Gobierno corporativo e insider trading. La concentración de la propiedad como variable moderadora del rol de control de los consejos.

The purpose of this paper is two fold: First, an analysis of the direct effect of ownership structure and boards of directors on insider trading. Secondly, we examine the possible moderating effect the concentration of ownership has on the disciplinary role of boards in preventing this market practice. The results of the multiple regression and hierarchical multiple regression show the negative effect of both concentration of property and the portion of independent directors on insider trading. Regarding the moderating effect, there is evidence that the controlling roles on the boards are influenced by the concentration of property. [ABSTRACT FROM AUTHOR]