http://hdl.handle.net/11531/6 2026-05-31T08:50:09Z http://hdl.handle.net/11531/110357 Título : ¿En qué medida la emisión de bonos verdes por las empresas del S&P 500 mejora su desempeño ambiental? Autor : San Román Martín, Esther Resumen : In response to climate challenges, green bonds have emerged as a key instrument for financing environmentally sustainable projects. Yet, their actual environmental impact remains contested. This study evaluates the effect of green bond issuance on environmental performance among S&P 500 firms between 2013 and 2024, focusing on changes in carbon intensity and Environmental Pillar Scores. Drawing on Legitimacy Theory and Corporate Social Responsibility (CSR) Theory, the research examines whether green bonds yield substantive environmental improvements or serve primarily as reputational tools. Using panel data from Refinitiv Eikon, the analysis applies a matched difference-in-differences (DiD) methodology, comparing issuers to non-issuers matched by sector and year. Dynamic event-time models and forecasting are used to assess short- and medium-term effects. The results show no statistically significant average reduction in carbon intensity immediately after issuance. However, by year three, a significant decline is observed, suggesting that green bonds may support long-term emissions reductions. In contrast, no significant improvements are found in Environmental Pillar Scores, raising concerns about their value as indicators of environmental progress. The findings suggest that green bonds may facilitate decarbonization over time, but their effectiveness is highly context-dependent. Sectoral characteristics, firm-specific factors, and implementation quality all shape outcomes. These results underscore the importance of aligning reputational signals with measurable environmental impact and call for stronger verification standards in green finance. This study contributes firm-level causal evidence to the sustainable finance literature and highlights the need for greater accountability in the green bond market. Descripción : Grado en Administración y Dirección de Empresas Mención Internacional (E-4) 2025-01-01T00:00:00Z http://hdl.handle.net/11531/110356 Título : ESG performance and governance disclosure : their impact on the corporate financial performance of spanish listed banks Autor : Ureña Ruiz, Adriana Resumen : This thesis examines the relationship between Environmental, Social, and Governance (ESG) engagement and the financial performance of Spanish listed banks. It focuses on the governance dimension and distinguishes between internal ESG performance and external ESG disclosure. Using fixed-effects panel regressions, the study analyses data from six publicly listed banks over the period 2002–2023, drawing from two financial databases: Refinitiv and Bloomberg. Three financial performance indicators are tested (Return on Assets (ROA), Return on Equity (ROE), and Stock Return) against three independent variables: ESG Score, Governance Score, and Governance Disclosure Score. The results show that ESG Score is positively associated with Stock Return but has no significant effect on internal profitability. Governance Score, as a measure of performance, is not significantly linked to any financial outcome. In contrast, Governance Disclosure Score shows a positive and statistically significant effect on Stock Return and a weaker association with ROE, suggesting that transparency may be more influential than governance practices alone. These findings support the relevance of Signalling and Legitimacy Theory in explaining ESG-financial dynamics and highlight the importance of treating ESG performance and disclosure as distinct constructs. The thesis contributes to the literature by offering empirical evidence from a national context that remains underexplored, providing insights into how sustainability-related strategies are interpreted by financial markets. Descripción : Grado en Administración y Dirección de Empresas Mención Internacional (E-4) 2025-01-01T00:00:00Z http://hdl.handle.net/11531/110355 Título : ¿Cómo gestionan las Big Four (EY, Deloitte, KPMG, PwC) su fuerza laboral internacional para fomentar una cultura corporativa cohesiva en dos ubicaciones geográficas diversas, Irlanda y España? Autor : Calvo Raigada, Teresa Resumen : This thesis investigates how multinational professional service firms, specifically the Big Four, EY, Deloitte, PwC, and KPMG, adapt their global strategies to distinct national cultural contexts. Using Ireland and Spain as comparative case studies, the research explores how these firms maintain a cohesive corporate identity while responding to local expectations. The study is framed by Hofstede’s Cultural Dimensions Theory, which offers a structured lens to examine national cultural influences on organisational behaviour and leadership. To address the research question, a qualitative, comparative methodology was applied. The analysis relied on purposive sampling and secondary data from transparency reports, strategy documents, and diversity statements published between 2022 and 2024. Thematic coding aligned with Hofstede’s six dimensions guided the interpretation of firm-level practices and enabled the identification of how corporate strategies reflect national cultural characteristics. The findings reveal that, although all four firms promote global values such as inclusion and ethical leadership, their expression is shaped by national cultural orientation. In Ireland, low Power Distance and high Indulgence are reflected in decentralised leadership and inclusive well-being policies. Spanish offices, by contrast, align with higher Power Distance and Uncertainty Avoidance through more hierarchical structures and formal governance. These contrasts demonstrate that cultural integration is best achieved through strategic adaptation to local norms. While Hofstede’s model was effective in guiding the analysis, the study also recognises its limitations in addressing cultural change and intra-country variation. In summary, this research affirms the value of Hofstede’s framework in cross-cultural management and highlights the strategic importance of cultural awareness. Multinational firms that balance global consistency with local responsiveness while strengthening talent retention, operational agility, and internal alignment across markets. Descripción : Grado en Administración y Dirección de Empresas Mención Internacional (E-4) 2025-01-01T00:00:00Z http://hdl.handle.net/11531/110354 Título : La revolución de la banca : cómo las innovaciones de fintech están transformando las funciones centrales y el futuro panorama de los servicios financieros Autor : Tuñón Rubio, Pablo Resumen : This thesis investigates the impact of financial technology (Fintech) adoption affects efficiency of traditional European banks. With an emphasis on whether Fintech complements or disrupts the banking sector. The analysis uses panel data from 25 leading European banks during 2015–2024, drawing from trusted financial databases including Refinitiv Eikon, Bloomberg, and publicly available bank reports. The study applies a fixed-effects panel regression model to assess how key FinTech variables, such as mobile app usage, chatbot adoption, and blockchain implementation, affect the banks’ cost-to-income ratio, a widely accepted proxy for operational efficiency. Additional bank-level control variables are incorporated, including size, number of branches, and employee headcount. The regression results indicate that mobile app usage and chatbot integration are significantly associated with improvements in cost efficiency, supporting the argument that digital innovation enhances traditional banking performance. While blockchain adoption shows a more limited effect, its role appears to be emerging. Notably, variables such as bank size and branch network show varying levels of impact, highlighting differences in adaptability across institutions. The findings support the application of Disruptive Innovation Theory, Transaction Cost Economics, and the Technology Acceptance Model (TAM), ultimately suggesting that FinTech should be viewed not as a threat, but as a complementary force capable of improving traditional bank performance. This thesis contributes to the academic and practical understanding of how FinTech can be leveraged to modernize core banking functions and offers strategic implications for financial institutions navigating digital transformation. Descripción : Grado en Administración y Dirección de Empresas Mención Internacional (E-4) 2025-01-01T00:00:00Z