Dpto. Economía Financiera y Contabilidad - Artículos de revista https://uvadoc.uva.es/handle/10324/1266 2026-04-11T04:52:55Z 2026-04-11T04:52:55Z Velasco González, María Del Pilar https://uvadoc.uva.es/handle/10324/83313 2026-03-03T20:00:51Z 2026-01-01T00:00:00Z

Resilience is at the forefront in companies striving to build immunity against adverse shocks. Insurance through ESG is the focus of much research, yet it has thus far been dominated by a static and insufficient characterization of the diversity of ESG patterns across companies. We reconcile prior mixed evidence by embracing a longitudinally relative approach and by accounting for two aspects of a firm’s ESG engagement: its degree of regularity over time (ESG consistency), and the extent to which each firm reallocates its ESG engagement across pillars (ESG adaptability). We examine how these characteristics of ESG affect firm resilience, split into two dimensions: stability (the severity of economic loss), and flexibility (time to recovery). Using a sample of U.S. listed firms, our empirical context is the COVID-19 shock. Our evidence suggests that ESG consistency and ESG adaptability improve resilience stability, but that they have no significant impact on flexibility. We further find that such dynamic aspects of ESG become more important vis-à-vis strengthening the resilience of poorer ESG-engaged companies, for which signalling the sincerity of their ESG actions plays a crucial role in prompting stakeholder support. Overall, this evidence is consistent with the view that ESG engagement is a long-term commitment in terms of providing a pay-off for firms.

2026-01-01T00:00:00Z De Gregorio, José Horra Ruiz, Luis Pablo de la Jara, Mauricio https://uvadoc.uva.es/handle/10324/83312 2026-03-03T20:00:50Z 2026-01-01T00:00:00Z

We examine how USD-denominated bond issuance by non-financial listed firms in emerging market economies affects cash holdings and real activity under currency depreciations and shifting external borrowing conditions. Using firm-year data for 1655 listed firms in fifteen EMEs (2001–2016) and an issuance-based measure of offshore access, we find that issuing abroad raises cash holdings and increases investment with a lag, consistent with a save-to-invest motive. These effects are stronger when country-level risk-adjusted domestic–U.S. borrowing spreads are high. Depreciations dampen the contemporaneous cash buildup but do not systematically reduce investment or competitiveness. Instead, firms expand working capital and, when depreciations coincide with high spreads, increase sales and capacity utilization, indicating adjustment through liquidity and operational margins rather than sharp balance-sheet distress.

2026-01-01T00:00:00Z Enríquez Perales, Sarela García Gómez, Conrado Diego Díez Esteban, José María https://uvadoc.uva.es/handle/10324/82692 2026-02-11T20:00:48Z 2026-01-01T00:00:00Z

This study examines the association between country-level climate vulnerability and firm-level stock return volatility in Europe. Using panel data on 490 listed firms across 17 European countries from 2013 to 2022, we find that firms located in more climate-vulnerable countries exhibit significantly higher market volatility. The results are robust across alternative measures, fixed-effects specifications, and endogeneity checks. We further show that this relationship is amplified for financially constrained firms when constraints are measured using the Kaplan–Zingales index. Overall, the findings suggest that climate vulnerability primarily mani- fests as heightened market uncertainty and that financial frictions play a key role in transmitting macro-level climate risk to firm-level market volatility.

2026-01-01T00:00:00Z García Cobo, Ruth Zarza Herranza, César López Iturriaga, Félix Javier https://uvadoc.uva.es/handle/10324/82589 2026-02-05T20:00:43Z 2026-01-01T00:00:00Z

This study investigates the association between audit committee member networks and audit fees in a sample of 225 publicly traded firms from eight European countries between 2005 and 2020. Using social network analysis, we find that director interconnections—established through overlapping board memberships—are associated with audit fees. Our findings reveal an extensive, yet fragmented director network, where higher centrality positions correlate with increased audit fees. This suggests that director connections strengthen the demand for audit effort, leading to higher audit fees. Furthermore, we show that director centrality moderates the positive relationship between firm complexity, financial risk, and board independence with audit fees.

