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Prof. Dr. Carlos Lopez-Gutierrez
University of Cantabria

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0 Banking
0 Corporate Finance
0 CSR
0 Microfinance
0 Social Entrepreneurship

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Microfinance
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Social Entrepreneurship

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Short Biography

Associate Professor, teaching international finance, derivatives and financial markets, and financial management. His main research lines are corporate finance, banking and sustainable finance (Social entrepreneurship, CSR and microfinance). He has published more than forty articles in prestigious journals and books/book chapters in first-level editorials. He is referee of many prestigious international journals and has participated in national and international conferences, obtaining on four occasions prizes to the papers presented. He has supervised two doctoral theses and more than forty graduate and master projects. He has participated in numerous national and international research projects. He has held research stays at the London School of Economics and Political Science and at the London Business School. He is member of the Banking and Corporate Finance research group, the Global Entrepreneurship Monitor (GEM-Cantabria) and the Yunus Center Cantabria.

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Journal article
Published: 18 January 2021 in Sustainability
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Social entrepreneurs have particular characteristics that differentiate them from commercial entrepreneurs, but research on this differential behavior is still a field in which many questions need to be explored. Specifically, a factor of special relevance is the ecosystem where social entrepreneurial activity takes place. The aim of this study is to analyze how the ecosystem affects the motivation of social entrepreneurs compared to commercial entrepreneurs. This general objective is divided into two specific objectives. First, we analyze how the ecosystem influences the probability of being a social entrepreneur, considering both factors of the entrepreneurial environment and economic and financial factors. Second, we analyze whether the effect of the entrepreneurial ecosystem is determined by the level of development of the country where the activity takes place. The results show that the entrepreneurial ecosystem (the entrepreneurial, financial, and institutional environment) determines the motivation of social entrepreneurs in a different way compared to commercial entrepreneurs. In addition, we find that this influence is different according to the level of development of countries.

ACS Style

Maria Carriles-Alberdi; Carlos Lopez-Gutierrez; Ana Fernandez-Laviada. The Influence of the Ecosystem on the Motivation of Social Entrepreneurs. Sustainability 2021, 13, 922 .

AMA Style

Maria Carriles-Alberdi, Carlos Lopez-Gutierrez, Ana Fernandez-Laviada. The Influence of the Ecosystem on the Motivation of Social Entrepreneurs. Sustainability. 2021; 13 (2):922.

Chicago/Turabian Style

Maria Carriles-Alberdi; Carlos Lopez-Gutierrez; Ana Fernandez-Laviada. 2021. "The Influence of the Ecosystem on the Motivation of Social Entrepreneurs." Sustainability 13, no. 2: 922.

Earlycite article
Published: 02 April 2020 in Corporate Communications: An International Journal
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PurposeBased on the premises of the institutional theory, in this paper, we explore the effects that the media coverage of positive and negative Corporate Social Responsibility (CSR) news have on the stock market value of companies in diverse industries.Design/methodology/approachUsing a sample of 195 online articles published in the most important Spanish business newspaper, we implement an event study and a regression analysis.FindingsThe findings show that positive and negative CSR news, usually, have significant impacts on the stock market value of companies. Specifically, the market reaction is stronger under the announcement of negative news in all industries (i.e. basic, energy, finance and goods and services), although positive news also cause significant positive stock market reactions in the finance and basic industries.Originality/valueAlthough the media plays an indispensable role in the dialogue around CSR, much of the research focused on the role of the media on the CSR-CFP link does not consider how the industry variable can affect the abnormal stock returns derived from CSR news. This research contributes to this gap in the literature by exploring the differences that exist in the stock market reactions to CSR news based on the industry in which the companies operate.

ACS Style

Andrea Pérez; María Del Mar García De Los Salmones; Carlos López-Gutiérrez. Market reactions to CSR news in different industries. Corporate Communications: An International Journal 2020, 25, 243 -261.

