Julio Pindado

Associate Faculty
Accounting and Finance Division

Email:
pindado@usal.es
Categories:
Accounting and Finance, Associate Faculty
Website:
diarium.usal.es/pindado/
Profile

Qualifications

PhD in Finance, The University of Salamanca, Spain

BSc in Business Administration, The University of Salamanca, Spain

Experience

Originally a Visiting Professor at Leeds University Business School, Prof. Pindado then joined us as Research Chair in Accounting and Finance and is now an Associate Faculty member, returning each year to teach the Panel Data course to our PhD students.

Prof. Pindado is also Professor of Accounting and Finance at Universidad de Salamanca (Spain) which is the older university in Spain (the fourth in the world), and is the Director of the Multidisciplinary Institute of Enterprise, Director of the Family Business Centre and Director of the MBA on Family Business there. 

Research

Professor Pindado has published academic peer-reviewed articles on corporate finance, corporate governance, trade credit, and family business in several top journals ranked with a high impact factor in the Journal Citation Report, such as the Strategic Management Journal, Journal of International Business Studies, International Journal of Management Reviews, Journal of Corporate Finance and Corporate Governance.

Prof. Pindado is Advisory Editor of Frontiers in Finance and Economics, Associate Editor of Journal of Financial Regulation and Compliance, a member of the Editorial Board of Review of Behavioral Finance, and has served as a member of the Board of Directors of the European Financial Management Association.

He has presented at many international conferences and seminars, and reviewed for the top journals in his area.

Professor Pindado has obtained several Grants for doing research from European, National and Regional institutions. He has reached good relationship with the industry, as prove the several consultancy contract gotten from private companies.

Finally, Professor Pindado has obtained the Best Paper Award in two international journals (European Financial Management, 2006 Best Paper Award, and Financial Markets and Portfolio Management. 2005 Best Paper Award). Other outstanding Awards include the 2008 Best Paper Award at The 2008 International Family Enterprise Research Academy, 2010 Best Paper Award at The 2010 International Family Enterprise Research Academy, 2013 Best Paper Award at The 2013 International Family Enterprise Research Academy and the Research Award 2007 Fundación de Estudios Financieros.

RESEARCH GRANTS

Leader of the following research grants:

01.01.2014 to 31.12.2016 - Research Project from Spanish Ministerio de Economía y Competitividad. Dirección General de Investigación y del Plan I+D+I, Project title "Key features of a good corporate governance system in the context of economic globalization".

01.01.2011 to 31.12.2013 - Research Project from Spanish Ministerio de Economía y Competitividad. Dirección General de Investigación y del Plan I+D+I, Project title "Corporate Governance: A Special Focus on Family Business".

01.10.2007 to 31.12.2010 - Research Project from Spanish Ministerio de Educación y Ciencia y Tecnología. Secretaria de Estado de Universidades e Investigación, Project title "The effect of corporate governance on financial decisions".

01.01.2005 to 31.12.2007 - Research Project from Junta de Castilla y León, Project title ”An institutional approach for analysing a firm’s financial decisions”.

Researcher of the following research grants

01.01.2011 to 31.12.2013 - Research Project from Junta de Castilla y León, Project title "The effect of corporate governance on financial decisions".

01.10.2007 to 31.12.2010 - Research Project from Spanish Ministerio de Ciencia y Tecnología. Secretaria de Estado de Universidades e Investigación, Project title "Financial decisions and institutional characteristics: theories and empirical evidence from international data".

Teaching

Prof. Pindado has been teaching since 1994 and has taught at both undergraduate and postgraduate level.
In addition he has successfully supervised 8 PhD students to graduation.

Publications

Selected Published Papers rated 3* and 4* at the ABS 2009

"Family Business Performance from a Governance Perspective: A Review of Empirical Research", (with I. Requejo). International Journal of Management Reviews, (in press).

"The Determinants of the Costs of SME’s Financial Distress across Europe". (with K. Keasey and L. Rodrigues). International Small Business Journal, (in press).

