Impacto de la tarea supervisora de las consejeras en la remuneración del CA en empresas europeas sostenibles. Relevancia de la orientación financiera del país
Impact of female directors' supervisory role on CEO remuneration in sustainable European companies. Relevance of the country's financial orientation
Resumen
El principal objetivo de este trabajo es analizar el papel supervisor de las consejeras del Consejo de Administración (de aquí en adelante, CA) en la relación existente entre las competencias específicas, la independencia y la diversidad cultural del CA en la remuneración del consejo. Además, para avanzar más en la literatura sobre gobierno corporativo se ha dividido la muestra de empresas europeas sostenibles, según se orienten financieramente al mercado y a la banca. El marco teórico utilizado en esta investigación se basa en la teoría de la agencia y la teoría de la administración. Utilizando una muestra de empresas cotizadas en el índice Euronext Vigeo Europe 120 desde 2012 hasta 2021, los resultados han evidenciado que la tarea de supervisión que realizan las consejeras cuando gestionan actividades junto con los consejeros independientes, tiende a reducir la remuneración del CA de las empresas sostenibles europeas. Por otra parte, los resultados han revelado que la orientación financiera es una característica importante a la hora de establecer estrategias de buen gobierno, para establecer protocolos de vigilancia en el establecimiento de las remuneraciones de los miembros del CA. Destaca la relevancia de la tarea supervisora de las consejeras, pero no para todos los países europeos analizados, sino solo para aquellos que acudan a la banca para financiar su actividad económica. Este estudio presenta importantes implicaciones teóricas y prácticas para el campo del gobierno corporativo y la diversidad de género.
Descargas
Citas
Agrawal, A., y Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31(3), 377-397. https://doi.org/10.2307/2331397
Ain, Q. U., Yuan, X., Javaid, H. M., Usman, M., y Haris, M. (2020). Female directors and agency costs: Evidence from Chinese listed firms. International Journal of Emerging Markets, 93, 139–150. https://doi.org/10. 1108/IJOEM-10-2019-0818
Ain, Q. U., Yuan, X., Javaid, H. M., Zhao, J., y Xiang, L. (2021). Board gender diversity and dividend policy in Chinese listed firms. Sage Open, 11(1), 2158244021997807. https://doi.org/10.1177/2158244021997807
Al-Shaer, H., Kuzey, C., Uyar, A., & Karaman, A. (2023). Corporate strategy, board composition, and firm value. International Journal of Finance & Economics, 1–26. https://doi.org/10.1002/ijfe.2827
Allen, F., Gu, X. y Kowalewski, O. (2017). Financial Structure, Economic Growth and Development. Working Paper Series 2017-ACF-04. IESEG School of Management. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3035298
Alzeban, A. (2021). CAE Remuneration and Financial Reporting Quality: Remuneración del Director Ejecutivo de la Auditoría y Calidad de la Información Financiera. Revista de Contabilidad-Spanish Accounting Review, 24(1), 90-103. https://doi.org/10.6018/rcsar.367981
Ammer, M. A., y Ahmad-Zaluki, N. A. (2014). Absolute forecast errors of earnings in Malaysian IPO prospectuses: The impact of ethnic diversity. Jurnal Teknologi, 68, 97–104. https://doi.org/10.11113/jt.v68.2954
Andreas, J. M., Rapp, M. S., y Wolff, M. (2010). Determinants of director compensation in two-tier systems: evidence from German panel data, Review of Managerial Science, 6(1), 33-79. https://doi.org/10.1007/s11846-010-0048-z
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics, 37(3), 315-342. https://doi.org/10.1016/j.jacceco.2004.01.004
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economics Studies, 58, 277-97. https://www.jstor.org/stable/2297968
Barontini, R. y Hill, J. G. (2023). Sustainability and Executive Compensation. European Corporate Governance Institute - Law Working Paper No. 747/2023, Monash University Faculty of Law Legal Studies Research Paper. http://dx.doi.org/10.2139/ssrn.4671966
