FINANCIAL MANAGEMENT

Author: GUTIERREZ DE MESA VÁZQUEZ EMMA.
Year: 2003.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FAC. CC. ECONÓMICAS Y EMPRESARIALES.
Place of preparation: UCM.

Summary: It is the subject of this dissertation exploring strategic alliances as a mechanism through which it has produced the harmonious coexistence (generating a process of "creative cooperation") between member companies in the sector (bio) Spanish pharmacist, formed by the industry traditional pharmaceutical companies use in their processes or products in biotechnology and the new biotechnological firms oriented to the pharmaceutical activity. He said that Schumpeter radical innovations often lead to a process of creative destruction where there is the replacement of traditional companies by the new companies emerged under the innovation. Well, the birth of biotechnology can be seen as a genuine innovation in the way new medicines are discovered, developed and commercialized, and yet, apparently, has not taken place this Schumpeterian process of "creative destruction" but what that has resulted is a harmonious coexistence between the new spin-offs and traditional companies. It will be an exploration of the analysis of partnerships as a mechanism through which does not occur, or at least be minimized, the impact of Schumpeterian process of "creative destruction" on the basis there has been a radical technological change, as is the birth of biotechnology. Colateralmente is an analysis of the economic and financial problems of this type of business within the context of intangible assets, major drivers of value creation in innovative companies, such as pharmaceutical companies (bio).

Author: ROM RODRÍGUEZ JOSEP ANTONI.
Year: 2003.
University: RAMÓN LLULL [www.url.edu].
Place of defense: FACULTAD DE CIENCIAS DE LA COMUNICACIÓN BLANQUERNA.
Place of preparation: FACULTAD DE CIENCIAS DE LA COMUNICACIÓN BLANQUERNA.

Summary: This thesis is built around the art direction and design of the field of graphic design, its history, its functions and techniques that enable the creation of visual discourse. Our point of view is based on the hybrid nature of this discipline, the language of the chart, and the rhetoric between the culture of the design and advertising industry, between creativity and technology. We want to prove that the art direction in advertising is an activity very close to graphic design, which, in turn, sets the advertising speech of the twentieth century. The art director is a designer immersed in the context of advertising. To show the maturity of this discipline, we reviewed the various contributions made to the debate on the identity of the art direction, we study its place in the map of communication techniques, deepened on the fundamental aspects of the design process and analyze what methods work best suited to improve the effectiveness of communicative advertising messages from the media, tools and the language of visual communication. Finally, we tried to deepen the rhetorical nature of the advertising art direction and the tools to facilitate the modeling of argumentative discourse. Creative has developed a communication system sincrético, a multitude of languages and codes that allow us to understand the vitality of the visual discourse in advertising, which is both: message, a story, fiction, argumentation, aesthetics and symbol.

Author: ASTORGA SANCHEZ JUAN ANTONIO.
Year: 2004.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAT DE CIENCIAS ECONÓMICAS.

Summary: The aim of the thesis is to submit the operation and management of financial institutions to credit (EFC). Was esdian its accountants, its sudeción and proprotas, norvativas the influence and the changes that feel of museums. Were provides a special interest in the study of interest rate risk, and brings with aspect clearly fiformal an empirical study of the same.

Author: Boedo Vilabella Lucía.
Year: 2004.
University: A CORUÑA [www.udc.es].
Place of defense: Facultad de Económicas.
Place of preparation: Facultad de Ciencias Económicas y Empresariales.

Summary: The thesis is divided into three chapters. The first of these is a review of the state of affairs concerning research on the optimal capital structure. It begins with an explanation of the thesis Irrelevant MM (1958), and from here describes the different enforuqes theoretical explanation of the capital structure adopted by the companies. Specifically: explanation based on taxation, bankruptcy costs and financial difficulties, financial Theory of egencia, Theory of interest groups, Theory signals, assumptions of the hierarchy financial, managerial approach and relationship between capital structure and the company's strategy. The second chapter is an application of all this research to the field of small and medium enterprises. This chapter begins with an identification of both quantitative and qualitative characteristics of SMEs. In the third chapter presents a study emírico on the factors that determine the capital structure of firms to three different groups: large listed, large non-listed and small companies. It is used as the multiple linear regression methodology and the results are interpreted from different perspectives: 1) differences in the conditions of the capital structure depending on the type of company, 2) differences between the results of this work and of work previous similar and 3) analysis of the theoretical approaches more appropriate to explain the capital structure of each type of enterprise.

