Endeudamiento, dividendos y estructura de propiedad como determinantes de los problemas de agencia en la gran empresa española
* Facultad de CC. Económicas y Empresariales. Universidad de Valladolid. Avda. Valle del Esgueva 6. 47011 Valladolid. Tel. +34-983-423000 (ext. 4395). Fax +34-983-423899
** Facultad de CC. Económicas y Empresariales. Universidad de Valladolid. Facultad de CC. Económicas y Administrativas. Universidad Austral de Chile
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Fernández, N. García" "autores" => array:2 [ 0 => array:2 [ "nombre" => "I." "apellidos" => "Fernández" ] 1 => array:2 [ "nombre" => "N." "apellidos" => "García" ] ] ] ] ] "idiomaDefecto" => "es" "EPUB" => "https://multimedia.elsevier.es/PublicationsMultimediaV1/item/epub/S1138575807700841?idApp=UINPBA00004N" "url" => "/11385758/0000001000000031/v1_201305081300/S1138575807700841/v1_201305081300/es/main.assets" ] "es" => array:12 [ "idiomaDefecto" => true "titulo" => "Endeudamiento, dividendos y estructura de propiedad como determinantes de los problemas de agencia en la gran empresa española" "tieneTextoCompleto" => 0 "paginas" => array:1 [ 0 => array:2 [ "paginaInicial" => "119" "paginaFinal" => "146" ] ] "autores" => array:1 [ 0 => array:4 [ "autoresLista" => "F. López Iturriaga, P. Saona Hoffmann" "autores" => array:2 [ 0 => array:4 [ "nombre" => "F." "apellidos" => "López Iturriaga" "email" => array:1 [ 0 => "flopez@eco.uva.es" ] "referencia" => array:2 [ 0 => array:2 [ "etiqueta" => "<span class="elsevierStyleSup">*</span>" "identificador" => "aff0005" ] 1 => array:2 [ "etiqueta" => "<span class="elsevierStyleSup">¿</span>" "identificador" => "cor0005" ] ] ] 1 => array:4 [ "nombre" => "P." "apellidos" => "Saona Hoffmann" "email" => array:1 [ 0 => "psaona@eco.uva.es" ] "referencia" => array:1 [ 0 => array:2 [ "etiqueta" => "<span class="elsevierStyleSup">**</span>" "identificador" => "aff0010" ] ] ] ] "afiliaciones" => array:2 [ 0 => array:3 [ "entidad" => "Facultad de CC. Económicas y Empresariales. Universidad de Valladolid. Avda. Valle del Esgueva 6. 47011 Valladolid. Tel. +34-983-423000 (ext. 4395). Fax +34-983-423899" "etiqueta" => "<span class="elsevierStyleSup">*</span>" "identificador" => "aff0005" ] 1 => array:3 [ "entidad" => "Facultad de CC. Económicas y Empresariales. Universidad de Valladolid. Facultad de CC. Económicas y Administrativas. Universidad Austral de Chile" "etiqueta" => "<span class="elsevierStyleSup">**</span>" "identificador" => "aff0010" ] ] "correspondencia" => array:1 [ 0 => array:3 [ "identificador" => "cor0005" "etiqueta" => "⁎" "correspondencia" => "Corresponding author." ] ] ] ] "pdfFichero" => "main.pdf" "tienePdf" => true "PalabrasClave" => array:2 [ "es" => array:1 [ 0 => array:4 [ "clase" => "keyword" "titulo" => "Palabras clave" "identificador" => "xpalclavsec130558" "palabras" => array:4 [ 0 => "costes de agencia" 1 => "dividendos" 2 => "estructura de capital" 3 => "estructura de propiedad" ] ] ] "en" => array:1 [ 0 => array:4 [ "clase" => "keyword" "titulo" => "Key words" "identificador" => "xpalclavsec130557" "palabras" => array:4 [ 0 => "Agency costs" 1 => "payout" 2 => "capital structure" 3 => "ownership structure" ] ] ] ] "tieneResumen" => true "resumen" => array:2 [ "es" => array:2 [ "titulo" => "Resumen" "resumen" => "<p id="spar0005" class="elsevierStyleSimplePara elsevierViewall">El presente trabajo analiza la influencia de la estructura de capital, la estructura de propiedad y la política de dividendos sobre la discrecionalidad directiva. A diferencia