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Paolo Saona, Ph.D.

Department of Business and Economics


Ph.D. in Finance, University of Valladolid, Valladolid, Spain
Master of Business Administration (MBA), Austral University of Chile, Valdivia, Chile
B.S. Degree in Business, Austral University of Chile, Valdivia, Chile

Practice Areas

  • Corporate Finance
  • Corporate Governance
  • Environmental, Social, and Governance (ESG) Decisions
  • Family Firms
  • Financial Systems
  • Financial Decisions (mainly Capital Structure)
  • Ownership Structure

Publications and Media Placements


Saona, P., Muro, L., San Martín, P. and McWay, R. "Do Board Gender Diversity and Remuneration Impact Earnings Quality? Evidence from Spanish Firms", Gender in Management: An International Journal, 39(1), 18-51. doi:10.1108/GM-04-2021-0113. (2022 JCR Impact Factor 3.700, Q3)

Saona, P., Muro, L., and López-Quesada, E. (forthcoming – accepted for publication). "An Integrated Corporate Governance Index for Spain: From Construction to Construct Validity", Spanish Accounting Review. (2022 JCR Impact Factor 1.800, Q3)

Saona, P., Muro, L. and Gregoriou A. (2023). "The Phenomenon of Zero-Leverage Policy: Literature Review", Research in International Business and Finance, 66, 102012. (2022 JCR Impact Factor: 6.500, Q1)

Tahani, T., Nasrin, F., Saona, P. and Azad, M. (forthcoming – accepted for publication). "Revisiting the Impact of Board Characteristics on Environmental, Social, and Governance (ESG) Performance: Lesson from European Firms", International Journal of Sustainable Economy. doi:10.1504/IJSE.2024.10053959. (2021 Scopus Index CiteScore: 1.5, Q3)

Tahmid, T., Hoque, M. N., Said, J., Saona, P. and Azad, M. (2022). "Does ESG Initiatives Yield Greater Firm Value and Performance? New Evidence From European Firms". Cogent Business & Management, 9(1), 2144098. doi:10.1080/23311975.2022.2144098. (2021 Scopus Index CiteScore: 2.9, Q2)

Safiullah, M., Akhter, T., Saona, P. and Azad, M. (2022). "Gender Diversity on Corporate Boards, Firm Performance, and Risk-taking: New Evidence from Spain". Journal of Behavioral and Experimental Finance, 35, 100721. https://doi: (2021 JCR Impact Factor: 8.222, Q1).

Saona, P., San Martín, P. and Cid, C. (2022). "Founding-Family-Controlled Firms, Intergenerational Succession, and Firm Value", Economic Research-Ekonomska Istraživanja. 35(1): 3138-3167. https://doi:10.1080/1331677X.2021.1986673. (2021 JCR Impact Factor: 3.080, Q2).

Mumu, J., Saona, P., Haque, M., and Azad, M. (2022) "Gender Diversity in Corporate Governance: A Bibliometric Analysis and Research Agenda", Gender in Management: An International Journal, 37(3): 328-343. (2021 JCR Impact Factor: 3.337, Q2)

Mumu, J., Saona, P., Mamun, M. A., and Azad, M. (2022). "Is Trust Gender Biased? A Bibliometric Review of Trust in E-Commerce", Journal of Internet Commerce, 21(2): 217-245. (2021 Scopus Index CiteScore: 6.7, Q1).

Mehedi Hasan, I., Paolo, S., Muhammad Tofazzel, H., Shahnur Azad, C., & Md. Abul Kalam, A. (2022). "Student Engagement in Online Classes During COVID-19: A Sentiment Analysis". Bangladesh Journal of Integrated Thoughts, 17(2). doi:10.52805/bjit.v17i2.244

Azad, M., Talib, M., Kwek, K., and Saona, P. (2021). "Conventional versus Islamic Bank Efficiency: A Dynamic Network Data-Envelopment-Analysis Approach", Journal of Intelligent & Fuzzy Systems, 40(2): 1921-1933. (2019 JCR Impact Factor: 1.851).

Agudelo, G., Franco, L., and Franco-Ceballo, L., and Saona, P. (2021). "Actuarial Model for Estimating the Optimum Rate of Return of a Joint-and-Survivor Annuity Portfolio", Journal of Intelligent & Fuzzy Systems, 40(2): 1751-1759. (2019 JCR Impact Factor: 1.851).

Saona, P. and Azad, M. (2020) "Examining Managerial Misbehavior in Asian Banks through Loan Loss Provisions", Asia-Pacific Journal of Financial Studies, 49(4): 581-624. (2019 JCR Impact Factor: 0.578).