Author: CERQUEIRA QUARESMA RUI FILIPE.
Year: 2004.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The theme of the Internet continues to rise to a great deal of interest in today's society. However, considering how much the same to be written on the subject, especially in the popular press, as well as programs to support the development of the information society and knowledge, in particular, the decision to support businesses " enter the world of digital "still is a bit confusing. This research work is framed within the scientific domain of Information Systems and Information Technology and Communication in the Enterprise, more specifically in the line of research on e-business. This work is evaluated, qualitatively and quantitatively, the Web presence of the Spanish and Portuguese companies, medium - and large-scale projects. They are also analyzed and classified the different uses that companies can do on the Internet via a website. The evaluation, qualitative and quantitative, d the presence of the Spanish and Portuguese companies on the Web is also a partner approach to the issue of e-commerce direct to the consumer. This assessment has been developed an analytical tool that collects mandatory contributions from legal, codes of conduct and / or stamps accreditation and an assortment of other sources of information. In the study, and in view of the use of databases similar to Spain and Portugal, as well as the same analysis tool, are also compared the Web presence of the two countries. KEY WORDS: Internet Company, World Wide Web, CE-B2C.

Author: PÉREZ SÁNCHEZ M. CONCEPCIÓN.
Year: 2004.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD CIENCIAS ECONÓMICAS.
Place of preparation: COMPLUTENSE.

Summary: This Doctoral Thesis, is objetoel study of the new approach related to the Banking Supervision, developed an analysis of it. We began our work to explore "the changing economic environment, financial and banking," we offer an overview of the economic environment its impact on the economy, the financial sector and banking. In the second chapter, we conducted an overview of the risks and developments, especially on the financial risks and derivatives. Also try risk management, its evolution. The third chapter, and kernel development of the new surveillance is "New Capital Accord" will make a tour of key moments from the late eighties with the Basel Accord of 1988 until the new changes in the New Capital Accord . In the fourth chapter, trataresmos of the new regulatory framework that is being developed in Europe and which will be aimed at adapting to the new reality in the changing supervision, persar the enormous difficulties that arise in the new process for granting difficulty quick fixes for too many quick changes. In addition, we seek a global view of the new regulatory framework of the accounting policies adapted by the European Union. The fifth chapter, we refer to the new approach to the Banking Supervision in Spain and has evolved over the years from the legal environment to a new model developed by the Bank of Spain Approach KNOW. " In the sixth chapter plantemaos the new approach to oversight in the insurance industry conducted a study of the legal framework past, present and future as well, the main objective of the supervisory authorities of the insurance industry "solvency". Finally we analyze the draft Solvency II "launched by the European Union in early 2000, the European Commission and member states. In the seventh, we will develop the findings obtained during the work and make sure we do for the defense of the presumptions. Additionally, we have included several annexes whose content has been very useful and even essential for the development of our study. Finally, the last chapter we bring the bibliografi used for the development of our Doctoral Thesis. Some have been basic and others have given us ideas, and all of them very useful for obtaining information on the guidelines to be followed and development.

Author: GALVÁN VALLINA JOAQUÍN.
Year: 2004.
University: PONTIFICIA COMILLAS [www.upcomillas.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: This thesis aims to establish the role of production companies collective urban transport in the city of Madrid, both as a financial model by using a production function based on real variables. It also analyzes the financial viability of the Metropolitan Railway in the case have continued as private enterprise, and assesses the impact of policies on urban transport in the city of Madrid. The first part describes the conceptual framework of the urban transport and its scope in Madrid, valorándose interaction between enterprises of urban transport, urban structure and transport policies implemented. On the other hand, addresses the financial viability of the Metropolitan Madrid have remained private company using balances forecasts for different scenarios. In the second part, are estimated by econometric models, the functions of production basadas en factors of production and financial models actual production - which is based on the financial variables more significativas- of the two carriers in the urban collective dominant Madrid: Madrid and the Metropolitan Municipal Transport Company.

