http://hdl.handle.net/10366/156319 2026-06-30T15:52:07Z 2026-06-30T15:52:07Z Aliano, Mauro Lo Cascio, Daniela Enciso Alfaro, Saudi Yulieth García Sánchez, Isabel María http://hdl.handle.net/10366/171958 2026-06-27T00:00:36Z 2026-05-01T00:00:00Z

[EN]Does corporate CO 2 abatement pay? We assembled an international panel of listed firms (2019–2023), linking Scope 1–2 emissionsto institutional (G7, CCPI) and search-based attention measures. The dataset consists of an unbalanced panel of 1724 multina-tional firms, together with a sub-sample of 922 firms operating in G7 economies. Firm and time fixed effects, dynamic system-GMM, and Granger tests indicate that reductions in operational CO2 are followed by higher returns on assets, with larger effectsin G7 markets. National climate ambition (CCPI) does not reliably amplify profitability. By contrast, the information environ-ment moderates payoffs: in G7 economies, ecological-risk attention amplifies the abatement–performance relationship, whereasclimate-crisis attention weakens it, despite a modestly positive main effect. Results are robust with alternative abatement meas-ures, though a binary specification produces weaker results outside the G7. The sum of the evidence indicates that decarbonisa-tion is a value-creating capability whose payoff is mediated by attention rather than headline policy. Implications for managers,lenders, investors and regulators follow: credibility, disclosure quality and enforcement shape returns on cuts CO2.

2026-05-01T00:00:00Z García Sánchez, Isabel María Hussain, Nazim Aibar‐Guzmán, Cristina Aibar‐Guzmán, Beatriz http://hdl.handle.net/10366/171948 2026-06-26T00:00:47Z 2026-01-01T00:00:00Z

Controversies, news about inappropriate corporate behaviour from an environmental, social, and governance (ESG) perspective, published in the media, put companies in a delicate situation and represent a reputational risk that can have a negative impact on firm value. In this paper, we analyse whether and under what conditions this type of negative news leads to business decisions aimed at ensuring stakeholder confidence, such as engaging assurance services for ESG information, and we determine the impact that this decision may have on the image and value of publicly questioned companies. The results obtained for a sample of 1149 multinational companies, of which 888 have engaged external assurance, show that controversies have favoured this decision, which improves the reputation, stakeholder engagement and market value of companies, being slightly affected by negative news about corporate actions related to customers, shareholders and investors, and employees.

2026-01-01T00:00:00Z García Sánchez, Isabel María Aibar‐Guzmán, Beatriz Aibar‐Guzmán, Cristina David, Fátima http://hdl.handle.net/10366/171947 2026-06-26T00:00:51Z 2026-01-01T00:00:00Z

[EN] Climate technologies aim to reduce CO2 emissions in order to mitigate the effects of global warming. In this paper, we analyse whether the disruptive events that we have been experiencing since 2020 (specifically, the COVID-19 pandemic and the war in Ukraine) act as drivers of firms' investment in climate technologies, and whether the institutional environment of the European Union also does so. For a sample of 5,376 firms for the period 2016-2022, we find that firms' investment in climate technologies is higher in disruptive periods. Moreover, we observe that this effect is smaller than the driving effect of the EU institutional environment on firms' engagement in the fight against climate change and investment in climate technologies.

2026-01-01T00:00:00Z García Sánchez, Isabel María López Pérez, Germán Zafra-Gómez, José L. http://hdl.handle.net/10366/171940 2026-06-26T00:00:43Z 2026-06-01T00:00:00Z

[EN]Over the last decade, eco-innovation has become a strategic pillar of business competitiveness. However, its financial impact is currently being affected by a global environment marked by unprecedented systemic uncertainty. This study contributes to finance literature by analyzing how geopolitical risk affects the profitability of green investments. It hypothesizes that international geopolitical tensions disrupt the mechanisms through which eco-innovation influences operational performance. Using a sample of 5744 companies and 48,015 observations from 2014 to 2024, we find that eco-innovation exerts short-term pressure on corporate profitability but becomes especially valuable as a resilience mechanism in periods of high geopolitical uncertainty.