2026-01-01T00:00:00Z Sanz Lara, José Ángel Bedate Centeno, Ana María Durantez Vallejo, Mariano https://uvadoc.uva.es/handle/10324/81367 2026-04-07T12:00:33Z 2018-01-01T00:00:00Z

The publishing sector is probably a cultural industry with one of the greatest economic projections due to its huge turnover and contribution to the Gross Domestic Product of countries. In order to gain a better understanding of this sector, this paper examines a sample of the most important companies belonging to this sector in the European Union, focusing on studying their economic-financial profile. In order to achieve this, multivariate statistical techniques are used to create indicators on the evolution of the main variables and financial ratios of these companies over recent years. The specific objectives are: to summarise the information in a smaller number of factors, which in turn enable us to construct a robust and reliable synthetic indicator; and investigate the relationship between the constructed index and different variables such as company age, size and localisation. The changes experienced in this sector are reflected in the obtained results and provide a richer understanding of cultural industries.

2018-01-01T00:00:00Z Ingelmo Palomares, Marta María Navarro, Cristina Sanz Lara, José Ángel https://uvadoc.uva.es/handle/10324/81366 2026-01-13T20:01:17Z 2018-01-01T00:00:00Z

Purpose The purpose of this paper is to explore the factors that influence the success of internal communication in Spanish companies, specifically the importance of the channels used, activities conducted through ISM and the role played by the communication professional. Design/methodology/approach The model employed argues that to obtain success in internal communication, three factors are considered necessary: first, communication professionals must participate in strategic decisions; second, they have to use together social media channel and classical channel to communicate with employees; and finally they must choose which activities they carry out during the use of social media. These elements are developed in the literature review. To research practices of internal digital communications and level of success of internal communication across types of organizations, a quantitative survey between professionals from Spanish companies was conducted. Findings The results revealed that the hierarchical level, participation in the strategic decision process and dedication of the communication practitioner, alongside with the use of face-to-face and online communication channels, and the perceived importance of communication activities conducted through social media platforms are the key factors that influence the quality of internal communication. However, no significant relationship between the level of success and the use of social media channels was found. Research limitations/implications The current study has several limitations that should be noted and addressed in future research. The main limitation lies in the fact that the dependent variable – success in communication – is entirely based on communication professionals’ perceptions. Replication studies can be conducted to cross-validate the results obtained from this study using business outcome metrics to measure the communication effectiveness. A further limitation is related to the sampling procedure. Obtaining a representative sample of communications professionals in Spanish companies poses a number of limitations due to the impossibility of having accurate data on the total population. Practical implications The findings of the current study provide important implications for public relations professionals on what (i.e. the content) and how to (i.e. the channels) communicate within an organization. In general, internal communicators should move from historical roles as information producers and distributors to advisory roles in strategic decision making. Additionally, the implementation and use of ISM should be carefully revaluated. Communication practitioners should examine and address the difficulties involved in choosing the correct channels, devoting the necessary time to their adequate management, analyzing employees’ feedback and improving the engagement. Originality/value The study shows that internal communication practices in Spanish companies are changing. The model used in this research can be applied in an individual organization to evaluate what factors improve the communication of its employees and carry out additional research in other countries or types of organizations to identity new challenges.

