Francisco Javier Castaño Gutiérrez

• Doctor of Finance
• Professor at University of Leon

This study contributes to identifying common distress patterns in financial indicators by sector and country in Finland, France, Germany, Italy, Portugal, and Spain as well as ex-post signals of reorganization success. We use PDFR that provides a distance-to-failure measure and allows us to track the behavior of different features of the firm proxi...

This study contributes to identifying common distress patterns in financial indicators by sector and country in Finland, France, Germany, Italy, Portugal, and Spain as well as ex-post signals of reorganization success. We use PDFR that provides a distance-to-failure measure and allows us to track the behavior of different features of the firm proxi...

This article contributes to the literature by indicating how certain monetary policies impact the compensation incentives of US managers to adopt riskier business policies. Specifically, based on the agency problems between shareholders and managers and between shareholders and creditors, a research framework is developed to identify the influence...

This study examines the impact of environmental performance on firms' stock prices, considering the moderating effect of the green and innovative environmental context by country. Renewable energy policies, green technologies, and foreign trade form this environmental context of interest for the reduction of carbon emissions. Using a sample of 2638...

This study analyzes how environmental transaction costs affect the speed of adjustment to the target financial debt. By applying GMM and panel data on European listed firms over the period 2005–2015, we find that the speed of adjustment is slower for carbon emitters. These results suggest that higher transaction costs (TCs) are associated with carb...

-European firms are under pressure from regulatory authorities and other stakeholders to identify suitable strategic approaches to reducing carbon emissions, as having such strategies has become an increasingly important business issue. In this context, the literature on the link between financial performance and environmental performance has not o...

This paper proposes an innovative methodology based on the use of differences between percentiles to compute the scores and distances to failure of a specific firm or group of firms. This approach is based on significant differences between the group of failed firms and the population to which the failed firms belong (meaning the same industry, per...

EU-Bank is an Erasmus+ Jean Monnet project to provide basic knowledge on key issues about EU financial system. One of the basic components of the project, available from the web site financialculture.org, is the web application. The application offers the functionality of a financial calculator and a new service called the financial advisor. This s...

This paper proposes an innovative methodology based on the use of differences between percentiles to compute the scores and distances to failure of a specific firm or group of firms. This approach is based on significant differences between the group of failed firms and the population to which the failed firms belong (meaning the same industry, per...

This paper focuses on one of the most determinant processes in business failure assessment: Variable selection. After a preselection of variables based on previous empirical literature, we perform a statistical variable selection on a sample of small firms using both mean and median differences. As the resulting variables differ in each test, we ha...

Este trabajo se ocupa de uno de los procesos más determinantes en la evaluación del fracaso empresarial: la selección de variables. Tras una preselección de variables basada en los resultados empíricos de la literatura previa, llevamos a cabo una selección estadística de variables sobre una muestra de empresas pequeñas, utilizando tanto diferencias...

The use of ICT tools can help to improve financial culture of EU citizens. The financial crisis has highlighted the opportunistic conduct of some banks, which have taken advantage of the trust relationship with their clients to place them unsuitable products. We have detected the need of a higher level of financial knowledge and skills in the avera...

Usually when students apply for a new job or they are already working, they are required to quickly learn the mechanics of new tools. Sometimes this situation becomes a problem because those students never faced a software like that. Currently, there is a need in the teaching field of the Degree of Finance of the University of León of having a bank...

This paper discusses a teaching innovation project that integrates technological communication advances with the small group methodology to improve the English competency of university students of finance. This is a fundamental competency for studies in finance considering the increasingly international framework of financial business and the incre...

Realizado en la Facultad de Ciencias Económicas y Empresariales de León, por 4 profesores del centro para la asignatura de Gestión Bancaria en la diplomatura de Ciencias Empresariales y en la licenciatura de Administración y Dirección de Empresas. El objetivo fue integrar los conocimientos de materias básicas de primer curso, tales como el Análisis...

En los estudios empíricos realizados hasta el momento sobre el fracaso empresarial de las pymes, no se ha determinado el plazo de anticipación idóneo para la predicción, aunque podría situarse entre uno y tres años. En cambio, es unánime la recomendación de llevar a cabo estudios por sector para llegar a modelos con mejor capacidad de predicción de...

Este trabajo analiza la evolución en el tiempo de los estudios sobre fracaso empresarial. Con carácter general, partimos de la revisión crítica realizada en la literatura previa, y aportamos un análisis de la evidencia empírica adicional, con especial atención a la obtenida durante la última década. Pero además, para subsanar algunas deficiencias d...

Realizado en la Universidad de León por profesores del área de Economía Financiera de la Facultad de Ciencias Económicas y Empresariales. El objetivo es presentar una propuesta de metodología para una asignatura fundamental en los estudios que se imparten como es la creación de empresas. El sistema de trabajo es a través de unidades didácticas inde...

Universidad de León. Facultad de Ciencias Económicas y Empresariales. Profesores del área de Economía Financiera. Objetivo: presentar una propuesta metodológica para una materia troncal de la Licenciatura de Ciencias Actuariales y Financieras. Trabajo en equipo bajo la dirección y supervisión del investigador principal. Proceso cooperativo que inci...