"Family control, expropriation, and investor protection: A panel data analysis of Western European corporations", (with I. Requejo and C. de la Torre). Journal of Empirical Finance, 2014, (in press).  

"Trade Credit during a Financial Crisis: A Panel Data Analysis", (with R. Bastos). Journal of Business Research, 2013, 66: 614-620.

"Do family firms use dividend policy as a governance mechanism? Evidence from the Euro Zone", (with I. Requejo and C. de la Torre). Corporate Governance: An International Review, 2012, 20(5): 413–431.

"The Impact of Country-level Corporate Governance on Research and Development", (with D. Hillier, V. de Queiroz and C. de la Torre). Journal of International Business Studies, 2011, 42 (1), 76-98.  

"Family control and investment-cash flow sensitivity: Empirical evidence from the Euro zone". (with I. Requejo and C. de la Torre).  Journal of Corporate Finance, 2011, 17( 2), 1389–1409.

"How do Firm Characteristics Influence the Relationship between R&D and Firm Value?" (with V. de Queiroz and C. de la Torre). Financial Management, 2010, Vol. 39, No 2, pp. 757-782.

"Estimating Financial Distress Likelihood" (with L. Rodrigues and C. de la Torre). Journal of Business Research, 2008. Vol. 61, No. 9, pp. 995-1003.

"The Influence of Corporate Governance on Teaching in Corporate Finance". (with C. Mallin and C. de la Torre).  Long Range Planning.  2006. Vol. 39, pp. 457-464.

"The Role of Investment, Financing and Dividend Decisions in Explaining Corporate Ownership Structure: Empirical Evidence from Spain". (with C. de la Torre). European Financial Management.  2006. vol. 12, No. 3, pp. 661-687. 2006 BEST PAPER AWARD.

"How does financial distress affect small firms’ financial structure?" (with L. Rodrigues and C. de la Torre), Small Business Economics An International Journal, 2006, vol. 36, No. 4, pp. 377-391.

"How do entrenchment and expropriation phenomena affect control mechanisms?" (with A. Miguel and C. de la Torre).Corporate Governance: An International Review.  2005, Vol. 13, No. 4, pp. 505-516.

"Ownership structure and firm value: New evidence from Spain" (with A. Miguel and C. de la Torre). Strategic Management Journal. 2004. Vol. 25, No 12, pp. 1119-1207.

"Parsimonious models of financial insolvency in small companies". (with L. Rodrigues). Small Business Economics: An International Journal. 2004. Vol. 22, No. 1, pp. 51-66.

"Measuring the Impact of Corporate Investment Announcements on Share Prices: The Spanish Experience". (with E. Del Brio and J. Perote). Journal of Business, Finance and Accounting. 2003. Vol. 30, No. 5&6, pp. 715-747.

"The underinvestment and overinvestment hypotheses: An analysis using panel data". (with A. Morgado). European Financial Management. 2003. Vol. 9, No. 2, pp. 163-177.

"Determinants of capital structure: New evidence from Spanish panel data". (with A. Miguel). Journal of Corporate Finance. 2001 Vol. 7, No. 1, pp. 77-99.

Selected Published Papers with an impact factor

"The Effect of Ownership Structure on Underinvestment and Overinvestment: Empirical Evidence from Spain". (with C. de la Torre). Accounting & Finance. 2009, Vol. 49, No. 2, pp. 363-383.

"How do insolvency codes affect a firm's investment?". (with L. Rodrigues y C. de la Torre).  International Review of Law and Economics, 2008. Vol. 28, pp. 227-238.

"Financial Decisions as Determinants of Ownership Structure: Evidence from Spanish Family Controlled Firms". (with C. de la Torre). Managerial Finance. 2008, Vol. 34, No. 12, pp. 868-885.

"Determinants of financial distress costs?". (with L. Rodrigues). Financial Markets and Portfolio Management. 2005, vol. 19, No. 4, pp. 343-359. 2005 BEST PAPER AWARD.