Bear, S., Rahman, N., y Post, C. (2010). The impact of board diversity and gender composition on corporate so- cial responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221. https://doi.org/10.1007/s10551-010-0505-2
Bebchuk, L. A., Fried, J., y Walker, D. (2002). Managerial power and rent extraction in the design of executive compensation. The University of Chicago Law Review, 69(3)751-846. https://doi.org/10.2307/1600632
Benkraiem, R., Hamrouni, A., Lakhal, F., & Toumi, N. (2017). Board independence, gender diversity and CEO compensation. Corporate Governance: The international journal of business in society, 17(5), 845-860. https://doi.org/10.1108/CG-02-2017-0027
Bennouri, M., Chtioui, T., Nagati, H., y Nekhili, M. (2018). Female board directorship and firm performance: What really matters? Journal of Banking & Finance, 88, 267-291. https://doi.org/10.1016/j.jbankfin.2017.12.010
Berges, A., López, A. y Rojas, F. (2019). Banking-versus market-oriented financial systems: Questioning the European-US paradigm. FUNCAS SEFO, 8(4). https://www.funcas.es/wp-content/uploads/Migracion/Articulos/FUNCAS_SEFO/044art06.pdf
Bozhinov, V., Joecks, J., & Scharfenkamp, K. (2021). Gender spillovers from supervisory boards to management boards. Managerial and Decision Economics, 42(5), 1317-1331. https://doi.org/10.1002/mde.3311
Boyd, B. K., Haynes, K. T., y Zona, F. (2011). Dimensions of CEO—board relations. Journal of Management Studies, 48(8), 1892–1923. https://doi.org/10.1111/j.1467-6486.2010.00943.x
Brick, I. E., Palmon, O., y Wald, J. K. (2006). CEO compensation, director compensation, firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403~423. https://doi.org/10.1016/j.jcorpfin.2005.08.005
Burns, N., Kapalczynski, A., y Wald, J. K. (2021). Independent director compensation, corruption, and monitoring. Financial Review, 56(1), 5-28. https://doi.org/10.1111/fire.12232
Cambrea, D. R., Tenuta, P., & Vastola, V. (2020). Female directors and corporate cash holdings: monitoring vs executive roles. Management Decision, 58(2), 295-312. https://doi.org/10.1108/MD-11-2018-1289
Cambrea, D., Paolone, F., & Cucari, N. (2022). Advisory or monitoring role in ESG scenario: Which women directors are more influential in the Italian context? Business Strategy and the Environment, 1–16. https://doi.org/10.1002/bse.3366
Campanella, F., Serino, L., Crisci, A., & D'Ambra, A. (2021). The role of corporate governance in environmental policy disclosure and sustainable development. Generalized estimating equations in longitudinal count data analysis. Corporate Social Responsibility and Environmental Management, 28, 474-484. https://doi.org/10.1002/csr.2062
Carter, D. A., D'Souza, F., Simkins, B. J., y Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414. https://doi.org/10.1111/j.1467-8683.2010.00809.x
Carter, D. A., Simkins, B. J., y Simpson, W. G. (2003). Corporate gover- nance, board diversity, and firm value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034
Carter, C. B., y Lorsch, J. W. (2003). Back to the drawing board: Designing corporate boards for a complex world. Harvard Business Press. https://www.hbs.edu/faculty/Pages/item.aspx?num=13501
Chakraborty, S., y Ray, T. (2006). Bank-based versus market-based financial systems: A growth-theoretic analysis. Journal of Monetary Economics, 53(2), 329-350. https://doi.org/10.1016/j.jmoneco.2005.01.003
Chen, C., & Hassan, A. (2022). Management gender diversity, executives compensation and firm performance. International Journal of Accounting & Information Management, 30(1), 115-142. https://doi.org/10.1108/IJAIM-05-2021-0109
Comisión Nacional del Mercado de Valores (2021). Informes de remuneraciones de los consejeros de las sociedades cotizadas. Madrid. https://www.cnmv.es/DocPortal/Publicaciones/Informes/IARC_2021.pdf
Core, J. E., Holthausen, R. W., y Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. https://doi.org/10.1016/S0304-405X(98)00058-0
Cordeiro, J.J., He, L., Conyon, M. y Shaw, T.S. (2013). Informativeness of performance measures and Chinese executive compensation. Asia Pacific Journal of Management, 30 (4), 1031-1058. https://link.springer.com/article/10.1007/s10490-013-9353-9
