Artículos publicados

Giorgio Zanarone. Coase (1937) Revisited, Endogenous Fiat in Firms and Markets

Abstract:

Coase (1937) observed that, within firms, employees are directed by fiat. Ever since it has been argued that hierarchical control and fiat are institutional attributes of firms. In contrast with this view, there is evidence that the organizational structure of many inter firm relations, from supply networks to franchising, is also hierarchical. To reconcile Coase’s insight with the evidence, I develop a model where the obligations of both a firm’s contractors and its employees cannot be enforced by courts, so they must be self enforcing. I show that fiat, in the form of relational contracts where the agent obeys the principal in equilibrium, occurs both when the agent is an employee – so the principal owns all the assets – and when she is a contractor – so the agent owns some assets. However, the principal can give more orders to an employee (contractor) when decisions sufficiently above (close to) those that maximize the value of the contractor’s assets are optimal – for instance, because there are strong positive externalities between the assets. The model has several implications for the theory of the firm, the distinction between markets, hybrids and hierarchies, and the choice between in-house provision and outsourcing of public services.

Keywords: Fiat, Integration, Relational Contracts.
JEL codes: D23; L14; L22

Maria Teresa Gonzalez Perez y David E. Guerrero Burbano. Day of the Week Effect on the VIX. A Parsimonious Representation.

Abstract:

The study of significant deterministic seasonal patterns in financial asset returns is of high importance to academia and investors. This paper analyzes the presence of seasonal daily patterns in the VIX and S&P 500 returns series using a trigonometric specification. First, we show that, given the isomorphism between the trigonometrical and alternative seasonality representations (i.e., daily dummies), it is possible to test daily seasonal patterns by employing a trigonometrical representation based on a finite sum of weighted sines and cosines. We find a potential evolutive seasonal pattern in the daily VIX that is not in the daily S&P 500 log-returns series. In particular, we find an inverted Monday effect in the VIX level and changes in the VIX, and a U-shaped seasonal pattern in the changes in the VIX when we control for outliers. The trigonometrical representation is more robust to outliers than the one commonly used by literature, but it is not immune to them. Finally, we do not find a day-of-the-week effect in S&P 500 returns series, which suggests the presence of a deterministic seasonal pattern in the relation between VIX and S&P 500 returns.

Joaquín López Pascual, Yingying Zhang y Alejandro Santana Mariscal. Internationalization of multinational banks a study of foreign direct investment in seven Latin American countries.

Abstract
The article attempts to explore and contrast the different factors that influence the foreign direct investment (FDI) decisions of multinational banks. Employing eclectic theory, an estimation model with panel data from seven Latin American countries is set to test the proposed hypotheses. The results highlight an increase in foreign assets, removal of banking restriction, banking concentration, and capital cost differential in the local banking system as determinants of specific location advantages for attracting banking FDI. Other factors such as cultural proximity and crisis also have a significant impact on banking FDI. Discussions and implications are debated before conclusions are drawn for a future research agenda.

http://www.tandfonline.com/doi/abs/10.1080/02642069.2012.662494?journalCode=fsij20

Lidija Lovreta. Endogenizing exogenous default barrier models: The MM algorithm.

Endogenizing exogenous default barrier models: The MM algorithm. Artículo publicado por la profesora Lidija Lovreta en el Journal of Banking and Finance.

El artículo ha sido publicado en el Journal of Banking and Finance, cuarta revista internacional en Finanzas por nivel de impacto (Journal Citations Report, 2010)”

Bajo el titulo “Endogenizing exogenous default barrier models: The MM algorithm”, este trabajo conjunto entre la profesora Lidija Lovreta (CUNEF) y el profesor Santiago Forte (ESADE) desarrolla un algoritmo numérico para la estimación de los parámetros latentes en un modelo estructural de riesgo de crédito. Esta nueva técnica permite derivar, a partir únicamente de la cotización bursátil y de un número reducido de datos contables, primas de crédito equivalentes a las proporcionadas por los mercados de bonos o CDS (credit default swaps). La mayor amplitud y liquidez del mercado de acciones frente a los mercados de deuda confiere a esta metodología un interés especial para la correcta medición y gestión del riesgo crediticio.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1524871