AMA Style

Andrea Pérez, María Del Mar García De Los Salmones, Carlos López-Gutiérrez. Market reactions to CSR news in different industries. Corporate Communications: An International Journal. 2020; 25 (2):243-261.

Chicago/Turabian Style

Andrea Pérez; María Del Mar García De Los Salmones; Carlos López-Gutiérrez. 2020. "Market reactions to CSR news in different industries." Corporate Communications: An International Journal 25, no. 2: 243-261.

Article
Published: 23 March 2020 in VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations
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The objective of this paper is to analyze the moderating effect that the level of development of countries exerts on the factors that define the behavior of social entrepreneurs, distinguishing the effect produced in innovation-driven economies from that in factor/efficiency-driven economies. Our study contributes to the advancement of one of the most relevant problems detected in social entrepreneurship research: the lack of empirical quantitative studies, mainly due to the lack of harmonized and comparable international data. We perform an empirical multivariable analysis using 2015 Global Entrepreneurship Monitor data related to social entrepreneurship. The results show that both the variables that measure the values and skills to start a business and those related to the environment differentiate social from commercial entrepreneurs. In addition, our findings show how the development of the country plays a decisive moderating role, modifying the effect of the values and skills to be a social entrepreneur, the influence of gender, and even the relevance of entrepreneurs’ perception of their environment.

ACS Style

Ana Fernández-Laviada; Carlos López-Gutiérrez; Paula San-Martín. The Moderating Effect of Countries’ Development on the Characterization of the Social Entrepreneur: An Empirical Analysis with GEM Data. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 2020, 31, 563 -580.

AMA Style

Ana Fernández-Laviada, Carlos López-Gutiérrez, Paula San-Martín. The Moderating Effect of Countries’ Development on the Characterization of the Social Entrepreneur: An Empirical Analysis with GEM Data. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations. 2020; 31 (3):563-580.

Chicago/Turabian Style

Ana Fernández-Laviada; Carlos López-Gutiérrez; Paula San-Martín. 2020. "The Moderating Effect of Countries’ Development on the Characterization of the Social Entrepreneur: An Empirical Analysis with GEM Data." VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 31, no. 3: 563-580.

Journal article
Published: 22 January 2020 in Sustainability
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Research on social entrepreneurship (SE) has increased exponentially during the past decade. Even though this social phenomenon has aroused the interest of researchers, many aspects have not yet been fully studied. In this study, the goal is to analyze how the factors that define the behavior of social entrepreneurs are affected by the perception that they have about the development of the social enterprise sector (SES development). We perform an empirical multivariable analysis using 2015 Global Entrepreneurship Monitor (GEM) data related to SE, with an international sample that contains information of 17,778 entrepreneurs, of which 6470 are social entrepreneurs. The empirical analysis is carried out applying binary response models, introducing interaction terms to analyze the moderating effect of SES development. Our results show that the entrepreneurs’ perception of the SES development exerts a moderating effect over three different groups of factors: 1) factors related to self-perception about entrepreneurship (including values, perceptions, and entrepreneurial skills); 2) demographic factors (gender, age, and education level), and 3) context and entrepreneurial environment (including factors related to entrepreneurs’ perception of societal values, entrepreneurship environment, and economic development). This moderating effect has very important implications, especially for policymakers. Our results show that SES development could amplify some effects, both positively and negatively. Therefore, the design and implementation of policies to support SE must consider the moderating role of this variable on the entrepreneurial behavior, because it could affect the effectiveness of such policies.

ACS Style

Ana Fernández-Laviada; Carlos López-Gutiérrez; Andrea Pérez. How Does the Development of the Social Enterprise Sector Affect Entrepreneurial Behavior? An Empirical Analysis. Sustainability 2020, 12, 826 .

AMA Style

Ana Fernández-Laviada, Carlos López-Gutiérrez, Andrea Pérez. How Does the Development of the Social Enterprise Sector Affect Entrepreneurial Behavior? An Empirical Analysis. Sustainability. 2020; 12 (3):826.

