Dr. Angelo Unite
Conferred AY 2007-2008
Professional Profile:
I was educated by the Christian Brothers from the elementary up to the master’s levels. In 1997, I obtained my Ph.D. in Finance from the University of Alberta, Canada with a full scholarship grant from the Canadian International Development Agency (CIDA) and the Association of Deans of Southeast Asian Graduate Schools of Management. I’m a Full Professor at the School of Economics, De La Salle University.
I joined De La Salle University as a full time faculty member with the rank of Instructor in 2003. Eventually, I served as the Vice Chairman of the Economics Department and then as Acting Chairman until my departure for Canada to undertake my Ph.D. studies in late 1992. I was instrumental in conceptualizing and developing the curriculum of the BS in Applied Economics major in Financial Economics track that the School of Economics began offering in Academic Year 2013-2014. I teach Microeconomic Theory, Financial Economics, and Portfolio Theory and Investment Analysis which are core and specialized courses for the Financial Economics track.
In recognition of my exemplary teaching performance, I received the following honors: the Most Outstanding Faculty for 1999-2000 Award of the then College of Business and Economics, De La Salle University; Outstanding Educator in Banking and Finance Award from the Philippine Council of Deans and Educators in Business/Petron Foundation/Commission on Higher Education; the 2008 Hall of Fame, Students’ Search for Outstanding Teachers, De La Salle University; and the 2008 Outstanding Finance Educator for the National Capital Region award given by the Financial Executives Institute of the Philippines and Citi Philippines.
My research examines the Philippine financial markets and tackles issues in corporate governance. Corporate governance is the relationship between corporate stakeholders and managers and how these participants determine the direction and performance of the firm. It focuses on who controls corporate assets and on the decision-making process regarding where capital funds are allocated. Similar to the case of many emerging market economies, the entrepreneurial corporation based system best describes the corporate governance system in the Philippines. Corporations in such economies typically have concentrated ownership, where the control of companies is often by the founding family or corporate groups subsumed under family empires, where ownership, management, and directorships are often intertwined. As such, there is little reliance on professional managers, and information disclosure is minimal or unreliable. Capital markets are underdeveloped, and the primary source of corporate funds is from family assets or one of the few larger banks that may be found in the economy. Unlike in developed Western economies, the institutional environment in the Philippines is characterized by weaker minority investor rights and a market more susceptible to the concentrated control of blockholders. As a result, managerial actions have been largely shrouded in opacity because of inadequate monitoring by external parties, and the protection of minority shareholders has often been eroded by the dominance of large insider shareholders in corporations. Controlling shareholders also largely determine the appointment and term of the Chairperson of the Board, thereby ensuring that the Chairperson is aligned to their interest. However, since the early 2000s, regulators in the Philippines and other emerging market countries have been striving to improve corporate governance standards.
My research activities revolve around the aforementioned issues and are attempts to address the following questions. Does the quality of corporate governance have a significant bearing on the performance and growth of the firm, aspects that are very important to shareholders and potential investors? Will raising the corporate governance standards of Philippine corporations to a level at par with their regional and global counterparts, as reflected in the recommendations of the Philippine Code of Corporate Governance, significantly improve firm performance and growth, and reduce firm risk? Will the impact of these reforms be different for publicly traded firms with different ownership structures? Should more independent directors be appointed/elected to the board of directors? Should firms be encouraged to have more female directors, including female independent directors? Is there a difference in the performance of family-controlled and non-family controlled publicly listed firms in the Philippines? Does the gender or family affiliation of members of the board of directors lead to differential impact on firm performance and firm risk taking?
For my exemplary research works, I have received the following accolades: the De La Salle University’s St. Miguel Febres Cordero Research Award for SY 2002-2003; the 2004, First Runner-up award of the Commission on Higher Education (CHED) National Republica Award for Outstanding Research and Publication; and the university recognition for having the most cited works in the field of Social Sciences published in ISI-listed journals for the years 2011 and 2014. I also received the National Academy of Science and Technology (NAST) Outstanding Scientific Paper Award for the years 2005, 2021, and 2022.