Sylvia Rohlfer. Perspectives on Social Pacts in Spain: Social dialogue and the Social Partners

Abstract

The return of social pacts in the context of the current economic crisis, as seen in southern European countries, invites the revival of the discussion about the development of social dialogue practice in its specific context. Based on a longitudinal analysis we examine the agenda of Spanish tripartite social pacts. We do this by assessing their priorities and the actors´ strategies for their involvement in social dialogue by taking the overall political, legal and social context into account. The results are then used to discuss the future implications for Spanish social partners. Challenges regarding the future role of the social partners in collective bargaining, their political exchange and their dependence on political allies are observed.
Key words: social pacts; social dialogue practice; social partners; Spain

Javier población. La estacionalidad en los precios de los hidrocarburos. Cinco Días 26/04/2011

Un fenómeno ampliamente ignorado por inversores y consumidores es el hecho de que los precios de los hidrocarburos son altamente estacionales. No obstante, este fenómeno de la estacionalidad es de gran importancia a la hora de tratar de predecir tanto precios como volatilidades futuras....

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Javier Población, Commodity models and investment under uncertainty. The optimal contract determination Received 17th November 2009

Javier Población
Is an economist of the Banco de España (Spanish Central Bank); he works in the risk model group. He is also an associate professor of Financial Economics at the Colegio Universitario de Estudios Financieros (CUNEF). He holds a PhD in Economics and Finance from the University of Castilla la Mancha (Spain), holds a Master in Economics and Finance from CEMFI (Madrid, Spain) and a degree in Physics from the Complutense University of Madrid. He previously worked for Repsol YPF (Spanish oil company) in the risk-management department. He has published research papers in the European Financial Management, The Hedge Fund Journal and Journal of Derivatives & Hedge Funds, among others.

Correspondence: Javier Poblacion, Colegio Universitario de Estudios Financieros (CUNEF), c/Serrano
Anguita 9, 28004, Madrid, Spain
E-mail: javier.poblacion@cunef.edu

ABSTRACT Investment projects involving commodities typically require a large amount of capital, last many years and include clauses that resemble call and put options. Therefore, the price dynamics behavior assumed for the commodity is essential to consider in valuing such an investment project. In this article, optimal contract determination is analyzed assuming several models proposed in the literature: the basic AR(1) model and the two- and three-factor models developed by Schwartz and Smith and Cortazar and Schwartz, respectively. These models are applied to contracts involving the WTI and Brent oilfields and natural gas in the Henry Hub fields. The results indicate that the model’s assumptions, especially those that have to do with volatility, play crucial roles in negotiating this kind of contract, as the differences obtained between models can in some cases represent hundreds of millions of dollar.

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Zhang, Y. & Albrecht, C. International Journal of Human Resources Management

Zhang, Y. & Albrecht, C. (2010). The role of cultural values on a firm’s strategic human resource management development: A comparative case study, International Journal of Human Resources Management. In press. (SSCI, IF 2008: 0.856; 63/89 Management, 3 out 4 in the Association of Business Schools Academic Journal Quality Guide)

ABSTRACT
This paper attempts to better understand the role of cultural values as a human resource contributor to a firm’s strategic development. Comparative case studies of two Spanish subsidiaries in China were made using on-site, in-depth qualitative research in both Spain and China. The results of the study suggest that cultural values, as a human resource contributor, do indeed affect a firm’s overall strategic development and, hence, the firm’s resulting success or failure. Throughout the paper, the Management by Value (MBV) framework is used as a lens to further examine and better understand this process.
 

Zhou, Y., Zhang, Y. & Liu, J. (forthcoming). Human Resource Management Review

Zhou, Y., Zhang, Y. & Liu, J. (forthcoming), A differentiation perspective of strategic human resource management and hybrid archetype in Chinese contexts, Human Resource Management Review (SSCI).