Author: FABREGAT FELDSZTAJN JORDI.
Year: 2004.
University: RAMÓN LLULL [www.url.edu].
Place of defense: ESCUELA SUPERIOR DE ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS ESADE.
Place of preparation: ESCUELA SUPERIOR DE ADMINISTRACIÓN Y DIRECCIÓN DE EMPRESAS ESADE.

Summary: In this paper we study the initial bag departures that took place in the Spanish market between 1986 and 2000, and the Neuer Markt (nm) in 1999. Specifically, he examines the existence of undervaluation and extraordinary long-term profitability and its possible causes. The analysis notes the existence of undervaluation in the Spanish market (12.5%) and the NM (41.7%). The level of undervaluation is related to the industry, the uncertainty of investors about the issuer-measured by the volatility during the thirty-first day of trading and how placement of orders by the book. In nm emission is observed that the price fixing in the upper half of the indicative price range had increased undervaluation according to the theory of partial adjustment of the price. The extraordinary profitability buy and hold (BHAR) to three years in the Spanish market was -16.9% compared to IGBM, and two years in NM, from 3% over the Nemax All Share, both calculated on the opening price . If the calculation is made on the closing price the first day of trading, removed the effect of undervaluation, these returns are made of -27.7% and -38.7%, respectively, which would shape the existence of profitability extraordinary negative in the long term, as has been documented in other markets. This level of profitability we have not been able to explain significantly from the theories discussed: signage, certification and the expectations heterogeneous. The persistence of the phenomenon suggests the possibility of the existence of a behavior optimistic, perhaps irrational, the investor at the time of departure to facilitate that companies leaving the market overvalued.

Author: ENI GRANERO ARLETE.
Year: 2004.
University: EXTREMADURA [www.unex.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: UNIVERSIDAD DE EXTREMADURA.

Summary: The practice of relationship marketing has important implications on the design and implementation of marketing, changing principles adopted by many professionals and researchers from the area. Currently, many companies to be competitive, they are trying to introduce the concept of relationship marketing but just finding many obstacles in his path. The introduction of the concept, since it involves a change of paradigms for the organization, just assuming strategic importance, in which the culture, objectives, the organizational structure, processes and human resource policies need to be aligned with a view to achieving a competitive advantage to their competitors. The study aims to general study and understand the importance and application of the concept of relationship marketing as a factor influencing the loyalty of a client, and check whether they are being charged in the dairy sector organizations in the study. Moreover, the research examines the potential strategic use of integrated communication in communication with the client (internal) and the consumer. This study presents the position of marketing professionals and consumers under the analysis of how they are perceived strategies company that has changed its organizational structure to adapt to the new market realities, as has been checking out the adoption of relations with effectiveness.

Author: ENI GRANERO ARLETE.
Year: 2004.
University: EXTREMADURA [www.unex.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: UNIVERSIDAD DE EXTREMADURA.

Summary: The practice of relationship marketing has important implications on the design and implementation of marketing, changing many principles adopted for professionals and researchers from the area. Currently, many companies to be competitive, they are trying to introduce the concept of relationship marketing but just finding many obstacles in their path,. The introduction of the concept, since it involves a change of paradigms for the organization, just assuming strategic importance, in which the culture, objectives, the organizational structure, processes and human resource policies need to be aligned with a view to achieving a competitive advantage to their competitors. The study aims to general study and understand the importance and application of the concept of relationship marketing as fctor influence on the loyalty of a client, and check whether they are being charged in the dairy sector organizations in the study. Moreover, the research examines the potential strategic use of integrated communication in communication with the client (internal) and the consumer. This study presents the position of marketing professionals and consumers under the analysis of how they are perceived strategies of companies that have changed their organization to adapt to the new market reality, as has been checking out the adoption of relations with effectiveness.

Author: PARGANA ILHÈU MARIA FERNANDA.
Year: 2005.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD CC. ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTADE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The choice of theme for this thesis research aims to develop a model of systematic and theoretical research that identifies the key factors of strategic behavior of the Portuguese companies in the Chinese market. The review of the literature and empirical research to target us two goals of the study: 1-Identification of opportunities that the market offers to Chinese and Portuguese companies barriers and problems that arise. 2-Identification of the determinants of successful strategic behavior of the Portuguese companies in the Chinese market. The literature review has been made on what approach to study the new trends in world trade, from the globalization process and the processes of globalization. Prevail theories and models focusing on SMEs. We conducted a detailed analysis of environmental factors in the Chinese environment. The empirical analysis was preceded by the conceptualization of a model and formalization of assumptions. The findings were made based on the statistical analysis of responses to questionnaires to a sample of Portuguese companies exporting to China or invested since 2001.

