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The aim of this paper is to analyse the evolution of Spanish households' indebtedness and financial vulnerability over the course of this century using micro-data from the Household Finance and Consumption Survey. Our results show a growing debt participation of Spanish households and an increase in the stock of outstanding debt of indebted households, a trend that reversed with the end of the Great Recession. Moreover, the percentage of financially vulnerable households according to three indicators grew dramatically until the end of the downward phase of the last economic cycle and showed considerable signs of improvement during the second half of 2010s. These results, nonetheless, call attention to the number of Spanish households being unable to service their debts in the face of an economic downturn. [ABSTRACT FROM AUTHOR]

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Prior literature on nonprofit organizations (NPOs) has focused on the effect of board composition on organizational efficiency. However, this research is focused on presenting an analysis of the relationship between the financial vulnerability of NPOs and their boards. Although studies of for‐profit organizations have confirmed this relationship both theoretically and empirically, it is a novel one in the literature regarding nonprofit entities. We apply a multitheoretical approach to explain the dual role of the board (providing both advice and monitoring operations) and a multidimensional model of financial vulnerability. To this end, we use an original hand‐collected database of 64 NPOs from Spain and 800 board members. Contrary to our expectations, our results do not support the existence of a significant relationship between board composition (in terms of board structure and directors' experience and education) and the financial vulnerability of NPOs. [ABSTRACT FROM AUTHOR]

In the framework of the current wave of home repossessions, many Spanish households struggle to keep up with repayments before going into arrears. Their financial vulnerability is not a simple function of the availability of income as they are repaying debts. Rather, it is to be understood in combination with a differential access to other resources that may help households to cope with hardship. Factors that help to keep up with repayments may include the availability of material aid and non-economic resources, such as information or social connections. But, at a certain stage, debtors may benefit less from aid to keep up with repayments, than from the advice to give them up, a decision that implies challenging the moral obligation to repay and devoting much time and effort to negotiation with the creditor. The availability of these resources needs to be considered in order to understand the (re)production of social inequalities linked to financial vulnerability as a result of mortgage default. [ABSTRACT FROM AUTHOR]