ABSTRACT
This paper theorizes different human resource management systems that coexist in Chinese business reality. Based on the recent emphasis on differentiation perspective of strategic human resource management (SHRM), we categorize the hybrid Chinese human resource management (HRM) into four configurations: commitment-based, collaboration-based, control-based and contact-based HRM. After analyzing their particular effect mechanisms to reinforce diverse strategic capabilities and performance of firms, related propositions are generated, proposing an integrative model with interactions and intermediates. Both theoretical and practical implications at different levels are explored by comparing converging hybridism in western and Chinese HRM, as well as the effects of hybrid HRM archetype on social justice. Finally, a contextualization-based approach of “inside out” and “outside in” view is called for further research in global and local HRM studies.
 

Zhou, Y., Zhang, Y. & Montoro-Sánchez, M. A. (forthcoming). International Journal of Manpower

Zhou, Y., Zhang, Y. & Montoro-Sánchez, M. A. (forthcoming), Utilitarianism or Romanticism: The Effect of Human Resource Reward Approaches on Employees’ Innovative Behaviour, International Journal of Manpower (SSCI, IF 2008: 0,392)

ABSTRACT
Purpose – The aim of this paper is to empirically explore the relationship between human resource management (HRM) and innovation, particularly between the utilitarianism and romanticism reward approaches and employee creativity in the workplace. Design/methodology/approach – The paper adopts an explanatory approach. After analysing construct validity and reliability, the study tests its hypotheses by performing a multi-regression analysis with a sample of 216 individuals. Findings – The study reaches three main conclusions. First, tangible extrinsic rewards affect the innovative behaviour of employees in an ‘inverse-U’ shape. Second, intrinsic motivations have a largely positive impact on the innovative behaviour of employees. And third, extrinsic rewards and intrinsic motivations have significant interaction effects on innovative behaviour, especially the intrinsic motivation approach plays a more substantial role to ignite and maintain the effectiveness of reward system. Originality/value – The results of this study are applicable to the global knowledge economy in highly dynamic and competitive business environments. An effective exploitation and exploration between innovation-driven reward approaches and human resource management practices may be of strategic importance for firms to perform better in a global context.
 

Zhang-Zhang, Y. Economía Industrial

Zhang-Zhang, Y. (2010), Sector automovilístico chino: oportunidades y negocios. Economía Industrial, 376: 119-128 (ISI listed, the third most cited Spanish journal in international scale that specialized in economics, accessed on 20/05/2010, http://www.mityc.es/es-ES/Documentacion/Publicaciones/Paginas/IndexRevistaIndustrial.aspx).

Resumen
La emergencia de la economía china y su rápida recuperación de la crisis global sostiene un alto crecimiento en su mercado automovilístico. El artículo analiza la evolución del sector en este mercado particular desde la perspectiva del fabricante de automóviles. Se ha identificado cuatro etapas de la evolución y desarrollo del sector hasta que llegue a la actual fase donde las empresas chinas empiezan participar activamente en el mercado global del sector automovilístico en su plan estratégico. Basando en el análisis de las perspectivas del sector automovilístico chino, se explora implicaciones prácticas para las empresas automovilísticas españolas. Se proponen dos propuestas concretas para explorar las oportunidades y negocios en relación con el sector analizado: inversión en China para aprovechar el crecimiento del mercado y obtener ventajas competitivas globales, y socio estratégico para empresas chinas en el mercado europeo y global. Alternativas estratégicas para ambas propuestas están discutidas en el artículo, seguidas por recomendaciones y conclusiones. 
 

