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Mecanismos externos de control de la empresa: el papel de los bancos y el mercado de control en entornos de baja protección del inversor

Author

Listed:
  • Álvaro Cuervo García

    (Universidad Complutense de Madrid)

  • Ana Isabel Fernández

    (Universidad de Oviedo)

  • Silvia Gómez Ansón

    (Universidad de Oviedo)

Abstract

In the presence of asymmetric information and agency costs, corporate governance influences the firm’s market value. In this sense, it is necessary to consider that different factors affect the design and efficiency of corporate governance mechanisms. Specifically, firms’ ownership concentration, shareholders’ institutional and legal protection and the efficiency and development of markets determine the use of these mechanisms. These institutional differences in corporate governance systems influence the relations among shareholders, the efficiency of the Board of Directors and the existence of an active corporate control market that disciplines managerial opportunistic behavior.

Suggested Citation

  • Álvaro Cuervo García & Ana Isabel Fernández & Silvia Gómez Ansón, 2002. "Mecanismos externos de control de la empresa: el papel de los bancos y el mercado de control en entornos de baja protección del inversor," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 50(02), pages 57-73.
    • Handle: RePEc:ekz:ekonoz:2002203
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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