Saona, P., Muro, L., San Martín, P., and Cid, C. (2020) "Ibero-American Corporate Ownership and Boards of Directors: Implementation and Impact on Firm Value in Chile and Spain", Economic Research.(in press, 2018 JCR Impact Factor: 1.381).

Mellado, C. and Saona, P. (2020) "Real Earnings Management and Corporate Governance: A Study of Latin America", Research-Ekonomska Istraživanja, 1-40. (in press, 2018 JCR Impact Factor: 1.381).

Saona, P., Vallelado, E., and San Martín, P. (2020) "Debt, or Not Debt, that is the Question: A Shakespearean Question to a Corporate Decision", Journal of Business Research.(in press, 2018 JCR Impact Factor: 4.028). 

Saona, P., Muro, L., and Alvarado, M. (2020). "How Does the Ownership Structure and Board of Directors’ Features Impact on Earnings Management? The Spanish Case", Journal of International Financial Management & Accounting, 31(1), 98-133. (2018 JCR Impact Factor: 1.478).

Saona, P., Jara, M., López, F. and San Martín, P. (2019). "The Corporate Governance of Latin American Firms: Contestability to the Control and Firm Performance", BRQ-Business Research Quarterly, 22(4), pp. 257-274.(2018 JCR Impact Factor: 3.250).

Saona, P., Muro, L, San Martín P., and Baier-Fuentes, H. (2019). "Board of Director’s Gender Diversity and Its Impact on Earnings Management: An Empirical Analysis for Select European Firms", Technological and Economic Development of Economy, 25(4), pp. 634-663. (2018 JCR Impact Factor: 4.344).

Jara, M., López-Iturriaga, F., San Martín, P., Saona, P., & Tenderini, G. (2019). "Chilean Pension Fund Managers and Corporate Governance: The Impact on Corporate Debt", The North American Journal of Economics and Finance, 48(1), pp. 321-337. (2018 JCR Impact Factor: 1.199).

Saona, P. and Azad, M. (2018). "Bank- and Country-based Determinants of Banks’ Performance in Asia"Journal of the Asia Pacific Economy,23(3), 428-446.(JCR Impact Factor: 0.667).

Saona, P., San Martín, P., and Jara, M. (2018). "Group Affiliation and Ownership Concentration as Determinants of Capital Structure Decisions: Contextualizing the Facts for an Emerging Economy". Emerging Markets Finance and Trade, 54(14), 3312-3329. (JCR Impact Factor: 0.828).

Saona, P., and Muro, L. (2018). "Firm- and Country-Level Attributes as Determinants of Earnings Management: An Analysis for Latin American Firms". Emerging Markets Finance and Trade, 54(12), 2736-2764. (JCR Impact Factor: 0.828).

Saona, P., and San Martín, P. (2018). "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors". Review of Managerial Science, 12(1), 65-112. (JCR Impact Factor: 1.483).

Azad, M. A. K., Munisamy, S., Teng, K. K., Talib, M. B. A., & Saona, P. (2018). "Productivity Changes of Pharmaceutical Industry in Bangladesh: Does Process Patent Matter?". Global Business Review, 19(4), 1013-1025. (2017 Scopus Index CiteScore: 0.88).

Vallelado, E., Saona, P., and San Martín, P. (2017). "How Regulation Affects the Relevance of Bank-Debt Maturity as a Control Mechanism in Developed Countries". Journal of Business Economics and Management, 18(1), 116-130. (JCR Impact Factor: 1.503).

San Martín, P., and Saona, P. (2017). "Capital Structure in the Chilean Corporate Sector: Revisiting the Stylized Facts". Research in International Business and Finance, 40(1), 163-174. (Scopus Index CiteScore: 1.80).

Azad, M. A. K., Munisamy, S., Masum, A. K. M., Saona, P., and Wanke, P. (2017). "Bank Efficiency in Malaysia: A Use of Malmquist Meta-frontier Analysis". Eurasian Business Review, 7(2), 287-311. (Scopus Index CiteScore: 1.39).

Saona, P., and San Martín, P. (2016). "Country Level Governance Variables and Ownership Concentration as Determinants of Firm Value in Latin America". International Review of Law and Economics, 47(1), 84-95. (JCR Impact Factor: 0.570).

Saona, P. (2016). "Intra- and Extra-Bank Determinants of Latin American Banks’ Profitability". International Review of Economics & Finance, 45(1), 197-214. (JCR Impact Factor: 1.261).

Saona, P. (2014). "Internal Corporate Governance Mechanisms as Drivers of Firm Value: Panel Data Evidence for Chilean Firms". Review of Managerial Science, 8(4), 575-604. (JCR Impact Factor: 0.857).