Albrecht, C.; Turnbull, C.; Zhang, Y. & Skousen, C.J. (2010). Management Research News

Albrecht, C.; Turnbull, C.; Zhang, Y. & Skousen, C.J. (2010). The relationship between South Korean chaebols and fraud. Management Research News. 33, 3: 257-268. (Emerald Journal, Cabell's Index)

ABSTRACT
Purpose: In recent years, many of South Korea’s most prominent organizations have been involved in large-scale frauds. These frauds have had a devastating impact on South Korean society and resulted in unnecessary suffering and high levels of unemployment for the middle class. In order to understand the causes of these scandals, this paper takes an in-depth look at the chaebol organization. Design/methodology/approach: The paper takes a conceptual approach by first examining chaebols in greater detail. The paper then examines classical fraud theory, including the fraud triangle. The paper then examines chaebol organizations through the lens of the fraud triangle. By so doing, it is possible to understand why chaebols, in particular, are susceptible to fraud and corruption. Findings: The paper provides evidence to suggest that chaebol organizations have inherent fraud risks. In order to minimize these fraud risks, chaebol organizations must address these issues. Research limitations/implications: This research is exploratory in nature. While the paper examines and provides additional insight into the relationship between fraud and corruption, additional research is needed into this important phenomenon. Practical implications: The article provides information for management in Asia today, including information on how organizations can minimize their risk to fraud. Originality/value: This paper fulfills an important area of research by providing basic information about the relationship between chaebol organizations and fraud.
 

Lopez-Pascual, J. & Zhang, Y. (2010), Internacionalización de banca española: algunas reflexiones

Lopez-Pascual, J. & Zhang, Y. (2010), Internacionalización de banca española: algunas reflexiones. Banca 15. Nº 321,02/2010: 28-29.

Zhang, Y, Dolan, S. & Zhou, Y. (2009). Chinese Management Studies

Zhang, Y, Dolan, S. & Zhou, Y. (2009). Management by Values: A theoretical proposal for strategic human resource management in China, with, Chinese Management Studies. , 4: 272-294. (SSCI, sample article for the journal, accessed on 20/05/2010, http://info.emeraldinsight.com/products/journals/journals.htm?id=cms )

ABSTRACT
Purpose- The paper aims to integrate cultural value management into the high level of human resource management to propose a new direction of strategic human resource management (SHRM) development through Management by Values (MBV) concept. Design/methodology/approach – We propose an integrative MBV SHRM model for Chinese management, incorporating Neo-Confucian values for responsible management, pragmatic management and humanistic management, as well as two dynamic SHRM elements: leadership and learning. We first describe SHRM in China; then introduce MBV concept and model. At that point, the evolution of cultural studies and Chinese Neo-Confucianism is introduced before proposing an integrative MBV SHRM model for Chinese management. Findings –Instead of most economic approach adopted by SHRM researchers, we argue for a harmonious managerial approach based on MBV triaxial model: ethical, economic and emotional values to orient operations of the organization. Originality/value – This integration of three angles in values, management and performance is novel in the field of SHRM. It not only contributes to the further development of the field, but also implies healthier and more sustainable practices in management, both in China and in the rest of the world.
 

Lopez-Pascual, J. & Zhang, Y. (2009). Banking crisis: A case of Spanish banks

Lopez-Pascual, J. & Zhang, Y. (2009), Banking crisis: A case of Spanish banks. AIB Insights, 3: 11-15.

Zhang, Y., Dolan, S., Lingham,T., & Altman, Y. (2009). Management and Organization Review

Zhang, Y., Dolan, S., Lingham,T., & Altman, Y. (2009). International strategic human resource management: A comparative case analysis of Spanish firms in China. Management and Organization Review. 5 (2): 195-222. (SSCI)

ABSTRACT
This study examines the role of human resources in strategy formulation processes in China’s emerging market. Employing a qualitative data-driven thematic analysis, we present evidence collected from six comparative case sites of Spanish firms in China. Our findings suggest that high performing firms use a dynamic– adaptive logic while lower performing firms use a static–structural logic. A dynamic-adaptive model of strategic human resource management is identified, emphasizing a fluid and informal process between strategy, human resources and international management.
 

Zhang, Y. & Gao, Z. (forthcoming). Cross Cultural Management (Capítulo de libro)

Capítulo de libro:
Zhang, Y. & Gao, Z. (forthcoming). Cultural reflection on European firms in China: A case study. In W. Wei (ed). Cross Cultural Management, Shanghai: Fudan University Publishing House.
 

