http://hdl.handle.net/10366/168090 2026-04-20T11:50:56Z 2026-04-20T11:50:56Z Gabriel, Vítor Manuel de Sousa Lozano García, María Belén Matias, Maria Fernanda Ludovina Inácio Neves, Maria Elisabete Rebelo, Sandra Cristina Francisco http://hdl.handle.net/10366/171008 2026-04-17T00:01:20Z 2025-01-01T00:00:00Z

This paper examines the interconnections between segments of exchange-traded funds (ETFs), bridging the traditional financial perspective with the sustainability-driven approach based on the Sustainable Development Goals (SDGs) outlined in Agenda 2030. The analysis is endogenous, focusing on the shocks that emerge within the system composed of these segments. Utilizing daily data from six sustainable segments, each corresponding to different SDGs, alongside one traditional segment, spanning a sample period of approximately 14 years, the study reveals notable spillover effects. Specifically, the periods associated with the pandemic and the war in Ukraine were marked by a significant surge in information transmission across the segments. Furthermore, the findings indicate that sustainable segments exhibit a strong interdependence with their traditional counterparts, a dynamic that facilitates contagion risk and limits the effectiveness of portfolio diversification strategies.

2025-01-01T00:00:00Z Calabrò, Andrea Requejo Puerto, Ignacio Reyes Reina, Fernando Enrique Sánchez Bueno, María José Suárez González, Isabel http://hdl.handle.net/10366/167591 2025-11-07T08:28:27Z 2024-01-01T00:00:00Z

[EN] We posit that, beyond the distinction between domestic and cross-border deals, family ownership configurations and board ownership determine whether family firms (FFs) prefer targets from closer or more distant markets, thus highlighting the crucial role of geographical distance when conducting acquisitions abroad. We further investigate whether target selection depends on firm performance relative to its aspirations. To test our hypotheses, we gather a comprehensive sample of 7,297 acquisition deals, of which 3,180 are cross-border transactions, undertaken by family and non-FFs from 30 European countries during the 2007–2015 period, with target firms located in 65 different countries. Our empirical strategy allows us to analyze FFs’ preference in terms of geographical distance when they decide to acquire a foreign company. The main findings suggest that FFs acquire targets from closer locations when there is a group of minority family shareholders or a higher level of board ownership. Meanwhile, FFs performing below their aspirations acquire more distant targets compared to other FFs. Our findings contribute to international business (IB) research by demonstrating that the distinction between domestic and foreign targets is not enough when investigating acquisitions, but the distance to the target firm is vital for a better understanding of cross-border deals.

2024-01-01T00:00:00Z Reverte, Camilo Martínez Ferrero, Jennifer García Meca, Emma http://hdl.handle.net/10366/166667 2025-07-26T00:01:39Z 2025-01-01T00:00:00Z

[EN] Based upon the quintuple helix model (QHM), this study explores whether the differ-ences in firms' emission reduction effectiveness can be attributed to the five institu-tional helices related to educational system, economic development, political–legalsystem, cultural orientation, and the natural capital. Using a set of listed Europeanfirms for the 2015–2020 period, we show that firms with better emission reductioneffectiveness operate in nations with more public educational expenditure and scien-tific production, more extensive economic development, and better institutional andgovernance quality. Moreover, emission reduction strategies are more pronouncedin firms located in countries characterized by less masculinity, individualism, powerdistance, and uncertainty avoidance, and more long-term orientation and indulgence.In addition, we find that companies with better emission reduction effectiveness arefound in countries with more natural capital, characterized by a life in harmony withnature and employing the finite resources available in a sustainable and environmen-tally conscious manner. Moreover, employing a two-stage model to identify the mostrelevant helix, we find that the political–legal system helix is the most pivotal in pro-moting firms' commitment to reducing environmental emissions

2025-01-01T00:00:00Z Silva, Larissa Karoline Souza Oliveira, Marcelle Colares Rodrigues Junior, Manuel Salgueiro Lozano García, María Belén http://hdl.handle.net/10366/165367 2025-05-20T08:05:36Z 2024-01-01T00:00:00Z