Saona, P., and Vallelado, E. (2014). "Is Bank-Debt Maturity Contingent on the Financial System?". Academia Revista Latinoamericana de Administración, 27(2), 183-208. (JCR Impact Factor: 0.205).

Saona, P., Jara, M., and Moreno, M. (2014). "Firm Size as Determinant of the Nonlinear Relationship Between Bank Debt and Growth Opportunities: The Case of Chilean Public Firms". Emerging Markets Finance & Trade, 50(Supplement 1), 265-293. (Scopus Index CiteScore: 0.73).

Jacques, V., Saona, P., Raddatz, M., and Vergara, G. (2013). "Analysis of The Convergence Process in The Academic Performance: The Case of a Chilean University". Economics and Finance Review, 3(5), 17-25.

Jara, M., Moreno, M., and Saona, P. (2012). "Non-Linear Relationship between Growth Opportunities and Bank Debt: A Panel Data Analysis of Chilean Firms". Academia, Revista Latinoamericana de Administración, 50, 44-65. (JCR Impact Factor: 0.162)

Saona, P., and Vallelado, E. (2012). "Firms’ Capital Structure Under Akerlof’s Separating Equilibrium". Spanish Journal of Finance and Accounting, XLI(156), 471-495. (Scopus Index CiteScore: 0.18).

Vallelado, E., and Saona, P. (2011). "An Integrated Model of Capital Structure to Study the Differences in the Speed of Adjustment to Target Long Term Debt Ratio Among Developed Countries". International Journal of Banking, Accounting and Finance, 3(4), 258-293. (Scopus Index CiteScore: 0.16).

Saona, P. (2011). "Determinants of the Profitability of the US Banking Industry". International Journal of Business and Social Science, 2(22), 255-269.

Jacques, V., and Saona, P. (2011). "El Proceso de Enseñanza-Aprendizaje Universitario: Reflexiones a Través de la Teoría de Agencia". Teoría de la Educación: Educación y Cultura en la Sociedad de la Información, 12(1), 340-358.

Saona, P., and Vallelado, E. (2010). "Is the Use of Bank Debt as a Governance Mechanism Conditioned by the Financial System? The Cases of Chile and Spain".


Saona, P. (2011). "Endeudamiento Bajo la Teoría de Agencia y el Enfoque 'Law & Finance': Un Estudio para Chile y España" (1st. ed.). Saarbrücken, Germany: Editorial Académica Española.

Book chapters

Saona, P. and Muro, L. (2023). "The Influence of Firm's ESG Initiatives on Firm Value: An Analysis for Select European Firms". In O. M. Lehner, T. Harrer, H. Silvola, & O. Weber (Eds.), The Routledge Handbook of Green Finance (1st ed., Vol. 1st, pp. 22). London: Routledge.

Saona, P., Naznin, A., Md. Abdullah Al, M. and Md. Abul Kalam, A. (2021). "Technologies for Cross-Border E-Commerce". In H. Md. Rakibul & R. E. Bashaw (Eds.), Cross-Border E-Commerce Marketing and Management (pp. 30-53). Hershey, PA, USA: IGI Global.

Saona, P., Slocum, A., Muro, L., and Moreno, G. (2017). "Earnings Quality and Market Performance in LATAM Corporations: A Combined Agency and Cognitive Approach to Investors’ Perceptions of Managerial Information". In O. L. Emeagwali (Ed.), Corporate Governance and Strategic Decision Making (pp. 177-198). Rijeka: InTech.

Vallelado, E., San Martín, P., and Saona, P. (2014). "Firm-Based and Institutional-Based Determinants of the Bank Debt Maturity: New Evidence for Developed Countries". In T. Lindblom, S. Sjögren & M. Willesson (Eds.), Financial Systems, Markets and Institutional Changes (1st ed., Vol. 1, pp. 61-79). New York, NY: Palgrave Macmillan.

Saona, P. (2009). "Corporate Governance in Chile". In F. López (Ed.), Codes of Good Governance Around the World (pp. 87-98). New York, NY: Nova Science Publishers, Inc.

Book editor

Book "Firm Value: Theory and Empirical Evidence", edited by Paolo Saona, IntechOpen. London, UK. (2018).

Other publications

Borders, L., Azad, A., Muro, L., and Saona, P. (2022). "Financial Development, Governance Systems and Economic Freedom as Determinants of Financial Inclusion". Conference Proceedings, Why it Matters. United Nations.

Kabir, A., Ikra, S., Saona, P., and Azad, M. (2023). (ahead-of-print) "Board Gender Diversity and Firm Performance: New Evidence from Cultural Diversity in the Boardroom". LBS Journal of Management & Research. doi:10.1108/LBSJMR-06-2022-0022.