de estudios anteriores, hemos tratado de identificar algunas manifestaciones de los costes de agencia y hemos examinado el efecto que sobre ellos tienen estos mecanismos de control. Para ello hemos definido dos medidas de costes de agencia, la primera referente a la eficiencia directiva en el aprovechamiento de los activos y la segunda relativa a los costes de uso más discrecional. Se observa que la estructura de capital (tanto en su vertiente de nivel de endeudamiento como de procedencia de los recursos ajenos) no parece actuar como mecanismo de disciplina directiva mientras que la estructura de propiedad presenta una cierta repercusión, aunque debe desglosarse en dos componentes diferenciados: la concentración de la propiedad y el nivel de propiedad directiva. La política de dividendos, por su parte, también desempeña un relevante papel como forma de atenuar la eventual discrecionalidad directiva.</p>" ] "en" => array:2 [ "titulo" => "Abstract" "resumen" => "<p id="spar0010" class="elsevierStyleSimplePara elsevierViewall">In this paper we analyse the impact of the capital structure, the ownership structure and the payout policy on managers’ discretionary decisions. We have identified some manifestations of the agency costs and we have examined the effect of the mechanisms of control on the agency costs. Based on two measures of the agency costs concerning managers’ efficiency on assets performance and on the most discretionary costs, our results stress the role of the mechanisms of control. The capital structure does not seem to work as a mechanism to monitor the managers whereas the ownership structure plays a relevant role and can be divided into two issues: the equity ownership concentration and the managers’ ownership. The payout policy has a relevant influence on managers control too.</p>" ] ] "NotaPie" => array:1 [ 0 => array:2 [ "etiqueta" => "☆" "nota" => "<p class="elsevierStyleNotepara">Los autores desean agradecer los comentarios de dos evaluadores anónimos. Todos los errores son responsabilidad nuestra.</p>" ] ] "bibliografia" => array:2 [ "titulo" => "Bibliografía" "seccion" => array:1 [ 0 => array:2 [ "identificador" => "bibs0005" "bibliografiaReferencia" => array:60 [ 0 => array:3 [ "identificador" => "bib1" "etiqueta" => "Aivazian et al., 2005" "referencia" => array:1 [ 0 => array:2 [ "contribucion" => array:1 [ 0 => array:2 [ "titulo" => "The impact of leverage on firm investment: Canadian evidence" "autores" => array:1 [ 0 => array:2 [ "etal" => false "autores" => array:3 [ 0 => "V. Aivazian" 1 => "Y. Ge" 2 => "J. 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| año/Mes | Html | Total | |
|---|---|---|---|
| 2024 Noviembre | 4 | 2 | 6 |
| 2024 Octubre | 10 | 10 | 20 |
| 2024 Septiembre | 3 | 5 | 8 |
| 2024 Agosto | 7 | 9 | 16 |
| 2024 Julio | 13 | 5 | 18 |
| 2024 Junio | 3 | 7 | 10 |
| 2024 Mayo | 5 | 5 | 10 |
| 2024 Abril | 7 | 3 | 10 |
| 2024 Marzo | 7 | 8 | 15 |
| 2024 Febrero | 6 | 13 | 19 |
| 2024 Enero | 6 | 7 | 13 |
| 2023 Diciembre | 3 | 7 | 10 |
| 2023 Noviembre | 5 | 13 | 18 |
| 2023 Octubre | 9 | 6 | 15 |
| 2023 Septiembre | 4 | 7 | 11 |
| 2023 Agosto | 6 | 9 | 15 |
| 2023 Julio | 2 | 10 | 12 |
| 2023 Junio | 4 | 5 | 9 |
| 2023 Mayo | 4 | 3 | 7 |
| 2023 Abril | 4 | 1 | 5 |
| 2023 Marzo | 5 | 2 | 7 |
| 2023 Febrero | 4 | 1 | 5 |
| 2023 Enero | 1 | 1 | 2 |
| 2022 Diciembre | 5 | 3 | 8 |
| 2022 Noviembre | 7 | 10 | 17 |
| 2022 Octubre | 2 | 4 | 6 |
| 2022 Septiembre | 4 | 8 | 12 |
| 2022 Agosto | 6 | 10 | 16 |
| 2022 Julio | 7 | 8 | 15 |
| 2022 Junio | 3 | 5 | 8 |