Das, C., y Mohanty, S. (2018). Does executive remuneration and firm life cycle ensure regular dividend payments: A panel data analysis in India. Academy of Accounting and Financial Studies Journal, 22(2), 1-9. https://www.abacademies.org/articles/does-executive-remuneration-and-firm-life-cycle-ensure-regular-dividend-payments-a-panel-data-analysis-in-india-7234.html
de Matos, I. S. (2022). ESG and Executive Remuneration. In: The Palgrave Handbook of ESG and Corporate Governance (pp. 287-303). Cham: Springer International Publishing. http://www.springer.com/9783030994686
De Masi, S., Słomka-Gołębiowska, A., & Paci, A. (2021). Women on boards and monitoring tasks: an empirical application of Kanter's theory. Management Decision, 59(13), 56-72. https://doi.org/10.1108/MD-10-2019-1450
Demirgüç-Kunt, A., y Levine, R. (2001). Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons, In: Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, Eds: A. Demirguc-Kunt and R. Levine. Cambridge, MA: MIT Press: 81-140. https://doi.org/10.1596/1813-9450-2143
Effiezal, W., Madah, M., Jaafar, S. B., y Masron, T. A. (2018). Board diversity and total directors’ remuneration: evidence from an emerging market. Pacific Accounting Review, 30(2), 243-272. https://doi.org/10.1108/PAR-02-2016-0021
Esa, E., y Zahari, A. R. (2016). Corporate social responsibility: Ownership structures, board characteristics & the mediating role of board compensation. Procedia Economics and Finance, 35, 35-43. https://doi.org/10.1016/S2212-5671(16)00007-1
EU Commission. (2004). Fostering an appropriate regime for the remuneration of directors of listed companies, Brussels. https://www.fep.up.pt/disciplinas/pgaf924/PGAF/CE_DirectorsPay_recommendation.pdf
Eweje, G., y Brunton, M. (2010). Ethical perceptions of business students in a New Zealand university: do gender, age and work experience matter? Business Ethics: A European Review, 19(1), 95-111. https://doi.org/10.1111/j.1467-8608.2009.01581.x
Ezeani, E., Salem, R., Kwabi, F., Boutaine, K., y Komal, B. (2021). Board monitoring and capital structure dynamics: evidence from bank-based economies. Review of Quantitative Finance and Accounting, 1-26. https://doi.org/10.1007/s11156-021-01000-4
Fedaseyeu, V., Linck, J., y Wagner, H. (2018). Do qualifications matter? New evidence on board functions and director compensation. Journal of Corporate Finance, 48, 816–839. https://doi.org/10.1016/j.jcorpfin.2017.12.009
Fernandes, N. (2008). EC: Board compensation and firm performance: The role of “independent” board members. Journal of Multinational Financial Management, 18(1), 30-44. https://doi.org/10.1016/j.mulfin.2007.02.003
Ferrarini, G. Moloney, N. y Ungureanu, M.C. (2009). Understanding Directors' Pay in Europe: A Comparative and Empirical Analysis (June 9, 2009). ECGI - Law Working Paper No. 126/2009. http://dx.doi.org/10.2139/ssrn.1418463
García-Izquierdo, A. L., Fernández-Méndez, C., & Arrondo-García, R. (2018). Gender diversity on boards of directors and remuneration committees: The influence on listed companies in Spain. Frontiers in Psychology, 9, 1351. https://doi.org/10.3389/fpsyg.2018.01351
García-Meca, E. (2016). Political connections, gender diversity and compensation policy. Review of Managerial Science, 10, 553-576. https://doi.org/10.1007/s11846-015-0167-7
García-Meca, E., y Palacio, C.J. (2018). Board composition and firm reputation: The role of business experts, sup- port specialists and community influential. BRQ Business Research Quarterly, 21(2), 111-123. https://doi.org/10. 1016/j.brq.2018.01.003
García-Sánchez, I. M., Aibar-Guzmán, C., Núnez-Torrado, M., & Aibar-Guzmán, B. (2023a). Women leaders and female same-sex groups: The s This reference is not cited in the main text.ame 2030 Agenda objectives along different roads. Journal of Business Research, 157, 113582. https://doi.org/10.1016/j.jbusres.2022.113582
García-Sánchez, I. M., Uribe Bohorquez, M. V., Aibar-Guzmán, C., & Aibar-Guzmán, B. (2023b). The COVID-19, a crossroads for female directors. Management Decision. https://doi.org/10.1108/MD-06-2023-0953
Gatley, S. y Lassem, R. (1995). Enhancing the competitive advantage 446.
