Examinando por Autor "Orden-Cruz, Carmen"

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A practical fundraising toolkit to raise funds
(Springer Nature, 2023-06-23) Coronel-Pangol, Katherine; Orden-Cruz, Carmen; Paule-Vianez, Jessica
This chapter aims to provide a practical guide to facilitate the process of seeking financing for entrepreneurs. The aim is to highlight some common mistakes entrepreneurs make in their search for funding and some alternatives or guidelines to make this journey less complicated. In general, an entrepreneur must convince an investor of their project’s growth potential with persuasive business arguments. However, not all types of financing are suitable for every project, and so it is important to have a solid understanding of the project, the environment in which it operates, and its current growth stage. Finally, two case studies are presented to illustrate a successful outcome and one that was a failure.
Análisis del empoderamiento de la mujer a través de índices bursátiles de sostenibilidad
(2021) Cosculluela- Martínez, Carolina; Orden-Cruz, Carmen; Diaz-Iglesias, Susana
La relación entre el empoderamiento de la mujer y el desarrollo social es compleja y la utilización de una metodología matemática puede permitir un análisis más pormenorizado. Objetivos. Este trabajo pretende aportar nuevas evidencias de esa relación a través de índices bursátiles ligados con los Objetivos de Desarrollo Sostenible 2030 y con el papel de la mujer en las empresas que cotizan en bolsa. Las exigencias de transparencia en este tipo de compañías hacen más visible las políticas corporativas de ESG (Environmental, Social and Governance) e impulso del papel de la mujer, lo que las hace propicias para el estudio académico. Metodología. De este modo, se han utilizado los índices bursátiles de iSTOXX relativos a los factores ESG de aspectos sociales y de gobernanza, y el índice STOXX® Global Women’s Leadership Select 30 EUR Index como indicador de empoderamiento de la mujer. Para estimar dicha relación se ha utilizado una metodología de Vector de Corrección de Error que requiere un número mínimo de supuestos a priori y no es necesario especificar un modelo econométrico estructural multiecuacional completo. El modelo propuesto determina la significatividad de las correlaciones entre las series consideradas consiguiéndose una ortogonalización parcial que es suficiente para estimar los efectos buscados. Resultados. Los resultados obtenidos sostienen que el empoderamiento de la mujer incrementa el aspecto social y de gobernanza de las empresas que cotizan en bolsa. Conclusión. Estas nuevas evidencias reafirman la necesidad de mantener políticas corporativas activas para apoyar el empoderamiento de la mujer
Bibliometric analysis of alternative financing for entrepreneurship
(UPv EHU, 2022) Coronel-Pangol, Katherine; Orden-Cruz, Carmen; Paule-Vianez, Jessica
One of the main limitations of entrepreneurship is access to finance, especially in the early stages. Over the years, new sources of finance have evolved to respond to this need and provide new options for entrepreneurs. Using a bibliometric analysis, this paper examines the evolution of the academic literature and analyses the relationship between entrepreneurship and alternative financing over three periods of time (1975-1999, 2000-2010, and 2011-2020). This work aims to provide a clearer view of the evolution of this relationship and identifies current trends and future lines of research. The data were obtained from the Web of Science (WOS) database and systematized using SciMAT software. Results show that venture capital and business angels have become the main financing sources for entrepreneurs, being the most studied from different approaches, especially since 2000. Incubators in universities and research centers, corporate governance, and development of this type of financing in emerging countries are emerging as potential areas for further research in this field.
Change Management as a Tool to Implement Gender Equality: The Spanish Banking Sector Case
(IGI Global, 2023) Diaz-Iglesias, Susana; Orden-Cruz, Carmen; Blanco-Gonzalez, Alicia
Although numerous studies on gender equality, and change management (CM) exist, the connection between the constructs remains largely unexplored. This paper aims to narrow the research gap that links elements of gender equality and the management of change experienced by companies in the Spanish financial sector when implementing their gender equality policies. Using a longitudinal analysis as a methodological approach, the content of the sustainability reports disclosed on the websites of the Spanish banks was analyzed. The results show preliminary indications that CM could play an important role in the development of gender policies in organizations. This study contributes to understanding how companies, in the financial sector, have developed their gender equality policies over the last decade, providing clues for the improvement of future gender policies.
