risks, by the stock return standard deviation and by the estimated error of a model having Tobin’s Q as dependent variable and several Board, CEO and control variables as independent variables. There is no previous empirical evidence in the Spanish market. Results show that the fact of being founders and the accumulation of titles increases risk and the size of the board and the chairman tenure reduces firm risk. The effect of shareholding on risk is not conclusive. In addition, the effect of power variables on firm value has been examined. We find a positive effect of CEO or chairman being founders and of one person accumulating titles on firm value. The size of the board and the chairman tenure present a negative effect on Tobin’s Q. Finally, we found a non-monotonic relationship between shareholdings and firm value. Este trabajo analiza la influencia del poder de los principales dirigentes en el riesgo empresarial. Como medidas de poder se han incluido la confluencia de los cargos de presidente y CEO en una misma persona, el estatus de fundador de ambos dirigentes, así como su antigüedad y propiedad y el tamaño del consejo de administración. Como medidas de riesgo se han empleado el riesgo sistemático y específico, la desviación típica de las rentabilidades de las acciones y el error absoluto estimado de un modelo donde la variable dependiente es una aproximación a la Q de Tobin y diversas variables relativas al consejo, al CEO y de control son las independientes. El estudio se encuadra en un entorno, como es el mercado español, diferente del norteamericano, donde se centra la escasa evidencia empírica previa relacionada con el tema. Los resultados muestran que confluencia de los cargos de presidente del consejo de administración y principal ejecutivo en una misma persona, y el estatus de socio fundador de ambos dirigentes incrementan el riesgo de la sociedad, mientras que la antigüedad de presidente y CEO y el tamaño del consejo lo disminuyen. En cuanto al efecto de la propiedad de ambos dirigentes no resulta concluyente. Adicionalmente, ha analizado la repercusión de los citados proxies de poder en el valor de la empresa, obteniéndose que la concurrencia de cargos y el estatus de socios fundadores de estos decisores aumenta el valor de la empresa. Por el contrario, la antigüedad de los mismos y el tamaño del consejo de administración se encuentran negativamente relacionados con dicho valor. Por ultimo, la propiedad de presidente y CEO repercuten de forma no lineal en la aproximación a la Q de Tobin.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2005-13.pdf
    File Function: Fisrt version / Primera version, 2005
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2005-13.

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    Length: 26 pages
    Date of creation: Apr 2005
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2005-13
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