Zhang, Y. (2009). Management by Values

Zhang, Y. (2009). Management by Values in China’s fast growing enterprises. In Dolan, S.L. & Garcia, S. Management by Values. Beijing: Renmin University Press. (in Chinese).

Zhang, Y. (2010). Internationalization of Spanish firms in China (libro)

Zhang, Y. (2010), Internationalization of Spanish firms in China. Saarbrücken (Germany): Lambert academic Publishing.

ABSTRACT
While the emerging economics of China calls attention of all practitioners and scholars, the specific phenomenon of Spanish firms in China is much less studied. The book devotes several years of research on this context to explore from the angle of strategic human resource management. Practically it describes many interesting facts about Spanish managing business in China; theoretically it contributes to a dynamic adaptive logic of strategic human resource management. The book is composed by two parts: Research aims and theoretical framework, and Empirical research, methods and results. Part I contains 3 chapters including Context fro research: Spanish firms in China, Literature review: strategic human resources, and Theoretical framework and research questions. Part II includes 3 chapters: Research methods and procedures, Results and discussions, and Implications, limitations and future research.
 

Giorgio Zanarone. Vertical Restraints and the Law: Evidence from Automobile Franchising

Giorgio Zanarone. Vertical Restraints and the Law: Evidence from Automobile Franchising, Journal of Law and Economics, vol. 52 (November 2009)

ABSTRACT
After a 2002 European Commission regulation prohibited the use of dealerexclusive territories, automobile franchise contracts in Italy introduced price ceilings and standards on verifiable marketing and service inputs, such as advertising and salespeople. The contracts also imposed quantity floors, a practice already in use before the regulatory change. The introduction of standards suggests that, consistent with a view of vertical restraints as coordination mechanisms, manufacturers used exclusive territories to induce desired dealer services, and, once the use of exclusive territories was prohibited, they switchedto alternative contractual devices to achieve this goal. The introduction of price ceilings despite free intrabrand competition also suggests that car manufacturers tried to prevent some dealers from gaming the quantity floors by selling to other dealers’ customers while charging monopolistic prices at their own locations.
 

Alvaro Moya, Adoración (2010). Internationalisation and political bargaining under oligopoly: International Harvester in Spain (c. 1900-1980)

lvaro Moya, Adoración. Internationalisation and political bargaining under oligopoly: International Harvester in Spain (c. 1900-1980). Business History. 52, 3:371-389. (SSCI, http://www.informaworld.com/smpp/title~db=all~content=g923369710)

ABSTRACT
This article explores the internationalisation process of the increasingly oligopolistic farm equipment industry. It does so by examining the case of International Harvester in Spain in the light of the changes that were taking place in world and host markets from the beginning of the twentieth century, when pioneering US firms began to operate abroad, until 1980, when economic depression forced a drastic reorganisation of the sector with which this multinational would not be able to cope. Although the case of International Harvester fits very well into gradual approaches of internationalisation, the study emphasises the influence exerted by the economic and political world and host contexts in that process, as well as the role played by local partners in increasing knowledge of and commitment to foreign markets. The study also provides empirical evidence about the bargaining process that usually preceded the entry of International Harvester and its competitors into promising protectionist markets throughout the 1960s.

Álvaro Moya, Adoración (2009). Los inicios de la internacionalización de la ingeniería española

Álvaro Moya, Adoración (2009). Los inicios de la internacionalización de la ingeniería española. Información Comercial Española, 849: 97-112 (http://www.revistasice.com/RevistasICE/ICE/pagUltimoNumero?numero=849)

ABSTRACT
En este artículo se analiza la internacionalización de la ingeniería española en la segunda mitad del Siglo XX, identificando los mercados, los tipos de proyectos y las empresas protagonistas. Dicha internacionalización se inicia con la formación del sector en España; que fue tardía y dependiente de la tecnología foránea, estuvo estrechamente vinculada a la acción colectiva y del Estado, y contó con América Latina y, cada vez más, con Europa, como destinos preferentes. Aun predominando los proyectos para los que se contaba con experiencia previa en España, el catálogo de servicios ofertados pronto incluyó también segmentos de alto contenido tecnológico y muy competitivos. Cuando, a comienzos del Siglo XXI, la ingeniería española competía activamente en los mercados internacionales, las empresas más longevas ya contaban, por tanto, con una amplia experiencia previa.

