Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance

The advantage of Spanish multinational enterprises in Latin America

Multinational enterprises (MNEs) from Spain made large foreign direct investments (FDIs) in Latin America between 1990 and 2002, making Spain the second largest direct investor in this region since 1998, behind the United States. This dissertation explains the reasons that led Spanish firms to make these FDIs, as well as their operations in Latin America. Seven Spanish MNEs were included in this study, BBVA and SCH (banking), Telefónica (telecommunications), Endesa, Iberdrola and Unión Fenosa (public utilities), and Repsol-YPF (oil and natural gas). Quantitative and qualitative data were used. Data were collected from the firms' annual reports, from their archives and from personal interviews with senior executives, as well as from academic and specialized publications. ^ Results indicate that the large Spanish FDIs in Latin America were highly concentrated in a few firms from five sectors. The FDIs of these firms alone accounted for 70 percent of total Spanish FDI in Latin America in this period. The reasons for these investments were firm-specific and sector specific. A series of institutional conditions existed in Spain between the 1970s and the 1990s that allowed the employees of the firms to develop the knowledge and devise strategies to adjust to that set of conditions. First, the policies of the Spanish state favored the creation of large firms in these sectors, operating under conditions of monopoly sometimes. Secondly, the consumers put pressure on the firms to provide better and cheaper products as the Spanish economy grew and modernized. Thirdly, the employees of the firms had to adjust their services and products to the demands of the consumers and to the constraints of the state and the market. They adjusted the internal organization of the firm to be able to produce the goods and services that the market demanded. Externally, they also adopted patterns of interaction with outside agents and institutions. This patterned behavior was the “corporate culture” of each firm and the “normative framework” in which their employees operated. When the managers of the firms perceived that there were similar conditions in Latin America, they decided to operate there as well by making FDIs. ^

The (ab)use of politics and eroticism in the culture of the Spanish Transition to democracy (1975–1982)

This dissertation analyzes the (ab)use of politics and eroticism within the framework of the Transition to democracy in Spain, its social and cultural impact—on literature, film, music, and popular media—, and its consequences. After a period of nearly four decades, when the country was subjected to a totalitarian regime, Spanish society underwent a process of democratic restoration. As a result, the two topics considered taboo during almost forty years of repression—i.e., politics and sexuality/eroticism—, gushed out fiercely. Every aspect of culture was influenced by and intrinsically linked to them. However, while we have been offered a more or less global approach to the Transition—the Transition as a whole—, and some studies have focused on diverse areas, no research to date has covered in depth the significance of those issues during that historical moment. Considering the facts stated above, it was imperative to conduct a more detailed analysis of the influence of both eroticism and politics on the cultural production of the Transition from different perspectives. Although the academic intelligentsia has often rejected them as expressions of mass culture, we must consider Pierre Bourdieu’s theories—in line with the tradition of classical sociology, that includes science, law, and religion, together with artistic activities—, Michel Foucault’s ideas on sexuality, and New Historicism, examining texts and their contexts. This work concludes that the (ab)use of both subjects during the Spanish Transition was a reaction to a repressive condition. It led to extremes, to societal transgression and, in most cases, to the objectification of women because of the impositions of a patriarchal society. It was, however, part of a learning and, in a sense, cathartic process that led, eventually, to the reestablishment of the status quo, to a more equitable and multicultural society where men, women, and any political or sexual tendencies are respected—at least, in theory.

Islamist Cyber Networks in Spanish-Speaking Latin America

Despite significant concern among policy, law enforcement and intelligence communities in the United States (U.S.) over the possible spread of radical Islamist thought throughout the world as part of a global jihad movement, there has been little investigation into the growing cyber networks in Latin America that promote strong anti-Semitic and anti-U.S. messages. This paper offers an overview of that network, focusing on the structure of Shi’ite websites that promote not only religious conversion but are also supportive of Iran -- a designated State-sponsor of terrorism – its nuclear program. Hezbollah, and the “Bolivarian revolution” led by Venezuelan President Hugo Chávez and his allies in Bolivia, Ecuador and Nicaragua. There is also a smaller group of Sunni Muslim websites, mostly tied to the legacy organizations of the Muslim Brotherhood. Many of the Shi’ite websites are linked to each other consistently portray Israel as a Nazi State, and the United States as an imperialist war monger. The Palestinian issue is frequently juxtaposed with the anti-imperialist struggle that those states supporting Chávez’ Bolivarian revolution claim to wage against the United States. Some of the Islamist websites claim thousands of new convert, but such claims are difficult to verify. Most of the websites visited touted the conversion of one or two individuals as significant victories and signs of progress, implying that there are few, if any, mass conversions. While conducting this research, no websites directly claiming to be linked to Hezbollah were found, although there numerous sites hosted by that group that were active until around 2006. Several of the inactive links are supportive of Hezbollah as a political party. No websites linked to al Qaeda were found. Yet a substantial Internet network remains operational. Much of the outreach for Shi’ite Muslims, closely tied to Iran, is sponsored on numerous websites across the region, including El Salvador, Chile, Ecuador, Colombia, Mexico and Bolivia. Numerous Facebook forums for discussion are also hosted around Latin America. These links must be viewed in the context of the rapidly expanding diplomatic, intelligence, political and economic ties of Iran in recent years with the self-proclaimed Bolivarian states. Given the sparse literature available and the rich vein of un-mined information on the sites cited as well as others that one could find with additional research, the cyber network of Islamist groups remains one of the least understood or studied facets of their presence in Latin America and the Caribbean. It merits significantly more investigation.

