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Pablo 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
  • Financial Systems
  • Financial Decisions (mainly Capital Structure)

Publications and Media Placements


Saona, P., Muro, L., and Alvarado, M. “How Does the Ownership Structure and Board of Directors’ Features Impact on Earnings Management? The Spanish Case”, Journal of International Financial Management & Accounting. (forthcoming – accepted for publication, 2017 JCR Impact Factor: 0.895). 

Saona, P., Jara, M., López, F. and San Martín, P. “The Corporate Governance of Latin American Firms: Contestability to the Control and Firm Performance”, BRQ Business Research Quarterly. (forthcoming – in press, 2017 JCR Impact Factor: 2.410). 

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 Selected European Firms”, Technological and Economic Development of Economy, 25(4), pp. 634-663. (2017 JCR Impact Factor: 3.244).

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. (2017 JCR Impact Factor: 1.098). 

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.(2017 JCR Impact Factor: 0.627).

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.

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.

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.

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.

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.

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.

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”. Applied Economics, 42(13), 1709-1726. (JCR Impact Factor: 0.424).

Saona, P. (2010). “Growth Opportunities as Determinants of the Partial Adjustment Toward Target Debt Ratio: Evidence for the Chilean Case”. International Review of Business and Finance, 2(2), 179-207.

Saona, P. (2009). “Estructura de Capital de las Empresas que Cotizan en la Bolsa de Valores Chilena: Un Análisis Comparativo Basado en la Teoría de Asimetrías de Información”. Contaduría y Administración, 228, 41-66.

López, F., and Saona, P. (2007). “Earnings Management and Debt Ownership Structure in Spanish Firms”Corporate Ownership & Control, 5(1), 345-354.

López, F., and Saona, P. (2007). “Endeudamiento, Dividendos y Estructura de Propiedad Como Determinantes de los Problemas de Agencia en la Gran Empresa Española”. Cuadernos de Economía y Dirección de Empresa, 31, 119-146.

Azofra, V., Saona, P., and Vallelado, E. (2007). “Oportunidades de Crecimiento y Estructura de Propiedad Como Determinantes del Apalancamiento de las Empresas Españolas”. Spanish Journal of Finance and Accounting, XXXVI(113), 11-30.

Saona, P. (2006). “La Teoría de Agencia y el Entorno Institucional Como Marco de Análisis de la Decisión de Endeudamiento de las Empresas No Financieras de Chile y España”. Spanish Journal of Finance and Accounting, XXXV(132), 945-947.

López, F., and Saona, P. (2006). “Costes de Agencia, Discrecionalidad Contable Directiva y Mecanismos Internos de Control: Un Análisis para la Gran Empresa Española”. Estudios Financieros. Revista de Contabilidad y Tributación: Comentarios, Casos Prácticos, 277(1), 179-220.

Saona, P., and Vallelado, E. (2005). “Ownership Structure and Growth Opportunities as Determinants of Bank Debt: Evidence from Chilean Companies”. Management Research: Journal of the Iberoamerican Academy of Management, 3(2), 119-134.

López, F., and Saona, P. (2005). “Earnings Management and Internal Mechanisms of Corporate Governance: Empirical Evidence from Chilean Firms”. Corporate Ownership & Control, 3(1), 17-29.

de Andrés, P., San Martín, P., and Saona, P. (2004). “Decisiones Financieras en la Empresa Chilena: Una Mirada a Través de las Oportunidades de Crecimiento”. Revista ABANTE, 7(1), 3-34.

Azofra, V., Saona, P., and Vallelado, E. (2004). “Estructura de Propiedad y Oportunidades de Crecimiento como Determinantes del Endeudamiento de las Empresas Chilenas”. Revista ABANTE, 7(2), 105-145.



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., 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).