2026-06-01T00:00:00Z García Sánchez, Isabel María Martínez Ferrero, Jennifer García Meca, Emma http://hdl.handle.net/10366/171939 2026-06-26T00:00:22Z 2026-05-06T00:00:00Z

[EN]This paper examines the relationship between family ownership and investment decisions, and the effect that a family CEO has on these decisions. Efficiency in the allocation of capital investments has an impact on economic growth and productive capacity. We find that family control acts as a monitoring tool that enhances investment, bringing it to an optimal level. We also show that a family CEO with blood ties improves investment decisions in a family firm. This study confirms the positive effect of managerial ability on investment decisions in family firms and supports the moderating role of family CEOs in achieving optimal investment decisions under able managers. The results provide a valuable refinement to family-firm literature by analysing the role of family CEOs in moderating the influence of able managers. As far as we know, this is the first paper that addresses investment decisions, managerial ability and family CEOs in family firms.

2026-05-06T00:00:00Z Pucheta Martínez, María Consuelo Gallego Álvarez, Isabel http://hdl.handle.net/10366/171101 2026-04-28T00:02:26Z 2021-01-01T00:00:00Z

The aim of this research was to provide further evidence of the impact of the power of the Chief Executive Officer (CEO) on corporate social responsibility (CSR) disclosure. Additionally, we explore the moderating role of CEO compensation linked to shareholder return on the association between CEO power and CSR disclosure. The theories used follow agency theory and stakeholder theory and the sample comprised 9182 international firm-year observations collected from the Thomson Reuters database from 2009 to 2018. Our model was estimated using the generalized method of moments (GMM) estimator. The results found that CEO power was positively associated with CSR disclosure, contrary to our expectations. Additionally, our evidence also shows that CEO compensation linked to shareholder return plays a positive moderating role on the relationship between CEO power and CSR reporting.

2021-01-01T00:00:00Z Gallego Álvarez, Isabel Nieto Librero, Ana Belén Martín Gallego, Eugenio http://hdl.handle.net/10366/171097 2026-04-28T00:02:27Z 2025-01-01T00:00:00Z

The primary aim of this research is to examine the impact of corruption on the attainment of the Sustainable Development Goals (SDGs) in different countries. To achieve this, the study utilizes the Corruption Perceptions Index (CPI), one of the most widely recognized indicators of corruption. Additionally, the SDG Index is used to evaluate each country’s overall progress toward the 17 SDGs, with scores ranging from 0, representing the worst possible outcome, to 100, indicating achievement of the targets. In this work, the Tucker method has been applied, which has not previously been used in studies on SDGs and corruption and thus provides some novelty to the present research. This method has allowed us to analyze the relationship between the CPI and SDGs. The results obtained show that the lower the level of corruption in a country, the better SDGs are achieved. Thus, it has been observed that CPI scores are closely related to the achievement of goals related to Gender Equality (SDG5), Peace, Justice, and Strong Institutions (SDG16), and Reduced Inequalities (SDG10). This means our findings are extremely useful for enabling governments and institutions to roll out more effective policies and encourage investment for achieving the SDGs related to their region and the pressing need to combat corruption. As a conclusion, this study demonstrates that lower levels of corruption, particularly in Europe and North America, are strongly associated with progress toward SDGs related to Peace, Justice, and Strong Institutions. In contrast, high levels of corruption in regions such as Sub-Saharan Africa and South Asia significantly hinder the achievement of key SDGs, particularly those concerning Decent Work and Economic Growth, as well as Climate Action.

