{"id":14473,"date":"2025-04-01T05:03:43","date_gmt":"2025-04-01T03:03:43","guid":{"rendered":"https:\/\/business.uc3m.es\/\/members\/maria-gutierrez\/"},"modified":"2026-06-16T10:22:16","modified_gmt":"2026-06-16T08:22:16","slug":"maria-gutierrez","status":"publish","type":"members","link":"https:\/\/business.uc3m.es\/en\/members\/maria-gutierrez\/","title":{"rendered":"Mar\u00eda Guti\u00e9rrez"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1172\" height=\"1172\" src=\"https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558.png\" alt=\"\" srcset=\"https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558.png 1172w, https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558-300x300.png 300w, https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558-1024x1024.png 1024w, https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558-150x150.png 150w, https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/04\/perfil-1698419558-768x768.png 768w\" sizes=\"(max-width: 1172px) 100vw, 1172px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<ul>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:maria.gutierrez@uc3m.es\"><br \/>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 64H48C21.49 64 0 85.49 0 112v288c0 26.51 21.49 48 48 48h416c26.51 0 48-21.49 48-48V112c0-26.51-21.49-48-48-48zm0 48v40.805c-22.422 18.259-58.168 46.651-134.587 106.49-16.841 13.247-50.201 45.072-73.413 44.701-23.208.375-56.579-31.459-73.413-44.701C106.18 199.465 70.425 171.067 48 152.805V112h416zM48 400V214.398c22.914 18.251 55.409 43.862 104.938 82.646 21.857 17.205 60.134 55.186 103.062 54.955 42.717.231 80.509-37.199 103.053-54.947 49.528-38.783 82.032-64.401 104.947-82.653V400H48z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tEmail: maria.gutierrez@uc3m.es<br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tAddress \/ Office: C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.45\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M497.39 361.8l-112-48a24 24 0 0 0-28 6.9l-49.6 60.6A370.66 370.66 0 0 1 130.6 204.11l60.6-49.6a23.94 23.94 0 0 0 6.9-28l-48-112A24.16 24.16 0 0 0 122.6.61l-104 24A24 24 0 0 0 0 48c0 256.5 207.9 464 464 464a24 24 0 0 0 23.4-18.6l24-104a24.29 24.29 0 0 0-14.01-27.6z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tPhone: (34) 91 624 58 40 \/\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/11\/cv_1698420100.pdf\"><br \/>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M369.9 97.9L286 14C277 5 264.8-.1 252.1-.1H48C21.5 0 0 21.5 0 48v416c0 26.5 21.5 48 48 48h288c26.5 0 48-21.5 48-48V131.9c0-12.7-5.1-25-14.1-34zM332.1 128H256V51.9l76.1 76.1zM48 464V48h160v104c0 13.3 10.7 24 24 24h104v288H48zm250.2-143.7c-12.2-12-47-8.7-64.4-6.5-17.2-10.5-28.7-25-36.8-46.3 3.9-16.1 10.1-40.6 5.4-56-4.2-26.2-37.8-23.6-42.6-5.9-4.4 16.1-.4 38.5 7 67.1-10 23.9-24.9 56-35.4 74.4-20 10.3-47 26.2-51 46.2-3.3 15.8 26 55.2 76.1-31.2 22.4-7.4 46.8-16.5 68.4-20.1 18.9 10.2 41 17 55.8 17 25.5 0 28-28.2 17.5-38.7zm-198.1 77.8c5.1-13.7 24.5-29.5 30.4-35-19 30.3-30.4 35.7-30.4 35zm81.6-190.6c7.4 0 6.7 32.1 1.8 40.8-4.4-13.9-4.3-40.8-1.8-40.8zm-24.4 136.6c9.7-16.9 18-37 24.7-54.7 8.3 15.1 18.9 27.2 30.1 35.5-20.8 4.3-38.9 13.1-54.8 19.2zm131.6-5s-5 6-37.3-7.8c35.1-2.6 40.9 5.4 37.3 7.8z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tCV<br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\"><br \/>\n\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z\"><\/path><\/svg>\t\t\t\t<\/a><\/p>\n<h3>\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" ><br \/>\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a><br \/>\n\t\t\t\t\t<\/h3>\n<p>\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n<h2>Research Interests<\/h2>\n<p>Corporate finance, corporate governance, law