Conventional or alternative financing to promote entrepreneurship? An analysis of female and male entrepreneurship in developed and developing countries
(Springer, 2023-10-14) Coronel-Pangol, Katherine; Paule-Vianez, Jessica; Orden-Cruz, Carmen
One of the main concerns of entrepreneurs is obtaining finance to launch their projects. In this sense, this study aims to analyse the relationship between entrepreneurship and different sources of finance, considering the type of entrepreneurship, gender, and the country. To achieve this purpose, entrepreneurship has been distinguished by gender and type of entrepreneurship (necessity and opportunity entrepreneurship), using data from the Global Entrepreneurship Monitor (GEM) as a reference. Sources of finance were divided into conventional (bank) financing and alternative financing (microfinance and cooperatives). Countries were divided into developed and developing countries according to the classification proposed by the International Monetary Fund (IMF). We worked with 66 countries (17 developed and 49 developing) for which information was obtained for 2007–2019. Using fixed effect panel data models, the results show how microfinance and cooperativism have a positive impact, especially on female entrepreneurship by opportunity in developing countries. In the case of cooperativism, there is a direct and clear relationship between female entrepreneurship, regardless of whether driven by necessity or opportunity, and region. Conventional financing is generally unfavourable to female entrepreneurship but favours male opportunity entrepreneurship. This paper makes recommendations to authorities to create an appropriate framework to encourage these sources of finance for entrepreneurship, given their particular positive impact and benefit in developing regions.
Corporate social responsibility disclosure: Mediating effects of the economic dimension on firm performance
(Wiley, 2023) Escamilla-Solano, Sandra; Fernández-Portillo, Antonio; Sánchez-Escobedo, Mari Cruz; Orden-Cruz, Carmen
This research aims to determine the effect of corporate social responsibility (CSR)disclosure on the firm performance (FP) of Spanish-listed companies considering themediation produced by the economic dimension. Using their sustainability reports,partial least squares structural equation modeling is employed for a content analysis.This study provides evidence on the mediating role of the disclosure of economicdimension practices and the intensity shown in the relationships between social andenvironmental dimensions and FP, allowing for a deeper understanding of the rela-tionships between the various CSR dimensions. Findings show that the disclosure ofsocial and environmental actions, aligned with appropriate standards in the economicdimension, can lead to an improvement in the FP of the company.
Efectividad del Aprendizaje medida a través de la competencia transversal de análisis y síntesis
(Dykinson S.L., 2021) Orden-Cruz, Carmen; Cosculluela- Martínez, Carolina; Diaz-Iglesias, Susana
EPU and SMEs' financial performance: Industry vs. service sector
(Elsevier, 2024-09) Orden-Cruz, Carmen; Paule-Vianez, Jessica; Sánchez-Escobedo, Mari Cruz; Moutinho, Víctor
The objective of this paper is to analyze the Economic Policy Uncertainty impact on Small and Medium Enterprises’ financial performance, considering the role that sector plays and firm characteristics. Thus, a data sample of 80,620 Spanish SMEs was selected for 2012–2020. Using system Generalized Method of Moments estimators, the results show a negative impact, especially in the service sector. Industrial Spanish SMEs that are larger, younger, more indebted, with more growth opportunities and with higher asset turnover are the most resilient to EPU. The findings can help SMEs design better management strategies to deal with this uncertainty
Fear of COVID-19 Effect on Stock Markets. A Proposal for an Algorithmic Trading System Based on Fear
(MDPI, 2023-06-12) Paule-Vianez, Jessica; Orden-Cruz, Carmen; Gómez-Martínez, Raúl; Escamilla-Solano, Sandra
This study analyzes the fear of COVID-19 effect on European stock market returns. For this purpose, the search volumes (SV) collected by Google Trends (GT) and Wikipedia were used as proxies of fear of COVID-19. In a sample from 13 European stock markets, fear of COVID-19 was found to be associated with negative European stock returns. Our research employed this observation to propose an algorithmic trading system based on fear of COVID-19. Back-testing results show the possibility of extraordinary returns based on this system. These findings have important implications for political authorities, the mass media, and investors.
Google Trends as a Predictor of Presidential Elections: The United States Versus Canada
(Sage Journals, 2020-11-26) Prado-Román, Camilo; Gómez-Martínez, Raúl; Orden-Cruz, Carmen
The media and election campaign managers conduct several polls in the days leading up to the presidential elections. These preelection polls have a different predictive capacity, despite the fact that under a Big Data approach, sources that indicate voting intention can be found. In this article, we propose a free method to anticipate the winner of the presidential election based on this approach. To demonstrate the predictive capacity of this method, we conducted the study for two countries: the United States of America and Canada. To this end, we analysed which candidate had the most Google searches in the months leading up to the polling day. In this article, we have taken into account the past four elections in the United States and the past five in Canada, since Google first published its search statistics in 2004. The results show that this method has predicted the real winner in all the elections held since 2004 and highlights that it is necessary to monitor the next elections for the presidency of the United States in November 2020 and to have more accurate information on the future results.