2025-01-01T00:00:00Z Gallego Álvarez, Isabel Rodríguez Domínguez, Luis http://hdl.handle.net/10366/171007 2026-04-17T00:01:22Z 2025-01-01T00:00:00Z

[EN]The objective of this study is to analyse the influence of specific organisational and corporate governance factors on the implementation of ethical practices in the corporate field. We study the effect of corporate size, leverage and profitability as organisational drivers that may encourage the undertaking of the practices of business ethics. We also examine the impact of the size, activity and level of independence of the board of directors as potential factors that promote an ethical climate. Based on a broad sample of companies from 29 countries, we propose a Tobit model for panel data. Our findings stress the relevance of corporate size as a driver promoting ethical practices as well as the importance of the board of directors and its features of size, activity and independence as key factors in the design and implementation of an ethical climate.

2025-01-01T00:00:00Z Bel Oms, Inmaculada Pucheta Martínez, María Consuelo Gallego Álvarez, Isabel http://hdl.handle.net/10366/170970 2026-04-15T00:01:49Z 2025-01-01T00:00:00Z

This study aims to check how Chief Executive Officers (CEOs) can influence the development of environmental, social, and governance (ESG) performance within the energy sector, considering female directors as a moderator. The study finds that CEO duality has a negative effect on ESG performance, while CEO board membership has positive effect. The results show that female directors negatively moderate the relationship between CEO duality and CEO board membership and ESG performance. This study also provides evidence that an ex-CEO board chair encourages environmental performance. Additionally, CEO board membership positively influences social performance and has a negative effect on governance performance. Furthermore, the results reveal that female directors negatively moderate the association between CEO duality and environmental and social performance. Finally, the moderating effect of female directors on the relationship between an ex-CEO board chair and CEO board membership and social and governance performance is negative. These results carry implications for policymakers and managers aiming to optimize corporate governance for improved ESG outcomes. Policymakers should consider regulations that discourage CEO duality and promote balanced leadership structures while simultaneously fostering environments where diverse board compositions can thrive without unintended negative effects. For managers, the findings suggest the need to design governance frameworks that capitalize on the benefits of CEO board membership while addressing the complexities introduced by diverse board dynamics, including the role of female directors. Tailored training and empowerment initiatives for female directors could help unlock their potential to positively influence ESG performance.

2025-01-01T00:00:00Z Pucheta Martínez, María Consuelo Bel Oms, Inmaculada Gallego Álvarez, Isabel http://hdl.handle.net/10366/170967 2026-04-15T00:01:28Z 2023-01-01T00:00:00Z

[EN]This paper explores the impact of some audit committees’ characteristics (executive and independent directors and directors’ attendance at audit committee meetings) on CSR reporting. Moreover, it also aims to test the moderating effect of women directors on boards on the association between audit committees’ characteristics and CSR disclosure. This study uses an international sample comprising 13,264 firm-year observations of non-financial firms from 2007 to 2018. The results show that executive and independent directors on audit committees have a negative impact on CSR reporting, while the directors’ attendance at audit committees meetings is positively associated with CSR disclosure. This study’s results also provide convincing evidence that female directors on corporate boards positively moderate the negative association between executive and independent directors on audit committees and CSR disclosure. Finally, the findings also show that female directors on corporate boards do not moderate the positive impact of directors’ attendance at audit committees’ meetings on CSR information. This study is focused on attributes of audit committees based on a sample of international listed non-financial firms. This is the first study analyzing the moderating role of female directors on boards on the relations between both executive directors on audit committees and CSR reporting and the average attendance of directors at audit committees’ meetings and CSR disclosure. [ES]Este trabajo explora el impacto de algunas características de los comités de auditoría (consejeros ejecutivos e independientes y la asistencia de los consejeros a las reuniones de los comités de auditoría) en la divulgación de información de responsabilidad social corporativa (RSC). Además, también tiene como objetivo analizar el efecto moderador de las consejeras del consejo de administración en la relación entre las características de los comités y la divulgación de la RSC. Este estudio se basa en una muestra internacional que comprende 13,264 observaciones empresas-año no financieras desde 2007 hasta 2018. Los resultados muestran que los consejeros ejecutivos e independientes en comités de auditoría tienen un impacto negativo en la divulgación de información de RSC, mientras que la asistencia de los consejeros a las reuniones del comité se asocia positivamente con la divulgación de información sobre RSC. Nuestros resultados también evidencian que las consejeras del consejo de administración moderan positivamente la asociación negativa entre los consejeros ejecutivos e independientes de los comités de auditoría y la divulgación de información sobre RSC. Finalmente, los hallazgos también muestran que las consejeras no moderan el impacto positivo de la asistencia de los consejeros a las reuniones de los comités de auditoría y la divulgación sobre RSC. Este estudio se centra en los atributos de los comités de auditoría de una muestra de empresas internacionales no financieras cotizadas. Este es el primer estudio que examina el papel moderador de las consejeras de los consejos en las relaciones entre los consejeros ejecutivos en los comités de auditoría y el informe de RSC y la asistencia media de los consejeros a las reuniones de los comités de auditoría y divulgación de la RSC.

