Research

Corporate governance, family business and socioemotional wealth, ownership structure and boards, business groups, banking, and tourism/hospitality firm finance.

Current research lines

Corporate governance and boards — director independence, compensation, and monitoring
Family business and socioemotional wealth
Ownership structure, business groups, and internationalization
Banking and financial intermediary governance
Tourism and hospitality firm finance and innovation

Selected publications

Newest first. This list is drawn directly from CV_ENG_F.pdf and CVN — full working papers, books, and funded projects follow below.

2024/2025 — Crespí-Cladera, R.; Pascual-Fuster, B. "Ownership, Control, and Productivity: Family Firms in Comparative Perspective." Journal of Management.
2022 — Pascual-Fuster, B.; Crespí-Cladera, R. "Optimal Board Independence with Gray Independent Directors." BRQ Business Research Quarterly, 25(2), 193–209. DOI
2021 — Crespí-Cladera, R.; Martín-Oliver, A.; Pascual-Fuster, B. "Financial Distress in the Hospitality Industry During the Covid-19 Disaster." Tourism Management.
2020 — Aguilera, R.V.; Crespí-Cladera, R.; Infantes, P.M.; Pascual-Fuster, B. "Business Groups and Internationalization: Effective Identification and Future Agenda." Journal of World Business, 55(4). DOI
2019 — Aguilera, R.V.; Crespí-Cladera, R.; Kabbach de Castro, L.R. "Corporate Governance in Latin America: Towards Shareholder Democracy." BRQ Business Research Quarterly, 19-2, 13–17.
2018 — Pascual-Fuster, B.; Crespí-Cladera, R. "Politicians in the Boardroom: Is It a Convenient Burden?" Corporate Governance: An International Review, 26(6). DOI
2018 — Crespí-Cladera, R.; Pascual-Fuster, B. "Diversidad de género y compensación en los consejos de administración." Economistas, June 2018, pp. 25–32.
2017 — Kabbach de Castro, L.R.; Aguilera, R.V.; Crespí-Cladera, R. "Family Firms and Compliance: Reconciling the Conflicting Predictions Within the Socioemotional Wealth Perspective." Family Business Review, 30(2), 137–159. DOI
2016 — Desender, K.; Aguilera, R.V.; Crespí-Cladera, R.; Lopezpuertas-Lamy, M. "A Clash of Governance Logics: Foreign Ownership and Board Monitoring." Strategic Management Journal, 37(2), 349–369. DOI
2016 — Aguilera, R.V.; Crespí-Cladera, R. "Global Corporate Governance: On the Relevance of Firms' Ownership Structure." Journal of World Business, 51(1), 50–57.
2015 — Crespí-Cladera, R.; Martín-Oliver, A. "Do Family Firms Have Better Access to External Finance During Crises?" Corporate Governance: An International Review, 23(3), 249–265.
2015 — Crespí-Cladera, R.; Pascual-Fuster, B. "Executive Directors' Pay and Networks: The Influence of Ownership Structure." Journal of Accounting and Public Policy, 34(2), 175–203.
2014 — Crespí-Cladera, R.; Pascual-Fuster, B. "Does the Independence of Independent Directors Matter?" Journal of Corporate Finance, 28, 116–134. Special issue: "Inside the Boardroom."
2013 — Desender, K.; Aguilera, R.V.; Crespí-Cladera, R.; García-Cestona, M.A. "When Does Ownership Matter? Board Characteristics and Behavior." Strategic Management Journal, 34(7), 823–842.
2012 — Aguilera, R.V.; Crespí-Cladera, R. "Firm Family Firms: Current Debates of Corporate Governance in Family Firms." Journal of Family Business Strategy, 3, 66–69.
2010 — Crespí-Cladera, R.; Renneboog, L. "Is Institutional Shareholder Activism New? Evidence from UK Shareholder Coalitions in the Pre-Cadbury Era." Corporate Governance: An International Review, 18(4), 247–295.
2009 — Crespí-Cladera, R.; Pascual-Fuster, B. "Corporate Governance Practices of Spanish Listed Banks 2004–2007." Revista de Estabilidad Financiera, Banco de España, 16, 80–110.
2005 — Orfila-Sintes, F.; Crespí-Cladera, R.; Martínez-Ros, E. "Innovation Activity in the Hotel Industry: Evidence from Balearic Islands." Tourism Management, 26(6), 851–865.
2004 — Crespí-Cladera, R.; García-Cestona, M.A.; Salas, V. "Governance Mechanisms in Spanish Banks. Does Ownership Matter?" Journal of Banking & Finance, 28(10), 2311–2330.
2003 — Crespí-Cladera, R.; Gispert, C. "Total Board Compensation, Governance and Performance of Spanish Listed Companies." Labour: Review of Labour Economics and Industrial Relations, 17(1), 103–126.
2002 — Crespí-Cladera, R.; Gispert, C. "Causes and Consequences of Block Increases: Evidence from Spanish Non-Financial Firms." Journal of Management and Governance, 6, 235–254.

