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Article
Publication date: 10 April 2009

Carmelo Reverte

The purpose of this paper is to investigate the relationship between corporate governance and cost of equity capital for a set of Spanish firms.

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Abstract

Purpose

The purpose of this paper is to investigate the relationship between corporate governance and cost of equity capital for a set of Spanish firms.

Design/methodology/approach

The paper focuses on five board characteristics that have received widespread attention in corporate governance literature (board independence, board size, existence of both audit and nomination/remuneration committees, CEO duality, and independence of board committees) in order to construct a summary corporate governance measure for each firm. Then, by using regression analysis, it examines whether higher governance quality is associated with a lower cost of equity capital.

Findings

The results show that stronger governance firms have a lower cost of equity capital with respect to firms with weaker governance, even after controlling for differences in Fama and French's risk factors (i.e. beta, size and market‐to‐book).

Research limitations/implications

The dependent variable, i.e. the cost of equity capital, is an unobservable measure and, as such, it has to be estimated. Therefore, the results can be sensitive to the estimation method chosen.

Practical implications

There is a growing literature showing that corporate governance enhances firm valuation. However, these studies typically assume that corporate governance affects firm valuation by reducing expropriation by insiders and improving the expected cash flows that can be distributed to shareholders. Whether those mechanisms also affect the other determinant of firm value – i.e. the cost of equity capital – remains largely unknown. Moreover, there is no evidence of this issue for the case of Spain.

Originality/value

It is hoped that the results from the paper will provide additional information concerning corporate governance to interested parties.

Details

Corporate Governance: The international journal of business in society, vol. 9 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 6 June 2008

Carmelo Reverte

The paper seeks to highlight the differences among EU countries in a series of institutional factors (e.g. enforcement, securities regulation, investor protection and…

1098

Abstract

Purpose

The paper seeks to highlight the differences among EU countries in a series of institutional factors (e.g. enforcement, securities regulation, investor protection and ownership concentration) in order to test whether these differences are associated with the European variability in earnings management practices and, as a result, in the quality of financial information.

Design/methodology/approach

The approach is to use cluster analysis and regression analysis.

Findings

The results of the study confirm the main hypothesis in that earnings management practices are significantly lower in those EU countries with an institutional framework more favourable to a high quality of financial reporting (i.e. in those countries with a higher level of enforcement of the rules, stricter securities regulation, lower ownership concentration and a higher degree of investor protection).

Research limitations/implications

The study presents the limitations typical from cross‐country studies. Moreover, the results should be interpreted cautiously as earnings management is difficult to measure. Future research should explore further the theoretical relations among institutional factors and earnings management practices by taking into consideration potential endogeneity issues.

Practical implications

The results of the study suggest that a single EU financial market should be based not only on a harmonization of financial reporting standards (such as the International Reporting Financing Standards issued by the International Accounting Standards Board) but also on a harmonization of enforcement rules, investor protection mechanisms, and securities regulation.

Originality/value

The main contribution is to justify from an empirical point of view the necessity of the recent EU convergence regulatory initiatives in the areas of shareholder protection, enforcement and securities regulation to facilitate the construction of the pan‐European stock market.

Details

Journal of Accounting & Organizational Change, vol. 4 no. 2
Type: Research Article
ISSN: 1832-5912

Keywords

Article
Publication date: 12 July 2022

Saliha Theiri and Bahaaeddin Ahmed Alareeni

The concept of corporate social responsibility (CSR) covers a wide range of actions toward sustainable development. While there are growing bodies of research examining…

Abstract

Purpose

The concept of corporate social responsibility (CSR) covers a wide range of actions toward sustainable development. While there are growing bodies of research examining the drivers of CSR, little has been done to examine the effect of the characteristics of the managerial team on CSR. This paper aims to investigate the interplay between managerial characteristics and CSR practices to discover how such a fit affects financial performance.

Design/methodology/approach

A partial least squares-path modeling approach was applied to a sample of 60 French companies in the tourism sector (hotels, restaurants, leisure and leisure equipment) from 2014 to 2019. This choice was triggered by the importance of this sector in job creation, which has been strongly impacted by the pandemic crisis.

Findings

The findings suggest the positive impact of the managerial characteristics on the practices of CSR activities under certain financial constraints related to the size and indebtedness level. Then, the authors clarify that the variable characteristics component of the managerial team is mainly the educational level, the managerial experience and the ethical behavior. However, no age effect is mentioned. Third, the authors show that the managerial team characteristics and the practices of CSR activities restore the financial tourism sector performance.

Research limitations/implications

This study has obviously certain limitations: first, the selected European sample can mark a big difference in the founding results because of the difference in civil rights. Second, the sample is more marked in the CSR activities. Third, this study did not take into consideration variables operationalizing ownership structure and board nature.

Originality/value

This study develops a model based on “managerial team” mechanisms in a sensitive area. This is a breakthrough in understanding the determinants of CSR strategies and their impact on performance while taking into account the management team’s personal characteristics.