Goh, L., y Gupta, A. (2016). Remuneration of non-executive directors: Evidence from the UK. The British Accounting Review, 48(3), 379-399. https://doi.org/10.1016/j.bar.2015.05.001
Grau-Grau, A., y Bel-Oms, I. (2022). Do board subcommittees boost European firm value? The moderating role of gender diversity on boards. Business Ethics, the Environment & Responsibility, 31(4), 1014-1039. https://doi.org/10.1111/beer.12470
Hambrick, D., Cho, T., y Chen, M. (1996). The influence of top management team heterogeneity on firms' competitive moves. Administrative Science Quarterly, 41, 659–684. https://doi.org/10.2307/2393871
Hendry, K., y Kiel, G. C. (2004). The role of the board in firm strategy: Integrating agency and organisational control perspectives. Corporate Governance: An International Review, 12(4), 500-520. https://doi.org/10.1111/j.1467-8683.2004.00390.x
Hermalin, B. E., y Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management, 101-112. https://doi.org/10.2307/3665716
Hernandez, M. (2012). Toward an understanding of the psychology of stewardship. Academy of management review, 37(2), 172-193. https://doi.org/10.5465/amr.2010.0363
Hillman, A. J., Cannella, A. A., y Harris, I. (2002). Women and racial minorities in the boardroom: How do they differ? Journal of Management, 28, 747–763. https://doi.org/10.1177/014920630202800603
Hillman, A. J., Cannella, A. A., y Paetzold, R. (2000). The resource dependence role of corporate directors: Adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235–255. https://doi.org/10.1111/1467-6486.00179
Huang, J., Diehl, M. R., & Paterlini, S. (2020). The influence of corporate elites on women on supervisory boards: Female directors’ inclusion in Germany. Journal of Business Ethics, 165, 347-364. https://doi.org/10.1007/s10551-019-04119-6
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen, M. C., y Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C., y Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264. https://doi.org/10.1086/261677
Johnson, S.G., Schnatterly, K., y Hill, A.D. (2013). Board Composition Beyond Independence: Social Capital, Human Capital, and Demographics. Journal of Management, 39 (1), 232-262. https://doi.org/10.1177/0149206312463938
Khemakhem, H., Arroyo, P., & Montecinos, J. (2022). Breaking the glass ceiling for a sustainable future: the power of women on corporate boards in reducing ESG controversies. Journal of Management and Governance, 27, 1397-1422. https://doi.org/10.1007/s10997-022-09658-1
Khan, I., Khan, I., y Saeed, B. B. (2019). Does board diversity affect quality of corporate social responsibility disclosure? Evidence from Pakistan. Corporate social responsibility and environmental management, 26(6), 1371-1381. https://doi.org/10.1002/csr.1753
Lemma, T. T., Mlilo, M., y Gwatidzo, T. (2020). Board remuneration, directors’ ownership and corporate performance: The South African evidence. International Review of Applied Economics, 34(4), 491-511. https://doi.org/10.1080/02692171.2020.1773654
Ley 2/2011 de 4 de marzo, de Economía Sostenible. https://www.boe.es/eli/es/l/2011/03/04/2/con
Liew, C. Y., Ko, Y., Song, B. L., y Murthy, S. T. (2022). Directors’ compensation, ownership concentration and the value of the firm: evidence from an emerging market. Journal of Industrial and Business Economics, 49(1), 155-188. https://doi.org/10.1007/s40812-022-00210-8
Lim, B. L., y Yen, S. H. (2011). Agency problem and expropriation of minority shareholders. Malaysian Journal of Economic Studies, 48(1), 37-59.