Author: COROMOTO MARIN DE BRAVO HAYDEE.
Year: 2005.
University: CÓRDOBA [www.uco.es].
Place of defense: FACULTAD DE EMPRESARIALES.
Place of preparation: FACULTAD DE EMPRESARIALES.

Summary: The purpose of this research was to develop and validate a model integrating different methodologies (scenario analysis, Monte Carlo simulation modeling with functional units under fuzzy logic, Data Analysis Enclosure -DEA- and DEA-Monte Carlo) to assess the impact of agricultural policies on types of farms classified as the highest gross value added contributed by its various activities in Andalucia, is determined also the evolution of the same to the many changes that are occurring, the potential financial risk to subject such holdings , technical efficiency (productive and social) and its ability to respond to new opportunities or threats they face. The starting point was the databases obtained under the project "Socio-economic structure of farms in the Autonomous Community of Andalusia" as a result of macrosondeo more than 2,000 farms during the 1999/2000 season and analysis of implications of the various measures outlined in the CAP reform under way (adopted in 2003). These databases were managed by the information system "AGROS" designed to facilitate decision-making in an environment of continuous change in agricultural policies. The results suggest, in the first instance, that the CAP has a differential impact (positive and / or negative) on the different types of farms analyzed, depending, of course the degree of protection and subsidies that have. The financial analysis shows that the group of Horticulture (unsubsidized) is the one that shows the highest profit levels in all scenarios analyzed. Of the 27 types only two (industrial irrigation and sheep) showed a negative return. The results of the comparison of the efficiency (productive and social) with profitability indicate that the highest percentage of the rates (52%) shows average efficiency and low profitability. Stressing the present levels for horticultural production efficiency, VAN very high and be socially efficient.

Author: GUERRERO HERRERA MARIA ELENA.
Year: 2005.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.

Summary: This dissertation makes a narrative of the classical and traditional methods of assessing the credit portfolio in financial institutions. Subsequently, is the application of the theory of uncertainty as a new methodology for assessing credit risk. The application of this theory is very appropriate to treat such, credit risk, taking account of the uncertainty that surrounds the variales involved in it.

Author: SABOYA CHACON IHVNA.
Year: 2005.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.
Place of preparation: FACULTAT DE CIENCIES ECONOMIQUES I EMPRESARIALS.

Summary: This thesis deals with the study of management hospita with a focus on quality and in the light of marketing services organizations in public hospitals, or through comparative research between three hospitals in strength (Brazil) and three hospitals in Barcelona ( Spain). The thesis is divided into eleven chapters: prospective analysis of the health system, hospital management, total quality in hospitals, hospital services marketing, human resources in health, hospital information system, panoramic ahead, and design methodology the investigation, analysis of the area of research, analysis and results and consideraciónes end.

Author: OCHOA FERNANDEZ DEMETRIO.
Year: 2005.
University: POLITÉCNICA DE CATALUÑA [www.upc.edu].
Place of defense: E.P.S.d'Edificiació de Barcelona.
Place of preparation: ETSEIB, EDIFICI H Campus SUD.

Summary: The real estate sector is an important engine of the economy of a country that thrives on public and private investment and affects a significant weight in the field of construction. In recent years, economic growth has generated a massive investment in the real estate sector and, in many cases, there has been no adequate economic-financial studies. The aim of the thesis was to investigate and evaluate buildings linked economic operations, obtaining sufficient data for decision-making to help make sound real estate investments and mortgage valuation in the area. There has been an extensive study of the various buildings that are intended for businesses, summarizing the main aspects of each of them and has deepened in the study of hotel holdings, as the majority of such buildings. The process of investigation has been conducted from various areas: technical, legal, commercial and economic co-ordinated with each other to take the necessary decisions in each real estate transaction. Decision-making has been done in a short time span, which determines which to evaluate this type of property, in addition to technical criteria and valuation usual, it is also necessary to have a great knowledge of the operation and management of the business tied the typology of properties valued. Other important data to be taken into account are the economic situation and the means and standard ratios in the sector to which the property linked to the economic exploitation that we look at. The most problematic and most opacity is obtaining ratios sector buildings to assess. The honoree has conducted an exhaustive investigation of the ratios used in a building linked to an economic exploitation (hotel) and brings to his research work using the same for a variety of purposes that can be used. The use of ratios and other information gathered by the honoree, as well as his extensive experience, have served as the basis for calculating the value of a property linked to an economic exploitation of hotel use in the field of Mortgage Market, with the analysis and closing developed in the thesis.