2018-01-01T00:00:00Z Iglesias Madrigal, María Ángeles Sanz Lara, José Ángel https://uvadoc.uva.es/handle/10324/81335 2026-01-13T20:01:17Z 2017-01-01T00:00:00Z

The European Foundation for Quality Management (EFQM) Excellence Model provides guidance and support for business organisations to improve their quality management. This goal is attained by examining the relations among the several criteria that are defined and included in the model – the Enablers and the Results – albeit without going deeply into their empirical correlations. Our research focuses on the sport industry and, more particularly, on golf-related services and facilities. We analyse their management and performance. The goal is to conduct an empirical study of golf courses making up the supply in a Spanish inland region. On the basis of data and assessments contributed by the participating sample – and by resorting to multivariate statistical analysis – we pinpoint the influence of all Enablers identified by the EFQM Model, as well as their impact on the Results criteria. Correlations designed and empirically quantified make it possible for us to confirm the theoretical interrelations that the EFQM Model proposes between the defined criteria. The structural model thus obtained allows us to design a map that plots the relationships across the several criteria defined by the EFQM Model, one which portrays present-day approaches to management put into practice by the golf courses under scrutiny.

2017-01-01T00:00:00Z Lafuente Sánchez, Víctor Antonio Devesa Fernández, María Candelas Sanz Lara, José Ángel https://uvadoc.uva.es/handle/10324/81334 2026-01-13T20:01:16Z 2017-01-01T00:00:00Z

Holy Week is one of the most important traditional celebrations in many parts of the world. It has a deep-rooted cultural and social tradition, yet also embraces a tourist dimension which ultimately impacts on the economy of the places where it is held. The present work seeks to explore the impact of Holy Week on the city of Palencia (Spain). To do this, an economic impact study based on a description and evaluation of three types of effect, direct, indirect and induced, is carried out. Results show that this event generated a total of 2.258 million Euros, of which 82% remained in the economy of the city itself, with the hotel and restaurant sectors benefitting the most. This traditional celebration thus contributes to creating revenue and employment, to maintaining traditional industries, to preserving cultural heritage, and to enhancing the area’s image and projection.

2017-01-01T00:00:00Z Báez Montenegro, Andrea Bedate Centeno, Ana María Sanz Lara, José Ángel Herrero Prieto, Luis César https://uvadoc.uva.es/handle/10324/81332 2026-01-13T20:01:15Z 2016-01-01T00:00:00Z

The purpose of this research is to determine the economic value assigned to the historical heritage of Valdivia (Chile) by tourists visiting the city. For this, the contingent valuation method is used, proposing a scenario of guided tours suitable to attempt to evaluate physically dispersed urban heritage which is also difficult to define as a tourism product, given its diversity. A double-bounded dichotomous choice format is employed to formulate the valuation question, and willingness to pay (WTP) is estimated using parametric techniques. The study is complemented by segmentation analysis for the main reasons why tourists visit the city of Valdivia, applying the contingency tables method. The results suggest that there is no statistically significant difference in the WTP for the three historical and cultural routes offered and show a higher WTP for foreign tourists compared with domestic tourists as well as for those with higher incomes. Moreover, segmentation analysis shows that the level of education and origin of the tourists interviewed are significant variables in characterizing the reason for their visit.

2016-01-01T00:00:00Z Sanz Lara, José Ángel Bedate Centeno, Ana María Devesa Fernández, María Candelas Báez Montenegro, Andrea https://uvadoc.uva.es/handle/10324/80406 2025-12-15T20:02:23Z 2022-01-01T00:00:00Z

Within the field of cultural industries the film sector is immersed in a spiral of changes from two different standpoints. On the one hand, new technologies are revolutionising all the stages of the chain of value in the sector, while on the other, consumers are changing their consumption habits. Together with these changes, the huge turnover in the sector, the number of jobs created, and the industry’s contribution to the Gross Domestic Product (GDP), make it interesting to explore this sector from the standpoint of the financial situation of the firms involved. Taking these premises into account, this study seeks to examine the film industry, specifically the firms included in code 591 in revision 2 of the Statistical Classification of Economic Activities in the European Community, commonly referred to as NACE (from the French term “Nomenclature statistique des Activités économiques dans la Communauté Européenne”), from the perspective of their financial performance. We analyse the main profitability and structural ratios for firms in the present-day 27-country European Union (EU 27) using multivariate statistical techniques for dimension reduction, establishing the key factors inherent in their financial structure and forming homogeneous groups for the various subsectors grouped under code 591. The results highlight the diverse nature of the sector and the differences between the various subsectors.