Details

Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1059-5422

Keywords

Book part
Publication date: 30 December 2013

Salvador Anton Clavé

This chapter reflects upon the trajectory of research in the geography of tourism in Spain. It begins with a review, including the evolution of the main topics present in…

Abstract

This chapter reflects upon the trajectory of research in the geography of tourism in Spain. It begins with a review, including the evolution of the main topics present in the subdiscipline, with a special focus on developments since the 1990s. This is followed by an analysis of the current role and potential impact of academic tourism geography and a discussion on the recent growth in the publication of research results in international journals. Of importance are the institutional factors that explain the increasing recognition of research on the geography of tourism in Spain. Finally, the chapter discusses the hegemony of positivist approaches pivoting on land use, local and regional development, impact analysis, and landscape transformation, as well as the emerging links between Spanish tourism geography and the international mainstream schools of thought.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

Abstract

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Book part
Publication date: 30 December 2013

Jarkko Saarinen

Travel and tourism have had a long history in the Nordic countries, but research on tourism has a relatively short tradition in the region. Recently, academic interest in…

Abstract

Travel and tourism have had a long history in the Nordic countries, but research on tourism has a relatively short tradition in the region. Recently, academic interest in the Nordic tourism space has grown and diversified especially as a result of increasing numbers of academics and institutions involved with tourism geographies and studies and education in the region. The Nordic context has provided thematic focus areas for empirical studies that characterize tourism geographies in the region, with topics including nature-based tourism, utilization of wilderness areas, second-home and rural developments, impacts in peripheries, and tourism as a tool for regional development. In addition, there are emerging research themes outside of the traditional core topics, such as urban, events, and heritage tourism.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

Book part
Publication date: 30 December 2013

Nicolai Scherle and Hans Hopfinger

This chapter aims to familiarize the reader with some of the important aspects of tourism geography in the German-speaking countries. It starts with a primarily…

Abstract

This chapter aims to familiarize the reader with some of the important aspects of tourism geography in the German-speaking countries. It starts with a primarily historical-genetic perspective on tourism development and the theoretical traditions associated with them. The second section describes the structure of the discipline, with a focus on the institutionalization of the field in the universities including their research specialization. The chapter maintains that tourism geography plays a marginal role compared with other subdisciplines of geography, though this is reflected primarily in its institutionalization and less so in the research undertaken. The last section deals with the current challenges and future prospects in German-speaking geographies of tourism from a problem-centered perspective.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

Book part
Publication date: 30 December 2013

Alessia Mariotti

This chapter discusses the main research interests and outputs in the various branches of geography that have influenced the study of tourism from a geographical…

Abstract

This chapter discusses the main research interests and outputs in the various branches of geography that have influenced the study of tourism from a geographical perspective. It argues that the idiographic tradition has been transversal throughout, leading to the growing interest for tourism within the geography academic community in the last 10 years. There is a focus on the birth of specific research groups, mainly related to a constellation of new university curricula on tourism and—with few exceptions of territorial tradition—to an intermittent availability of public research funds. The chapter concludes with a more general picture of the place of tourism within the geography discipline in Italy and of evolving trends in terms of research results, dissemination, and evaluation.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

Book part
Publication date: 30 December 2013

C. Michael Hall

Depending on the research approach one uses, the development of particular bodies of knowledge over time is the result of a combination of agency, chance, opportunity…

Abstract

Depending on the research approach one uses, the development of particular bodies of knowledge over time is the result of a combination of agency, chance, opportunity, patronage, power, or structure. This particular account of the development of geographies of tourism stresses its place as understood within the context of different approaches, different research behaviors and foci, and its location within the wider research community and society. The chapter charts the development of different epistemological, methodological, and theoretical traditions over time, their rise and fall, and, in some cases, rediscovery. The chapter concludes that the marketization of academic production will have an increasingly important influence on the nature and direction of tourism geographies.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

Book part
Publication date: 30 December 2013

Carine Fournier and Rémy Knafou

This chapter demonstrates that despite an unfavorable disciplinary climate for new academic subjects in France, tourism found its place in the French geographical scene…

Abstract

This chapter demonstrates that despite an unfavorable disciplinary climate for new academic subjects in France, tourism found its place in the French geographical scene almost 40 years ago. The first part traces the history of tourism in French geography until the epistemological turn due to the research laboratory MIT in the mid-1990s. It also focuses on the absence of knowledge of the Anglo-American literature and of multidisciplinarity in French research on tourism. The second part focuses on the valorization of tourism geography research in France, emphasizing the development of multidisciplinarity since the early 2000s, including the creation of a multi-disciplinary tourism laboratory and two journals. The chapter concludes reflecting on the possibility of a science of tourism.

Details

Geographies of Tourism
Type: Book
ISBN: 978-1-78190-212-7

Keywords

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