Programa del congreso

We examine the effect of firm opacity on debt growth and how investor sentiment shapes this

relationship. Using an international sample of firms during 2005-2019, we find that firm opacity

negatively influences the growth in both bank and total debt ratios. This relationship is more

relevant during periods of high investor sentiment. The role of investor sentiment is more

prominent for firms with a lower proportion of bank ownership. The joint effect of firm opacity

and investor sentiment is more relevant in countries with more developed institutions and

greater creditor rights protection. Our results hold after addressing potential endogeneity

concerns.

This study investigates the effect of CEO overconfidence on ESG and irresponsibility. CEO overconfidence may lead to an underestimation of firm risk and ESG values, thus having an impact on a firm’s engagement in both responsible and irresponsible activities. Using a sample of US firms during the years 2011-2021, we find overconfident managers have a negative impact on their firm’s engagement in ESG activities. Contrary to our expectations, we find negative results regarding the effect of CEO overconfidence on irresponsible practices by the firm.

Some authors in their work argue that the market learns or must become more efficient over time, because takeovers in recent years tend to produce significant negative abnormal returns for the shareholders of the acquiring firms. Thus, this paper examines the existence of short-run abnormal returns around the acquisition’s announcement, depending on the acquiring firm's previous shareholding. As regards the methodology for testing the different hypotheses, we use the standard methodology developed in the financial literature for event studies. To test the hypotheses, put forward, an initial sample of notifications of acquisitions by Spanish companies listed on the SIBE was drawn up, obtained by consulting the section on communications and relevant events of listed companies on the website of the Comisión Nacional del Mercado de Valores (CNMV). In order to obtain more robust results, abnormal returns are estimated using the CAPM and Fama and French models. The previous scientific evidence indicates thar there is a market anticipation of such a transaction, so that the price reaction at the time of the announcement has been discounted in advance. However, our results differ from previous evidence when we consider the previous shareholding in the acquiring company.

• Aim: The aim of this study is to further current understanding on how excess cash affects the donations received by nonprofit organizations (NPOs) by introducing the mediating effects of efficiency and fundraising efforts.

• Theoretical framework: We use three theories that have been used to explain the relationship between cash holdings and donations (interdependent utility theory, agency theory and the precautionary motive of cash), as well as the main theory for fundraising efforts (resource dependence theory).

• Methodology: We use an unbalanced sample that includes 30,861 year-observations for 6,344 charities from England and Wales for the years 2015-2022. To test the models, we use ordinary least square regression (OLS) with clustered robust errors to address panel specificities. In addition, the mediator effect is tested following the procedure of Baron and Kenny (1986).

• Results/implications: Our results show a mediating effect of both efficiency and fundraising efforts on the relationship between excess cash holdings and donations. We also find that donors seem to positively react to cash holdings, but this effect is turned negative by the NPO’s behavior regarding their allocation of resources towards programs and fundraising expenses.