Evidencia internacional sobre la influencia de los grandes accionistas en el riesgo corporativo

  1. Díez Esteban, José María
  2. García Gómez, Conrado Diego
  3. López Iturriaga, Félix Javier
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2013

Número: 160

Páginas: 487-512

Tipo: Artículo

DOI: 10.1080/02102412.2013.11102927 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

El presente trabajo analiza la relación existente entre la estructura de propiedad (posición e identidad de los grandes accionistas) y el riesgo corporativo para una muestra de empresas de veintiún países de la OCDE durante el periodo 2001-2008. Nuestra principal contribución es la incorporación de las oportunidades de inversión y del entorno institucional de la empresa. Nuestros resultados ponen de manifi esto que dichas oportunidades de inversión modelan la infl uencia de la estructura de propiedad, al dar diferentes incentivos al accionista principal para asumir riesgo en función de las oportunidades disponibles. Asimismo, detectamos una tendencia al alineamiento de intereses entre los accionistas de referencia distintos del principal, de modo que estos alientan la toma de decisiones arriesgadas cuando existen oportunidades de inversión y tratan de reducir el riesgo corporativo en caso contrario. También encontramos que los accionistas de naturaleza familiar o individual presentan una tendencia a la toma de decisiones menos arriesgas.

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