[PO] O estudo investiga a influência dos grupos minoritários, relacionados à presença feminina no Conselho de Administração, sobre a divulgação de informações de Responsabilidade Social Corporativa (RSC) relacionadas ao gênero. Coletaram-se dados de 1.863 empresas de 52 países no período 2010-2022. Por meio de regressões Pooled OLS, verificou-se que a presença feminina em percentual satisfatório, em grupos “equilibrado” e “inclinado”, afeta positivamente a divulgação de RSC relativa ao gênero. Porém, nos grupos com baixo percentual, “uniformes” e “enviesados”, influencia negativamente a divulgação. O estudo contribui ao discutir a importância da presença dos grupos minoritários no Conselho de Administração, apoiando-se na Teoria do Tokenismo. Ademais, dá suporte ao aperfeiçoamento de políticas públicas que promovam a igualdade de gênero nos conselhos. [EN] This study investigates the influence of minority groups —the presence of women on corporate boards— on the disclosure of gender-related Corporate Social Responsibility (CSR) information. Data from 1,863 companies from 52 countries were collected for the period 2010-2022. Using the Pooled OLS regressions, it was found that the presence of women in satisfactory percentages, i.e., balanced and inclined groups, positively affects the disclosure of gender-related CSR; however, in groups with a low percentage, i.e., uniform and skewed groups, it negatively influences such disclosure. This study contributes to the topic by discussing the importance of minority group’s presence on corporate boards, drawing on Tokenism. Additionally, it supports the improvement of public policies that promote gender equality on boards. [ES] Este estudio investiga la influencia de los grupos minoritarios —la presencia de mujeres en juntas directivas— en la divulgación de información sobre Responsabilidad Social Corporativa (RSC) relacionada con el género. Se recopilaron datos de 1.863 empresas de 52 países para el período 2010-2022. Utilizando las regresiones agrupadas de OLS, se encontró que la presencia de mujeres en porcentajes satisfactorios, i.e., grupos equilibrados e inclinados, afecta positivamente la divulgación de la RSC relacionada con el género; sin embargo, en grupos con un porcentaje bajo, i.e., grupos uniformes y sesgados, influye negativamente. Este estudio contribuye al tema discutiendo la importancia de la presencia de grupos minoritarios en las juntas directivas basado en el tokenismo; además, apoya la mejora de las políticas públicas que promuevan la igualdad de género en dichas juntas.

2024-01-01T00:00:00Z Neves, Maria Elisabete Duarte Guedes, Rui Proença, Catarina Lozano García, María Belén http://hdl.handle.net/10366/165077 2025-05-20T08:00:36Z 2024-01-01T00:00:00Z

Purpose – The purpose of this paper is to analyse the impact of political connections and gender diversity on the performance of Iberian companies as a singular market and considering Portugal and Spain separately. Design/methodology/approach – The authors used panel data methodology, specifically GMM system estimation model by Arellano and Bond (1991) for the period from 2015 to 2020. Findings – Results show that the performance of listed Iberian companies is influenced by political connections, by gender diversity and that gender diversity has amitigating effect on the effects of political connections in each country. Themitigating effect ofwomen is evident in both Portugal and Spain, as they aremore cautious and principled,which is valued by short-term investors interested in an immediate investment. However, considering the Iberian Peninsula as a whole, the results indicate that – in the long term – women’s political relationships can benefit performance through a better reputation and image, which can lead to better social and economic results in the long term. Originality/value – To the best of the authors’ knowledge, this paper is original and covers an important gap in the literature when considering political connections and women’s impact on these connections as determinants of the performance of Iberian companies.