Spanish monarchy and the Portuguese Republic: two routes to democratization

From 1974 to 1986 the Iberian Peninsula was the arena of major political changes. The process then undertaken was characterized by the transition from two Iberian authoritarian regimes to two democracies, which enabled both countries to join the European Economic Community (EEC) on 1 January 1986. However, the political vicissitudes until full membership of what became the European Union (EU) was achieved were very different and were decisively, although not exclusively, influenced by the fact Portugal was a republic and Spain a monarchy. In Portugal the 1974 revolution took place with consequent shift of the head of state while in Spain the engine of change was precisely the head of state: King Juan Carlos I. It is also true that despite the dangers to democracy (terrorism in Spain and some radicalism in Portugal) both societies supported the political parties committed to the democratic process in elections, which helped avoid tensions that could have defeated the process. Likewise, it is possible to argue that in Spain a plan to achieve democracy within the rule of law (an archetypal transition) was designed by the head of state, while in Portugal there was no pre-established plan – the programme of the Armed Forces Movement (Movimento das Forças Armadas [MFA]) was a weak and precarious compromise between different visions of the road to follow, enabling an intense political struggle that almost led to civil war and a dangerous state of crisis.

Some features of the law and order model in Spain

This research is based on the hypothesis that law and order model is displacing the procedura justice system in Spain. After a thorough review of the international literature, one can observe that the traditional structure of the penal system does not seem to be capable of containing the new forms of crime. The new penal model assumes that public opinion is alarmed and unwilling to understand rational approaches to crime, so it will be likely to accept measures aimed at calming the fear of crime, through extensive control policies and penal tools to manage uncivil behavior. Objectives and methodology A measuring instrument has been developed to confirm this hypothesis, consisting of ten features that characterize the law and order model. This instrument has been used to identify examples of its ten features in the rules and practices developed at each phase of the Spanish criminal justice system. The analysis has focused specifically on public discourse about delinquency, criminal policy decisions, legislative processes, police routines, judicial dynamics, and prison system practices. Main results The investigation has shown that there are many processes and practices indicating that the law and order model is consolidating itself in the Spanish penal system. Nevertheless this process has a different intensity at each phase, being stronger at the legislative stage and softer in the penitentiary enforcement phase. One of the main conclusions is, therefore, that the designed instrument is ideal for measuring the degree of penetration of the model throughout the system. Some of the most striking results of the reasearch will be presented at the conference. Finally, proposals arise that could prevent the new model is fully seated in our criminal justice system, finding that the trend toward more severe penalties shown already unsustainable.

Procedural aspects concerning maritime law

Along this work we wish to highlight the main influence of Procedural Law in some as-pects in our Maritime Law. Our point of view has been supported by new Maritime Naviga-tion Act of 2014, when including the Title X ruling "Procedures Specialities in Maritime Navigation". We are focusing on the Bill of Lading as an essential document in maritime shipping from a procedural point of view. It is particulary relevant the express recognition of its enforce-able nature through the Spanish Maritime Navigation Act, giving to the bill of lading the consideration as an true extrajudicial enforceable title. We will point out the main error of the spanish regulator in the new Maritime Navigation Act, when repeating the provided posibility in the Spanish Civil Procedure Act, of a direct procedure of execution grounded on a extrajuditial enforcement such as the bill of lading. Finally, we would like to conclude the work studying the possible uses of Small Claim Procedure of the 812 article and followings of Spanish Civil Procedure Law, for the pur-pose of safeguarding credit, so as a short mention to other procedural figures expressly in-cluded in the Title IX of Maritime Navigation Law.

Western Sahara : international law, justice and natural resources

As the Spanish were preparing to leave colonized Western Sahara in 1975, Morocco invaded, sparking a war with the Western Saharan Polisario Front. About 70% of Western Sahara was occupied by Morocco, which stations up to 140,000 soldiers in the territory, primarily along a 1700 kilometre long sand berm that is protected by one of the world’s largest fields of landmines. In 1991, Morocco and the Polisario Front agreed to a truce ahead of a referendum on Western Sahara’s future. However, Morocco has since refused to allow the referendum to take place, and has begun the extensive exploitation of Western Sahara’s non-renewable natural resources. This has both highlighted the plight of the Saharawi people who live in refugee camps in Algeria and in occupied Western Sahara, and pushed the Polisario Front back to a position where it is openly canvassing for a return to war.

Engaging Students in the Implementation of Criterion Referenced Assessment in First Year Law

The Queensland University of Technology (QUT) University Academic Board approved a new QUT Assessment Policy in September 2003, which requires a criterion-referenced approach as opposed to a norm-referenced approach to assessment across the university(QUT,MOPP,2003). In 2004, the QUT Law School embarked upon a process of awareness raising about criterion-referenced assessment amongst staff and from 2004 – 2005 staggered the implementation of criterion-referenced assessment in all first year core undergraduate law units. This paper will briefly discuss the benefits and potential pitfalls of criterion referenced assessment and the context for implementing it in the first year law program, report on student’s feedback on the introduction of criterion referenced assessment and the strategies adopted in 2005 to engage students more fully in criterion referenced assessment processes to enhance their learning outcomes.