ZANARONE, G., (2010), Contratos Alrededor de la Ley en la Distribución de Automóviles,

ZANARONE, G., (2010), “Contratos Alrededor de la Ley en la Distribución de Automóviles,” Economía Industrial 376: 111-118.

Resumen

La literatura económica ha puesto de relieve como los contratos a largo plazo gobiernan relaciones complejas, asignando activos, incentivos, y derechos de decisión. Eso se ha observado en las alianzas biotecnológicas (Lerner y Merges, 1998; Elfenbein y Lerner, 2003),  en las relaciones entre proveedores y clientes (Arruñada, 2000), (Ben-Shahar y White, 2006), (Chakravarty y MacLeod, 2009), y en las franquicias, especialmente en la distribución de automóviles (Hadfield, 1990; Arruñada et al., 2001; Zanarone , 2009). ¿En qué sentido pueden verse los contratos cómo instrumentos de gobierno de las relaciones entre empresas? Cómo pueden contratos escritos al principio de una relación condicionar su funcionamiento y desarrollo futuro?...

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Yingying ZHANG ZHANG, (2010). El sector automovilistico chino: Oportunidades y negocios

Yingying ZHANG ZHANG, (2010). "El sector automovilistico chino: Oportunidades y negocios". Economía industrial nº 376.

Introducción:

Según datos oficiales de la Asociación China de Fabricantes de Automóviles (CAAM), las ventas de automóviles alcanzaron 13,64 millones de unidades en 2009. Estos datos demostraron que, por primera vez, China ha superado a EE.UU. (10,43 millones de unidades) en las ventas de automóviles y es actualmente la primera a nivel internacional. Aunque había dudas sobre si China iba a superar a EE.UU convirtiéndose en el número uno en el mercado automovilístico (1), el potencial y la sostenibilidad del mercado chino se veía venir.

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Mateos de Cabo, R., Gimeno, R. & Escot, L. (2010), “Discriminación en Consejos de Administración: análisis e implicaciones económicas”

Mateos de Cabo, R., Gimeno, R. & Escot, L. (2010), “Discriminación en Consejos de Administración: análisis e implicaciones económicas”, Revista de Economía Aplicada, num.53 (vol. XVIII), pp. 131-162.

Abstract:
La diversidad de género en los consejos de administración se ha convertido en un tema relevante en el ámbito del gobierno corporativo. Según este estudio, sólo el 6,61% de los consejeros de las 1.085 empresas españolas más grandes son mujeres. Resulta crucial identificar las causas y posibles tipos de discriminación detrás de esta baja representación, ya que tendrán diferentes implicaciones económicas. Los resultados de los modelos estimados apuntan algunos indicios de discriminación. La proporción de mujeres es mayor cuando hay más asientos dominicales disponibles. Existen empresas exclusivistas en las que prevalece la homogeneidad dentro del consejo. Finalmente, habría sociedades que estarían infravalorando sistemáticamente las capacidades de las mujeres, situación que tiende a desaparecer si las empresas ya cuentan con consejeras.

http://www.revecap.com/revista/numeros/53/pdf/mateos_gimeno_escot.pdf

Simon J.M. Adams,Time use in Spain: is polychronicity a cultural phenomenon?

Simon J.M. Adams, Wendelien van Eerde, (2010) "Time use in Spain: is polychronicity a cultural phenomenon?", Journal of Managerial Psychology, Vol. 25 Iss: 7, pp.764 - 776

Abstract:

Purpose – The purpose of this paper is to measure polychronicity in Spain, traditionally typified as having a polychronic culture, characterized by a multifocused working environment.

