Artículos (Economía Financiera y Dirección de Operaciones)
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Artículo Strategic incentives and natural capital accounting for sustainable supply chain management: Measuring reputational impacts and consumers’ perceptions of the use of water through behavioural experimental studies(elsevier, 2024-10-10) Fracarolli Nunes, Mauro; Lee Park, Camila; Domínguez Machuca, José Antonio; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesWithin a sustainable supply chain management approach, this study investigates strategic issues that can either favour or impede the implementation of natural capital accounting. Among other things, the originality of such consists of the joint consideration of sustainability, operational, and reputational issues, forging the link between measuring the use of natural resources and preserving companies’ intangible capital. More specifically, through two scenario-based behavioural experiments with a total sample of 252 consumers in the UK, we analyse how information regarding the use of water (i.e., water footprint) affects firms’ reputation (i.e., trust, attitude towards the firm, word-of-mouth, brand avoidance). We also investigate consumers’ perceptions when companies seek to (1) increase the transparency of their consumption of natural capital (i.e., a conceptual proxy for the adoption of natural capital accounting) and (2) rationalize this consumption (i.e., a goal aligned with the objectives of natural capital accounting). The method employed is adequate as it allows the detection and measurement of respondents’ perceptions of specific issues presented in the different scenarios. The choice of the UK as the setting reflects the importance of the country in the fashion industry, as it has a solid consumer base and is home to several international fashion brands. The supply chain management scope refers to the link between water consumption (which often takes place in the production of raw materials (e.g., cotton) and in transformation processes (e.g., fabric dyeing, tanning) by suppliers), fashion brands’ reputation, and consumers’ perceptions, with the joint consideration of these four phases sustaining the delimitation. Building on the premises of the resource-based view and signalling theory, the study is contextualized in the fashion industry as its currentproduction levels require a significant consumption of natural resources, particularly water. Results show that, while the publication of the water footprint may damage companies’ reputations, initiatives aimed at increasing transparency and reducing environmental impact can reverse these losses to a large extent. In this sense, the study advances the idea that, despite possibly presenting undesirable consequences at first, the adoption of natural capital accounting can be beneficial to firms later on, with reputational gains representing important strategic incentives. Further research in different countries and industries will be beneficial to assess the possible context impact on our results.Artículo Climate risk and capital requirements – findings for the Polish banking sector based on empirical research(Polskie Towarzystwo Ekonomiczne, 2024-09-30) Korzeb, Zbigniew; Gospodarowicz, Marcin; Niedziółka, Paweł; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis article addresses the consequences for Polish commercial banks of modifying capital requirements by adding an environmental factor. Applying a simulation method, CRISK and MCRISK estimation, and a linear ordering method, the following conclusions were drawn: (i) while it is reasonable to consider the way(s) in which climate risk may impact credit, market and operational risks in scenario analyses, the lack of reliable historical data makes any calibration of GSF and BPF very difficult; (ii) simulating the implementation of adjustments to the calculation of capital adequacy ratios by GSF and BPF should not significantly lower the Tier 1 ratio for the largest banks; (iii) large retail banks are characterised by relatively high rankings reflecting a combination of financial characteristics (financial performance) and environmental (taxonomy) disclosures; and (iv) climate risk does not currently (2023) pose an immediate threat to the Polish banking sector, although the risk of climate transformation is a factor of significant importance.Artículo The future of European universities on the path to sustainable development(Sciendo, 2024-06-01) Korzeb, Zbigniew; Alonso-Fariñas, Bernabé; Irimia Diéguez, Ana Isabel; Jiménez Naharro, Félix; Kobylińska, Urszula; Di Pietro, Filippo; Palacín Sánchez, María José; Rollnik-Sadowska, Ewa; Szpilko, Danuta; Szydło, Joanna; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Ingeniería Química y Ambiental; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones; Polish National Agency for Academic Exchange; Universidad de Sevilla. TEP135: Ingeniería ambiental y de procesos; Universidad de Sevilla. SEJ566: Finanzas y Responsabilidad Social Corporativa; Universidad de Sevilla. SEJ500: Grupo de Investigación en Finanzas y TurismoThe article addresses the issue of the future of European universities on the path to sustainable development. The main aim of the article is to describe foreseeable future directions of the sustainable development of universities and ways to achieve Sustainable Development