Chicago/Turabian Style

Ana Fernández-Laviada; Carlos López-Gutiérrez; Andrea Pérez. 2020. "How Does the Development of the Social Enterprise Sector Affect Entrepreneurial Behavior? An Empirical Analysis." Sustainability 12, no. 3: 826.

Articles
Published: 04 November 2019 in Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
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This research explores the effects that media coverage of corporate social responsibility (CSR) news related to investor, customer, employee and community issues has on the market value of Spanish banks, measured as the impact generated in abnormal returns for these companies. We use an event study with a sample of 190 positive CSR articles published online between 2015 and 2018 in the most important Spanish business newspaper according to its diffusion rate. The findings demonstrate that positive CSR news related to investor, customer, employee and community issues generates positive abnormal returns for listed banks. In the [−1,+1] window, positive investor news has notably larger effects on the abnormal returns for these companies than positive news related to customer, employee and community issues, which have similar effects.

ACS Style

Andrea Pérez; Carlos López-Gutiérrez; María Del Mar García-De Los Salmones; Paula San-Martín. Stakeholder salience, positive CSR news and the market value of banks. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2019, 49, 483 -502.

AMA Style

Andrea Pérez, Carlos López-Gutiérrez, María Del Mar García-De Los Salmones, Paula San-Martín. Stakeholder salience, positive CSR news and the market value of banks. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2019; 49 (4):483-502.

Chicago/Turabian Style

Andrea Pérez; Carlos López-Gutiérrez; María Del Mar García-De Los Salmones; Paula San-Martín. 2019. "Stakeholder salience, positive CSR news and the market value of banks." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 49, no. 4: 483-502.

Earlycite article
Published: 09 August 2019 in Social Responsibility Journal
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Purpose The purpose of this study explores the effects that media coverage of corporate social responsibility (CSR) news related to primary stakeholders (e.g. customers, employees and investors) and secondary stakeholders (e.g. community) have on the market value of companies, measured as the impact generated in the positive and negative abnormal returns for those companies. Design/methodology/approach Using a sample of 195 online papers published in the most important Spanish business newspaper during 2015, the authors implement an event study and a regression analysis that confirm the importance of CSR news for corporate financial goals. Findings The findings show that negative CSR news related to primary stakeholders such as investors and customers generate significant abnormal returns for companies that are notably larger than the abnormal returns generated by secondary stakeholders (e.g. community). Similarly, positive news related to primary stakeholders such as employees are the only positive news that affect market reactions significantly. Originality/value The study provides an empirical analysis that clarifies how media coverage of different types of CSR news affect the market value of companies. In doing so, the paper contributes to previous literature significantly because scant research exists that has compared the differential effects of CSR news focused on primary and secondary stakeholders. The findings are discussed under the premises of the managerial perspective of stakeholder theory.

ACS Style

Andrea Pérez; Carlos Lopez-Gutierrez; Maria Del Mar Garcia-De Los Salmones. Do all CSR news affect market value equally? Social Responsibility Journal 2019, 16, 1107 -1123.

AMA Style

Andrea Pérez, Carlos Lopez-Gutierrez, Maria Del Mar Garcia-De Los Salmones. Do all CSR news affect market value equally? Social Responsibility Journal. 2019; 16 (8):1107-1123.

Chicago/Turabian Style

Andrea Pérez; Carlos Lopez-Gutierrez; Maria Del Mar Garcia-De Los Salmones. 2019. "Do all CSR news affect market value equally?" Social Responsibility Journal 16, no. 8: 1107-1123.

Journal article
Published: 29 October 2018 in Sustainability
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This article analyzes the moderating effect the degree of economic growth has on the relationship between the development of the financial system and the microfinance industry activity. The hypotheses proposed establish that the influence of the development of the financial system on the activity of the microfinance sector will be different depending on the level of economic growth. The estimates were made using the System-GMM methodology for panel data, which allows controlling the unobservable heterogeneity and the problems of endogeneity. We find that the degree of economic growth affects the relationship between the financial sector development and microfinance activity. Under negative economic growth conditions, the development of the financial sector has a negative impact on the activity of the microfinance sector, but when economic growth is high, the development of the financial sector positively influences the activity of the microfinance sector.