Earlier working papers list (1993–2001) omitted here for length — full detail available in the downloadable CV.

Current working papers

"Property Rights Economics and Firm Boundaries: Explaining Ubiquitous Business Groups" / "Explaining the Ubiquity of Business Groups around the Globe: A Property Rights Perspective" — with Ruth V. Aguilera, Alfredo Martín-Oliver, Bartolomé Pascual-Fuster. Presented at the 7th Greater Boston Corporate Governance Workshop (May 2025), 24th WCGI, Vaasa (Sept 2025), and the JMS Special Issue Paper Development Workshop, Miami (Feb 2026)
"Do Business Groups Use Internal Labor Markets for Tunneling?" — with Magí Trobat-Fullana, Bartolomé Pascual-Fuster. Presented at the 22nd WCGI, Marburg (Sept 2023)
"The Corporate Governance of Family Firms" — presented at the 23rd WCGI, Aberdeen (Sept 2024)
"Property Rights and Firm Performance: State Ownership or Institutional Strength?" — with Ruth V. Aguilera, Alfredo Martín-Oliver. Presented at the 11th ICGS Conference, Manchester (Oct 2025)
"The Grand Challenge of the Glass Ceiling: A Social Psychological Perspective" — with Bartolomé Pascual-Fuster, Ryan Federo. Presented at the 21st WCGI, Copenhagen (2022)
"Internationalization of Family Businesses in the Global South: A Comparative Analysis with the Global North" — with Ruth V. Aguilera, Kimberly Eddleston, Alfredo Martín-Oliver. Presented at IFERA 2025, Zadar
"Heroes or Villains? Family Firms, Wage Inequality, and the Global South-North Divide" — with Ruth V. Aguilera, Kimberly Eddleston, Alfredo Martín-Oliver. Presented at the JIBS Special Issue Paper Development Workshop, Manchester (June 2026), and forthcoming at the 25th WCGI, Vilnius (Sept 2026)

Books & book chapters

Crespí-Cladera, R.; Garcés-Galdeano, L. "La estructura y el gobierno corporativo de la empresa familiar" (Chapter II). In Fundamentos de la empresa familiar, Instituto de la Empresa Familiar. Editorial Aranzadi, 2025, 450 pp. ISBN 978-84-10308-45-9.
Crespí-Cladera, R.; Bru, L. "Board Governance of Family Firms and Business Groups with a Unique Regional Dataset." In The Modern Firm, Corporate Governance and Investment, eds. Per-Olof Bjuggren & Dennis C. Mueller. Edward Elgar, 2009, pp. 292–322.
Crespí-Cladera, R.; Orfila-Sintes, F. "Environmental Management Innovation: Evidence from the Balearic Hotel Industry." In Corporate Environmental Strategy and Competitive Advantage, eds. Sanjay Sharma & J.A. Aragón-Correa. Edward Elgar, 2005.
Crespí-Cladera, R. "Corporate Governance and Economic Performance: Spain." In Corporate Governance and Economic Performance, ed. Klaus Gugler. Oxford University Press, 2001.
Crespí-Cladera, R.; García-Cestona, M.A. "Ownership and Control of the Spanish Listed Firms." In The Control of Corporate Europe, eds. F. Barca & M. Becht. Oxford University Press, 2001.
Crespí-Cladera, R.; Gispert, C.; Renneboog, L. "Cash-based Executive Compensation in Spain and the UK." In Convergence and Diversity in Corporate Governance Regimes and Capital Markets, eds. J. McCahery, P. Moerland, T. Raaijmakers & L. Renneboog. Oxford University Press, 2002.