Author: FUENTE CABRERO CONCEPCIÓN DE LA.
Year: 2005.
University: EUROPEA DE MADRID [corporativo.uem.es].
Place of defense: FACULTAD DE ECONOMÍA , DERECHO Y EMPRESARIALES.
Place of preparation: FACULTAD DE ECONOMÍA, DERECHO Y EMPRESARIALES.

Summary: Small and medium enterprises have greater difficulties in accessing the credit market that the larger companies, particularly in long-term operations. This is a result mainly from the shortage or lack of collateral. In order to solve this problem, during the twentieth century have been articulated throughout the world, particularly in the most industrialized countries, various guarantee schemes to improve the conditions of SMEs' access to bank financing . In Spain the system is based on the mutual guarantee (SGR), which have undergone a thorough reform between the years 1994 and 2000. The industry has experienced significant growth rates in recent years, however, there is a high degree of concentration, indicating that all SGR not have exploited the same way the reforms. The aim of this thesis has been to identify the factors that have led to the expansion of the sector. To achieve that goal, firstly, a conceptual theoretical framework on setting up these instruments within the financial system. Secondly, we conducted an empirical study in two phases. In the first, we performed an analysis of the economic-financial information of the various operational SGR to determine which have experienced a more favorable evolution. The methodology used in this stage has been similar to that handled by the Bank of Spain in its sectoral analysis. In the second phase, we performed a case study of the five most favorable developments with RMS, which accounted for 70% of the sector. The methodology consisted of a field work based on a survey of those companies. Data analysis was performed using the statistical package SPSS / PC. We studied five points, four of domestic (marketing, political risk, and human resources management and governance of the organization) and one external, support from the autonomous regions such MGS.

Author: NAVARRETE SUAREZ EDUARDO.
Year: 2005.
University: AUTÓNOMA DE MADRID [www.uam.es].
Place of defense: FINANCIACION E INVESTIGACION COMERCIAL.
Place of preparation: FINANCIACION E INVESTIGACION COMERCIAL.

Summary: The thesis, also includes the presentation, four central chapters, plus sixth conclusions, subtracting annexes detailing some calculations. In Chapter Two examines the key aspects such as: random diffusion processes, training portfolio risk neutral, solution methods and assumptions application. In the third chapter, selecionan the two schemes operating in Chile, for two types of fitness forest 1 and 3 .. We review the processes of diffusion Brown and reversion to the average price of roundwood and pulpables aserrables. Finally, it simulates the growth of pine using a simulator determininístico. In the fourth chapter, presntan major rotation optimal deterministic models, to assess the current window cut between 20 and 30 years. In chapter five is evaluated through actual purchase options imprisonment and the effect of finite risk in the price of roundwood in the short time it. It compares the effects of different models with a model of control impulsive Alvarez which is much more suitable for this type of analysis, and check the appropriateness of the current window court