ACS Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez; Sergio Sanfilippo-Azofra. Development of the Financial Sector and Growth of Microfinance Institutions: The Moderating Effect of Economic Growth. Sustainability 2018, 10, 3930 .

AMA Style

Isabel Sainz-Fernandez, Begoña Torre-Olmo, Carlos López-Gutiérrez, Sergio Sanfilippo-Azofra. Development of the Financial Sector and Growth of Microfinance Institutions: The Moderating Effect of Economic Growth. Sustainability. 2018; 10 (11):3930.

Chicago/Turabian Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez; Sergio Sanfilippo-Azofra. 2018. "Development of the Financial Sector and Growth of Microfinance Institutions: The Moderating Effect of Economic Growth." Sustainability 10, no. 11: 3930.

Other
Published: 02 May 2018 in Research Handbook of Finance and Sustainability
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Microfinance arises in response to the demand for funding by the informal economic sector, given the limitations of the formal and informal financial systems, contributing to the development of countries. This chapter analyses the contribution of the microfinance sector to economic development and the repercussions originating from this contribution. Beginning with the limitations of the traditional financial systems and analysing the characteristics of the microfinance sector, the chapter describes the types of microfinance institutions. All of these institutions have two different kinds of objectives, social and financial, which are studied in this chapter. Finally, given that in the literature the relationship between the two sectors (microfinance and financial) is not clear, we present the main conclusions of the studies that find a positive or negative relationship between them.

ACS Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez. Microfinance as an alternative to the imperfections of the financial system. Research Handbook of Finance and Sustainability 2018, 268 -286.

AMA Style

Isabel Sainz-Fernandez, Begoña Torre-Olmo, Carlos López-Gutiérrez. Microfinance as an alternative to the imperfections of the financial system. Research Handbook of Finance and Sustainability. 2018; ():268-286.

Chicago/Turabian Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez. 2018. "Microfinance as an alternative to the imperfections of the financial system." Research Handbook of Finance and Sustainability , no. : 268-286.

Original articles
Published: 03 April 2018 in Journal of Media Ethics
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This article presents the findings of a theoretically driven content analysis of the coverage of corporate social responsibility by Expansión, the leading Spanish business journal, in a 1-year time frame. The goal of the article is to help companies understand how they can take advantage of media coverage of CSR by identifying the major stakeholder groups and CSR issues discussed in business news, the positive/negative/mixed tone of the coverage, and the differences that exist in media CSR discourse depending on the industry under scrutiny. The findings are explained under the salience framework of stakeholder theory.

ACS Style

Andrea Perez; Maria Del Mar Garcia De Los Salmones; Carlos López-Gutiérrez. Corporate Social Responsibility in the Media: A Content Analysis of Business News in Spain. Journal of Media Ethics 2018, 33, 66 -79.

AMA Style

Andrea Perez, Maria Del Mar Garcia De Los Salmones, Carlos López-Gutiérrez. Corporate Social Responsibility in the Media: A Content Analysis of Business News in Spain. Journal of Media Ethics. 2018; 33 (2):66-79.

Chicago/Turabian Style

Andrea Perez; Maria Del Mar Garcia De Los Salmones; Carlos López-Gutiérrez. 2018. "Corporate Social Responsibility in the Media: A Content Analysis of Business News in Spain." Journal of Media Ethics 33, no. 2: 66-79.

