Carmen Galve Górriz

Ownership structure and firm performance: Some empirical evidence from Spain

The ‘managerial’ and the ‘contractual’ theories of the firm imply different causes and consequences for the relationship between ownership and performance of firms. This paper provides a test of the two conflicting theories, using ownership and performance data from a sample of Spanish family- and non-family-controlled firms. We find evidence in support of the contractual theory of the firm, according to which firms choose their ownership structure maximizing economic value, net of contractual costs.

The Effects of Environmental Regulations on the Productivity of Large Companies: An Empirical Analysis of the Spanish Case

This article provides evidence to the debateabout whether or not investments designated forcompliance with environmental performance andtechnology standards favor or harm the workproductivity of companies. A panel data modelis analyzed, which panel refers to 53 largeSpanish companies quoted on the stock exchangeand that have participated in a subsidizedenvironmental protection program during the1990–1995 period, specifically in theIndustrial and Technological Program for theEnvironment (PITMA). A Cobb-Douglas productionfunction is used to relate the workproductivity to a measure of the pollutionabatement investment dedicated to compliancewith standards. The resulting negativecoefficient, although close to zero, should notbe interpreted as a result derived from justany kind of regulation, but rather a result ofthe kind of regulation analyzed in this work,meaning the command and control regulation thatoften binds companies to make environmentalinvestments that are not productive in theconventional economic sense, although they areproductive in terms of environmental quality.In addition, and in order to specify the kindof company to which the conclusions of thispaper are applicable, the characteristics ofthe companies that participated in PITMA areanalyzed comparatively with companies that didnot participate.

Ejercicio de las funciones empresariales por parte de los socios en las cooperativas agrarias

El objetivo de este trabajo es analizar como es efectuada por parte de los socios la coordinacion de la empresa cooperativa agraria. Dicha coordinacion ha sido analizada a traves del analisis de las funciones que deben desarrollar los socios como empresarios. Estas funciones son enumeradas, descritas teoricamente y analizadas a partir de una muestra de cooperativas agrarias pertenecientes a la Denominacion de Origen Calificada Rioja. Entre los principales resultados obtenidos cabe destacar que, en la mayoria de los casos analizados, la funcion de inversor es realizada sin que exista separacion con la desempenada como proveedor; el control formal es ejercido bajo el principio democratico de un hombre un voto; existe poca delegacion de las actividades de gestion en una gerencia profesionalizada y cuando esta delegacion se produce, no se obtiene niveles de eficiencia significativamente superiores; la organizacion de actividades muestra una clara especializacion en las primeras fases del ciclo productivo y una alta concentracion de ventas; por ultimo, la seleccion de personal es realizada exigiendo unos niveles de cualificacion adecuados en cada departamento.

Ownership and governance among large Spanish corporations

Der Aufsatz untersucht 311 borsennotierte spanische Unternehmen auf ihre Eigentumsund Kontrollstrukturen. Die Ergebnisse werden mit den Strukturen in anderen Staaten, vor allem in den USA, verglichen. Es wird gezeigt, das die Eigentumerstruktur sich nicht mit der Kontrollstruktur, insbesondere der Sitzverteilung im Aufsichtsrat, deckt. Offenbar bilden sich im Wettbewerb Kontrollstrukturen heraus, die sich von Land zu Land weniger unterscheiden als die Strukturen des Eigentums an den Unternehmen. Der Aufsichtsrat hat im allgemeinen mehr Mitglieder, als fur eine effiziente Arbeit optimal ware.

Family involvement and the impact of information and communication technology on performance

Purpose The purpose of this paper is to explore the moderated effect of family involvement on the relationship between information and communication technology (ICT) and firm performance. Design/methodology/approach According to agency and transaction cost theories, distinctive family business characteristics provide a unique context that favours a more efficient use of ICT. The authors perform a multivariate analysis that includes the moderating effect of family involvement and considers the possible endogeneity of the ICT variable. Findings The results, using a large panel of Spanish manufacturing firms, confirm the importance of family involvement for explaining differences in terms of the impact of this technology in family and non-family businesses. The relationship between ICT and performance is stronger for family firms than for non-family firms. Research implications The paper provides new evidence for the academic literature on ICT impact and family firms. It corroborates the importance of using an organizational perspective to explain differences in the effect of ICT on performance. Practical implications Family firms should understand the opportunities that family involvement offers regarding ICT impact on performance, and exploit this moderating effect to achieve competitive advantages. Originality/value No previous studies deal with the impact of family involvement on ICT-performance analysis. This study fills this gap and increases the understanding of how family business involvement moderates the ICT-performance relationship.