Goals. In effect, the authors identify weaknesses, assess threats and recommend coordinated solutions and alternatives for the sustainable development of universities. This research will contribute to future work by explaining what the future of universities will look like on their sustainability journey. The results of the Delphi study conducted with the participation of 201 experts from 47 countries allowed for the identification of factors shaping the future of universities on the path to sustainable development.Artículo The natural landscape as a strategic element in nature tourism management(Interinstitutional Scientific Committee, 2024) Mestanza-Ramón, Carlos; Jiménez Caballero, José Luis; Segarra, Estefanía; Guapi, Fausto; López, Carlos; Yaulema Brito, Luis Miguel; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesObjective: The aim of this study is to investigate the role of the natural landscape as a strategic element in nature tourism management, in order to understand its conceptual evolution, analyze its relationship with tourism activities and explore the processes of valorization and stereotyping of landscapes in the context of sustainable tourism development. Method: The methodology adopted for the research includes an exhaustive bibliographic search in high-impact databases such as Scopus and Web of Science, complemented with a search in regional databases in Spanish such as Scielo and Redalyc. The selected documents were subjected to a process of critical reading and content analysis to extract key concepts, theories and findings relevant to the study. Results and Discussion: The results revealed that the concept of landscape has evolved from a purely aesthetic and visual perspective to a more holistic understanding that encompasses social, cultural and economic dimensions. The discussion highlights the close relationship between natural landscape and tourism, with landscape serving as a key resource and attraction for nature-based tourism activities. The processes of valorization and stereotyping of landscapes are also explored, emphasizing their influence on tourists' perceptions and destination choice. Research Implications: The findings of this study have implications for sustainable tourism planning and management, especially in areas with significant natural and cultural landscapes. The research emphasizes the need for a multidisciplinary approach to landscape conceptualization and management, as well as the importance of considering landscape as a central element in the development of sustainable tourism products and experiences. Originality/Value: This study contributes to the literature by providing a comprehensive and up-to-date review of the relationship between natural landscape and nature tourism, bridging knowledge from diverse disciplines.Artículo Linking financial ecosystem and the growth of young SMEs: evidence from Spanish regions(Springer, 2024) Vega Pascual, Manuela; Di Pietro, Filippo; Palacín Sánchez, María José; Alfalla Luque, Rafaela; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis study analyses the effect of the financial ecosystem on the growth of young firms at the regional level. This subject is relatively new in entrepreneurial finance research since most of the previous studies have failed to consider all the alternative sources of external financing to which young firms have access. This study highlights the relevance of alternative resources and actors in the financial environment beyond traditional banks, such as crowdfunding, business angels, peer-to-peer lending, accelerators, incubators and venture capital. Specifically, our research incorporates a proxy of the development of the financial ecosystem based on survey data from the Global Entrepreneurship Monitor (GEM). Moreover, our investigation uses a sample of young small and medium-sized enterprises (SMEs) representing every Spanish region between 2008 and 2015. The empirical analysis applies panel data methodology. The results show that the growth of young enterprises depends on developing a regional financial ecosystem, evidencing that better access to external finance favours the growth of young firms. This relationship is even more relevant among early-stage firms, which suggests that firm age moderates the relationship between the regional financial ecosystem and the growth of young SMEs.Artículo ESG and climate-related risks versus traditional risks in commercial banking: A bibliometric and thematic review(Springer, 2024) Korzeb, Zbigniew; Niedziółka, Paweł; Szpilko, Danuta; Di Pietro, Filippo; Universidad de Sevilla. Departamento de Economía Aplicada IIIThe aim of this study is to classify scientific research on the impact of ESG and climate-related risks on the conduct of the banking business. The systematic literature review was based on a bibliometric analysis of articles found in the Scopus and Web of Science databases. The search was confined to materials published between 2000 and August 2023. After applying criteria limiting the search, the final result was 869 unique literature items which were later analysed towards establishing the relationship of ESG and climate-related risks (‘new banking risks’) with other (so-called ‘traditional’) banking risks and identifying research gaps at the interface between traditional and new banking risks. This article introduces a variety of findings, including