Examinando por Autor "José María Díez-Esteban"
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Publicación Sólo datos Corruption, national culture and corporate investment: European evidence(2022-11-08) Conrado Diego García-Gómez; Ender Demir; José María Díez-Esteban; Edmundo Lizarzaburu BolañosIn this paper, we provide further evidence about the influence of corruption on corporate investment. Using a large sample of the European region non-financial firms for the period 2011–2020, our results suggest that corruption in Europe negatively affects corporate investment, thus, supporting the ‘sanding the wheel' hypothesis. This relationship is moderated by all six dimensions of the national culture proposed by Hofstede. Using appropriate panel data methodology, namely GMM estimations, we find that a higher degree of uncertainty avoidance, power distance, masculinity, and indulgence exacerbate the adverse effects of corruption on corporate investment while a higher degree of long-term orientation and individualism alleviates this effect.Publicación Sólo datos Formal institutions, ICSID arbitration and firm performance: evidence from Latin America(2022-04-25) Sarela Enriquez-Perales; Conrado Diego García-Gómez; José María Díez-Esteban; Edmundo R. Lizarzaburu BolañosThis paper analyzes how a country’s formal institutional quality impacts the performance of listed companies across different Latin American countries (namely, Argentina, Brazil, Colombia, Mexico, Peru, and Chile) and industries. Latin America provides a unique setting to address this question due to the region’s high institutional instability. The sample consists of 571 large listed companies, with a total of 8576 observations, for the period 2004–2019. Results show that the quality of a country’s formal institutions is positively related to firm performance, measured through two alternative variables (ROA and Tobin’s Q). Additionally, countries that are signatories of the ICSID agreement provide companies with a more stable environment in which to do business, which ultimately has a positive impact on their performance. However, as the number of cases recorded before the ICSID increases, the relationship turns negative. The paper provides a more comprehensive understanding of formal institutions by considering six alternative governance dimensions. Moreover, international arbitration is found to be a substitute for formal institutions in Latin American countries.
