We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors prefer lower financial leverage whereas pressure-resistant directors show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board they (...) sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors. (shrink)

The aim of this article is to analyse the internal mechanisms of corporate governance (board of directors and ownership structure), which influence voluntary disclosure of intangibles. The results appear to corroborate the view that an increase in institutional investor shareholding has a negative effect on voluntary disclosure, supporting the hypothesis of entrenchment, whereas an excessive ownership by institutional investors may have adverse effects on strategic disclosure decisions. The results also indicate that an increase in the number of members of the (...) board to up to 15 has a beneficial effect on the disclosure of intangibles. However, as this number increases, the effect inverts and becomes adverse to improving the capacity for supervision and control in the decision-making process regarding the voluntary disclosure of intangibles. The findings endorse the recommendation of the most of the Corporate Governance Codes regarding an advisable maximum of 15 members on a board to ensure its effectiveness and internal cohesion. (shrink)

Resumo O propósito deste artigo é mostrar a contribuição de Nietzsche à revolução nas práticas da encenação que ocorreram no Século XX, bem como sua relevância como crítico apaixonado pelo potencial de uma forma de arte que ele sentia que era interpretada em sua época de forma diminuída. A partir de seu estudo do teatro grego na obraO nascimento da tragédia, sublinha a importância da encenação na tragédia antiga, a qual estava para além do texto escrito por seu autor. Oferece (...) com isso uma análise da ideia de teatro como arte, a qual é consubstancial realizar-se em três dimensões: a do ator, a do poeta ou escritor do texto e a do espectador. Nietzsche defende a especificidade desses três papéis para toda realização teatral e o sentido filosófico que tem o teatro como autêntica forma artística. Conclui-se o artigo mostrando a recepção do pensamento teatral de Nietzsche em autores como August Strindberg, George Bernard Shaw e Eugene O'Neill, que buscarão novas formas e novos significados para sua arte.The purpose of this article is to show the contribution of Nietzsche to the revolution in the practices of the scenario that takes place in the 20th century, as well as its relevance as a passionate critic for the potential of an art form that he felt was interpreted in his time in a diminished way. From his study of Greek theater in his workThe Birth of Tragedy,he underlines the importance that in the ancient tragedy had its staging, and that went beyond the text written by its author. It offers therefore an analysis of the idea of theater as art, which is consubstantial in three dimensions: the actor, the poet or writer of the text and the viewer. Nietzsche defends the specificity of these three roles for every theatrical enterprise and the philosophical sense that theater has as an authentic artistic form. The article concludes by showing the acceptance of Nietzsche's theatrical thought in authors such as August Strindberg, George Bernard Shaw or Eugene O'Neill, who sought new forms and new meanings for their art. (shrink)

Resumo:o artigo analisa a recepção do pensamento de Nietzsche na Espanha nos últimos quarenta anos, mostrando as muitas vertentes pelas quais a obra do filósofo foi lida e as muitas influências que ela exerceu, como na política, na estética e nas artes. Num primeiro momento, a análise apresenta muitos autores que leram Nietzsche e mostra como a cada momento as ideias do filósofo eram invocadas em busca de renovação, sejam elas morais, estéticas ou políticas. Num segundo momento, traz à luz (...) os estudos acadêmicos e a diversidade de temas da filosofia nietzschiana neles abordados.:The article analyses the reception of Nietzsche's thought in Spain in the last forty years, showing the several ways by which the philosopher's work was read and the many influences that he carried out, such as in politics, in aesthetics and in the arts. In a first moment, the analysis presents many authors that read Nietzsche and shows how in each moment the philosopher's ideas were invoked in search of renewal, whether moral, aesthetic or politic. In a second moment, it brings into light the academic studies and the diversity of subjects form the nietzschean philosophy considered in them. (shrink)

Although US and European research has documented improvement in earnings quality associated with corporate governance characteristics, the situation in Latin America is questionable, given the business environment in which firms operate, which is characterized by controlling family ownership and weak legal protection. The purpose of this study is to examine the relation between the internal mechanisms of Corporate Governance and Earnings Management measured by discretionary accrual. We use a sample of listed Latin American non-financial companies from the period 2006–2009. Our (...) results show how in the Latin American context the role of external directors is limited and that Boards which meet more frequently take a more active position in the monitoring of insiders, so showing a lower use of manipulative practices. In addition, we find a non-linear relation between insider ownership and discretionary accruals, also pointing to the fact that ownership concentration may be a manipulative practices constrictor mechanism only when the ownership of main shareholders is moderate. The findings have important policy implications since this is, to the best of our knowledge, the first study to analyze the relation between the effectiveness of the government and the earnings management behavior. As policy implications, we document how when a country implements controls aimed at reducing corruption, strengthening the rule of law or improving the effectiveness of government, this leads to a reduction in firm earnings management. (shrink)

For the period 2015–2019 and based on a Spanish sample of 145 listed companies, this paper provides insights into how narcissistic chief executive officers (CEOs) influence the proportion of women in top management teams (TMTs). As a further analysis and in line with social psychology and upper echelons theories, we study whether the power and gender of a CEO and the female proportion in the firm's board moderate the relationship. Our results reveal that narcissistic CEOs are less likely to support (...) women in TMTs, confirming that CEO personality traits influence team structure. Further results suggest that this aversion increases as the CEO's power grows and is a woman, and when female proportion in board decreases. The results have an impact on the gender equality goal, demonstrating that the behavior of women toward promoting gender equality in TMTs depends both on the specific position of women in the firm's hierarchy and on their personal psychological attributes. We find that women directors support social identity values and that narcissistic female CEOs act like queen bees. (shrink)