Influence of COVID-induced fear on sovereign bond yield
(Taylor & Francis, 2021-06-07) Paule-Vianez, Jessica; Orden-Cruz, Carmen; Escamilla-Solano, Sandra
There is limited literature exploring the relationship between the sentiment of fear and bond markets. This study analyzes the influence of fear generated by the coronavirus on bond markets, particularly on the yield of sovereign bond debt issued by the G7 countries (Germany, Canada, the United States, France, Italy, Japan, and the United Kingdom). To accomplish this, search volumes compiled by Google Trends on the topic of coronavirus were used as a proxy for COVID-induced fear. The results from applying a panel data approach for the period from 1 January 2020 to 30 December 2020, show that this fear positively impacts the 10-year sovereign bond yield. We show that a one-point increase in COVID-induced fear was associated with an increase in the weekly change in the sovereign bond yield of around 0.0007%. Thus, we found that COVID-induced fear was associated with an increase in country risk perception. These findings have important implications for policymakers by demonstrating the importance of searching a balance between health concerns and impacts on the economy to avoid increasing country risk. In addition, the results obtained show that in times of greater fear of the coronavirus, investors can obtain higher returns by investing in safe assets, such as sovereign bonds.
Influence of Economic Policy Uncertainty on Tourism SME Performance: The Spanish Case
(Taylor & Francis, 2024) Paule-Vianez, Jessica; Orden-Cruz, Carmen; Vélez-Serrano, Daniel
This paper studies the influence of Economic Policy Uncertainty (EPU) on the performance of small and medium-sized enterprises (SMEs) involved in the Spanish Tourism Sector and analyzes the role that company characteristics can play in this relationship. To achieve this objective, a sample of 5,529 Spanish tourism SMEs has been taken from 2012 to 2020. Applying panel data analysis, it is found that increases in EPU are associated with lower business performance in these companies. Results suggest that SMEs should increase their size, be more flexible and achieve an appropriate balance between indebtedness and liquidity to be more resilient to EPU. The findings present relevant implications for the managers of Spanish tourism SMEs and for economic policymakers.
The effect of the Economic Policy Uncertainty on the credit risk of US commercial banks
(John Wiley & Sons, Ltd., 2022-01-23) Orden-Cruz, Carmen; Paule-Vianez, Jessica; Lobao, Júlio
This article analyses the impact of Economic Policy Uncertainty (EPU) on the credit risk of US commercial banks considering their size, profitability and solvency. To achieve this goal, a sample of 2994 US commercial banks was selected for the period 2017–2019. Using panel data, the results reveal a statistically significant positive relationship between EPU and credit risk of US commercial banks. Banks of less profitability and less solvency were found to be more vulnerable to the effect of EPU on credit risk. No conclusive results were found regarding the impact of bank size on vulnerability to EPU. Overall, our evidence suggests that policy makers and bank managers should consider the effect of EPU on their decisions.
Wikipedia pageviews as investors’ attention indicator for Nasdaq
(Wiley, 2022) Gómez-Martínez, Raúl; Orden-Cruz, Carmen; Martínez-Navalón, Juan Gabriel
The attempt to measure investors’ mood to find an early indicator of financial markets has evolved and developed with the advancement of technology over the years. The first attempts were based on surveys, a long and expensive process. Nowadays, big data has made it possible to measure the investor’s mood accurately and almost entirely online. This paper analyzes the explanatory and predictive capacity of Wikipedia pageviews for the Nasdaq index. For this purpose, two econometric models have been developed. In both models, the explanatory variable is the number of Wikipedia visits, and the endogenous variable is Nasdaq index return. As an alternative to this approach, an algorithmic trading system has been developed. It uses Wikipedia visits as investment signals for long and short positions to check the predictability power of this indicator. It is determined that the volume of queries about Nasdaq companies is a statistically significant variable for expressing the evolution of this index. However, it has no predictive capacity. Keeping in mind the capacity of Wikipedia to exemplify Nasdaq trends, further studies should be conducted to determine how to make this indicator profitable.