Grupo Santander Chair of Financial Institutions and Corporate Governance

Chair: Gaizka Ormazabal

The Grupo Santander Chair of Financial Institutions and Corporate Governance expands knowledge of the most relevant aspects of the corporate governance of financial institutions.

The Chair conducts research, publishes informative articles and produces teaching materials. It also organizes training seminars, focused programs on corporate governance and boards of directors, and sessions in IESE’s Alumni Learning Program.

The Chair is a member of the European Corporate Governance Institute, and participates regularly in conferences organized by the CEPR, the Asociación Española de Finanzas, Instituto MEFF and other institutions.

Research areas.

  • The economic consequences of banking regulation.
  • Bank accounting and its effects on markets and credit provision.
  • The commitments of information transparency regarding the remuneration of the members of the board of directors.
  • The process of European integration of the financial sector.
  • The role of banks in the transition towards a more sustainable economy.

Chair.

Gaizka Ormazabal is a professor of Accounting and Control. He holds a doctorate in Business from Stanford University, and his research centers on the determinants and economic impact of corporate governance and executive compensation practices. Thus, he has analyzed subjects such as remuneration incentives for risk taking, corporate risk oversight, financial regulation, asset securitization, stakeholder activism and the role of intermediaries in the field of corporate governance.

Activities.

The Chair supports and conducts research and prepares teaching materials on corporate governance and the management of financial institutions. Among the subjects studied are:

  1. The abolition of anti-takeover provisions from company by-laws
  2. Commitments to information transparency with respect to directors’ pay
  3. Value creation in merger and acquisition processes in the financial industry
  4. Integration of the financial industry in Europe

The Chair is also actively involved in organizing training seminars and specialized conferences, both at IESE and in collaboration with respected international bodies. The activities carried out by the Chair include:

  • CEO’s Forum
  • Focused program at IESE on “Corporate Governance: Boards of Directors”, held yearly
  • Regular sessions within IESE’s Continuous Education Program
  • Organizer of the 24th Colloquium of the European Financial Research Society in October 2004

The Chair is an active participant in national and international conferences with a view to disseminating its work. For example, it belongs to the European Corporate Governance Institute and regularly takes part in conferences organized by CEPR, Asociación Española de Finanzas, Instituto MEFF and other institutions.

Sponsor.

SantanderLogo_180x50_20131017130717

Publications

Journal Articles (refereed)

COHEN, S., KADACH, I., ORMAZABAL, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, 76 (2-3), Article 101640. doi:10.1016/j.jacceco.2023.101640. COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2023). Executive Compensation Tied to ESG Performance: International Evidence. Journal of Accounting Research, 61 (3), 805-853. doi:10.1111/1475-679X.12481. BONETTI, P., ORMAZABAL, G. (2023). Boosting foreign investment. The Role of cerfitication of corporate governance. Journal of Accounting Research, 61 (1), 95-140. doi:10.1111/1475-679X.12468. AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2021). The Big three and corporate carbon emissions around the world. Journal of Financial Economics, 142 (2), 674-696. doi:10.1016/j.jfineco.2021.05.007. BOLTON, P., KACPERCZYK, M. T., LEUZ, C., ORMAZABAL, G., REICHELSTEIN, S., SCHOENMAKER, D. (2021). Mandatory carbon disclosures and the path to net zero. Management and Business Review, 1 (3). BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2021). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review, 96 (5), 1-29. doi:10.2308/TAR-2018-0436. LÓPEZ, G., ORMAZABAL, G., SAKASAI, Y. (2021). Switching from incurred to expected loan loss provisioning. Early evidence. Journal of Accounting Research, 59 (3), 757-804. doi:10.1111/1475-679X.12354. FERRES, D., ORMAZABAL, G., POVEL, P., SERTSIOS, G. (2021). Capital Structure under Collusion. Journal of Financial Intermediation, 45, Article 100854. doi:10.1016/j.jfi.2020.100854. BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572. JAGOLINZER, A. D., LARCKER D. F., ORMAZABAL, G., TAYLOR, D. J. (2020). Political connections and the informativeness of insider trades. Journal of Finance, 75 (4), 1833-1876. doi:https://doi.org/10.1111/jofi.12899.

Book Chapters

PEÑALVA, F., WAGENHOFER, A. (2021). Conservatism in debt contracting. Theory and empirical evidence. In Clatworthy, Mark ; García Lara, Juan Manuel; Lee, Edward. (Eds.), Accounting and debt markets: four pieces on the role of accounting information in debt markets. Abingdon, Oxon ; New York: Routledge.

Studies

CAMPA, J. M., LÓPEZ DE LA TORRE, T. (2006). Prácticas de gobierno corporativo.

Cases

ORMAZABAL, G. (2022). Schneider Electric: vincular la remuneración al ESG. IESE, C-804.