2024-01-01T00:00:00Z Rodrigues Junior, Manuel Salgueiro Oliveira, Marcelle Colares Lozano García, María Belén http://hdl.handle.net/10366/165076 2025-05-20T07:48:30Z 2024-01-01T00:00:00Z

[EN] Objective: The objective of this study is to investigate gender equity, with the aim of analyse the impact of country, sector, and company characteristics on corporate gender equity disclosure. Theoretical Framework: The main concepts and theories that underpin the research are institutional theory with National Business System (NBS) approach. Method: We collected information on gender equity disclosure from 3,726 companies in 58 countries over a 10-year interval from the Thomson Reuters database. Than, we use hierarchical analysis to link the degree of disclosure obtained by companies with variables at the macro, medium, and micro levels. Results and Discussion: We found that the equity disclosure is particularly sensitive to company characteristics such as trade union representation, company size or board gender diversity. Country characteristics, such as enforcement capacity, pressure from unions, popular participation, and economic development positively affect gender equity disclosure. The sector does not present statistical significance to explain variations in gender disclosure. Research Implications: These findings show that theoretical aspects of National Business System and multilevel characteristics approaches do provide empirical support to explain gender equity and its disclosure and help to resolve gender issues Originality/Value: This research fills the gap resulting from the lack of multilevel analysis on gender equity disclosure and helps identify which level and characteristics prevail and have the greatest impact. Therefore, the results guide the intervention of different social spheres to promote gender equity. [PO] Objetivo: O objetivo deste estudo é investigar a igualdade de gênero, com o objetivo de analisar o impacto das características do país, setor e empresa na divulgação da igualdade de gênero corporativa. Estrutura Teórica: Os principais conceitos e teorias que sustentam a pesquisa são a teoria institucional com a abordagem do Sistema Nacional de Negócios (NBS). Método: Coletamos informações sobre a divulgação de equidade de gênero de 3.726 empresas em 58 países ao longo de um intervalo de 10 anos da base de dados Thomson Reuters. Assim, utilizamos a análise hierárquica para vincular o grau de divulgação obtido pelas empresas com variáveis nos níveis macro, médio e micro. Resultados e Discussão: Descobrimos que a divulgação de patrimônio é particularmente sensível às características da empresa, como representação sindical, tamanho da empresa ou diversidade de gênero do conselho. As características do país, como a capacidade de aplicação da lei, a pressão dos sindicatos, a participação popular e o desenvolvimento econômico afetam positivamente a divulgação da igualdade de gênero. O setor não apresenta significância estatística para explicar variações na divulgação de gênero. Implicações da Pesquisa: Essas descobertas mostram que os aspectos teóricos do Sistema Nacional de Negócios e as abordagens de características multiníveis fornecem suporte empírico para explicar a igualdade de gênero e sua divulgação e ajudam a resolver questões de gênero Originalidade/valor: esta pesquisa preenche a lacuna resultante da falta de análise multinível sobre a divulgação de equidade de gênero e ajuda a identificar qual nível e características prevalecem e têm o maior impacto. Portanto, os resultados guiam a intervenção de diferentes esferas sociais para promover a igualdade de gênero. [ES] Objetivo: El objetivo de este estudio es investigar la equidad de género, con el objetivo de analizar el impacto de las características de país, sector y empresa en la divulgación de la equidad de género corporativa. Marco Teórico: Los principales conceptos y teorías que sustentan la investigación son la teoría institucional con enfoque del Sistema Nacional de Negocios (SBS). Método: Recopilamos información sobre la divulgación de la equidad de género de 3.726 empresas en 58 países en un intervalo de 10 años de la base de datos Thomson Reuters. Además, utilizamos el análisis jerárquico para vincular el grado de divulgación obtenido por las empresas con variables a nivel macro, medio y micro. Resultados y discusión: Se encontró que la divulgación de la equidad es particularmente sensible a las características de la empresa, como la representación sindical, el tamaño de la empresa o la diversidad de género en la junta directiva. Las características de los países, como la capacidad de hacer cumplir la ley, la presión de los sindicatos, la participación popular y el desarrollo económico, afectan positivamente la divulgación de la equidad de género. El sector no presenta significación estadística para explicar las variaciones en la divulgación de género. Implicaciones de la investigación: Estos hallazgos muestran que los aspectos teóricos del Sistema Nacional de Negocios y los enfoques de características multinivel proporcionan apoyo empírico para explicar la equidad de género y su divulgación y ayudan a resolver los problemas de género. Originalidad/Valor: Esta investigación llena la brecha resultante de la falta de análisis multinivel sobre la divulgación de la equidad de género y ayuda a identificar qué nivel y características prevalecen y tienen el mayor impacto. Por lo tanto, los resultados orientan la intervención de diferentes ámbitos sociales para promover la equidad de género.