the most productive authors, organisations, countries and journals, the most cited articles and keyword distribution. In addition, a map of the evolution of the approach to ESG risk in banking was constructed on the basis of the literature review. The study identified 11 clusters of banking risk influenced by ESG risk and 10 clusters of banking risk affected by climate-related risk.Artículo Digital transformation voluntary disclosure: Insights from leading European companies(Elsevier, 2024) Borrero Domínguez, Cinta Rocío; Cortijo Gallego, Virginia; Escobar Rodríguez, Tomás; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesPurpose: The first goal of this paper is to propose guidelines for digital transformation (DT) voluntary disclosure, using as a starting point the DT voluntary disclosure practices followed by leading European companies. As a second goal, we analyse the factors that may be influencing the DT reporting practices adopted by these companies. Design/ methodology/ approach: This paper combines qualitative text data mining and panel least squares methodologies to explore current DT disclosure practices followed by leading European companies in their annual reports, and to test our hypotheses identifying the factors that may be influencing the DT reporting practices. Findings: Our findings show that leading European companies are currently disclosing information about DT on a voluntary basis. However, we find significant differences in their reporting practices, which means that there is still a lack of standardization that can be overcome through DT voluntary disclosure guidelines. Our study contributes to the literature by showing the significant effect of company size, economic sector, the Covid-19 pandemic and CEO gender on DT voluntary disclosure practices. Originality: We created DT voluntary disclosure guidelines for leading European companies. Having globally harmonised disclosure practices may lead to making meaningful comparisons among companies. Furthermore, results from the panel least squares method significantly contribute to our understanding of the factors that shape the disclosure practices of companies regarding their DT voluntary disclosure initiatives.Artículo Efectos del Reglamento 2021/1253 en la protección del inversor en el sistema financiero español (2023)(Ilustre Colegio Nacional de Letrados de la Administración de Justicia, 2024) Burgos Baena, Agustín; Irimia Diéguez, Ana Isabel; Jiménez Naharro, Félix; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesEn la legislación española se ha normado un nuevo reglamento (Reglamento 2021/1253) el cual pretende fomentar la inversión sostenible pero que puede comprometer la protección del inversor dentro del marco jurídico de España. Se establece que las entidades financieras a la hora de aplicar el test de idoneidad y el test de conveniencia deben de consultar sobre las preferencias de inversión sostenible. Los autores pretenden aportar valor facilitando un debate sobre la eficacia y el efecto en la protección del inversor mediante un análisis crítico de la normativa legal.Artículo Valores que guían: del comportamiento humano al diseño de estrategias empresariales exitosas. Un análisis teórico y práctico(Universidad de Navarra, 2024) Clouet, María Eugenia; Leal Rodríguez, Antonio Luis; Sanchís Pedregosa, Carlos; Orero Blat, María; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesComprender los valores humanos es un ejercicio fundamental para desentrañar las motivaciones que impulsan tanto a individuos como a comunidades. Sin embargo, en la cultura corporativa existen discrepancias entre estos valores declarados y los que se practican en el día a día. Esto puede afectar a la estrategia empresarialArtículo Productive electricity and non-electricity consumption effects on economic growth: A Latin America analysis(Pergamon-Elsevier Science Ltd, 2024) Pablo-Romero Gil-Delgado, María del Populo; Pozo Barajas, Rafael del; Washburn, Christian; Universidad de Sevilla. Departamento de Análisis Económico y Economía Política; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesElectrification is a key pillar in energy transformation to reduce emissions. However, it may also have consequences on production. This study analyzes the effect of using electricity and non-electricity energy sources on production growth. An extended neoclassical production function, with the two uses of energy (electricity and non-electricity), is estimated for 17 Latin American countries from 1990 to 2019 and, for subsamples, based on the level of production per persons employed. The study is performed applying the cross-sectionally augmented, autoregressive distributed lag modeling approach and a non-parametric time-varying coefficients model. The parametric results indicate that the effect of both sources of energy on production are positive and significant. However, the production elasticity with respect to non-electricity consumption is higher than that with respect to electricity consumption. Only in countries with the lowest production levels could electrification be neutral. The non-parametric results show that the effect of non-electricity consumption is decreasing slightly over the period, while the effect of electricity use is increasing slightly, with a tendency towards stabilization at the end of the period. Nevertheless, these changes have been