Liu, S., Wang, K. T., & Walpola, S. (2023). Female board representation and the adoption of corporate social responsibility criteria in executive compensation contracts: International evidence. Journal of International Financial Markets, Institutions and Money, 82, 101685. https://doi.org/10.1016/j.intfin.2022.101685
Mallin, C., Melis, A., y Gaia, S. (2015). The remuneration of independent directors in the UK and Italy: An empirical analysis based on agency theory. International Business Review, 24(2), 175-186. https://doi.org/10.1016/j.ibusrev.2014.07.006
Man, C. K., & Wong, B. (2013). Corporate governance and earnings management: A survey of literature. Journal of Applied Business Research, 29(2), 391-418. https://doi.org/10.19030/jabr.v29i2.7646
Magnan, M., St-Onge, S., & Gélinas, P. (2010). Director compensation and firm value: A research synthesis. International Journal of Disclosure and Governance, 7, 28-41. https://doi.org/10.1057/jdg.2009.13
Martínez‐Ferrero, J., Lozano, M. B., y Vivas, M. (2021). The impact of board cultural diversity on a firm's commitment toward the sustainability issues of emerging countries: The mediating effect of a CSR committee. Corporate Social Responsibility and Environmental Management, 28(2), 675-685. https://doi.org/10.1002/csr.2080
Menozzi, A., Erbetta, F., Fraquelli, G., y Vannoni, D. (2014). The determinants of board compensation in SOEs: an application to Italian local public utilities, Applied Financial Economics, 25(3), 145-159. https://doi.org/10.1080/09603107.2013.870649
Murphy, K. J. (1999). Executive compensation. Handbook of Labor Economics, 3, 2485-2563. https://doi.org/10.1016/S1573-4463(99)30024-9
Muth, M. M., y Donaldson, L. (1998). Stewardship theory and board structure: A contingency approach. Corporate governance: An international review, 6(1).10.1111/1467-8683.00076
Nadeem, M. (2020). Does board gender diversity influence voluntary disclosure of intellectual capital in initial public offering prospectuses? Evidence from China. Corporate Governance: An International Review, 28(2), 100-118. https://doi.org/10.1111/corg.12304
Neter, J., Wasserman, W., y Kutner, M. H. (1989). Applied regression models. Homewood, IL: Irwin. https://www.ime.unicamp.br/~dias/John%20Neter%20Applied%20linear%20regression%20models.pdf
Osiichuk, D. (2021). Performance aside... The organizational and director-level determinants of boards'compensation. Argumenta Oeconomica, 46(1), 99-129. https://doi.org/10.15611/aoe.2021.1.05
Papenfuß, U., Van Genugten, M., De Kruijf, J., y Van Thiel, S. (2018). Implementation of EU initiatives on gender diversity and executive directors’ pay in municipally owned enterprises in Germany and The Netherlands. Public Money & Management, 38(2), 87-96. https://doi.org/10.1080/09540962.2018.1407133
Pfeffer, J., y Salancik, G. (1978). The external control of organizations: A resource-dependence perspective. Harper and Row. https://ssrn.com/abstract=1496213
Phua, F. T. (2012). Do national cultural differences affect the nature and characteristics of HRM practices? Evidence from Australian and Hong Kong construction firms on remuneration and job autonomy. Construction Management and Economics, 30(7), 545-556. https://doi.org/10.1080/01446193.2012.682074
Pucheta‐Martínez, M. C., Bel‐Oms, I., y Gallego‐Álvarez, I. (2022). Corporate social responsibility reporting and capital structure: Does board gender diversity mind in such association? Corporate Social Responsibility and Environmental Management, 1-13. https://doi.org/10.1002/csr.2437
Pucheta-Martínez, M. C., Bel-Oms, I. B., y Olcina-Sempere, G. (2018a). ¿Se comportan más éticamente las consejeras que los consejeros de las comisiones de auditoría respecto a la calidad de la información contable? Revista de Contabilidad y Tributación. CEF, 147-176. https://doi.org/10.51302/rcyt.2018.4223
Pucheta-Martínez, M. C., Bel-Oms, I., & Olcina-Sempere, G. (2018b). Female institutional directors on boards and firm value. Journal of Business Ethics, 152(2), 343-363. https://doi.org/10.1007/s10551-016-3265-9
