A primer on corporate governance : Spain /
Félix J. López-Iturriaga, Fernando A. Tejerina-Gaite.
- First edition.
- New York, New York (222 East 46th Street, New York, NY 10017) : Business Expert Press, (c)2014.
- 1 online resource (xiv, 131 pages)
- Corporate governance collection, .
Part of: 2014 digital library.
1. Introduction -- 2. The Spanish institutional context -- 3. Internal mechanisms of corporate governance in Spain -- 4. External mechanisms of corporate governance in Spain -- Conclusion -- References -- Index.
Spain has a civil law-based legal system in which court decisions are not a source of law but are of interpretative value. Also, it is a member of the European Union (EU) and as such follows the standards set out by EU directives and regulations. The privatization of large state-owned firms, liberalization, integration with EU, and the launch of the Euro have all contributed to the transformation of Spain's financial system into a modern market. Spain is considered a bank-oriented financial system in which banks play an active role relative to markets. The close link between banks and the governance of nonfinancial firms dates back to the first stages in the process of industrialization in Spain. Thereinafter banks have had close relationships with nonfinancial companies, both through lending and through stock. Currently, the Spanish financial system is going through a process of deep restructuring and consolidation. This process has not affected the outstanding role played by banks and their close ties with the governance of nonfinancial firms. Banks in Spain are not only creditors, but also reference shareholders or sit on the board of directors of nonfinancial firms.
Mode of access: World Wide Web. System requirements: Adobe Acrobat reader.
9781606497616
Corporate governance--Spain.
board of directors corporate finance corporate governance Europe market for corporate control ownership structure Spain