small.Artículo Financial performance of Islamic and conventional banks in MENA region: a GLS approach(Emerald Publishing Limited, 2024) Jarbou, Samah Ibrahim; Irimia Diéguez, Ana Isabel; Prieto Rodríguez, Manuela; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesPurpose – The purpose of this study is to assess and contrast the impact of various factors, including both bank-specific and macroeconomic factors, on the financial performance of Islamic and conventional banks (I&CB) in countries with a dual banking system. Design/methodology/approach – A general least square model is applied to a large data set of 103 I&CB operating in the Middle East and North Africa (MENA) region, comprising unbalanced annual panel data spanning the period from 2015 to 2020. The financial performance index (FPI) derived from capital adequacy, asset quality, management efficiency, earnings, and liquidity (CAMEL) ratios is used as the dependent variable. Findings – Key factors, such as overhead expenses, gross domestic product (GDP) and retained earnings, exert a substantial influence on the financial performance of both I&CB. Moreover, the findings suggest that certain parameters, including deposits, inflation and cellular banking usage, significantly impact on the financial performance of conventional banks, while bank size specifically affects the financial performance of Islamic banks. Research limitations/implications – While this study provides valuable insights, it is essential to acknowledge its limitations. The research focuses on a specific region (MENA) and may not be universally applicable to other geographical areas or banking systems. The study’s findings are based on historical data and might not fully reflect current or future market conditions. Additionally, the choice of variables and methodology may introduce bias or limitations, as with any empirical study. The theoretical implications of the research paper lie in the distinct ethical principles that constitute the foundation of Islamic finance. The ethical opposition to Riba is poised to have extensive implications, influencing market stability, commercial and economic impact and contributing to responsible banking practices within the Islamic banking sector. The study suggests that adherence to these sacred principles not only aligns with ethical considerations but also fosters social responsibility within Islamic banking institutions. This holds significance for broader societal and economic impacts, as responsible banking practices contribute to sustainable and equitable economic development. Practical implications – The study underscores the significance of efficient overhead cost management for conventional banks, particularly in the context of a rapidly evolving digital banking environment. The call for adaptation and innovation in operational strategies aligns with the broader principles of efficiency and effectiveness emphasized in Islamic finance. Social implications – In essence, the theoretical and practical implications of the study surpass the narrow focus on financial performance, resonating with the broader societal and economic landscape within the Islamic banking sector. The integration of ethical principles not only reinforces the unique identity of Islamic finance but also positions it as a model for responsible and sustainable banking practices in the MENA region and beyond. Originality/value – CAMEL ratios are used to build an FPI to evaluate bank performance, providing a more precise and comprehensive assessment compared to traditional return ratios like return on assets or return on equity. Second, the authors conduct a thorough analysis covering factors across bank-specific, financial and macroeconomic dimensions. Thus, the study stands out by not only examining bank-specific factors but also by considering external factors such as GDP, interest rates and the development of the financial sector. The focus on the MENA region allows us to offer generalizable findings, highlighting distinctions between I&CB and considering a period with boomyears (2015–2019) and a recession year (2020).Artículo Financial assets against inflation: Capturing the hedging properties of gold, housing prices, and equities(American Institute of Mathematical Sciences-AIMS, 2024) Almeida Márquez, Alejandro; Feria, Julia; Golpe, Antonio A.; Vides González, José Carlos; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesIn this study, we employed a developed Fractional Cointegrating Vector Autoregressive (FCVAR) model to analyze the relationship between three different securities, i.e., housing prices, S&P500 stock prices and gold, and inflation rate, to determine the hedging properties of each type of asset against inflation shocks. Our analyses covered seven decades; ranging from January 1953 to January 2023. Our results suggested that housing prices and S&P500 performed partially against inflation and gold did not have hedging properties when attending to the full sample. Accounting for structural breaks, we discovered that these results changed. We found that housing prices and the S&P500 showed a superior hedging performance against inflation since the second regime. On the other hand, when we studied the behavior of gold, this security showed the inverse results, i.e., it showed no hedging performance in the second regime. Finally, these results were important for