Search results for: Félix J. López-Iturriaga

Items from 1 to 10 out of 10 results

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Have European banks maintained their payout policy during the crisis? The role of scrip dividends

David Blanco‐Alcántara, Jorge Gallud‐Cano, Félix J. López‐Iturriaga, Óscar López‐de‐Foronda

International Journal of Finance & Economics > 27 > 4 > 4619 - 4632

We analyse the trend among 79 banks from 20 European countries towards scrip dividends. Whereas banks do not seem to smooth cash dividends, they do smooth total dividends, which include both cash and scrip dividends. We also find that the new legal requirements (resulting from the Basel III Accord and other country‐level laws) have different implications on cash and scrip dividends. Whereas the need...

article

Regulatory Dualism as an Alternative Trust‐Enhancing Mechanism for Dividends and Debt: Evidence from Brazil*

María Belén Lozano, Félix J. López‐Iturriaga, Victor Hugo Braz‐Bezerra

International Review of Finance > 21 > 1 > 121 - 144

We test whether a market‐level corporate governance reform in Brazil influences the behavior of firms. To do so, we first verify whether the Novo Mercado (NM)—the segment applying more stringent corporate governance practices—impacts specific firms’ financial characteristics. We also investigate if it impacts firms’ dividends and leverage, two well‐known mechanisms for mitigating agency problems....

article

Better innovators or more innovators? Managerial overconfidence and corporate R&D

Marina A. Zavertiaeva, Félix J. López‐Iturriaga, Evgeniia V. Kuminova

Managerial and Decision Economics > 39 > 4 > 447 - 461

The aim of this paper is to study the influence of chief executive officers' overconfidence on corporate research and development (R&D). We analyze a sample of 766 firms from the United Kingdom, France, Germany, Switzerland, Italy, Spain, and the Netherlands between 2008 and 2013. We use 3 measures of managerial overconfidence: the press coverage of chief executive officers, his/her age, and his/her...

article

Predicting Public Corruption with Neural Networks: An Analysis of Spanish Provinces

Félix J. López-Iturriaga, Iván Pastor Sanz

Social Indicators Research > 2018 > 140 > 3 > 975-998

We contend that corruption must be detected as soon as possible so that corrective and preventive measures may be taken. Thus, we develop an early warning system based on a neural network approach, specifically self-organizing maps, to predict public corruption based on economic and political factors. Unlike previous research, which is based on the perception of corruption, we use data on actual cases...

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Corporate control and firm value: The bright side of business groups

Juan Pablo Torres, Mauricio Jara Bertín, Félix J. López-Iturriaga

Journal of Family Business Strategy > 2017 > 8 > 2 > 99-108

We analyze the effect of pyramidal ownership levels on the performance of Chilean firms by considering the impact of business groups. Using an unbalanced panel of 1018 firm-year observations from 88 quoted firms for the period from 2000 to 2014, we find that higher levels of separation between ownership rights and control rights decrease performance in family firms that are not part of a business...

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Institutional framework, corporate ownership structure, and R&D investment: an international analysis

Félix J. López Iturriaga, Emilio J. López‐Millán

R&D Management > 47 > 1 > 141 - 157

We combine agency theory with the law and finance approach to analyze how the legal protection of investors and the corporate ownership structure affect corporate investment in research and development (R&D). We use information from 956 firms from the five most R&D‐intensive industries in 19 developed countries. Our results show that better protection of investors’ rights by the institutional...

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Do Shareholder Coalitions Modify the Dominant Owner's Control? The Impact on Dividend Policy

Félix J. López‐Iturriaga, Domingo Javier Santana‐Martín

Corporate Governance: An International Review > 23 > 6 > 519 - 533

Manuscript TypeEmpirical Research QuestionWe examine the effect of shareholder coalitions on the corporate payout policy in Spain, a context characterized by the presence of dominant shareholders. Research FindingsOur results show that shareholder coalitions affect payout policy negatively (both for dividends and shares repurchases). We also find that the divergence between the voting rights involved...

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Bankruptcy visualization and prediction using neural networks: A study of U.S. commercial banks

Félix J. López Iturriaga, Iván Pastor Sanz

Expert Systems With Applications > 2015 > 42 > 6 > 2857-2869

We develop a model of neural networks to study the bankruptcy of U.S. banks, taking into account the specific features of the recent financial crisis. We combine multilayer perceptrons and self-organizing maps to provide a tool that displays the probability of distress up to three years before bankruptcy occurs. Based on data from the Federal Deposit Insurance Corporation between 2002 and 2012, our...

article

Self-organizing maps as a tool to compare financial macroeconomic imbalances: The European, Spanish and German case

Félix J. López Iturriaga, Iván Pastor Sanz

The Spanish Review of Financial Economics > 2013 > 11 > 2 > 69-84

The economic recession in the European countries during the current financial crisis and the widespread worsening of the financial situation have resulted in wide macroeconomic differences across countries. In this paper we use the method of self-organizing maps (SOM) to compare the macroeconomic financial imbalances among European countries. We detect different profiles of countries and identify...

article

Ownership Structure, Corporate Value and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies

Félix J. López-Iturriaga, Juan Antonio Rodríguez-Sanz

Journal of Management & Governance > 2001 > 5 > 2 > 179-204

This paper is concerned with the set of mutualrelationships between firm valuation andinvestment, and with the possible endogeneityof ownership structure. In order to deal withthem properly, we aim to test the mutual impactof investment, corporate value and ownership bybroadening the usual framework with asimultaneous equations approach. Using a sampleof 140 Spanish listed companies for the1991–1997...

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