and finance<\/p>\n<h2>Selected publications<\/h2>\n<p>\t\t\t\t\t\t\t\t\t\t<svg viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\t<svg viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\tBio<\/p>\n<p>Mar\u00eda Guti\u00e9rrez Urtiaga is a Professor of Finance at the Carlos III University of Madrid, Department of Business Administration and Management. She holds a PhD in Economics from the Complutense University in 2000 and a Master&#8217;s in Economics and Finance from CEMFI in 1997. <\/p>\n<p>She teaches corporate governance, corporate finance, and financial economics to undergraduate, master&#8217;s, and doctoral students with excellent student evaluations (5\/5 in the postgraduate course during the 2022\/23 academic year).<\/p>\n<p>Her research interests include corporate governance, corporate finance, and law and finance. She is also a research associate at the European Corporate Governance Institute (ECGI). Her research examines corporate governance institutions, such as boards of directors and fiduciary duties, and corporate governance problems, such as minority expropriation. She has published in prestigious international journals, such as the Rand Journal of Economics, Industrial and Corporate Change, Journal of Law, Finance and Accounting, Corporate Governance: An International Review, and the Journal of Corporate Legal Studies. Mar\u00eda has received several grants and awards for her research work, which is regularly presented at top-tier conferences, such as the American Law and Economics Association, the European Economic Association, and the European Finance Association.    <\/p>\n<p>From 2012 to 2016, she was a member of the Advisory Committee of the CNMV (Spanish National Securities Market Commission). From 2019 to 2021, she was president of AEFIN (Spanish Finance Association). Since 2019, she has also worked as a consultant for the CNMV.  <\/p>\n<p>\t\t\t\t\t\t\t\t\t\t<svg viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\t<svg viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\tPublications<\/p>\n<p>\u201cInspection Rights in Spain\u201d (with Maribel S\u00e1ez), chapter 8 in \u201cResearch Handbook on Shareholder Inspection Rights: A Comparative Perspective\u201d edited by Randall S. Thomas, John S. Beasley and Paolo Giudici, Edward Elgar Publishing (2023).<\/p>\n<p>\u201cThe Law and Economics of Comparative Corporate Law\u201d (with Maribel S\u00e1ez), chapter 4 in \u201cResearch Handbook on Comparative Corporate Governance\u201d edited by Afra Afsharipour and Martin Gelter, Edward Elgar Publishing (2021).<\/p>\n<p>\u201cThe Spanish Banking Crisis as a Corporate Governance Problem\u201d (with Maribel S\u00e1ez), chapter 22 in \u201cGovernance of Financial Institutions\u201d edited by Guido Ferrarini, Oxford University Press (2019).<\/p>\n<p>\u201cStrong shareholders, weak outside investors\u201d (with Maribel S\u00e1ez), Journal of Journal of Corporate Law Studies, 18 (2), (2018), pp. 277-309.<\/p>\n<p>\u201cDividend Policy with Controlling Shareholders\u201d (with Maribel S\u00e1ez), Theoretical Inquiries in Law ,16 (1), (2015), pp. 107\u2013130.<\/p>\n<p>\u201cDeconstructing Independent Directors\u201d (with Maribel S\u00e1ez), Journal of Corporate Law Studies, 13 (1), (2013), pp. 63-94.<\/p>\n<p>\u201cOwnership Structure and Minority Expropriation: The Case for Multiple Blockholders\u201d (with Josep Trib\u00f3 and Beatriz Mariano), Applied Financial Economics, 22 (24), (2012), pp. 2075-2083.