"Capital structure and stock prices: Additional evidence". (with M. H. Maestro), Applied Financial Economics Letters, 2005, vol. 1, No. 6, pp. 355-360.

"Why is ownership endogenous?". (with C. de la Torre). Applied Economics Letters, Vol. 11, No 6, pp. 901-904. 

"Investment and firm value: An analysis using panel data". (with E. Del Brio and A. Miguel). Applied Financial Economics. 2003,Vol.13, No. 12, pp. 893-903.

"The role of dividend policy in regulated firms". (in spanish) (with B. Lozano and A. Miguel). Investigaciones Economicas. 2002. Vol. 26. No. 3, pp. 447-474.

"Financial determinants of intangible assets". (in spanish) (with B. Lozano and A. Miguel). Revista de Economia Aplicada , 2001. Vol.  27, pp.63-81.

Other Selected Published Papers

"Panel data: a methodology for model specification and testing". (with I. Requejo), in Finance Volume of Wiley Encyclopedia of Management, 2014, (in press)

"Diversification: A Value-Creating or Value-Destroying Strategy? Evidence From The Eurozone Countries" (with A. Galván and C. de la Torre). Journal of Financial Management, Markets and Institutions, 2014, Vol. 1, pp. 43-64.

"Capital structure: new evidence from the ownership structure" (with C. de la Torre). International Review of Finance, 2011, Vol. 11, No.2, pp. 213–226.

"Trade credit, creditor protection and accounting standards: evidence from an international sample". (with R. Bastos). Revista de Economia Financiera, 2009, No. 17, pp. 10-33.

"Modelo de inversión basado en la ecuación de Euler con límite máximo de endeudamiento: evidencia empírica internacional". (with M. Maestro y A. Miguel). Cuadernos de Economía y Dirección de la Empresa.2007.  No. 3,  pp. 93-128.

"Frontiers of financially constrained and unconstrained firms: a new development in Finance". (with M. Maestro and A. Miguel), Frontiers in Finance and Economics, 2005,Vol. 2, No. 2. pp. 1-31.

"A New Topic for Teaching in Corporate Finance: How to Avoid Investment Inefficiencies". Advances in Financial Education. 2005. vol.3, No. 3, pp. 118-134.

"Propiedad y control en el Mercado de control empresarial: Un enfoque de agencia". (with B. Lozano and A. Miguel). Revista Española de Financiación y Contabilidad, 2005. No. 124, pp. 113-139.

"The conflict between shareholders and managers: Problems and solutions proposed". (with B. Lozano and A. Miguel). ICE. 2004. No. 813, pp. 225-245.

"Goodness of proxies for Tobin’s q: International evidence" (with C. de la Torre). Finance Letters, 2003. Vol 1, No. 6, pp. 14-17.

"Investment decisions: Lessons from Spanish firms" (with A. Miguel). The International Journal of Finance. 2003. Vol. 15, No. 2, pp. 2537-2556.

Books

Pindado, J. (2012): Finanzas Empresariales. Paraninfo. Madrid.

Pindado, Julio and Requejo, Ignacio (2012): Governance and Family Firms. Edward Elgar Publishing, Cheltenham, UK – Northampton, MA, USA.

Pindado, Julio and Payne, Gregory (2008): Building bridges in a global economy. Esic Editorial, Madrid.

Papers Under Review and Working Papers

"Family Firms: Financing Decisions and the Willingness to reduce control". (with K. Keasey and B. Martinez).

"Drivers of the effect of the main shareholder on firm value: The case of young family-owned businesses". (with B. Lozano and B. Martinez).

"Is family control relevant for the corporate cash holding policy?" (with R. Duran and B. Lozano).

"Does family control shape corporate capital structure? An empirical analysis of Eurozone firms" (with I. Requejo and C. de la Torre).

"How do country-level governance characteristics impact the relationship between R&D and firm value?" (with V. Queiroz and C. de la Torre).

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