Journal article
Published: 01 March 2018 in Finance Research Letters
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The purpose of this article is to quantify how bank capital determines the effects of monetary policy on bank lending. Additionally, we test how these effects differ during monetary contractions and expansions. Using a sample of 3,028 European banks between 1999 and 2012, we find that the reduction in loans caused by monetary restrictions is similar across banks regardless of their capital. In addition, during monetary expansions, banks increase their loan supply more as they become better capitalized. Contrary to previous studies, there are differences in the monetary policy transmission through capital only during expansionary monetary regimes. These results are relevant because previous studies have not measured how the marginal effect of monetary policy on the growth of loans varies with the value of capital. We contribute to the existing literature by using a new approach that quantifies this marginal effect, which considerably improves the interpretation of statistical results from models that include continuous variable interactions and allows a better understanding of the role of bank capital in the transmission of monetary shocks.

ACS Style

María Cantero Sáiz; Sergio Sanfilippo Azofra; Begoña Torre Olmo; Carlos López Gutiérrez. A new approach to the analysis of monetary policy transmission through bank capital. Finance Research Letters 2018, 24, 95 -104.

AMA Style

María Cantero Sáiz, Sergio Sanfilippo Azofra, Begoña Torre Olmo, Carlos López Gutiérrez. A new approach to the analysis of monetary policy transmission through bank capital. Finance Research Letters. 2018; 24 ():95-104.

Chicago/Turabian Style

María Cantero Sáiz; Sergio Sanfilippo Azofra; Begoña Torre Olmo; Carlos López Gutiérrez. 2018. "A new approach to the analysis of monetary policy transmission through bank capital." Finance Research Letters 24, no. : 95-104.

Journal article
Published: 01 March 2018 in Journal of Macroeconomics
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ACS Style

Sergio Sanfilippo-Azofra; Begoña Torre-Olmo; María Cantero-Saiz; Carlos Lopez-Gutierrez. Financial development and the bank lending channel in developing countries. Journal of Macroeconomics 2018, 55, 215 -234.

AMA Style

Sergio Sanfilippo-Azofra, Begoña Torre-Olmo, María Cantero-Saiz, Carlos Lopez-Gutierrez. Financial development and the bank lending channel in developing countries. Journal of Macroeconomics. 2018; 55 ():215-234.

Chicago/Turabian Style

Sergio Sanfilippo-Azofra; Begoña Torre-Olmo; María Cantero-Saiz; Carlos Lopez-Gutierrez. 2018. "Financial development and the bank lending channel in developing countries." Journal of Macroeconomics 55, no. : 215-234.

Journal article
Published: 01 November 2017 in International Review of Economics & Finance
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ACS Style

María Cantero Sáiz; Sergio Sanfilippo Azofra; Begoña Torre Olmo; Carlos López Gutiérrez. Trade credit, sovereign risk and monetary policy in Europe. International Review of Economics & Finance 2017, 52, 39 -54.

AMA Style

María Cantero Sáiz, Sergio Sanfilippo Azofra, Begoña Torre Olmo, Carlos López Gutiérrez. Trade credit, sovereign risk and monetary policy in Europe. International Review of Economics & Finance. 2017; 52 ():39-54.

Chicago/Turabian Style

María Cantero Sáiz; Sergio Sanfilippo Azofra; Begoña Torre Olmo; Carlos López Gutiérrez. 2017. "Trade credit, sovereign risk and monetary policy in Europe." International Review of Economics & Finance 52, no. : 39-54.

