2026-04-28T21:06:12Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/74672024-05-10T11:55:57Zcom_10259_7380com_10259_5086com_10259_2604col_10259_7381

Stakeholder governance and private benefits: The case of politicians in Spanish cajas Andrés, Pablo de García Rodríguez, Íñigo Romero Merino, María Elena Santamaría Mariscal, Marcos Stakeholder theory Spanish cajas Politicians Private benefits Political party identification Social identity theory Economía Política económica Economics Economic policy Our research focuses on the private benefits of politicians as board directors of Spanish savings banks (cajas). We use hand-collected data on the political affiliation and personal loans of 1,578 directors to investigate whether political directors used private benefits through excessive personal loans, loans granted to their political parties, or the institutions they represented. Our results show that a higher proportion of political directors on a board is associated with larger personal loans and with better terms than those granted to non-political directors. Furthermore, this higher proportion is also linked to larger loans granted to the public administrations that the political directors represented on the cajas’ governing board. Finally, we also find in-group favouritism based on the social identity theory and directors’ party identification. Therefore, political directors make greater use of private benefits when allocated to their political party and its members. This study was supported by the Spanish Ministry of Economy and Competitiveness (Grant ECO2017-85356), the UAM - Comunidad de Madrid Research Project for Young Researchers (SI3-PJI-2021-00276) and it benefited from the Professorship Excellence Program in accordance with the multi-year agreement signed by the Government of Madrid and the Autonomous University of Madrid (Line #3). The authors gratefully acknowledge the helpful suggestions received from the four anonymous reviewers and the Associate Editor, Constantinos N. Leonidou. The authors also thank the comments received from B. Arrunada, ˜ G. Natividad, A. Martín-Oliver, V. Salas-Fumas ´ and N. Suarez, ´ and the participants at the Wolpertinger Conference held in Santander and at the SANFI Workshop held in Palermo. 2023-02-28T11:18:08Z 2023-02-28T11:18:08Z 2022-05 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion 0148-2963 http://hdl.handle.net/10259/7467 10.1016/j.jbusres.2022.01.096 eng Journal of Business Research. 2022, V. 144, p. 1272-1292 https://doi.org/10.1016/j.jbusres.2022.01.096 info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2013-2016/ECO2017-85356-P/ES/VALOR, ESTRATEGIA FINANCIERA Y GOBIERNO CORPORATIVO/ info:eu-repo/grantAgreement/CAM//SI3-PJI-2021-00276/ Attribution-NonCommercial-NoDerivatives 4.0 Internacional http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess application/pdf Elsevier