Author: DE CARLOS MARTÍN-LAGOS FRANCISCO DE BORJA.
Year: 2005.
University: PONTIFICIA COMILLAS [www.upcomillas.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: SUMMARY THESIS DATABASE TESEO "FEATURES AND IMPACT OF A MODEL FOR PROFITABILITY OF CUSTOMERS ON THE DIRECTION IN COMMERCIAL BANKING RETAILER" Francisco de Borja Charles Martín-Lagos This thesis designing a conceptual model of Valuation Services (MVC), which includes all the significant variables in measuring the value of the customer in retail banking and enables support the decisions of business management. This is a quantitative model designed to estimate the value contributed by each client based on economic financial variables, which integrates into its development vision profitability versus risk, so that the measurement value is not only considering the contribution of client to previous over their lives, but also the level of risk assumed by each of them. The MVC It bases its development on two parameters that define this concept of value and determining its design such as: "Profitability current provided by the client: definition of the parameters that make up the System Profitability of clients in banking as a starting point for the valuation of customer. "Relevance or future value of customers' businesses, real axis of MVC It incorporates the concepts that make it possible to estimate the contribution of customer value fruit of his long-term relationship with the entity. Based on the method of discounted cash flow analysis, formulation of its highlights three elements which are to mark the development of MVC And the thesis as are the definition and estimation of cash flows and its pattern of behavior in the medium term, the life cycle via the client and the discount rate over the definition of "beta segment produced the sensitivity analysis of retail banking at the risk factors that affect it. In general the results derived from the application of the parameters of the model on a sample of retail banking customers suggest that the application of methods based on analysis of current customer profitability as those arising from the implementation of MVC Clearly bring value to the entity. However it is through the model where there is a greater Net Present Value of the portfolio of assets representing portfolio of clients. In addition results over the latter distributed in a more heterogeneous those customers in a way that improves the efficiency of its management to achieve diversify cash flows of the portfolio and expand the possibilities for implementing business strategies differentiated. A final interpretation of the Model Assessment allows you to limit, from the definition of its main components, inductors their value as real levers of action within the strategy of creating value for management of retail banking.

Author: NARANJO NUÑEZ RAMÓN.
Year: 2005.
University: POLITÉCNICA DE MADRID [www.upm.es].
Place of defense: ESCUELA TECNICA SUPERIOR DE INGENIEROS DE MINAS.
Place of preparation: E.T.S.I. MINAS.

Summary: With this doctoral thesis raises three basic objectives: first, caracterizarización of the mining sector in the medium enterprise, and secondly, introducing the fundamentals that can be used initially to evaluate the development of a mining perspective socioeconomic financial and thirdly to provide a methodology for the economic and financial evaluation of mining projects. This research work aims, among other alternatives, check the hypothesis significance of the options in the real value of the investment business through the in depth study of the sources of value. This document presents itself as a contribution to the implementation of the model structure project MPDM extending the ability of analysts to investigate the mining operations policy in an evaluation exercise. In this model, a mining project is modeled as a portfolio of real files in which areas of the ore deposit, delimited on the basis of grades, location and size, they assume the role of components of the portfolio. First, we will have a very summary of the particularities of the mining sector. In the second part, we will focus on what would be the financing of a mining project, analyzing the various alternatives available for this purpose. In the third part we will focus on what would be the financing of a mining project, analyzing the various alternatives available for this purpose. In the quarter validate the study conducted by applying a real success story "Project Las Cruces," extrapolates perfectly in terms of its methodology and analysis results to the rest of mines homogeneous. Finally, in chapter conclusions, it condenses a summary of the major readings of the study process and applied research in the theory, whatever conclusions something more numerous and more specific incorporates over the chapters, taking as basic research work, both in theoretical and empirical slope.

Author: TEJERINA GAITE FERNANDO ADOLFO.
Year: 2005.
University: VALLADOLID [www.uva.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The work presented is approaching one dimension less studied by the corporate governance, particularly in the deeper nature of the links between credit and non-financial companies from the perspective of new theoretical course, considering the legal framework and institutional as a key element of the ownership structure and governance of the different economies. From this perspective, our empirical investigation of the peculiar relationship banca-industria that determine the characteristics of the corporate governance of our country, rooted in the French tradition of the civil -caracterizada by a low level of protection of the rights of investors, has a high degree of concentration of ownership, which attaches great importance to the identity of the shareholder controller. Our research found, in general, a positive relationship between participation banking and the value of non-financial businesses. However the influence of credit on the value of associated companies varies among different sub-samples analyzed. Such influence is especially pronounced among companies whose controlling shareholder is not a bank, but theoretically at least, has a certain ability to expropriate income, the greater possess voting rights on cash flows. In companies in which the principal owner is not unlike rights, and significant positive influence on the value occurs when banks participating in the property but is not listed as a creditor nor has seats on the board. Finally, the relationship becomes negative in companies controlled by banks with greater voting rights to property.