2022-01-01T00:00:00Z López Iturriaga, Félix Javier López de Foronda Pérez, Óscar Gallud‐Cano, Jorge https://uvadoc.uva.es/handle/10324/80374 2025-12-08T20:00:48Z 2020-01-01T00:00:00Z

Estudiamos las provisiones legales de 92 bancos sistémicos europeos de 18 países durante los años 2008-2017. Dado que las provisiones legales pueden considerarse un mecanismo para divulgar información a los mercados de capitales, su constitución está determinada por el riesgo asumido por el banco y por los incentivos directivos para revelar dicha información. Nuestros resultados muestran una relación negativa inicial entre las inversiones discrecionales de los directivos y las provisiones legales, incluso cuando controlamos por la asunción de riesgo. Asimismo, encontramos que la independencia del consejo de administración tiene un efecto moderador para proteger frente a futuras demandas. De manera similar, un mejor marco institucional amplifica la influencia positiva del consejo de administración.

2020-01-01T00:00:00Z Blanco‐Alcántara, David Gallud‐Cano, Jorge López‐Iturriaga, Félix J. López‐de‐Foronda, Óscar https://uvadoc.uva.es/handle/10324/80373 2025-12-08T20:00:50Z 2020-01-01T00:00:00Z

Analizamos la tendencia de 79 bancos de 20 países europeos hacia los dividendos en acciones (scrip dividends). Mientras que los bancos no parecen suavizar los dividendos en efectivo, sí suavizan los dividendos totales, que incluyen tanto los dividendos en efectivo como los dividendos en acciones. También encontramos que los nuevos requisitos legales (derivados del Acuerdo de Basilea III y de otras leyes a nivel nacional) tienen implicaciones diferentes para los dividendos en efectivo y los dividendos en acciones. Mientras que la necesidad de un capital mejor y más abundante impuesta por estas normas ha llevado a los bancos a recortar los dividendos en efectivo, existe una relación positiva entre los requisitos legales de adecuación de capital y los dividendos en acciones.

2020-01-01T00:00:00Z Alvarez‐García, Begoña Lagoa‐Varela, Dolores Iglesias‐Antelo, Susana Gallud Cano, Jorge https://uvadoc.uva.es/handle/10324/80372 2025-12-08T20:00:49Z 2025-01-01T00:00:00Z

La corrupción es un problema importante que socava los cimientos de la democracia y reduce la confianza de los ciudadanos en las instituciones. Sin embargo, incluso en los países más avanzados del mundo, los ciudadanos aceptan ciertos niveles de corrupción. Esta tolerancia hacia la corrupción (TC) reduce el impacto de las acciones anticorrupción y acaba otorgando una pátina de normalidad a algunos comportamientos corruptos. Por ello, reducir la TC es un desafío importante en la lucha contra la corrupción. No obstante, la TC es un fenómeno poco estudiado en la literatura, con tres grandes carencias: (1) la TC se ha abordado con más frecuencia como una variable explicativa de otros fenómenos que como una variable central en el análisis; (2) la mayoría de las investigaciones que estudian la TC se centran en un solo país y un único periodo, lo que muestra únicamente una visión estrecha y estática del problema; y (3) los estudios se preocupan más de conocer el impacto de las características sociodemográficas de los individuos en la TC que de entender cómo su experiencia de la corrupción o sus percepciones personales sobre ella pueden afectarla. Este artículo aborda estas carencias analizando, para los 27 países de la UE durante el periodo 2013–2022, hasta qué punto la TC puede depender de (1) la corrupción experimentada, (2) la corrupción percibida y (3) las percepciones personales sobre la lucha contra la corrupción. El artículo examina las diferencias entre los 27 países de la UE y también tiene en cuenta la evolución temporal de la TC, analizando si existen diferencias antes y después de la pandemia de la COVID-19. Este trabajo aporta evidencia sólida de que, cuanto mayor es la exposición a la corrupción, mayor es la TC en todos los escenarios temporales considerados, lo que podría conducir a un círculo vicioso muy peligroso. Sin embargo, no se encuentra evidencia a favor de las relaciones mencionadas en los puntos 2 y 3, ni de diferencias significativas entre el periodo previo y posterior a la pandemia. Estos resultados subrayan la importancia de que los responsables políticos y otras autoridades diseñen medidas correctoras para evitar que los ciudadanos estén expuestos a la corrupción, promoviendo una cultura de tolerancia cero hacia la TC.