El presente artículo trata de presentar la edición que el Prof. Manuel Barrios Casares ha llevado a cabo del texto de Hugo Ball sobre Nietzsche, redactado en un principio en el marco de un proyecto de tesis doctoral entre 1909 y 1910. A la traducción y anotación del texto antecede un extenso prólogo sumamente interesante para su comprensión y contextualización. Hugo Ball, promotor del dadaísmo y amigo de Kandinsky, plasma en el texto el clima intelectual de la recepción del pensamiento (...) de Nietzsche entre las vanguardias artísticas europeas de principios del siglo XX. (shrink)

Este artículo se propone analizar los planteamientos de Nietzsche sobre la función cultural de la justicia y del derecho en el desarrollo de la civilización occidental, vinculados en su obra al análisis genealógico de la moral. Se explican la centralidad de la obediencia a la ley en el paso de los seres humanos de su estado natural a su condición de seres de cultura y la función de esa imposición de la ley en la posibilidad de la vida en sociedad; (...) y se exponen las razones de la defensa nietzscheana de la justicia y el derecho como fuerzas socialmente configuradoras y estructurantes. Se analizan seguidamente las razones de su rechazo a las propuestas anarquistas y antisemitas que sitúan el origen de la justicia en la venganza y el resentimiento, y se expone la relación interna entre derecho y voluntad de poder. Se concluye, por último, con la crítica de Nietzsche a la concepción y práctica del derecho en su concepción moderna. (shrink)

Partiendo de la hermenéutica metódica de Schleiemacher y de la tipología de las concepciones del mundo de Dilthey, se reflexiona, sobre todo en compañía de Paul Ricoeur, acerca del método mas adecuado de comprender e interpretar las obras filosóficas.

El presente artículo busca el papel de Don Quijote, el héroe de la literatura española, en el conocimiento de Miguel de Unamuno y José Ortega y Gasset. Para Unamuno, Don Quijote es la figura trágica de la libertad, o lo que es lo mismo, el héroe fragmentado por sí mismo: el héroe trágico que simboliza el espíritu de la fe frente al espíritu prosaico común del mundo. Por otra parte, Don Quijote significa para Ortega la afirmación de la vida por (...) la cultura, la función vital del héroe como un órgano de libertad. (shrink)

This article develops a phenomenological hermeneutics of the relationship between history, meaning, existence, and eternity, on the basis afforded by Jan Patocka’s philosophy of history. First, it outlines the notions of meaning and history. Second, it attempts to make clear the degree in which one can find in the constitution of human existence the condition of possibility for a problematic and concurrent meaning of history. Finally, “existence in truth” is analized as the result of a correlation between existentiality and eternity, (...) and the interpellation of eternity is understood as the ultimate origin of meaning. (shrink)

The peculiarity of the Nietschean notion of the will to power is his definition as an activity of continuous opposition of forces by which the living organizes itself in relations of dominance and obedience, trying not only to preserve itself but, above all, to overcome itself. This is the very politics of life that governs the processes of individuation, the conquest of freedom and cultural creativity that makes us advance and rise to higher forms of existence. This article tries to (...) clarify in what sense the originality of the Nietzschean Grosse Politik lies in the attempt to develop the way in which impulse psychophysiology allows to reformulate the transvaluation and elevation of the human type and culture. The inspiration in Plato of this project is analyzed, the counterpoint that the ethical-political approaches of Kant and Hegel represent for him, and the aporias of its practical implantation against the modern democratic systems with which Nietzsche debates. (shrink)

Based upon the quintuple helix model (QHM), this study explores whether the differences in firms' emission reduction effectiveness can be attributed to the five institutional helices related to educational system, economic development, political–legal system, cultural orientation, and the natural capital. Using a set of listed European firms for the 2015–2020 period, we show that firms with better emission reduction effectiveness operate in nations with more public educational expenditure and scientific production, more extensive economic development, and better institutional and governance quality. (...) Moreover, emission reduction strategies are more pronounced in firms located in countries characterized by less masculinity, individualism, power distance, and uncertainty avoidance, and more long-term orientation and indulgence. In addition, we find that companies with better emission reduction effectiveness are found in countries with more natural capital, characterized by a life in harmony with nature and employing the finite resources available in a sustainable and environmentally conscious manner. Moreover, employing a two-stage model to identify the most relevant helix, we find that the political–legal system helix is the most pivotal in promoting firms' commitment to reducing environmental emissions. (shrink)

Does the board of directors influence cost of debt financing? This study of a sample of Spanish listed companies during the period 2004-2007 provides some evidence about the question. The results suggest that two board attributes - director ownership and board activity - appear to influence in the risk assessment of debtholders because of their ability to reduce agency cost and information asymmetry. We also find a non-linear relationship between board size and cost of debt, suggesting that from certain levels (...) the benefits of large boards may be outweighed by the cost of poorer communication and increased decision-making time. (shrink)

The present article proposes an integration between cultural psychology and developmental science. Such an integration would draw on the cultural-psychology principle of culture-psyche interactions, as well as on the developmental-science principle of person↔︎context relations. Our proposed integration centers on acculturation, which is inherently both cultural and developmental. Specifically, we propose that acculturation is governed by specific transactions between the individual and the cultural context, and that different types of international migrants (e.g., legal immigrants, undocumented immigrants, refugees, asylum seekers, crisis migrants) (...) encounter quite different culture-psyche interactions and person↔︎context relations. We outline the ways in which various acculturation-related phenomena, such as acculturation operating at macro-level versus micro-level time scales, can be viewed through cultural and developmental lenses. The article concludes with future directions in research on acculturation as an intersection of cultural and developmental processes. (shrink)