Análisis del impacto de la propiedad y de las características del consejo de administración en el riesgo y la performance de las empresas cotizadas españolas

  1. Tamayo Herrera, Aracely del Pilar
Supervised by:
  1. Luis Otero González Director
  2. Milagros Vivel Búa Director

Defence university: Universidade de Santiago de Compostela

Fecha de defensa: 28 February 2019

  1. Anna María Gil Lafuente Chair
  2. Pablo Durán Santomil Secretary
  3. Onofre Martorell Cunill Committee member
  1. Department of Financial Economics and Accounting

Type: Thesis


A critical element of value creation and risk assumed by the company associated with ownership of it. In particular, the distinction between family and non-family firms may be relevant. There are different reasons why family businesses can be more stable and profitable than non-family financially. As Gomez-Mejia (2007) explains, family firms take into account not only financial interests and non-economic objectives such as identity, reputation (Berrone et al., 2012), employment for family members (Kellermanns, Eddleston, Barnett, & Pearson, 2008) and long-term vision that involves the transfer of the business to the next generations (Wilson et al., 2013). Therefore, put more interest in the survival of the company in maximizing wealth and have incentives to reduce the variability of cash flow and risk of the firm (Anderson et al., 2003). However, this behavior can be influenced by multiple factors related to family involvement, the characteristics of the manager, the environment and competition. Thus there are controversial results (Hiebl, 2013), so that the number of generations involved, the percentage of capital they hold, the presence of external managers or institutional investors can affect the level of risk assumed and financial stability non-financial companies.