an optimal investment strategy, risk diversification, and monetarism.Artículo A bibliometric analysis of ESG performance in the cooperative banks: from the current status to future directions(Wydawnictwo Ekonomia i Srodowisko, 2024) Korzeb, Zbigniew; Niedziółka, Paweł; Szpilko, Danuta; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThe purpose of the study is to systematise research on the ESG activities in cooperative banks. Its objective is also to create thematic clusters of research directions dedicated to ESG performance in cooperative banks. The study is based on a bibliometric analysis of articles from Scopus and Web of Science between 2010 and March 2024. Our results allow the identification of 13 clusters of research directions dedicated to ESG performance. The research idea is justified by the importance of sustainable banking and the need to systematise knowledge on ESG practices in cooperative banks and to identify areas where in-depth research is needed. The originality of the study consists in that we do not refer to a specific geographical area, method and period, but on the basis of citation rates and the number of publications focusing on a given issue, and identify research directions that create space for further in-depth research.
Artículo An fsQCA analysis of service quality for hotel customer satisfaction(Elsevier, 2024) Perdomo Verdecia, Vladimir; Garrido-Vega, Pedro; Sacristán Díaz, Macarena; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesManaging customer satisfaction (CS) by adapting to market changes is essential for achieving customer loyalty. This study analyzes the asymmetric relationship between service quality (SQ) and CS in the hotel sector by applying the fuzzy-set qualitative comparative analysis (fsQCA) method to a five-star hotel in Cuba. Results of customer SQ perception analysis as configurations of conditions that explain the outcome of CS identify the individual contribution made by each of the services. In this specific case, when combined with other conditions in three different configurations, the quality of food in specialized restaurants is shown to be the determinant of the studied hotel’s CS outcomes. This research shows that fsQCA is useful for managing the causal complexity of hotel processes and activities. Additionally, it helps managers optimize CS by determining which attributes they need to focus on and which they do not, thus responding to the need to determine how SQ dimensions influence CS.Artículo Influence of the problem-based learning methodology on the intrapreneurial intentions of university students(Elsevier, 2024-11) Baena Luna, Pedro; Sánchez Torné, Isadora; García Río, Esther; Pérez Suárez, Macarena; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Aplicada III; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis paper analyzes the impact of the Problem-Based Learning (PBL) methodology, a teaching method that involves working with real-world problems and developing skills for their resolution, on university students’ Intrapreneurial Intentions (IIN). A sample of 267 students participated in the study, and their responses were collected at two different times. The data were analyzed using statistical regression analysis and the fs-QCA technique. The results revealed that the PBL methodology significantly improved the behavior of variables associated with potentially intra preneurial behaviors. Specifically, three components, namely Subjective Norms, Perceived Behavioral Control, and Risk-Taking Capacity, positively influenced undergraduate students’ IIN. These findings suggest that the PBL methodology can be a valuable tool for universities in developing initiatives to improve graduate employability.Artículo The impact of virtual reality technology on tourists’ experience: a textual data analysis(Springer, 2020) González Rodríguez, María Rosario; Díaz Fernández, María del Carmen; Pino Mejías, Miguel Ángel; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Aplicada I; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis paper is focused on the study of the quality of experience lived by tourists when visiting a cultural heritage destination by using a tourist product based on a virtual tour. The research is justified by the increased demand by tourists to have a memorable experience in a destination as well as the growing offer on virtual reality and augmented reality technologies applied to the tourism sector. The database consists of online comments extracted from those who visited two well-known tourism destinations in Spain, Seville and Barcelona, where the immersive virtual reality technology named Past View is currently used. A total of 119 online comments on the tourists’ experience after the use of the Past View smart glasses and posted in the e-WOM community Trip Advisor were valid for the analysis. Using a correspondence analysis of textual data, the results shed light about how virtual reality technologies influence on tourists’ quality of experience. The findings drawn from the empirical analysis provide destination marketing organizations suitable and useful information to promote the destination and therefore encouraging entrepreneurs to innovate in tourism sector to attend the desire of tourists to have a memorable tourist experience.Artículo Scientific production on revenue management in tourism on Web of Science and