2024-01-01T00:00:00Z López Dallara, María Luján Lozano García, María Belén http://hdl.handle.net/10366/165074 2025-05-20T07:26:03Z 2024-01-01T00:00:00Z

[ES] En Europa las cooperativas de energía renovable están experimentando un renacimiento, especialmente en los Países Bajos, donde tienen una tradición consolidada. No existen artículos en castellano que demuestren una comparación de las cooperativas de energía renovable con las comunidades energéticas en el contexto neerlandés a pesar de existir una definición clara para ambas, lo que es fundamental para entender sus roles distintivos en la transición energética y optimizar las políticas de apoyo. Este artículo explora las dinámicas y características específicas de dichas cooperativas, así como los mecanismos de financiación pública a los que acceden. Mediante un análisis cualitativo de 184 casos, seleccionando veinte ejemplos representativos, se investiga cómo estas entidades se integran en el esquema de apoyo nacional. Se desvela que aún falta explorar en profundidad los requisitos específicos y características que deben cumplir estas cooperativas para beneficiarse de la financiación pública. Este estudio no sólo arroja luz sobre las prácticas actuales, sino que también ofrece valiosas lecciones para otros países europeos que buscan mejorar sus políticas y estrategias en materia de energía renovable. Esta investigación resulta de interés para empresarios y promotores de proyectos, proporcionando un marco para entender cómo acceder a subsidios y apoyos para la producción de energía renovable. [EN] Renewable energy cooperatives are gaining traction in Europe, particularly in The Netherlands, which has a rich tradition in this country. There is a notable absence of studies comparing renewable energy cooperatives with energy communities, despite a clear definition provided by the EU, underscoring the need to explore their distinct roles and synergies within the energy transition framework. This article delves into the specifics of these cooperatives, focusing on their structure and the supportive legal and fiscal environment they operate within. Although it is widely accepted that these cooperatives play a crucial role in the energy transition, there is a gap in research regarding the specific requirements they need to meet to qualify for national support programs. By examining twenty Dutch cooperatives selected from a broader sample of 184, this study provides insights into how these entities contribute to sustainability goals and outlines best practices that could be emulated in other European contexts. This is instrumental for policymakers and entrepreneurs interested in enhancing the effectiveness of renewable energy initiatives.

2024-01-01T00:00:00Z Pinheiro, Alan Bandeira Oliveira, Marcelle Colares Lozano García, María Belén http://hdl.handle.net/10366/165072 2025-05-19T11:43:36Z 2024-01-01T00:00:00Z

[EN] Purpose – The purpose of this research is to investigate the effect of characteristics of capitalism on environmental performance. Design/methodology/approach – The authors analyzed a sample of 6,257 companies, based in 55 countries and 8 typologies of capitalism. The independent variables are the characteristics of capitalism, measured through five indicators: cooperation between employees and employers, index of economic freedom, local competition between industries, human development index (HDI) and quality of the governance environment. To measure environmental performance, the authors created an index composed of 20 indicators. Data were analyzed using panel data regression and dynamic panel of the generalized method of moments. Findings – The results indicate that the characteristics of capitalism can shape the environmental behavior of companies. The authors find that in countries with better cooperation between employees and employers, more economic freedom, and competition between firms, in addition to better HDI and national governance, companies have higher environmental performance. When they are in more developed countries, companies have a greater environmental performance. Practical implications – Managers must consider the country’s characteristics of capitalism when making their environmental decisions and strategies. The findings invite governments to incorporate into their regulations mechanisms to protect other interest groups, not just shareholders. Originality/value – Few studies have examined environmental performance, which is less susceptible to greenwashing. The metric for environmental performance measures the company’s concrete effort in relation to environmental issues and not just the disclosure of information. Additionally, the authors examine characteristics of capitalism supported by Varieties of Capitalism, an approach still little explored in the environmental management.