2023-01-01T00:00:00Z Rodríguez Domínguez, Luis Gallego Álvarez, Isabel http://hdl.handle.net/10366/170722 2026-03-24T01:00:38Z 2021-01-01T00:00:00Z

[EN]The growing interest in the impact that organizations have on society has made Corporate Social Responsibility (CSR) a matter of extraordinary relevance. Religions are among the factors that may drive the adoption of more CSR practices and, as such, may play a significant role in their promotion. The aim here is to discover whether religions contribute to the development of a broader range of CSR initiatives on the basis of Stakeholder, and Legitimacy theories. We studied the impact of different religions on an index made up of 122 CSR practices that include social and environmental issues. We tested the hypothesis proposed through panel data models for a sample composed of 13,884 firm-year observations from 30 countries. Our findings suggest that certain religions, such as Christianity, Judaism, and Buddhism, have a positive influence on the adoption of CSR practices. Companies operating in countries with a high percentage of adherents to these religions are more prone to undertake CSR activities. However, Islam, Hinduism, and Folk religions record an inverse trend that evidences a negative link.

2021-01-01T00:00:00Z Enciso Alfaro, Saudi Yulieth García Sánchez, Isabel María http://hdl.handle.net/10366/170642 2026-03-19T01:00:45Z 2026-02-01T00:00:00Z

[EN]Amid growing environmental pressures and the pressing demand to advance sustainable development, the circular economy(CE) has positioned itself as a transformative business approach capable of safeguarding favourable ecosystem conditionsthrough the application of key R-strategies. This research analyses the impact of corporative transition towards CE that respectsplanetary boundaries on the creation of tangible and intangible value for companies. To achieve our objectives and test our hy-potheses, we employed an unbalanced panel dataset comprising 44,756 observations over the period 2013–2022, involving 7010multinational and multisectoral companies. Our empirical findings show the significant and positive impact of CE transitionson firms' market value and growth opportunities, as well as on the probability of obtaining an award, intangible recognition forthe potential value that CE may offer to society and the environment. Furthermore, our complementary analysis highlights CEparadigms as a pathway in which, without importance of corporate advance—emerging, developing, mature or leading—value iscreated. Additionally, complementary estimations by subsamples of industries with high and low environmental sensitivity indi-cate stronger tangible value creation in environmentally sensitive industries, while the intangible value was more salient amongless environmentally exposed industries. These empirical results are robust across various methodological specifications; theseinclude GMM estimations to mitigate potential endogeneity concerns. Our findings provide empirical evidence to understand thepotential benefits of the transition to CE, especially in relation to the intangible recognition that it entails for companies to createvalue for society in accordance with the notion of safe operating space.

