Person: Martínez García, Beatriz
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Martínez García
First Name
Beatriz
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Gestión de Empresas
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0000-0003-2812-1536
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811375
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Publication Open Access Does family ownership always reduce default risk?(Wiley, 2021) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de EmpresasThis paper analyses the effect of family ownership on the outcome of the firm’s risk‐taking activities, measured by the company’s default risk. We show that family ownership reduces the probability of default, which is proxied by the Black–Scholes–Merton (BSM) model. Our study goes further than the initial approach by taking into account certain factors conditioning the aforementioned relationship. We find that the expected negative relationship between family ownership and default risk is modified when there is a significant participation of institutional investors, whose positive moderating influence intensifies if they are stable and long‐term oriented and/or during adverse financial circumstances.Publication Open Access Female CEOs and default risk in listed family firms(Emerald, 2023) Abinzano Guillén, María Isabel; Garcés Galdeano, Lucía; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBEPurpose: The purpose of this paper is to examine the effect of female CEO board members on listed family firms’ corporate default risk, integrating upper echelons theory with social role theory and the socio-emotional wealth approach and proxying default risk with the Black–Scholes–Merton model. It also searches for possible differences attributable to the type of female CEO. Design/methodology/approach: This study is applied to a longitudinal sample of listed US family firms. After a preliminary analysis of the main descriptive, several models are estimated with the system GMM estimator, which is a panel data estimator. The models are dynamic, including the lagged value of the dependent variable. In addition, the model estimation is repeated with a different measure of default risk, for robustness. Findings: This research findings show that default risk diminishes in the presence of a female CEO, whose reduction is even greater if she is a family member. The results are proven to be robust to the measure for proxying default risk. Originality/value: This study primarily contributes to the existing literature by exploring a possible link between female CEOs, particularly those with a family affiliation, and a lower level of default risk in family firms. It also provides practical implications for policymakers, who would be advised to promote conditions enabling women to contribute towards family business viability. In addition, this study offers encouragement for family business owners to value the potential of their female family members in company succession processes.Publication Open Access Leverage in family firms: the moderating role of female directors and board quality(Wiley, 2020) Poletti Hughes, Jannine; Martínez García, Beatriz; Gestión de Empresas; Enpresen KudeaketaGrounded in the agency, socioemotional wealth and resource dependence theories, we study how debt decisions are influenced by family control and how such relationship is moderated by an internal corporate governance mechanism, the quality of the board of directors. Our results show that family-controlled firms use more leverage at lower levels of family ownership to retain family control over the business, but once their socioemotional wealth is fulfilled at higher levels of ownership, they decrease leverage in pursuit of conservative financing policies. These actions are found to be moderated by board quality (i.e., experience and expertise) and female directors (predominantly independent).Publication Open Access Enhancing learning in the finance classroom(Universidad Politécnica de Valencia., 2022) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Río Solano, María Cristina del; Ferrer Zubiate, Elena; González Urteaga, Ana; Mansilla Fernández, José Manuel; Martínez García, Beatriz; Muga Caperos, Luis Fernando; Gestión de Empresas; Enpresen KudeaketaThis paper aims to describe a teaching-learning experience based on ProjectBased Learning (PBL). This experience is part of an educational innovation project devoted to transforming finance classes in various facets of financial advice. Specifically, the article focuses on the transformation process of a subject that studies financial markets and the assets traded in them. Based on this experience, the classroom becomes a financial consulting firm that advises investors on how to invest their capital. The results show us a remarkable active dedication of the students to the course, improved knowledge, and marks. In addition, the development of skills and values such as teamwork, autonomy, solidarity, equality, and professional skills are elements that encourage us to continue along this line.Publication Open Access Measuring credit risk in family firms(SAGE, 2020) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de EmpresasThis article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000–2016. The results show that the Black–Scholes–Merton (BSM) measure gives the best fit in both types of firm. However, all the accounting-based measures, especially Altman’s Z-score, come closest to the market-based measures when used to assess the credit risk of family firms. The two types of measures also coincide more closely in their default risk orderings of family than of non-family firms. Useful practical implications can be drawn from these findings, which show that accounting-based measures can be used reliably in the absence of market data for family firms with similar characteristics to those in our sample.Publication Open Access Women in power with power: the influence of meaningful board representation on default risk(Elsevier, 2023) Abinzano Guillén, María Isabel; Martínez García, Beatriz; Poletti Hughes, Jannine; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, Research Grant for Young Researchers 2023This paper examines the relationship between the presence of female board members and firms' corporate default risk. We find an inverted “U-shaped” relationship for a sample of 917 firms in 19 emerging markets for the period 2005–2019. We also show that, consistent with critical mass theory, boards need to have three or more female directors to significantly reduce default risk. Furthermore, having female directors with an independent role on the board in countries with less familial dominance, or having female directors with a leadership position, significantly reduces default risk. Finally, we find a positive effect of the interaction between a country's gender inequality and board gender diversity on default risk.Publication Open Access The role of internal corporate governance mechanisms on default risk: a systematic review for different institutional settings(Elsevier, 2020) Ballester Miquel, Laura; González Urteaga, Ana; Martínez García, Beatriz; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate PublikoaRecent financial downturns, characterized by the significant failures of firms, have revealed the need to control credit risk. Latest literature has shown that weak corporate governance structures are related to high levels of default risk, leading to financial instability. In this context, we aim to summarize the literature that focuses on the role that internal corporate governance plays in the credit risk of firms, specifically considering three corporate governance components: ownership structure, board structure and financial stakeholders’ rights and relations. Additionally, we analyse whether the effectiveness of the internal mechanisms depends on particular key factors, especially the institutional setting and the type of mechanisms considered. Finally, new lines of research are identified for future research.