2025-01-01T00:00:00Z Baumgärtler, Thomas Eudelle, Philipp Cano, Jorge Gallud https://uvadoc.uva.es/handle/10324/80371 2025-12-08T20:00:49Z 2024-01-01T00:00:00Z

El objetivo de este artículo es identificar indicadores a nivel país que puedan resultar útiles para mejorar la eficacia en la detección del fraude en los Fondos Estructurales y de Inversión Europeos. Analizamos datos de 454 fondos, correspondientes al periodo 2014-2020, de los 28 países que eran miembros de la Unión Europea en 2014. Los resultados explicativos sugieren la conveniencia de realizar un seguimiento de los fondos, especialmente en los países con mayor PIB y mayores niveles de transparencia, así como la menor relevancia del número de irregularidades en los países con mayor PIB y en aquellos que reciben fondos más elevados. Las tasas de fraude y de detección de fraude en los distintos fondos varían significativamente entre Estados. Los Estados federales, como la República Federal de Alemania, tienen un éxito comparativamente mayor en la detección del fraude en los fondos de la UE.

2024-01-01T00:00:00Z Blanco-Alcántara, David Gallud Cano, Jorge Lopez-de-Silanes, Florencio https://uvadoc.uva.es/handle/10324/80214 2025-12-02T20:00:56Z 2022-01-01T00:00:00Z

We investigate the determinants of the effective use of European Structural and Investment Funds. We use a newly constructed database of the 1024 programmes from the last two programme periods that started in 2007 and 2014, respectively. Our results show that virtually all programmes fail to meet the initial deadline and need the extension period to be able to spend the funds initially allocated. About 45% of EU funds allocated are not used by the initial deadline and a tenth of the programmes end up not using over 10% of the funds. Our econometric analysis shows that beyond institutional framework measures of accountability, law and order, corruption and public officials’ attitudes, education and management capacity are key determinants in the efficient use of fund allocation. These findings are in line with previous work documenting that, as in the private sector, management capacity plays an important role in explaining government efficiency. In such circumstances, implementing measures that help bureaucracies deal with the lack of management skills and processing capacity – such as outsourcing fund management – may improve the efficient use of EU funds.

2022-01-01T00:00:00Z Fuente Herrero, Gabriel de la Velasco González, María Del Pilar https://uvadoc.uva.es/handle/10324/78313 2025-12-15T20:02:23Z 2025-01-01T00:00:00Z

This paper delves into the influence of bank debt in shaping the relationship between environmental, social, and governance(ESG) performance and a firm's value. As a result of the superior informational and monitoring functions of bank borrowers intheir lending relationships, we argue that a firm's degree of bank debt might signal the genuineness of its ESG performance. Weempirically test this signaling role on a sample of U.S. publicly traded companies over 2010–2018. Our results provide evidencethat bank debt improves the value effect of ESG performance. We find that the signaling effect of bank debt is stronger incompanies with lower tangible collateral, where the need for banks to screen and monitor them is higher. Our findings arerobust to controlling for contextual factors that may affect the signaling relevance of bank debt, such as the visibility andinformational asymmetries as provided by analysts' activity, or the difference between green and brown industries, as well as aseries of alternative econometric specifications, including alternative ESG performance measures, endogeneity tests, and pro-pensity score matching.

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