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1 – 7 of 7María Consuelo Pucheta‐Martínez and Cristina Narro‐Forés
The purpose of this paper is to analyze if the composition and activity of the appointment and remuneration committee have a significant effect in the remunerations of the members…
Abstract
Purpose
The purpose of this paper is to analyze if the composition and activity of the appointment and remuneration committee have a significant effect in the remunerations of the members of the board of directors.
Design/methodology/approach
To achieve the paper's objective the authors proposed four hypotheses in order to analyze the repercussions of independent, institutional and executive directors in the Appointment and Retribution Committee (ARC) and its activity in the directors’ remunerations.
Findings
The results put into evidence that the composition (independent, institutional and executive members) of the ARC is not associated with the variation of the directors remuneration mean, while the activity of the ARC influences positively this remuneration mean, contrary to what was expected.
Originality/value
The ARC in Spain is not effective in fixating the directors’ remunerations.
Propósito
El objetivo de este artículo es analizar si la configuración y actividad de las comisiones de nombramientos y remuneraciones (CNR) tienen un efecto significativo en las remuneraciones de los miembros del consejo de administración.
Diseño/metodología/enfoque
Para alcanzar el objetivo del artículo hemos planteado cuatro hipótesis con la finalidad de analizar la repercusión de los consejeros independientes, dominicales y ejecutivos de las CNR y la actividad de las mismas en las remuneraciones de los consejeros.
Hallazgos
Los resultados ponen de manifiesto que la composición (miembros independientes, dominicales y ejecutivos) de las CNR no se asocian con la variación de las remuneraciones medias de los consejeros, mientras que la actividad de las CNR influye de manera positiva, contrario a lo pronosticado, en las variaciones de las retribuciones medias de los consejeros.
Originalidad/valor
Las CNR en España no son efectivas en la fijación de las retribuciones de los consejeros.
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María Consuelo Pucheta-Martínez, Inmaculada Bel-Oms and Isabel Gallego-Álvarez
This paper explores the impact of some audit committees' characteristics (executive and independent directors and directors' attendance at audit committee meetings) on CSR…
Abstract
Purpose
This paper explores the impact of some audit committees' characteristics (executive and independent directors and directors' attendance at audit committee meetings) on CSR reporting. Moreover, it also aims to test the moderating effect of women directors on boards on the association between audit committees' characteristics and CSR disclosure.
Design/methodology/approach
This study uses an international sample comprising 13,264 firm-year observations of non-financial firms from 2007 to 2018.
Findings
The results show that executive and independent directors on audit committees have a negative impact on CSR reporting, while the directors' attendance at audit committees meetings is positively associated with CSR disclosure. This study’s results also provide convincing evidence that female directors on corporate boards positively moderate the negative association between executive and independent directors on audit committees and CSR disclosure. Finally, the findings also show that female directors on corporate boards do not moderate the positive impact of directors' attendance at audit committees' meetings on CSR information.
Research limitations/implications
This study is focused on attributes of audit committees based on a sample of international listed non-financial firms.
Originality/value
This is the first study analyzing the moderating role of female directors on boards on the relations between both executive directors on audit committees and CSR reporting and the average attendance of directors at audit committees' meetings and CSR disclosure.
Propósito
Este trabajo explora el impacto de algunas características de los comités de auditoría (consejeros ejecutivos e independientes y la asistencia de los consejeros a las reuniones de los comités de auditoría) en la divulgación de información de responsabilidad social corporativa (RSC). Además, también tiene como objetivo analizar el efecto moderador de las consejeras del consejo de administración en la relación entre las características de los comités y la divulgación de la RSC.
Diseño/metodología/enfoque
Este estudio se basa en una muestra internacional que comprende 13,264 observaciones empresas-año no financieras desde 2007 hasta 2018.
Hallazgos
Los resultados muestran que los consejeros ejecutivos e independientes en comités de auditoría tienen un impacto negativo en la divulgación de información de RSC, mientras que la asistencia de los consejeros a las reuniones del comité se asocia positivamente con la divulgación de información sobre RSC. Nuestros resultados también evidencian que las consejeras del consejo de administración moderan positivamente la asociación negativa entre los consejeros ejecutivos e independientes de los comités de auditoría y la divulgación de información sobre RSC. Finalmente, los hallazgos también muestran que las consejeras no moderan el impacto positivo de la asistencia de los consejeros a las reuniones de los comités de auditoría y la divulgación sobre RSC.
Limitaciones/implicaciones de la investigación
Este estudio se centra en los atributos de los comités de auditoría de una muestra de empresas internacionales no financieras cotizadas.
