Examinando por Autor "Garmendia-Lazcano, Aitor"
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Ítem The border effect on mergers and acquisitions(Springer Science and Business Media Deutschland GmbH, 2022-03) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, AsierUsing a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities.Ítem Estructuras de propiedad y grupos empresariales en España(Gobierno Vasco, Departamento de Hacienda y Administración Pública = Eusko Jaurlaritza, Osasun eta Herri Administrazio Saila, 2008) Garmendia-Lazcano, Aitor; Orden Olasagasti, Olga delEl trabajo parte del análisis de las estructuras de propiedad y control de las empresas españolas para, destacando el papel relevante de las participaciones accionariales entre las empresas, profundizar en la identificación y estudio de los grupos empresariales en España. Para ello cuenta con datos del año 2006 sobre casi 200.000 empresas españolas recogidas en la base de datos española SABI, y más de 4.700.000 empresas europeas en la base de datos Amadeus.Ítem Identifying territory-linked family business groups: a methodological proposal(Emerald Group Holdings Ltd., 2022-02-10) Garmendia-Lazcano, Aitor; Iturrioz Landart, Cristina; Aragón Amonarriz, CristinaPurpose: The purpose of this paper is to design a methodology to identify territory-linked family business groups (TLFBGs) in order to overcome the methodological challenges and ease studies about family business groups' (FBGs) impact on territories. Design/methodology/approach: The paper applied an algorithm to a data set of firms located in Gipuzkoa that were registered in the SABI database in 2018. Findings: The paper defined a new construct, TLFBGs, and proposed a methodology that automatized the identification of TLFBGs by a seven-stage algorithm that was intended to be applicable to any firm-level economic and financial data set, including all registered firms and not only listed firms. Practical implications: TLFBGs unveil the real relevance that family businesses have in the territorial development, encouraging the political support to family business. Additionally, the methodology provided allows understanding growth processes of family business. Originality/value: The paper defines a new construct, TLFBGs, that highlights both the underexplored links existing between family and territory and between family and business groups, providing the process and criteria to capture it. The paper opens up large-scale empirical research on the social (and economic) influence of TLFBGs in territorial development.Ítem Networks and the disappearance of the intranational home bias(Elsevier B.V., 2012-08) Garmendia-Lazcano, Aitor; Llano, Carlos; Minondo, Asier; Requena, FranciscoPrevious studies have shown that, not only countries, but also regions have a preference to trade within their administrative borders. Using unique trade flows data, we also find a large home bias in Spanish intranational trade. However, we show that this home bias tends to disappear once we take into account the higher density of social and business networks within regions than between regions. We also find that the home bias does not disappear if intranational trade flows are measured in quantity rather than value. This fact might explain why previous studies on other European countries still find an intranational home bias, even when network effects are taken into account. © 2012 Elsevier B.V.Ítem The role of regional tax autonomy, firm size, and business groups in tax avoidance: evidence from Spain(Taylor & Francis, 2024-07-10) Garmendia-Lazcano, Aitor; Baselga Pascual, LauraThis paper investigates the influence of regional tax autonomy, firm size, and business group affiliation on corporate tax burden in a large sample of Spanish firms, including non-listed firms, from 2007 to 2016. Our findings reveal that firms located in tax- autonomous regions exhibit lower effective corporate tax rates (ETR), providing new empirical support for the horizontal tax com-petition theory. Additionally, we identify a positive relationship between firm size and corporate tax burden, aligning with the political cost theory. Furthermore, we find that group-affiliated firms face a higher ETR than independent firms, and that group affiliation attenuates the differences in the tax burden experienced by large and small firms.Ítem Social ties and home bias in mergers and acquisitions(Springer Science and Business Media Deutschland GmbH, 2023-08) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, AsierThis paper explores whether social ties, proxied by Facebook friendship links, can explain why the number and value of mergers and acquisitions (M&As) are greater within countries than between countries. We find that social ties are positively correlated with the number and value of M&As. We also demonstrate that the home bias in M&As is greatly reduced once we control for the differences in social ties between and within countries. We further find that social ties particularly facilitate M&As when the level of corruption is high, press freedom is limited in the target country, and there are more cultural differences between the acquirer and target countries.Ítem Structures of ownership and control in Spanish firms between 1997 and 2006(Virtus Interpress, 2008) Orden Olasagasti, Olga del; Garmendia-Lazcano, AitorWhen approaching the study of how financial systems carry out their role in the control of the good governance of enterprises, many articles of research have centred on the analysis of the ownership structure of these firms. Attempts have been made to see if differences exist, in the nature and degree of concentration of ownership, in the level of pressure and control exercised over the managers and the repercussion of all this on the manner of managing the business. The intention of our research article is to shed light on the development of the structures of ownership and control in Spanish enterprises between 1997 and 2006, and their possible influence on the results of these enterprises.