Journal Articles (refereed)

FRIEDMAN, H., ORMAZABAL, G. (2024). The Role of information in building a more sustainable economy. A Supply and demand perspective. Journal of Accounting Research. (Forthcoming) COHEN, S., KADACH, I., ORMAZABAL, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, 76 (2-3), Article 101640. doi:10.1016/j.jacceco.2023.101640. BARROSO, R., N’GATTA, D., ORMAZABAL, G. (2023). Individual wealth taxes and corporate payouts. The Accounting Review, 98 (5), 31-60. doi:10.2308/TAR-2021-0475. COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2023). Executive Compensation Tied to ESG Performance: International Evidence. Journal of Accounting Research, 61 (3), 805-853. doi:10.1111/1475-679X.12481. BONETTI, P., ORMAZABAL, G. (2023). Boosting foreign investment. The Role of cerfitication of corporate governance. Journal of Accounting Research, 61 (1), 95-140. doi:10.1111/1475-679X.12468. AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2021). The Big three and corporate carbon emissions around the world. Journal of Financial Economics, 142 (2), 674-696. doi:10.1016/j.jfineco.2021.05.007. BOLTON, P., KACPERCZYK, M. T., LEUZ, C., ORMAZABAL, G., REICHELSTEIN, S., SCHOENMAKER, D. (2021). Mandatory carbon disclosures and the path to net zero. Management and Business Review, 1 (3). BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2021). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review, 96 (5), 1-29. doi:10.2308/TAR-2018-0436. LÓPEZ, G., ORMAZABAL, G., SAKASAI, Y. (2021). Switching from incurred to expected loan loss provisioning. Early evidence. Journal of Accounting Research, 59 (3), 757-804. doi:10.1111/1475-679X.12354. FERRES, D., ORMAZABAL, G., POVEL, P., SERTSIOS, G. (2021). Capital Structure under Collusion. Journal of Financial Intermediation, 45, Article 100854. doi:10.1016/j.jfi.2020.100854.

Working Papers

BONETTI, P., EN, Y., KADACH, I., ORMAZABAL, G. (2024). Climate disclosures and decarbonization along the supply chain. PEÑALVA, F., DAI, J., ORMAZABAL, G., RANEY, R. (2023). Can mandatory disclosure curb Greenwashing? First evidence from the EU SFDR. N'GATTA, D., ORMAZABAL, G., RANEY, R. (2022). Trading of Emission Allowances and Financial Frictions. COHEN, S., KADACH, I., ORMAZABAL, G. (2022). Why do institutional investors request climate related disclosures?. COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2022). Executive compensation tied to ESG performance. International evidence.

Articles in other publications

ORMAZABAL, G. (2016). Lo que todo consejero debería saber. Supervisión de riesgos. IESE Insight (28), pp. 23 - 28. ORMAZABAL, G. (2016). Risk Oversight: What Every Director Should Know. Are Risky Boards Getting Riskier? IESE Insight (28), pp. 23 - 28. ORMAZABAL, G., MCCALL, A. L. (2014). Are Voting Guidelines Ruling Your Business?. Proxy Advisors. IESE Insight (21), pp. 31 - 35. ORMAZABAL, G., MCCALL, A. L. (2014). ¿Las asesorías de voto gobiernan su negocio?. El poder de decisión en las juntas de accionistas. IESE Insight (21), pp. 37 - 41. ORMAZABAL, G. (2012). ¿Son realmente culpables?. Agencias de calificación crediticia. Revista de Antiguos Alumnos (127), pp. 26 - 29.

Book Chapters

ORMAZABAL, G., FITÉ, R. M. (2024). Ver, contar y hacer crecer el valor. En Fité, R.M.; Nueno, P.; Mehta, K. and Vilà, J. (Eds.), Primero las personas: pensamiento emprendedor para resolver problemas empresariales (pp. 257-269). Barcelona: Gestión 2000. DURO, M., ORMAZABAL, G. (2018). Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence. In Belén Díaz Díaz, Samuel O. Idowu, Philip Molyneux (Eds.), Corporate Governance in Banking and Investor Protection: From Theory to Practice (pp. 3 - 20). Cham: Springer International Publishing.

Studies

CANALS, J., ORMAZABAL, G., SAKASAI, Y. (2024). How can boards improve their effectiveness? 2024 IESE survey on boards of directors. IESE. SAKASAI, Y., ORMAZÁBAL, G., CANALS, J. (2022). 2022 IESE Survey on Boards of Directors: Corporate Purpose, Culture and Strategy. IESE.

Cases

ORMAZABAL, G. (2022). Schneider Electric: vincular la remuneración al ESG. IESE, C-804. SOLER, E., ORMAZÁBAL, G. (2021). Le Grand Hôtel de Leysin (GHL). IESE, C-805. ORMAZABAL, G., KADACH, I., KANJHAN, B. (2019). Al Jakani Computers. IESE, C-794-E. ORMAZABAL, G., KADACH, I. (2019). Say on Pay at Citigroup. IESE, C-795-E. SOLER, E., ESTEVES, J., ORMAZABAL, G. (2015). Salers Dairy Products. IESE, C-781-E.

Technical Notes

ORMAZABAL, G., SOLER, E. (2015). Variance Analysis. IESE, CN-226-E. ORMAZABAL, G., SOLER, E. (2015). Monetary Incentives. IESE, CN-229-E. ORMAZABAL, G., SOLER, E. (2015). Performance Measurement. IESE, CN-228-E. ORMAZABAL, G., SOLER, E. (2014). Transfer Pricing. IESE, CN-227-E. ORMAZABAL, G., SOLER, E. (2014). Precios de transferencia. IESE, CN-227.