Conferences & workshops

Newest first. Rafel is a standing member of the Program/Organizing Committee of the Workshop on Corporate Governance and Investment (WCGI) — see Academic Service.

Sept 2026 (upcoming) — 25th WCGI, Vilnius, Lithuania — program committee + presenter, "Heroes or Villains? Family Firms, Wage Inequality, and the Global South-North Divide"
Oct 2026 (upcoming) — 12th ICGS Conference, HEC Montréal — reviewer
June 2026 — JIBS Special Issue Paper Development Workshop, Manchester Metropolitan University — presenter, "Heroes or Villains?"
June 2026 — XXXV ACEDE Congress, Santander — discussant
June 2026 — XX DEMO Workshop, UAB, Barcelona — discussant
June 2026 — IFERA Annual Conference, Naples — attendee
Feb 2026 — JMS Special Issue Paper Development Workshop, Florida International University, Miami — presenter, "Explaining the Ubiquity of Business Groups around the Globe"
Oct 2025 — 11th ICGS Conference, University of Manchester — session chair + presenter, "Property Rights and Firm Performance: State Ownership or Institutional Strength?"
Sept 2025 — 24th WCGI, University of Vaasa, Finland
June 2025 — Family Business Research Workshop, University of Zagreb — presenter
June 2025 — IFERA Annual Conference, Zadar, Croatia — presenter + panelist ("Publishing Horror Stories" session)
June 2025 — XIX DEMO Workshop, UAB, Barcelona — session chair
May 2025 — 7th Greater Boston Corporate Governance Workshop, Northeastern University — presenter
Mar–Apr 2025 — EURAM Early Career Colloquium, UIB, Palma — local organizer/host
Sept 2024 — 23rd WCGI, University of Aberdeen — presenter, "The Corporate Governance of Family Firms"
July 2024 — Academy of International Business (AIB) Annual Meeting, Seoul — attendee
June 2024 — IFERA Annual Conference, Lisbon — attendee
June 2024 — XVIII DEMO Workshop, UAB, Barcelona — discussant
Oct 2023 — ICGS Conference, Sustainable Corporate Governance, IE University, Madrid — participant
Sept 2023 — 22nd WCGI, Marburg, Germany — presenter, discussant, session chair
June 2022 — XVI DEMO Workshop, UAB, Barcelona — discussant
2022 — 21st WCGI, Copenhagen Business School — presenter, "The Grand Challenge of the Glass Ceiling"

Funded research projects (principal investigator)

2020–2022 — Influencia del nuevo modelo de alquiler turístico sobre el alquiler residencial. PRD2018/43, Conselleria d'Educació i Universitat (CAIB). €105,700.
2018–2021 — Business strategy and competitiveness: sustainable models. ECO2017-86305-C4-1-R, joint with UAB, Universidad de Zaragoza, UPNA. €44,000.
2014–2017 — Firm competitiveness: innovation and internal organization. ECO2013-48496-C4-1-R, coordinated with UAB, UPNA, Universidad de Zaragoza.
2010–2013 — Impact of interaction of stakeholders on firm competitiveness. ECO2010-21393-C04-02. €79,860.
2007–2010 — Internal organization, corporate governance practices and family control (FOGPFC). SEJ2007-67895-C04-03/ECON. €126,300.
2004–2007 — Corporate governance, incentive structure and markets efficiency. SEJ2004-07530-C04-04/ECON. €100,400.