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AbstractManuscript TypeEmpirical.Research Question/IssueIn this paper we study the impact of banks' stakes in firms on the use of market mechanisms like securities issues by firms to raise funds.Research Findings/InsightsThere is a U‐shaped connection between banks' stakes and the likelihood of issuing securities. Interestingly, the balance between the negative (expropriating) and the positive (strategic) effects leans relatively more towards the strategic effect for Anglo‐Saxon countries. We provide empirical evidence of these claims using an international database of 45 different countries with 20 091 observations distributed along the period 2000–2013.Theoretical/Academic ImplicationsWe posit that banks take an equity position in firms either to expropriate the current shareholders or to strategically open the possibility of future business opportunities once firms are listed and can issue securities. The first effect, which dominates for low equity stakes, hinders securities issues. Conversely, the second (strategic) effect appears for high banks' stakes, particularly when these banks have underwriting capacity, and stimulates the issuance of securities. The interaction of both effects leads to the aforementioned U‐shaped relationship between banks' stakes and securities issues.Practitioner/Policy ImplicationsIt is important that policymakers take into consideration the institutional contexts in their policy recommendations connected to the relationship between banks and markets. In particular, certain calls to reduce banks' stakes in borrowing firms as a way to stimulate the use of financial markets to raise funds may generate the opposite effect in Anglo‐Saxon countries or when banks' stakes are large in non‐Anglo‐Saxon ones.

Este trabajo aborda, en primer lugar, la modelizacion de manera integrada de las duraciones de los contratos laborales y financieros, y predice la existencia de una correlacion positiva entre ambas. En segundo lugar, y a la luz del modelo teorico, se analiza el impacto de la estructura financiera y de otras caracteristicas de las empresas (tamaño o sector de actividad, entre otras) en la politica de contratacion temporal de las empresas manufactureras españolas en el periodo 1983-1995. Este periodo es especialmente relevante, puesto que en el se han producido dos reformas laborales (1984, 1993-1994) que han generado un proceso ininterrumpido de creciente recurso a la contratacion temporal

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: This paper investigates the connection between earnings management and corporate social responsibility (CSR). We argue that earnings management practices damage the collective interests of stakeholders; hence, managers who manipulate earnings can deal with stakeholder activism and vigilance by resorting to CSR practices.Research Findings/Insights: Using archival data from a multi‐national panel sample of 593 firms from 26 countries between 2002 and 2004, we find a positive impact of earnings management practices on CSR; this relationship holds for different robustness checks. Also, we demonstrate that the combination of earnings management and CSR has a negative impact on financial performance.Theoretical/Academic Implications: This study draws on a generalized agency theory where managers are seen as the agents of all stakeholders and the earnings management literature to highlight that CSR can be used to garner support from stakeholders and, therefore, provides an opportunity for entrenchment to those managers that manipulate earnings. As such, it suggests new avenues of research for both the corporate governance literature, as well as for the stakeholder perspective.Practitioner/Policy Implications: This study offers insights for policy makers and managers interested in enhancing CSR. For managers, our findings suggest that projecting a socially‐friendly image in order to disguise earnings management cannot be sustained over time due to the detrimental effect on financial performance. In addition, this study provides a warning signal to policy makers that certain practices geared toward raising a firm's CSR may simply be a mechanism for hindering other devious practices.

We investigate the relation between segment disclosure and earnings quality. Using a US sample for the period 2001-2006, we find a positive relation between earnings quality and the quantity of segment disclosures. We use lead-lag tests to examine the flow of causality, and our results show that current segment disclosure is positively related to prior levels of earnings quality, while current earnings quality scores are not related to prior levels of segment disclosure. Thus, the causality flows from earnings quality to segment disclosure. Our results hold for both business and geographic segment disclosure. ; We acknowledge financial assistance from the Spanish Ministry of Innovation and Science (ECO2010-19314, ECO2008-06238-C02-01/ECON, SEJ2007-67582-C02-02/ECON, ECO2009-10796 and Consolider Grant #2006/04046/002), the European Commission INTACCT Research Training Network (MRTN-CT-2006-035850), and the government of the autonomous Community of Madrid (Grant # 2008/00037/001).

En este trabajo presentamos, en primer lugar, un modelo teórico en el que una empresa con un determinado grado de especialización en I+D y de fondos propios, pretende llevar a cabo un proyecto que requiere un determinado volumen de inversiones específicas. La resolución del modelo nos permite concluir que el apalancamiento financiero de esta empresa es decreciente con su volumen de inversiones específicas, con lo especializada que esté en la realización de actividades de I+D, y con la cantidad de recursos propios que tenga. Además, obtenemos una serie de resultados acerca de las inversiones en I+D en función de las distintas formas de financiar dichas actividades como la proporción de deuda a largo plazo o el montante de fondos propios. En la segunda parte del trabajo contrastamos empíricamente los resultados del modelo teórico, utilizando datos de las empresas manufactureras españolas en la década de los 90, y comparamos el apalancamiento financiero que presentan empresas manufactureras que realizan gastos en I+D y que pertenecen a sectores intensivos en I+D, con el de empresas en sectores menos intensivos, teniendo en cuenta, además, el grado de consolidación de las mismas, así como el volumen de reservas que han ido acumulando. Estos resultados, junto con los referidos a los determinantes de los gastos en I+D, van en la línea de lo establecido en nuestro modelo teórico.