Examinando por Autor "Cruz Rambaud, Salvador"
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Ítem Artificial intelligence-driven scalability and its impact on the sustainability and valuation of traditional firms(Springer Nature, 2023-11-08) Moro-Visconti, Roberto; Cruz Rambaud, Salvador; López Pascual, JoaquínThe objective of this study is to determine the impact of artificial intelligence (AI) on the earnings before interest, taxes, depreciation, and amortization (EBITDA) of firms as a proxy of their financial and economic margins by improving revenues and minimizing expenses. This impact is positive on the market value and scalability by improving the economic and financial sustainability of companies. The methodology is based on a business plan that considers the savings obtained by a traditional firm implementing AI. Specifically, a sensitivity analysis will demonstrate that AI savings impact key parameters, leading to economic and financial sustainability. Additionally, a mathematical interpretation, based on network theory, will be produced to provide and compare the added value of two ecosystems (without and with AI that adds up new nodes and strengthens the existing ones). The main contribution of this paper is the combination of two unrelated approaches, showing the potential of AI in scalable ecosystems. In future research, this innovative methodology could be extended to other technological applications.Ítem Business Models and Sustainability Plans in the FinTech, InsurTech, and PropTech Industry: Evidence from Spain(MDPI, 2022-09-24) Sada Bittini, Javier; Cruz Rambaud, Salvador; López Pascual, Joaquín; Moro-Visconti, RobertoAfter describing the main features of the Spanish companies belonging to the FinTech, InsurTech, and PropTech sectors, the main objective of this study is to analyze whether their B2B/B2C business models are related to the existence of sustainability plans. Specifically, this paper analyzes whether the existence of a sustainability department is a determining factor for the business model adopted by the Spanish FinTechs, InsurTechs, and PropTechs. By using the multinomial logit regression, other factors such as the current closeness of companies to the sustainable development goals (SDGs), the sensitivity to domestic and European FinTech/InsurTech regulations, and the perception of FinTechs about such European regulations are debated before conclusions are drawn for a future research agenda.Ítem Determinants of Repayment among Male and Female Microcredit Clients in the USA. An Approach Based on Managers’ Perceptions(MDPI, 2020-02-25) Santandreu, Emilio M.; López Pascual, Joaquín; Cruz Rambaud, SalvadorResearch on microfinance institutions (MFIs) has normally been focused on developing and emerging markets. However, an analysis of developed countries is also important for foreign MFIs wishing to take advantage of the growth potential of those markets. Therefore, the aim of this article is to determine whether MFIs working in the USA’s market should change or adapt their microcredit policies with respect to women. In effect, there are no studies in the USA supporting the argument that women are a better risk of microcredit than men, or that there are differences in microcredit repayment behavior between women and men. Additionally, it was investigated if the payment behavior of women and men is related to variables such as their age, ethnicity, academic level, marital status, or the characteristics of the microcredits, like purposes, amounts, and payment terms. In the USA, there are not—as in other countries—strong incentives, motivations, or external pressures, other than those that men also have, which influence women to pay their microloans better than men. Then, domestic and international MFIs attracted to enter the USA’s market should review their microcredit policies in relation to women. More research is needed about the microfinance market in the USA.Ítem DO FIELD PARTNERS ADD VALUE TO CROWDFUNDED MICROFINANCE? AN INDUSTRY APPROACH(World Scientific Publishing, 2022-11-16) Moro-Visconti, Roberto; Cruz Rambaud, Salvador; López Pascual, JoaquínThe framework of this study is the field of crowdfunded microfinance that represents a way to scale up financial access, leveraging digital technology applications. A key element of this value chain is the field partner, represented by a local Microfinance Institution (MFI) that intermediates between the crowdfunding platform and the individual borrowers or group of borrowers. In this context, the main objective of this paper is to measure the financial and prosocial contributions of field partners through crowdfunded microloans. Methodologically, this prosocial impact is measured with an innovative approach, by using network theory to describe the supply and value chains that link crowdfunding investors to field partners and, consequently, to micro-borrowers. The main contribution of this study is the introduction of a global indicator able to quantify the increase of the social impact and the financial system of a country, coming from the presence of ESG-compliant crowdfunded microloans.Ítem Insurtech, Proptech, and Fintech Environment: Sustainability, Global Trends and Opportunities(MDPI, 2023-06-14) Cruz Rambaud, Salvador; López Pascual, JoaquínThe Special Issue “Insurtech, Proptech, and Fintech Environment: Sustainability, Global Trends and Opportunities” is focused on the InsurTech, PropTech, and FinTech environments. It is well known that “FinTech” comes from the union of two words, “Finance” and “Technology”, “InsurTech” is the union of the words “Insurance” and “Technology”, and PropTech is the use of technology in the real estate industry to make transactions more efficient. This sector is probably one of the most relevant new markets in recent years, with a great potential to generate collaborations with financial institutions and the insurance world, and jointly grow towards a more innovative business model. This sector features investors who seek to detect the best investment opportunities without intermediaries and with all those companies which want to collaborate with different products and services related to the technological, legal, marketing, and human resource departments, among others. This objective implies an advanced business model which adopts emerging technology and pays special attention to the digital transformation of the financial industry and its effect on sustainability. Analysis and research on the opportunities, challenges, and global trends in this sector may contribute directly and indirectly to the achievement of a sustainable development industry. Therefore, we consider that there is great potential to make further contributions on this topic. Thus, papers published in this Special Issue have covered some of those topics from a wide range of views and fields such as financial, technological, digital, management, international business, and quantitative analysis, including sustainable businesses. Moreover, the contributions included in this Special Issue have not been limited to academics, but also to practitioners who have been very welcome. In summary, this Special Issue has included original contributions demonstrating the significant advancements, innovations, relevance, and potential growth of this sector in the forthcoming years. This Special Issue has also focused on the main forms of interaction between banks and FinTech companies.