Pucheta‐Martínez, M. C., Gallego‐Álvarez, I., y Bel‐Oms, I. (2021a). Corporate social and environmental disclosure as a sustainable development tool provided by board sub‐committees: Do women directors play a relevant moderating role? Business Strategy and the Environment, 30(8), 3485-3501. https://doi.org/10.1002/bse.2815
Pucheta‐Martínez, M. C., Gallego‐Álvarez, I., & Bel‐Oms, I. (2021b). Cultural environments and the appointment of female directors on boards: An analysis from a global perspective. Corporate Social Responsibility and Environmental Management, 28(2), 555-569. https://doi.org/10.1002/csr.2065
Pucheta‐Martínez, M. C., y Narro‐Forés, C. (2014). The compensation committee and the remuneration of the directors. Academia Revista Latinoamericana de Administración, 27(1), 46-74. https://doi.org/10.1108/BJM-09-2022-0354
Rajan, R. y Zingales, L. (2003). Banks and Markets: The Changing Character of European Finance, CRSP Working Paper No. 546. https://ssrn.com/abstract=391131
Ramon-Llorens, M. C., Garcia-Meca, E., y Pucheta-Martínez, M. C. (2021). Female directors on boards. The impact of faultlines on CSR reporting. Sustainability Accounting, Management and Policy Journal, 12(1), 156-183. https://doi.org/10.1108/SAMPJ-07-2019-0273
Rodríguez-Ariza, L., Aceituno, J. V. F., & Rubio, R. G. (2014). El consejo de administración y las memorias de sostenibilidad. Revista de contabilidad, 17(1), 5-16. https://doi.org/10.1016/j.rcsar.2013.02.002
Sargan, J. D. (1958). The estimation of economics relationships using instrumental variables. Econometrica, 26, 393-415. https://doi.org/10.2307/1907619
Setia-Atmaja, L., Haman, J., y Tanewski, G. (2011). The role of board independence in mitigating agency problem II in Australian family firms. The British Accounting Review, 43(3), 230-246. https://doi.org/10.1016/j.bar.2011.06.006
Shukeri, S. N., y D Alfordy, F. (2022). Female director in boardroom: Does it affect board compensation package and firm performance in Saudi Arabia?. Cogent Business & Management, 9(1), 2057114. https://doi.org/10.1080/23311975.2022.2057114
Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Indutrial Marketing Management, 71, 69–78. https://doi.org/10.1016/j.indmarman.2017.11.010
Ullah, I., Zeb, A., Khan, M. A., y Xiao, W. (2020). Board diversity and investment efficiency: Evidence from China. Corporate Governance: The International Journal of Business in Society, 20(6), 1105-1134. https://doi.org/10.1108/CG-01-2020-000
Uribe‐Bohorquez, M. V., Martínez‐Ferrero, J., & García‐Sánchez, I. M. (2019). Women on boards and efficiency in a business‐orientated environment. Corporate Social Responsibility and Environmental Management, 26(1), 82-96.
Vafeas, N. (2003). Further evidence on compensation committee composition as a determinant of CEO compensation. Financial management, 53-70. https://doi.org/10.2307/3666336
Van Knippenberg, D., De Dreu, C. K. W., y Homan, A. C. (2004). Work group diversity and group performance: An integrative model and research agenda. Journal of Applied Psychology, 89(6), 1008–1022. https://doi.org/10.1037/0021-9010.89.6.1008
Wincent, J., Anokhin, S., y Örtqvist, D. (2010). Does net- work board capital matter? A study of innovative performance in strategic SME networks. Journal of Business Research, 63 (3), 265-275. https://doi.org/10.1016/j.jbusres.2009.03.012
Yadav, P., & Jain, A. (2023). Sustainability disclosures and corporate boards: a stakeholder pproach to decision-making. Journal of Applied Accounting Research, 24(4), 1-21. https://doi.org/10.1108/JAAR-10-2022-0279
Zhang, L. (2012). Board demographic diversity, independence, and corporate social performance. Corporate Governance: The international journal of business in society, 12(5), 686-700. https://doi.org/10.1108/14720701211275604
Zheng, Z., Sun, J., y Oliver, R. (2012). Cronyism of board culture and excess executive compensation. Economic Research Journal, 47(12), 111-124. https://kns.cnki.net/
Derechos de autor 2025 Revista de Contabilidad - Spanish Accounting Review
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