Journal article
Published: 20 March 2017 in Accounting, Auditing & Accountability Journal
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Purpose Based on the principles of stakeholder theory, the purpose of this paper is to explore the relationship between the information reported to stakeholders in corporate social responsibility (CSR) reports and companies’ CSR reputation (CSRR). Design/methodology/approach The paper implements two regression models to test how reporting to stakeholders influences the CSRR of 84 companies included in the Spanish “MercoEmpresas Responsables” reputation index. Findings The results demonstrate that greater global reporting intensity to stakeholders does not necessarily mean a better CSRR. Contrarily, the reporting-reputation link depends on the intensity of reporting to specific stakeholders such as investors, regulators and the media. The findings are explained largely by the institutional, political and business characteristics of Spain after the Great Recession of 2007-2008. Research limitations/implications The evidence reported in this paper confirms stakeholder theory as an adequate framework to understand corporate reporting to stakeholders and its relationship with CSRR. The findings suggest that stakeholder salience (i.e. power, legitimacy and urgency) is a key concept for understanding the reporting-reputation link better in future research. Practical implications In the light of the findings, companies willing to use reporting to stakeholders as a tool to improve CSRR should establish regular mechanisms for monitoring stakeholder power, legitimacy and urgency, provide complete information to investors in their CSR reports and minimize the amount of detail provided to regulators and the media in their CSR reports. Originality/value There is still little empirical evidence concerning how the information to stakeholders contained in CSR reports influences the processes by which CSRR is built or destroyed. This paper contributes to the previous literature by describing how the global intensity of reporting to stakeholders and the intensity of reporting to different stakeholder groups relate to CSRR.

ACS Style

Andrea Pérez; Carlos López; Maria Del Mar Garcia-De Los Salmones. An empirical exploration of the link between reporting to stakeholders and corporate social responsibility reputation in the Spanish context. Accounting, Auditing & Accountability Journal 2017, 30, 668 -698.

AMA Style

Andrea Pérez, Carlos López, Maria Del Mar Garcia-De Los Salmones. An empirical exploration of the link between reporting to stakeholders and corporate social responsibility reputation in the Spanish context. Accounting, Auditing & Accountability Journal. 2017; 30 (3):668-698.

Chicago/Turabian Style

Andrea Pérez; Carlos López; Maria Del Mar Garcia-De Los Salmones. 2017. "An empirical exploration of the link between reporting to stakeholders and corporate social responsibility reputation in the Spanish context." Accounting, Auditing & Accountability Journal 30, no. 3: 668-698.

Journal article
Published: 06 March 2017 in Academia Revista Latinoamericana de Administración
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Purpose Supported by the principles of the legitimacy theory, the purpose of this paper is to explore the relationship that exists between the information quality of the corporate social responsibility (CSR) reporting provided by the most liquid companies operating in the Spanish Stock Market and their corporate reputation. Design/methodology/approach Three regression models are tested with panel data collected for a sample of the 35 most liquid companies operating in the Spanish Stock Market between 2004 and 2014. Findings The findings show that two axes of information quality (i.e. content and management systems) should be necessarily controlled by companies in order to improve their corporate reputation through their CSR reporting. The content axis refers to the compliance of CSR reports with the provision of qualitative, quantitative, and evaluative information concerning the impacts of the CSR of the company on society and the environment. The management systems axis refers to the compliance of CSR reports with the disclosure of details about the policies, plans, and actions that companies implement to assure an effective management of CSR initiatives. Originality/value Previous literature exploring the relationship between corporate reporting and reputation has frequently focused on either the impact of the quantity of financial and CSR information reported by companies and the role of information quality, but only in reference to a number of specific themes (environment, customers) and not to the full range of information covered by CSR reports. The authors of this paper extend on previous academic literature by empirically evaluating the relationship between two dimensions of the information quality of CSR reporting (content and management systems) and the corporate reputation of companies operating in the Spanish Stock Market.

ACS Style

Andrea Pérez; Carlos Lopez-Gutierrez. An empirical analysis of the relationship between the information quality of CSR reporting and reputation among publicly traded companies in Spain. Academia Revista Latinoamericana de Administración 2017, 30, 87 -107.

AMA Style

Andrea Pérez, Carlos Lopez-Gutierrez. An empirical analysis of the relationship between the information quality of CSR reporting and reputation among publicly traded companies in Spain. Academia Revista Latinoamericana de Administración. 2017; 30 (1):87-107.

Chicago/Turabian Style

Andrea Pérez; Carlos Lopez-Gutierrez. 2017. "An empirical analysis of the relationship between the information quality of CSR reporting and reputation among publicly traded companies in Spain." Academia Revista Latinoamericana de Administración 30, no. 1: 87-107.