Ítem Should gender be a determinant factor for granting crowdfunded microloans?(Springer Nature, 2022-12-13) Cruz Rambaud, Salvador; López Pascual, Joaquín; Moro-Visconti, Roberto; Santandreu, Emilio M.Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by women in many developing countries where microfinance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with borrowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on amount, term, repayment method and recruitment period indicate that women are the best borrowers. All these variables, except the term, are significant at a 5% level. These findings may be useful to improve financial inclusion and outreach, consistently with the Sustainable Development Goals. Future research is needed to assess how “green and pink” microfinance (with environmental strategies particularly favored by women) can attract more ESG-compliant crowdfunding resources.Ítem Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation(MDPI, 2020-12-10) Moro-Visconti, Roberto; Cruz Rambaud, Salvador; López Pascual, JoaquínFinancial Technology (FinTech) is an industry composed of diversified firms that combine financial services with innovative technologies. The research question and main goal are attempting to answer whether they are more similar to traditional banks or trendy technological firms deploying their innovativeness to favor financial inclusion and sustainability. Justification: Evaluators may wonder if FinTechs follow the typical evaluation patterns of bank/financial intermediaries or those of technological firms. Preliminary empirical evidence shows that the latter interpretation is the one consistent with the stock-market mood. Objective: This study goes beyond the extant literature, analyzing the differences between FinTechs and traditional banks in market valuation, and showing the potential for digital interaction and cross-pollination of complementary business models. Methodology: The differences will be empirically analyzed with the stock market valuation and the multipliers associated with these firms. Results: The main contribution of this paper is that the appraisal approaches of FinTechs follow those of technological startups, having a revenue model much more scalable than that of a typical bank. FinTechs may so provide a solution for sustainable finance with microfinance and crowdfunding among others. FinTechs and traditional banks may eventually converge towards a common market exploiting co-opetition strategiesÍtem Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model(MDPI, 2021-06-13) Cruz Rambaud, Salvador; López Pascual, Joaquín; Melendez Rodríguez, Juan CarlosCivil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies.Ítem The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry(MDPI, 2021-01-30) López Pascual, Joaquín; Melendez Rodríguez, Juan Carlos; Cruz Rambaud, SalvadorThe framework of this paper is the aerospace industry, which is one of the world’s leading sectors, thus playing a noteworthy role in current society. This makes it especially important to try to optimize the management of the aerospace sector. Therefore, the main objective of this paper is to propose the so-called Enhanced-Earned Value Management (hereinafter, E-EVM) model, able to explore the simultaneous evaluation of many projects, from which the management of the project can take advantage. Additionally, this model considers the possibility of forecasting pending tasks, measurable in time units or cost units, until the end of the project. The main contribution of E-EVM methodology is its capacity to detect both delayed and advanced projects by converting times (hours) into monetary units (EUR). Empirically, this enhanced model has been applied to a real case study in the aerospace industry composed of thousands of subprojects and the results provide the project manager with valuable information to make decisions in a short term. Through computer graphic representation techniques, the visualization of project deployment can be improved. Finally, the E-EVM model can be used even in big projects where a very large volume of information must be simultaneously treated and also, it will be suitable to apply pattern recognition concerning the project performance.Ítem The Impact of Sustainable Bond Issuances in the Economic Growth of the Latin American and Caribbean Countries(MDPI, 2022-04-14) bernabe, Lorena; Cruz Rambaud, Salvador; López Pascual, JoaquínThere is beyond any doubt that Latin America is one of the most important emerging markets in the world, which has increased its importance in the last decades. In effect, the issues of green, social, and sustainability (GSS) bonds are gaining more and more importance in the Latin American and the Caribbean (LAC) financial markets. They are specifically focused on raising funding for public expenditure programs that contribute to achieving several objectives, such as climate and environmental projects, energy efficiency, pollution prevention, sustainable agriculture, fishery and forestry, etc. The main objective of this paper is to provide a literature revision of the evolution of the issuance of GSS bonds in the LAC region and to analyze the economic growth of the countries which issue this type of bond. We will apply multiple linear regression to relate the economic growth of some countries of the LAC region with the variables proposed by the IFC Emerging Market Green Bonds Report (2019). It has been shown that the economic growth of the countries in the LAC region that are issuing GSS bonds is significantly related to the Sovereign Green Issuance (Total Planned), the ratio of Private Credit/GDP, and the Rule of Law Index. However, this research has had the limitation of the scarcity of available data in the LAC markets.