Originalidad/valor
Este es el primer estudio que examina el papel moderador de las consejeras de los consejos en las relaciones entre los consejeros ejecutivos en los comités de auditoría y el informe de RSC y la asistencia media de los consejeros a las reuniones de los comités de auditoría y divulgación de la RSC.
Details
Keywords
- Corporate social responsibility commitment
- Women directors
- Board commissions
- International firms
- Executive directors
- Independent directors
- Activity audit committee
- Compromiso de responsabilidad social corporativa
- Consejeras
- Comisiones del consejo
- Empresas internacionales
- Consejeros ejecutivos
- Consejeros independientes
- Actividad del comité de auditoría
In this issue we present seven articles originally from Canada, Chile, Colombia and Spain. The articles are of diverse subjects: first, some herd behaviour of the institutional…
Abstract
In this issue we present seven articles originally from Canada, Chile, Colombia and Spain. The articles are of diverse subjects: first, some herd behaviour of the institutional investors in Chile; second, the impact of growth strategies and the company's resources on the business growth method; third, the effectiveness of the norms on the directives of the remuneration committee of the board of directors on the appropriate remuneration of the directors; fourth, the incidence of the behaviour of the stakeholders in the failure of the companies; fifth, barriers and options to increase the female workforce in mining companies; sixth, the factors that impulse the exporting behaviour of companies; and seventh, the impact of the design of a product in the buying intention of the consumers. All the articles, including those written in Spanish or Portuguese, are available in English.
Resumen
En este número presentamos siete artículos provenientes de Canadá, Chile, Colombia y España. Los artículos tienen temáticas muy diversas: 1) algunos comportamientos en manada de los inversores institucionales en Chile; 2) El impacto de la estrategia de crecimiento y de los recursos de la empresa en el método de crecimiento empresarial; 3) La efectividad de las normas sobre la Comisión de Remuneraciones de los Consejos directivos sobre la remuneración apropiada de los consejeros; 4) La incidencia del comportamiento de los grupos involucrados (stakeholders) en el fracaso de las empresas; 5) Barreras y opciones para incrementar la fuerza laboral femenina en las empresas mineras; 6) Los factores que impulsan el comportamiento exportador de las empresas; y 7) El impacto del diseño de un producto en la intención de compra de los consumidores. Todos los artículos, aún los escritos en español o portugués, están disponibles en inglés.
Isabel-Maria Garcia-Sanchez, Beatriz Cuadrado-Ballesteros and Cindy Sepulveda
The purpose of this paper is to examine the moderating effect of media pressure on external directors in relation to disclosure of information on corporate social responsibility…
Abstract
Purpose
The purpose of this paper is to examine the moderating effect of media pressure on external directors in relation to disclosure of information on corporate social responsibility (CSR).
Design/methodology/approach
The paper adopts a multilevel approach, integrating the institutional, organisational and individual levels of analysis in a whole model that explains corporate transparency. The paper uses a sample composed of 98 non-financial listed Spanish companies for the period 2004-2010,
Findings
The results show heterogeneity between external board members. Proprietary directors, representing shareholders, tend to promote adoption of the Global Reporting Initiative guidelines in order to increase value for shareholders. On the contrary, independent directors are risk adverse in relation to the effect that CSR information disclosure could have on their professional reputations.
Research limitations/implications
The sample could be improved, including companies from different countries and more years for the analysis, since the period studied comprises a particular economic setting (2008-2010), a global financial crisis.
Practical implications
Although these results from the Spanish context, the authors recommend that regulatory bodies incorporate provisions into good governance codes that guarantee the existence of quality and comparable CSR information that favours stakeholders’ decision taking.
Originality/value
The image that society has about a company comes from the opinions created from the mass media. The arguments proposed by agenda-setting theory can be managed by companies as a strategic mechanism to respond to society expectations. At present, two of the most studied aspects are the ethical and sustainable behaviours of organisations. These aspects are related to the characteristics of boards of directors, especially to external directors. Independent directors may disagree with disclosing information about CSR practices because they fear that this information would affect their professional reputations, since they are not specialised in these topics. However, proprietary directors favour the disclosure of this information in an attempt to reduce the cost of capital and risk perceived by investors, especially in more sustainable companies.
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Lidia Heller and Patricia Gabaldon
Through an analysis of 15 Latin American countries, the purpose of this paper is to explore the importance of several institutional variables (economic, regulatory, and cultural)…
Abstract
Purpose
Through an analysis of 15 Latin American countries, the purpose of this paper is to explore the importance of several institutional variables (economic, regulatory, and cultural), which affect women’s careers towards being members of boards of directors in the region.
Design/methodology/approach
Based on primary and secondary information, the authors carry out multivariate analyses to understand the institutional reasons affecting the reduced presence of women on boards of directors in the region.