<\/p>\n<p>\u201cA Contractual Approach to the Regulation of Corporate Directors&#8217; Fiduciary Duties\u201d, Journal of Corporate Ownership and Control, 1 (2004), pp.72-80<\/p>\n<ul>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:%20maria.gutierrez@uc3m.es\"><br \/>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 64H48C21.49 64 0 85.49 0 112v288c0 26.51 21.49 48 48 48h416c26.51 0 48-21.49 48-48V112c0-26.51-21.49-48-48-48zm0 48v40.805c-22.422 18.259-58.168 46.651-134.587 106.49-16.841 13.247-50.201 45.072-73.413 44.701-23.208.375-56.579-31.459-73.413-44.701C106.18 199.465 70.425 171.067 48 152.805V112h416zM48 400V214.398c22.914 18.251 55.409 43.862 104.938 82.646 21.857 17.205 60.134 55.186 103.062 54.955 42.717.231 80.509-37.199 103.053-54.947 49.528-38.783 82.032-64.401 104.947-82.653V400H48z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tEmail: maria.gutierrez@uc3m.es<br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tAddress \/ Office:C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.45\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M497.39 361.8l-112-48a24 24 0 0 0-28 6.9l-49.6 60.6A370.66 370.66 0 0 1 130.6 204.11l60.6-49.6a23.94 23.94 0 0 0 6.9-28l-48-112A24.16 24.16 0 0 0 122.6.61l-104 24A24 24 0 0 0 0 48c0 256.5 207.9 464 464 464a24 24 0 0 0 23.4-18.6l24-104a24.29 24.29 0 0 0-14.01-27.6z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tPhone: (34) 91 624 58 40\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/business.uc3m.es\/\/wp-content\/uploads\/2025\/11\/cv_1698420100.pdf\"><br \/>\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M369.9 97.9L286 14C277 5 264.8-.1 252.1-.1H48C21.5 0 0 21.5 0 48v416c0 26.5 21.5 48 48 48h288c26.5 0 48-21.5 48-48V131.9c0-12.7-5.1-25-14.1-34zM332.1 128H256V51.9l76.1 76.1zM48 464V48h160v104c0 13.3 10.7 24 24 24h104v288H48zm250.2-143.7c-12.2-12-47-8.7-64.4-6.5-17.2-10.5-28.7-25-36.8-46.3 3.9-16.1 10.1-40.6 5.4-56-4.2-26.2-37.8-23.6-42.6-5.9-4.4 16.1-.4 38.5 7 67.1-10 23.9-24.9 56-35.4 74.4-20 10.3-47 26.2-51 46.2-3.3 15.8 26 55.2 76.1-31.2 22.4-7.4 46.8-16.5 68.4-20.1 18.9 10.2 41 17 55.8 17 25.5 0 28-28.2 17.5-38.7zm-198.1 77.8c5.1-13.7 24.5-29.5 30.4-35-19 30.3-30.4 35.7-30.4 35zm81.6-190.6c7.4 0 6.7 32.1 1.8 40.8-4.4-13.9-4.3-40.8-1.8-40.8zm-24.4 136.6c9.7-16.9 18-37 24.7-54.7 8.3 15.1 18.9 27.2 30.1 35.5-20.8 4.3-38.9 13.1-54.8 19.2zm131.6-5s-5 6-37.3-7.8c35.1-2.6 40.9 5.4 37.3 7.8z\"><\/path><\/svg><br \/>\n\t\t\t\t\t\t\t\t\t\tCV<br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\"><br \/>\n\t\t\t\t<svg aria-hidden=\"true\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z\"><\/path><\/svg>\t\t\t\t<\/a><\/p>\n<h3>\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" ><br \/>\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a><br \/>\n\t\t\t\t\t<\/h3>\n<p>\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n","protected":false},"author":30,"template":"elementor_header_footer","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"categoria-profesional":[62],"area":[58],"class_list":["post-14473","members","type-members","status-publish","hentry","categoria-profesional-associate-professors","area-finance"],"_links":{"self":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/members\/14473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/members"}],"about":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/types\/members"}],"author":[{"embeddable":true,"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/users\/30"}],"version-history":[{"count":0,"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/members\/14473\/revisions"}],"wp:attachment":[{"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/media?parent=14473"}],"wp:term":[{"taxonomy":"categoria-profesional","embeddable":true,"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/categoria-profesional?post=14473"},{"taxonomy":"area","embeddable":true,"href":"https:\/\/business.uc3m.es\/en\/wp-json\/wp\/v2\/area?post=14473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}