Retribución y composición del Consejo de Administración : evidencia empírica para las empresas cotizadas españolas

Abstract

Este trabajo tiene como objetivo principal analizar las características de las empresas españolas cotizadas en el Mercado Continuo durante el ejercicio 2007, excluyendo las empresas financieras, en relación a la retribución, composición y estructura del Consejo de Administración, a fin de observar si éstas reúnen ciertas condiciones que inhiban o aviven los problemas de agencia entre accionistas y directivos. Para ello, en primer lugar, se ofrece una revisión de la literatura previa que versa sobre el conflicto de intereses entre propietarios y directivos en relación a la compensación y composición de los órganos de This paper mainly aims at analysing the characteristics of Spanish companies listed in the Stock Exchange during the year 2007, financial companies excluded, in relation to the remuneration, composition and structure of the Board of Directors, in order to see if the companies meet certain conditions that inhibit or intensify the agency problems among shareholders and managers. In order to do this, firstly, we provide a review of the literature which deals with the conflict of interests among owners and managers in relation to the composition and compensation

What have we learnt about board gender diversity as a business strategy? The appointment of board subcommittees

“…Thus, we conclude that the percentage of women directors on BDs has no impact on the formation of all or some of the board subcommittees. This result could be explained by the fact that the percentage of female directors on BDs is not an essential feature for firms listed on the Madrid Stock Exchange, as evidenced by Merino‐Madrid, Manzaneque‐Lizano, and Banegas‐Ochovo (), so the percentage of female directors on BDs is not a relevant factor in the establishment of all or some of the board subcommittees. The variable percentage of independent female directors on BDs (IWBD_P) shows a positive sign, as predicted, and it is statistically significant at the 1% level (see Akbas, Senturk, & Sancar, ).…”

Do board gender diversity and remuneration impact earnings quality? Evidence from Spanish firms

“…Remuneration policies must specify the maximum amount that companies can distribute to directors. For Spanish listed firms, Merino-Madrid et al (2009) highlight the lack of independence on board-remuneration committees for optimizing value creation, suggesting that an optimal compensation scheme should exist.…”

“…Board compensation plans are designed to encourage directors to wisely advise managers, monitor their performance and ultimately maximize shareholders’ wealth (Jensen and Meckling, 1976). Merino-Madrid et al (2009) state that there is no scholarly consensus about the optimal board-remuneration structure and that companies should offer compensation packages with an optimal combination of fixed and variable components to align interests and reduce agency costs. Designing such packages has been a priority on the governance-reform agenda (López et al , 2015) because high compensation compromises directors’ objectivity in their governance role (Brick et al , 2006).…”

“…Boards of directors have a crucial role in constraining these practices, but they do not always provide the transparency necessary for effective decision-making (Segui-Mas et al , 2018). Two central points that have been highlighted in social and political debates in the past few years, calling for the attention of regulators, scholars, corporations and users of financial information are the demand for gender equality in the labor market and other social spheres (Arun et al , 2015) and the questioned effectiveness of compensation packages paid to executives and board members (Merino-Madrid et al , 2009). Therefore, this paper sheds light on the social and political debate by examining the association of board gender diversity and the board remuneration system on firms’ earnings quality.…”