2024-01-01T00:00:00Z Sánchez Sancho, Marta Martínez Ferrero, Jennifer Perote Peña, Javier http://hdl.handle.net/10366/164731 2025-04-30T20:51:25Z 2024-01-01T00:00:00Z

[EN] Purpose This paper aims to investigate the potential influence of managers on sustainability assurance. When the quality of sustainability reporting is questionable because of subsequent restatements, the authors explore whether assurance is used to enhance its credibility as a legitimization tool or as an impression management strategy. Additionally, the authors analyze how capital markets react to this potential managerial capture and, particularly, whether investors penalize this practice through the cost of capital. Design/methodology/approach Using an international sample from 2012 to 2016 and panel data regressions, this study relies on DICTION’s master variables of optimism and certainty to examine the impact of managers on assurance and the market’s reaction to these practices. Findings The study shows that some managers might use assurance as a legitimization tool rather than as a means of reinforcing the credibility of sustainability reporting. In such cases, the results reveal that investors penalize (reward) managerial influence (no influence) on assurance. Practical implications The new findings help companies understand that they will not improve their financing terms if investors perceive that managers have influenced assurance. Moreover, these findings emphasize the need for standardization to clarify assurance criteria and prevent managerial influence. Social implications Managerial influence on assurance raises doubts about its value in terms of reducing information asymmetry and especially improving investors’ decision-making. Originality/value The present study represents the first evidence of the potential use of assurance for non-informative purposes. The authors provide clear evidence of how investors penalize managerial influence on assurance, in contrast to the mainstream literature, which shows that this practice always improves investors’ decision-making and is rewarded.

2024-01-01T00:00:00Z Useche, Alejandro J. Martínez Ferrero, Jennifer Alayón Gonzales, José Luis http://hdl.handle.net/10366/164726 2025-04-30T20:51:25Z 2024-01-01T00:00:00Z

[EN] The aim of this article is to evaluate the performance of investment portfolios built under environmental, social, and corporate governance (ESG) criteria or socially responsible portfolios, based on companies listed on three representative stock exchanges in Latin America (Chile, Colombia, and Peru) for the period 2011–2019. The performance of portfolios comprising high-ESG stocks was compared with that of low-ESG performance portfolios and with portfolios of companies that did not report such information, as well as against the main index of each market. A novel utility function was defined that allows evaluating different degrees of propensity to responsible investment, based on which restricted optimization processes were conducted to build efficient frontiers that combine traditional mean–variance aspects with ESG elements. Based on these frontiers, a measure of the psychic dividend or ESG utility premium generated by investing in high-ESG portfolios is proposed. Results obtained in risk and return rates and Jensen, Treynor, alpha, VaR, tracking error, information coefficient, efficient frontiers, and utility premium show the value of following responsible investment criteria and the clear disadvantages in investing in companies that do not report ESG information. This research contributes to the debate on the importance of socially responsible investment guided by ESG criteria, filling a gap in the literature regarding Latin America and confirming the better performance by calculating a wide range of portfolio evaluation indicators. We proposed a novel approach to optimization with sustainability constraints, incorporating the utility premium derived from investing in stocks with better ESG performance.

2024-01-01T00:00:00Z Martínez Ferrero, Jennifer García Meca, Emma Ramón Llorens, Camino http://hdl.handle.net/10366/164721 2025-04-30T20:51:25Z 2024-01-01T00:00:00Z

[EN] This paper examines whether women’s attitudes toward environmental innovation are impacted by their individual diferences in skills, expertise, experience, and technical knowledge, as well as their visibility and legitimacy on boards. Using the categorization of directors developed by Hillman et al (J Manag Stud 37(2):235–256, 2000) and a dataset including the largest non-fnancial Spanish-listed entities reported on the IBEX-35 between 2015 and 2019, we can confrm the infuence of female business expert and support specialist directors on environmental innovation. We fnd that although female business expert directors seem to positively infuence environmental innovation even below a critical mass, female support specialist directors are only signifcant and positive drivers of eco-initiation when they gain power and authority on the board. This study confrms the need to examine the connection between women directors and eco-innovation based not only on their expertise and experience but also on their position and legitimacy on the board. In this regard, our results provide evidence that female support specialists need to have a large enough representation on boards to be efective in developing green initiatives. Our results are robust to alternative measures of green innovation (i.e., environmental performance) and overcome endogeneity concerns.