SCOPUS(Taylor & Francis, 2020) Domingo Carrillo, Miguel Ángel; Chávez Miranda, María Esther; Escobar Pérez, Bernabé; Universidad de Sevilla. Departamento de Contabilidad y Economía Financiera; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis research constitutes a bibliometric and content study work about research on Revenue Management in Tourism included in the Web of Science and SCOPUS databases between 1989-2013 (25 years-period). The study analyses the evolution and trend, the origin of the scientific production (by countries, authors, universities and companies, and the collaboration between them), its dissemination (journals) and content (research methods and Revenue Management strategies). A total of 293 works centred on Revenue Management in Tourism (638 signatures) of 433 authors from 183 universities and 56 companies which have been published in 67 journals have been identified and classified by the authors of this research in accordance with the measurements analysed. The results confirm an annual growth rate of 15.9%. The research originates in countries of the 5 continents, 2% of authors sign 83% of the production and most of this production comes from Universities (83%). Collaboration between institutions is around 27% of the cases. 6 journals accumulate 48% of the research published. Models and/or simulations are the research methodologies most used (59%), and capacity management (43%) the main strategy studied. The findings will facilitate both the design of future research and the establishing of collaboration strategies between authors and/or institutions.Artículo Identifying Hotel Revenue Management Implementation Drivers(United Academic Journals, 2020) Domingo Carrillo, Miguel Ángel; González Rodríguez, María Rosario; Chávez Miranda, María Esther; Universidad de Sevilla. Departamento de Economía Aplicada I; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThis research means to globally analyse which variables drive the implementation of revenue management and the specific variables related with its application that have been boosted. we selected the size of the establishment, belonging to a hotel chain, the implementation of revenue management and the use of specific revenue management software as driving forces for its application, as well as possible relations between them. the model verified the repercussion of these aspects on 13 variables related with demand and pricing and 13 with capacity management linked to its implementation. variance-based Structural Equation modelling (plS-SEm) has been used to both build and test the model. we carried out measurements at two moments with a 10- year difference. revenue management has recently been more advanced and sophisticated. Belonging to a chain and the implementation of a revenue management system have been identified as driving forces which positively and significantly influence revenue management applicationArtículo Financial, spatial and systemic determinants of esg scoring assigned to commercial banks(Fundacja Ekonomistów Środowiska i Zasobów Naturalnych, 2023) Gospodarowicz, Marcin; Korzeb, Zbigniew; Niedziółka, Paweł; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesThe aim is to verify which financial, spatial and systemic importance variables interact with ESG scoring. Based on data from 628 banks from 63 countries, a multinomial ordered logit model was built with the explanatory variables of Sustainalytics and Moody's ESG scores. Results indicate that membership in the EU, being an SIB, capitalisation, and revenues have a positive effect on ESG. In contrast, an increase in leverage, NPL ratio, and profitability are associated with a deterioration in scorings. Results differ in terms of the spatial aspect (in the case of Sustainalytics, additionally, location in the US favours ESG scoring) and the spectrum of systemic importance (in the case of Moody's, it is both global and local dimensions). This study is the first attempt to identify common (to different methodologies) determinants of ESG scoring. Its originality is also determined by the demonstration of a relationship between spatial variables and SIB's membership and ESG scoring.Artículo Influencia dinámica de la eficiencia de las ratios financieras en el precio de las acciones cotizadas españolas en función a las ondas de Elliot (2000 – 2021)(Instituto Tecnológico Superior de la Sierra Negra de Ajalpan (México), 2023-10) Burgos Baena, Agustín; Irimia Diéguez, Ana Isabel; Jiménez Naharro, Félix; Torre Gallegos, Antonio de la; Universidad de Sevilla. Departamento de Administración de Empresas y Comercialización e Investigación de Mercados (Marketing); Universidad de Sevilla. Departamento de Economía Financiera y Dirección de OperacionesEl presente estudio realiza una evaluación sobre las variaciones de la eficiencia en cada onda de Elliot de las ratios financieras de liquidez, Inversión de activo, ingresos, rotación, financiación de pasivo, solvencia, apalancamiento, CBF, ROA, ROE, en la predicción del precio de las acciones de las empresas cotizadas en la bolsa de valores española. Para realizar la evaluación y el diseño de los modelos se emplea la regresión multivariable. Donde se aceptó la hipótesis principal de forma que si se pudieron encontrar diferencias en el comportamiento de las ratios financieras en la predicción del precio de las acciones en cada onda de Elliot.