Examinando por Autor "Saravia, Silvia"

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    Ítem
    Corporate governance and transaction cost economics: A study of the equity governance structure
    (Universidad EAFIT, 2014-05-12) Saravia, Jimmy A.; Saravia, Silvia; jsaravia@eafit.edu.co; Silvia.SARAVIA@cepal.org
    This paper examines the Transaction Cost Economics (TCE) theory of capital structure and finds that for the case of equity the usual TCE logic is not fully worked out. In particular, an analysis of the key issue of bilateral dependency between the firm and its shareholders is absent. To fill this gap in the literature, the paper further develops the theory of the equity governance structure by taking account of the concept of bilateral dependency over the lifecycle of the firm. The paper finds that, both theoretically and empirically, contractual hazards are indeed mitigated for the case of fast growing young firms which are dependent on shareholders to finance future growth. In contrast, for the case of mature firms, which in virtue of their large free cash flows are independent from shareholders, contractual safeguards are altered to the disadvantage of shareholders and consequently managerial discretion costs increase.
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    Ítem
    The problem of causality in corporate governance research: The case of governance indexes and firm valuation
    (Universidad EAFIT, 2015-03-23) Saravia, Jimmy A.; Saravia, Silvia; jsaravia@eafit.edu.co; Silvia.SARAVIA@cepal.org
    In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that the problem remains unresolved. After explaining the reasons why it is not possible to attempt to determine causality using real world data without falling prey to a logical fallacy, this paper discusses an approach to deal with the problem. In particular, the paper argues that the appropriate approach for the problem is to build theories, with causality featuring as a part of those theories, and then to test those theories both for logical and empirical consistency.