Design/methodology/approach – A sample of 134 executives from 19 organizations in Madrid completed a questionnaire on polychronicity (working on more than one task at a time), time tangibility (precision in time use and performance), context (direct or indirect communication) and attention to people (whether people are dealt with spontaneously or in a more scheduled manner).

Findings – Contrary to what was expected in light of the traditional image of Spain, results indicate a tendency towards monochronicity. Gender and age did not show a relation with polychronicity. Time tangibility and context were also unrelated to polychronicity. A previously unmeasured variable, implied in Hall's original work, the spontaneous attention to people in establishing and maintaining good work relations, was positively related to polychronicity. Having worked for a multinational was also positively related to polychronicity.

Research limitations/implications – The study was undertaken in Madrid only and focused on differences within a Spanish sample and no cross-cultural comparison was made.

Originality/value – As far as the authors are aware, this is the first study of polychronicity in Spain. Social interaction, coined previously as an explanation for polychronic behavior, was added in this paper.

http://www.emeraldinsight.com/journals.htm?articleid=1885791&show=abstract

Ruth Mateos de Cabo, Ricardo Gimeno y Lorenzo Escot, Disentangling Discrimination on Spanish Boards of Directors

Ruth Mateos de Cabo, Ricardo Gimeno y Lorenzo Escot, Disentangling Discrimination on Spanish Boards of Directors. Corporate Governance: An International Review Volume 19, Issue 1, pages 77–95, January 2011

ABSTRACT

Manuscript Type: Empirical

Research Question/Issue: This study seeks to find evidence of discrimination behind the scarce presence of women on Spanish boards of directors through factors within firms linked with different theories of discrimination.

Research Findings/Insights: Using data on the boards of directors from the top 1,000 Spanish companies in 2005 and 2008, we identify some signals of discrimination. We find that women directors are scarcer in those sectors where there are fewer female managers or where the directors mainly draw on the firm's executive staff. There is also evidence of the dynamics of Becker's theory of discrimination, since time and competition seem to play in favor of a female presence on Spanish boards. We also find a contagion effect, implying a positive relationship between the number of women already on the board and the likelihood of adding a woman. This could signal some kind of underestimation of women's skills and preconceptions about their attitudes (such as risk-aversion) and hence their capacity to hold these positions.

Theoretical/Academic Implications: This study provides empirical support for the prediction of Becker's theory of discrimination. The study also furnishes evidence in favor of the existence of false preconceptions concerning the skills and risk attitudes of female managers.

Practitioner/Policy Implications: In order to reduce discrimination before reaching the board we propose to implement education and mentoring initiatives to improve the training of the female candidates, and to improve the work- and family-life balance. Once they are included in the pool of candidates the implementation of good corporate governance practices related to transparency and objectivity in selection procedures and/or even the establishment of a women's quota on boards may contribute to dismiss employers' negative beliefs about the capabilities of female candidates.

http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8683.2010.00837.x/abstract

Giorgio Zanarone. Contract Adaptation under Legal Constraints

Abstract
This paper studies how franchise contracts adapt to temporal and local conditions in the shadow of the law. I theoretically show that when the law protects franchisees from unequal treatment, the subsequent changes to the franchisees’ standards tend to be too rigid, both across stores and over time. To increase flexibility, franchisors should modify standards informally when possible, while retaining the authority to modify them formally in situations where the franchisees may be tempted to renege, particularly due to free riding. I also show that when the prohibition of unequal treatment is replaced with a ruleof-reason approach – whereby courts allow unequal contract terms that are economically beneficial – the rule of reason may backfire because it makes any informal agreements less attractive and, hence, harder to sustain. Finally, I provide evidence that, consistent with this model, car manufacturers in Italy use informal compensation to selectively enforce standards and retain the authority to modify the standards when intra-brand competition is strong, so that dealers are tempted to free-ride.

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