2024-01-01T00:00:00Z Cuadrado Ballesteros, Beatriz Ríos, Ana María Guillamón, María Dolores http://hdl.handle.net/10366/164720 2025-04-30T19:51:42Z 2024-01-01T00:00:00Z

[EN] In recent decades, there has been a proliferation of research analysing the role of women in public management. This study contributes to this line of research by examining the influence women have on municipal public debt. To this aim, we use a sample of 141 Spanish municipalities with more than 50,000 inhabitants for the period 2008-2020. The empirical results suggest that municipalities that are leaded by a female mayor tend to show lower levels of public debt. In addition, empirical results reveal an inverted U-shaped relationship between the proportion of female councillors and the level of public debt. This means that the higher the proportion of female councillors, the lower the level of indebtedness, but this positive effect appears only if the number of female councillors is relatively high.

2024-01-01T00:00:00Z Peña-Miguel, Noemí Cuadrado Ballesteros, Beatriz http://hdl.handle.net/10366/164719 2025-04-30T19:51:42Z 2023-01-01T00:00:00Z

[EN] This study examines the effect of public-private partnerships (PPPs) on income inequality, focusing on economic infrastructures. For that, we use a sample composed of data from 38 low- and middle-income countries over the period 2000-2018. The empirical findings suggest that inequality has not been reduced; by contrast, income inequality has increased in countries that have developed PPP projects to a greater extent. This study offers practical implications about the social cost that the PPP formula has in developing countries.

2023-01-01T00:00:00Z Guillamón, María Dolores Ríos, Ana María Cuadrado Ballesteros, Beatriz http://hdl.handle.net/10366/164718 2025-04-30T19:51:42Z 2024-01-01T00:00:00Z

[EN] In recent years, public sector research has developed a line related to women's participation in government and its effect on public finances. In this vein, this paper attempts to empirically analyzethe effect women’s presencein local governments has onmunicipal financial health. For that, we use a sample of the 140 Spanishmunicipalities with more than 50,000 inhabitants during the period 2008-2018 and we create four indicators that refer to cash, budgetary and service-level solvency, as well as a global index that represents the municipal financial health.Our empirical results show that municipalities with a female mayor and with higher percentages of women in the council tend to havehigher levels of these ratios. This supports the view that the entrance of women into the traditionally male-dominated public sphere could benefit governments’ financial health.

2024-01-01T00:00:00Z Bisogno, Marco Cuadrado Ballesteros, Beatriz Manes Rossi, Francesca Peña-Miguel, Noemí http://hdl.handle.net/10366/164717 2025-04-30T19:51:42Z 2024-01-01T00:00:00Z

[EN] This study investigated if and how financial sustainability affects the ability of local governments to meet the 17 Sustainable Development Goals (SDGs) established by the United Nations. Two samples consisting of Italian and Spanish local governments were analyzed for the analysis. These municipalities were selected as they provide many essential services largely linked with several SDGs. Findings show that local governments with better financial conditions devote more effort to achieving the SDGs connected with the biosphere, as well as social and economic development. Our results can stimulate politicians and managers to fight against tax evasion to increase their resources.

2024-01-01T00:00:00Z Cuadrado Ballesteros, Beatriz Peña-Miguel, Noemí http://hdl.handle.net/10366/164716 2025-04-30T19:51:43Z 2024-01-01T00:00:00Z

[EN] Academic literature has made an effort to demonstrate the positive effects of privatisation reforms on government performance and economic growth. However, there is no sufficient evidence to support the benefits of privatisation in terms of government spending efficiency. This study analyses the correlation between privatisation and government spending efficiency. Our empirical results do not support a positive effect of privatisation on government spending efficiency. These findings are relevant because they suggest that, although privatisation has been usually seen as a tool to balance public finances, it does not mean that government spending efficiency will be higher after privatising State-owned enterprises.

2024-01-01T00:00:00Z