Findings
Their findings reveal differences within the region, the importance of protecting women’s professional careers in the labour market, and the effect of cultural dimensions, such as masculinity and power distance.
Research limitations and implications
The analysis provides an updated cross-section of the institutional and cultural conditions of the 15 countries, considering the limitations to developing data in the region.
Practical implications
Latin America has witnessed important changes in the dynamics of the labour market over recent decades: women’s participation in the labour force is on the increase, and corporate strategy is evolving towards the incorporation of practices and initiatives to manage the diversity of their talents. However, the presence of women in leadership positions is a pending subject. This study, in part, reveals the institutional origin of gender inequality on boards of directors in the region. The analysis provides essential tools for public policy and for companies to help promote female leadership in the region.
Originality/value
Recent debate and research on the scarce participation of women on corporative boards of directors have revealed a growing interest in analysing the causes of such issues despite the progress recorded in terms of gender equity in most societies. Studies on the topic in Latin America are scarce and the aim of this paper is to help to fill part of this gap.
Propósito
El presente trabajo explora en quince países de América Latina la importancia de distintas variables institucionales (económicas regulatorias y culturales) que afectan a las carreras de las mujeres hacia los consejos de administración en la región.
Metodología
A partir de información primaria y secundaria, los autores desarrollan diversos análisis multivariantes para entender las razones institucionales que afectan tras la reducida presencia de mujeres en los consejos de la región.
Resultados
Los resultados de los análisis realizados muestran las diferencias dentro de la región así como la importancia de de analizar las carreras profesionales de las mujeres en el mercado de trabajo y el efecto de las dimensiones culturales como la masculinidad y la distancia al poder.
Limitaciones
El análisis muestra un corte transversal de la realidad institutional y cultural de los 15 países lo más actual posible, teniendo en cuenta las limitaciones en el desarrollo de datos en la región.
Implicaciones prácticas
En América Latina, se han producido cambios importantes en la dinámica del mercado laboral en las últimas décadas: las tasas de participación de mujeres en la fuerza de trabajo están en aumento y las estrategias empresariales van evolucionando hacia la incorporación de prácticas e iniciativas que tienden a gestionar la diversidad de sus talentos. Sin embargo la presencia de mujeres en puestos de liderazgo empresarial es una asignatura pendiente. El presente trabajo muestra en parte el origen institucional de las desigualdades de género en los consejos de administración en la región. Este análisis provee de herramientas esenciales para la política púlica y las empresas en la búsqueda de la promoción del liderazgo femenino en la región.
Originalidad/Valor
Recientes debates e investigaciones sobre la escasa incorporación de mujeres en los consejos directivos en las corporaciones, han evidenciado el creciente interés por analizar las causas de estas cuestiones a pesar de los avances registrados en términos de equidad de género en la mayoría de las sociedades. Sin embargo, hay una escasez de estudios en esta área en América Latina. El presente artículo busca llenar en parte ese hueco.
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Edmundo R. Lizarzaburu, Luis Berggrun and Kurt Burneo
Companies are wishing to incorporate good corporate governance practices into their organization in order to be more attractive to investors, knowing whether this influences their…
Abstract
Companies are wishing to incorporate good corporate governance practices into their organization in order to be more attractive to investors, knowing whether this influences their financial indicators and profitability or not. This, in fact, is beneficial for investors so they know that a company who applies the principles of corporate governance (CG) presents best management practices and transparent information, safeguarding the interests of all its stakeholders, which helps their investment decision; reducing market uncertainty, making it more efficient and liquid. The research focuses on the companies listed in the Stock Exchange of Lima that had implemented CG strategies in their organizations.
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Germán Scalzo and Héctor X. Ramírez-Pérez
This chapter is an exploratory study of business ethics as it relates to family firms; it primarily aims to explore virtue ethics as an alternative proposal for the ethical…
Abstract
This chapter is an exploratory study of business ethics as it relates to family firms; it primarily aims to explore virtue ethics as an alternative proposal for the ethical concerns that family firms face in their management, thus overcoming the limitations of relevant business ethics approaches and integrating them into an overarching paradigm. Ethics can be classified into three main streams: (1) deontology, (2) utilitarianism, and (3) virtue ethics. The former two approaches have been widely used in the realm of business and family firms for many years and they tend to instrumentalize ethics for business purposes. Yet, they are mostly powerless to explain and promote the ethical concerns surrounding the family firm’s culture. Virtue ethics regained philosophical interest in the second half of the twentieth century, shifting the focus of morality from “the right thing to do” to the “best way to live.” By bringing together two consolidated research fields, family firms and virtue ethics, this chapter contributes a rich perspective to current research in both fields and opens up new ways of answering many of the cultural questions that family firms bring to the table.
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