Journal article
Published: 05 December 2016 in E+M Ekonomie a Management
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ACS Style

Sergio Sanfilippo-Azofra; Carlos López-Gutiérrez; Begoña Torre-Olmo. Coverage of financing deficit in firms in financial distress under the pecking order theory. E+M Ekonomie a Management 2016, 19, 104 -116.

AMA Style

Sergio Sanfilippo-Azofra, Carlos López-Gutiérrez, Begoña Torre-Olmo. Coverage of financing deficit in firms in financial distress under the pecking order theory. E+M Ekonomie a Management. 2016; 19 (4):104-116.

Chicago/Turabian Style

Sergio Sanfilippo-Azofra; Carlos López-Gutiérrez; Begoña Torre-Olmo. 2016. "Coverage of financing deficit in firms in financial distress under the pecking order theory." E+M Ekonomie a Management 19, no. 4: 104-116.

Research article
Published: 07 August 2015 in Journal of International Development
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This article empirically analyses the reasons for crises in microfinance institutions (MFIs), using a sample of 832 MFIs from 74 countries for the period 2003–2011. The methodology used is logit analysis with panel data. The main results show that both internal and external factors influence the probability of a crisis. We find different factors that reduce the likelihood of a crisis (company's performance, country's economic growth, political stability, and existence of a private credit bureau). On the other hand, excessive liquidity, a higher proportion of deposits over loans and more loans per employee all increase the probability of a crisis. Copyright © 2015 John Wiley & Sons, Ltd.

ACS Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez; Sergio Sanfilippo-Azofra. Crisis in Microfinance Institutions: Identifying Problems. Journal of International Development 2015, 27, 1058 -1073.

AMA Style

Isabel Sainz-Fernandez, Begoña Torre-Olmo, Carlos López-Gutiérrez, Sergio Sanfilippo-Azofra. Crisis in Microfinance Institutions: Identifying Problems. Journal of International Development. 2015; 27 (7):1058-1073.

Chicago/Turabian Style

Isabel Sainz-Fernandez; Begoña Torre-Olmo; Carlos López-Gutiérrez; Sergio Sanfilippo-Azofra. 2015. "Crisis in Microfinance Institutions: Identifying Problems." Journal of International Development 27, no. 7: 1058-1073.

Journal article
Published: 01 July 2015 in BRQ Business Research Quarterly
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This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data estimation using the Generalized Method of Moments (System-GMM), thereby allowing control of both unobservable heterogeneity and the problems of endogeneity in explanatory variables. The results show that the influence of financial distress on investment is different according to the investment opportunities available to companies. So, companies in difficulties with fewer opportunities have the greatest propensity to under-invest, while firms in difficulties with better opportunities do not present different investment behavior than healthy companies

ACS Style

Carlos Lopez-Gutierrez; Sergio Sanfilippo Azofra; Begoña Torre-Olmo. Investment decisions of companies in financial distress. BRQ Business Research Quarterly 2015, 18, 174 -187.

AMA Style

Carlos Lopez-Gutierrez, Sergio Sanfilippo Azofra, Begoña Torre-Olmo. Investment decisions of companies in financial distress. BRQ Business Research Quarterly. 2015; 18 (3):174-187.

Chicago/Turabian Style

Carlos Lopez-Gutierrez; Sergio Sanfilippo Azofra; Begoña Torre-Olmo. 2015. "Investment decisions of companies in financial distress." BRQ Business Research Quarterly 18, no. 3: 174-187.

Journal article
Published: 23 April 2015
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Este artículo analiza los efectos que el riesgo soberano está teniendo en la transmisión de la política monetaria en la Eurozona a través del crédito bancario. El estallido de la crisis de deuda soberana en 2010 generó una creciente preocupación por el riesgo soberano, especialmente en los países de la periferia europea (España, Portugal, Irlanda, Italia y Grecia). La apreciación de un mayor riesgo soberano ha deteriorado las condiciones de financiación del sector bancario, dando lugar a asimetrías en el proceso de transmisión monetaria entre países.