2026-02-01T00:00:00Z García Sánchez, Isabel María Carnicero Martínez, Maite http://hdl.handle.net/10366/170641 2026-03-19T01:00:50Z 2026-02-10T00:00:00Z

[EN]Climate change threatens the future of the next generations and is already causing widespread destruction in the present through an increasing number of natural disasters. A new model of production and consumption based on sustainability is required, especially in the fashion industry—the second most polluting sector in the world. Therefore, in order to determine whether these companies contribute to people’s and the planet’s well-being, it is necessary to understand their practices. To this end, we analyse the sustainable practices of the sector by studying the ten most responsible fashion companies according to the BoF Sustainability Index, that is based on the methodology of content analysis applied to case studies. To do this, we have defined a taxonomy of the ten most common sustainability strategies and practices: stakeholder engagement, strong governance and transparency, decarbonisation, biodiversity conservation and restoration, circularity, reducing waste and pollution from the use of plastics, eliminating hazardous chemicals, preserving water quality, diversity, equity and inclusion policies, supply chain responsibility, and supporting the communities in which companies operate. The results show that major business groups have integrated axes into their sustainability strategies that address the industry’s primary social and environmental challenges. These plans are based on ambitious goals that go beyond stakeholder demands and the generation of economic benefits.

2026-02-10T00:00:00Z García Sánchez, Isabel María Perego, Paolo Raimo, Nicola Vitolla, Filippo http://hdl.handle.net/10366/170635 2026-03-19T01:00:43Z 2026-02-17T00:00:00Z

[EN]This study examines the relationship between assurance provider rotation and sustainability assurance quality using an in-ternational sample of 604 companies over the period 2011–2017. We find that provider rotation is positively associated withboth breadth and depth of assurance statements, suggesting that switching assurers is linked to higher overall sustainabilityassurance quality. However, when companies switch from nonaccounting to accounting providers, assurance quality decreases,particularly in statement breadth and to a lesser extent in depth. Additional analyses indicate that these rotation effects reflectstructural heterogeneity between provider types rather than dynamic improvements following a switch, with quality benefitsemerging gradually as new assurers establish their engagement approaches. The findings advance understanding of how marketstructure and provider characteristics shape sustainability assurance quality and provide timely insights for standard setters andregulators developing new frameworks for sustainability reporting and assurance.

2026-02-17T00:00:00Z Gallego Álvarez, Isabel Pucheta Martínez, María Consuelo http://hdl.handle.net/10366/170292 2026-03-06T01:02:24Z 2021-01-01T00:00:00Z

[EN]The impact of all six of Hofstede’s cultural dimensions (power distance, individualism/collectivism, masculinity/femininity, uncertainty avoidance, long-term/shortterm orientation, and restraint/indulgence) on business innovation practice has not, to the best of our knowledge, been hitherto examined. Past research has focused on four or five of these cultural dimensions. The aim of this study is therefore to analyze how corporate innovation policies are affected by all these dimensions in a sample of firms operating in different countries. The paper draws on institutional theory, whereby firms domiciled in the same institutional context will behave in a similar manner and their decisions on innovation practices will therefore also be similar. The findings show that the cultural dimensions of power distance, masculinity, uncertainty avoidance, and long-term orientation are positively associated with innovation, while individualism has a negative effect, and indulgence has no effect whatsoever.

2021-01-01T00:00:00Z Pucheta Martínez, María Consuelo Gallego Álvarez, Isabel http://hdl.handle.net/10366/170290 2026-03-06T01:02:12Z 2024-01-01T00:00:00Z

[EN]The influence of chief executive officer (CEO) power on innovation has only briefly been the subject of study thus far creating a need for further exploration. The purpose of this research is to provide more evidence of the impact of CEO power on innovation as a business strategy. We also address the moderating effect that national culture has on the relationship between CEO power and innovation. The Thomson Reuters database provided the data for this research. The cohort of firms represents different countries, specifically, a sample of firms from 37 countries. To estimate the model, we used the generalised method of moments (GMM) procedure, an estimator that allows the researcher to control for unobservable heterogeneity and endogeneity. GMM also attenuates estimation bias. Our findings reveal that CEO power has a positive effect on innovation. In turn, the dimensions of national culture used here do not have the same moderating effect on the relationship between CEO power and innovation. Power distance and uncertainty avoidance negatively moderate the positive association between CEO power and innovation; individualism and indulgence reinforce the positive effect of CEO power on innovation; masculinity and long-term orientation do not affect the relationship.

2024-01-01T00:00:00Z