| 2022 Mayo | 5 | 6 | 11 |
| 2022 Abril | 8 | 9 | 17 |
| 2022 Marzo | 10 | 11 | 21 |
| 2022 Febrero | 5 | 10 | 15 |
| 2022 Enero | 9 | 9 | 18 |
| 2021 Diciembre | 7 | 11 | 18 |
| 2021 Noviembre | 2 | 7 | 9 |
| 2021 Octubre | 4 | 11 | 15 |
| 2021 Septiembre | 7 | 7 | 14 |
| 2021 Agosto | 5 | 7 | 12 |
| 2021 Julio | 5 | 6 | 11 |
| 2021 Junio | 7 | 9 | 16 |
| 2021 Mayo | 4 | 16 | 20 |
| 2021 Abril | 16 | 28 | 44 |
| 2021 Marzo | 8 | 5 | 13 |
| 2021 Febrero | 3 | 11 | 14 |
| 2021 Enero | 5 | 8 | 13 |
| 2020 Diciembre | 3 | 8 | 11 |
| 2020 Noviembre | 4 | 11 | 15 |
| 2020 Octubre | 3 | 6 | 9 |
| 2020 Septiembre | 7 | 12 | 19 |
| 2020 Agosto | 4 | 7 | 11 |
| 2020 Julio | 5 | 9 | 14 |
| 2020 Junio | 5 | 2 | 7 |
| 2020 Mayo | 5 | 9 | 14 |
| 2020 Abril | 0 | 6 | 6 |
| 2020 Marzo | 3 | 6 | 9 |
| 2020 Febrero | 1 | 3 | 4 |
| 2020 Enero | 3 | 5 | 8 |
| 2019 Diciembre | 8 | 10 | 18 |
| 2019 Noviembre | 6 | 4 | 10 |
| 2019 Octubre | 3 | 4 | 7 |
| 2019 Septiembre | 3 | 1 | 4 |
| 2019 Agosto | 3 | 0 | 3 |
| 2019 Julio | 8 | 12 | 20 |
| 2019 Junio | 13 | 12 | 25 |
| 2019 Mayo | 37 | 19 | 56 |
| 2019 Abril | 8 | 13 | 21 |
| 2019 Marzo | 2 | 9 | 11 |
| 2019 Febrero | 2 | 9 | 11 |
| 2019 Enero | 2 | 5 | 7 |
| 2018 Diciembre | 9 | 7 | 16 |
| 2018 Noviembre | 6 | 6 | 12 |
| 2018 Octubre | 7 | 12 | 19 |
| 2018 Septiembre | 3 | 5 | 8 |
| 2018 Agosto | 1 | 4 | 5 |
| 2018 Julio | 1 | 7 | 8 |
| 2018 Junio | 0 | 2 | 2 |
| 2018 Mayo | 0 | 7 | 7 |
| 2018 Abril | 0 | 4 | 4 |
| 2018 Marzo | 0 | 3 | 3 |
| 2018 Febrero | 1 | 0 | 1 |
| 2018 Enero | 3 | 1 | 4 |
| 2017 Diciembre | 0 | 1 | 1 |
| 2017 Noviembre | 0 | 2 | 2 |
| 2017 Octubre | 4 | 6 | 10 |
| 2017 Septiembre | 2 | 16 | 18 |
| 2017 Agosto | 4 | 3 | 7 |
| 2017 Julio | 3 | 6 | 9 |
| 2017 Junio | 5 | 13 | 18 |
| 2017 Mayo | 8 | 11 | 19 |
| 2017 Abril | 4 | 2 | 6 |
| 2017 Marzo | 3 | 24 | 27 |
| 2017 Febrero | 5 | 3 | 8 |
| 2017 Enero | 5 | 2 | 7 |
| 2016 Diciembre | 7 | 4 | 11 |
| 2016 Noviembre | 8 | 6 | 14 |
| 2016 Octubre | 8 | 4 | 12 |
| 2016 Septiembre | 8 | 7 | 15 |
| 2016 Agosto | 5 | 7 | 12 |
| 2016 Julio | 7 | 1 | 8 |
| 2016 Junio | 5 | 7 | 12 |
| 2016 Mayo | 9 | 8 | 17 |
| 2016 Abril | 6 | 19 | 25 |
| 2016 Marzo | 6 | 1 | 7 |
| 2016 Febrero | 4 | 4 | 8 |
| 2016 Enero | 3 | 11 | 14 |
| 2015 Diciembre | 6 | 9 | 15 |
| 2015 Noviembre | 7 | 1 | 8 |
| 2015 Octubre | 9 | 9 | 18 |
| 2015 Septiembre | 3 | 1 | 4 |
| 2015 Agosto | 8 | 2 | 10 |
| 2015 Julio | 7 | 1 | 8 |
| 2015 Junio | 2 | 0 | 2 |
| 2015 Mayo | 7 | 2 | 9 |
| 2015 Abril | 5 | 4 | 9 |
| 2015 Marzo | 8 | 4 | 12 |
| 2015 Febrero | 8 | 0 | 8 |
| 2015 Enero | 6 | 1 | 7 |
| 2014 Diciembre | 11 | 5 | 16 |
| 2014 Noviembre | 12 | 1 | 13 |
| 2014 Octubre | 13 | 0 | 13 |
| 2014 Septiembre | 13 | 1 | 14 |
| 2014 Agosto | 14 | 3 | 17 |
| 2014 Julio | 22 | 1 | 23 |
| 2014 Junio | 15 | 0 | 15 |
| 2014 Mayo | 16 | 1 | 17 |
| 2014 Abril | 14 | 4 | 18 |
| 2014 Marzo | 40 | 15 | 55 |
| 2014 Febrero | 37 | 8 | 45 |
| 2014 Enero | 26 | 14 | 40 |
| 2013 Diciembre | 30 | 18 | 48 |
| 2013 Noviembre | 40 | 19 | 59 |
| 2013 Octubre | 46 | 23 | 69 |
| 2013 Septiembre | 38 | 25 | 63 |
| 2013 Agosto | 32 | 18 | 50 |
| 2013 Julio | 41 | 18 | 59 |
| 2013 Junio | 37 | 25 | 62 |
| 2013 Mayo | 33 | 9 | 42 |
| 2013 Abril | 31 | 16 | 47 |
| 2013 Marzo | 26 | 12 | 38 |
| 2013 Febrero | 22 | 15 | 37 |
| 2013 Enero | 17 | 7 | 24 |
| 2012 Diciembre | 15 | 11 | 26 |
| 2012 Noviembre | 16 | 11 | 27 |
| 2012 Octubre | 14 | 5 | 19 |
| 2012 Septiembre | 10 | 6 | 16 |
| 2012 Enero | 80 | 0 | 80 |
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