ACS Style

María Cantero-Saiz; Sergio Sanfilippo-Azofra; María Begoña Torre-Olmo; Carlos López-Gutiérrez. El riesgo soberano y sus efectos asimétricos sobre la transmisión de la política monetaria. 2015, 9, 33 -50.

AMA Style

María Cantero-Saiz, Sergio Sanfilippo-Azofra, María Begoña Torre-Olmo, Carlos López-Gutiérrez. El riesgo soberano y sus efectos asimétricos sobre la transmisión de la política monetaria. . 2015; 9 (1):33-50.

Chicago/Turabian Style

María Cantero-Saiz; Sergio Sanfilippo-Azofra; María Begoña Torre-Olmo; Carlos López-Gutiérrez. 2015. "El riesgo soberano y sus efectos asimétricos sobre la transmisión de la política monetaria." 9, no. 1: 33-50.

Journal article
Published: 01 October 2014 in Journal of International Money and Finance
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The main purpose of this article is to analyze how sovereign risk influences the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we aim to test whether this reaction differs in easy and tight monetary regimes. Using a sample of 3125 banks from the euro zone between 1999 and 2012, we find that sovereign risk plays an important role in determining loan supply from banks during tight monetary regimes. Banks in higher sovereign risk countries reduce lending more during tight regimes. However, we find little evidence to support any relationship between sovereign risk and loan supply reaction to monetary policy expansions. These results are very interesting for the way monetary policy is conducted in Europe. Banking union, banking system strength, and the budget control of governments would be necessary measures to reduce the heterogeneous transmission of the monetary policy in the euro zone.

ACS Style

Maria Cantero-Saiz; Sergio Sanfilippo-Azofra; Begoña Torre-Olmo; Carlos López-Gutiérrez. Sovereign risk and the bank lending channel in Europe. Journal of International Money and Finance 2014, 47, 1 -20.

AMA Style

Maria Cantero-Saiz, Sergio Sanfilippo-Azofra, Begoña Torre-Olmo, Carlos López-Gutiérrez. Sovereign risk and the bank lending channel in Europe. Journal of International Money and Finance. 2014; 47 ():1-20.

Chicago/Turabian Style

Maria Cantero-Saiz; Sergio Sanfilippo-Azofra; Begoña Torre-Olmo; Carlos López-Gutiérrez. 2014. "Sovereign risk and the bank lending channel in Europe." Journal of International Money and Finance 47, no. : 1-20.

Journal article
Published: 07 May 2014 in Journal of Business Ethics
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The authors describe the intensity and orientation of the corporate social responsibility (CSR) reporting in four Spanish industries and explore the relationship that exists between both concepts and an independent measurement of reputation for CSR (CSRR). The results demonstrate that the CSR reporting is especially relevant and useful in the finance industry. Finance companies report significantly more CSR information than most industries in Spain, and this reporting is more closely linked to their CSRR than the CSR reporting of basic, consumer goods and services industries.

ACS Style

Andrea Pérez; María Del Mar García De Los Salmones; Carlos López. Corporate Reputation in The Spanish Context: An Interaction Between Reporting to Stakeholders and Industry. Journal of Business Ethics 2014, 129, 733 -746.

AMA Style

Andrea Pérez, María Del Mar García De Los Salmones, Carlos López. Corporate Reputation in The Spanish Context: An Interaction Between Reporting to Stakeholders and Industry. Journal of Business Ethics. 2014; 129 (3):733-746.

Chicago/Turabian Style

Andrea Pérez; María Del Mar García De Los Salmones; Carlos López. 2014. "Corporate Reputation in The Spanish Context: An Interaction Between Reporting to Stakeholders and Industry." Journal of Business Ethics 129, no. 3: 733-746.