Josefina Fernández-Guadaño

This study examines the relationship between corporate governance gender diversity and employee productivity (EP) within Spanish labour societies, a core component of the social economy (SE). The primary objective is to determine how gender diversity on boards of directors and executive committees is associated with productivity, while exploring the moderating role of female leadership. Using a quantitative design, we analysed panel data from the ORBIS database for a balanced sample of 1329 labour societies. Fixed‐effects panel regression models, controlling for firm age, capital intensity and leverage, were employed to assess these relationships. Results indicate that both board and executive gender diversity have a positive, statistically significant association with EP. Notably, this relationship is not significantly moderated by the presence of a female chair or CEO. This suggests the benefits of gender heterogeneity are structural and independent of the leader's gender, though a female chair is independently associated with increased productivity. The originality of this research lies in its focus on labour societies, a governance model rarely explored in diversity literature. By investigating gender diversity and leadership within the SE, this study extends existing theories to a participatory business model, offering novel evidence on inclusive governance and firm performance.

Cultural and creative industries face persistent challenges in securing sustainable financing and equitable governance, particularly under traditional models reliant on centralized intermediaries and public subsidies. This study examines the potential of decentralized autonomous organizations, enabled by blockchain technology, to address these constraints through innovative governance and financing mechanisms. Using a quantitative methodology supported by t -tests, bootstrap resampling and analysis of variance (ANOVA), the analysis draws on multiple public data sets to assess the effects of these organizations on financing access, market performance, income stability and governance inclusivity across the sector. The results show that decentralized organizations substantially expand available financing, with treasury sizes far exceeding traditional benchmarks, and increase market engagement through high-value digital asset sales, although differences in broader market potential are not statistically significant. Income stability improves in several projects, while governance outcomes vary by subsector, with inclusive decision-making often challenged in larger communities. Grounded in digital economy, organizational, stakeholder and sustainability theories, the study fills a critical empirical gap in research on decentralized models within cultural and creative contexts. It offers actionable insights for policymakers and practitioners and highlights the need for future work on subsector dynamics and regulatory frameworks that can support the democratizing potential of decentralized governance.

Female Entrepreneurship (FE) is discussed and examined for its potential to support Sustainable Development Goals (SDGs). Recent economic literature has recognized that the contribution of FE to the achievement of the 2030 Agenda is a domain still scarcely explored. The aim of this study is to analyze if FE has a positive impact on Social, Economic and Environmental Development Goals. Our premise is that these impacts are negatively moderated by Gender Gap. To achieve this objective, the research conducts an empirical cross-country analysis with the Structural Equations Model (SEM) for 76 countries worldwide using different databases such as the SDG Index, FE Index, and Global Gender Gap Index, all of which are open access. Our findings show positive and significant effects of FE on social, economic and environmental development. Moreover, the Gender Gap plays a negative and significant moderating role in Environmental Development Goals. Although other studies have proven the relationship between female entrepreneurship and economic, social or environmental sustainability, the integration of all of them into a single model gives rigor to our results. Moreover, it is the first to include the moderating role of the gender gap in this relationship. Policymakers, business leaders and communities should work together to create an environment encouraging and supporting FE, and reducing the gender gap, for the positive consequences that this can have in the form of greater impact of FE on environmental sustainable development.

En este primer cuarto de siglo XXI el modelo que representan las empresas de trabajo asociado disfruta de un renovado interés e impulso tanto desde el ámbito institucional como el científico. Los principios y los valores en los que se basa su razón de ser están hoy en día más de actualidad que nunca en un entorno en el que han surgido nuevos modelos, como los que preconiza la responsabilidad social corporativa, la economía colaborativa o la economía circular, que tienen en común que conjugan el impacto económico, social y medioambiental, que es algo que las empresas de trabajo asociado, integrantes de la Economía Social, llevan haciendo desde siempre. En este trabajo se analizan las principales aportaciones y avances que se han producido en cuanto a la investigación en las Sociedades Cooperativas de Trabajo Asociado como en las Sociedades Laborales que son dos referentes jurídicos de empresas de trabajo asociado por antonomasia. También, se apuntan algunos retos a los que se enfrentan, así como líneas de investigación futuras a partir de las lagunas detectadas en la literatura.

Purpose: This research combines bibliometric analysis with a systematic literature review (SLR) of Board Gender Diversity (BGD) in social economy (SE) enterprises, particularly cooperatives, to address the status of women in corporate governance. This study highlights key areas and topics in the field of BGD. Design/methodology/approach: The methodology combines a bibliometric study, based on the Scopus database, with SLR. The PRISMA flow chart was followed during the data collection process. The main topics, authors, journals, countries and institutions in this field were identified from scientific mapping. Findings: Thus, the findings allow us to conclude that gender diversity is a less explored field in the case of cooperative enterprises than in investor-owned firms (IOFs), where there is greater empirical evidence. However, in recent years, SE enterprises have acquired greater interest. Unexplored topics are identified, such as the critical mass of women on the boards of cooperatives, the social impact of BGD and the effects of the quality of the BGD leadership on performance. Originality/value: This study provides an overview of women's governance in SE enterprises, a field in need of further research and empirical evidence. The results can help increase women's presence on these enterprises' boards.

Purpose: Recent concerns about sustainability have heightened scrutiny of business practices, prompting companies to enhance their corporate social reputation. Enhancing the presence of women in boardrooms and executive positions has emerged as a crucial approach to addressing environmental and social issues. This research examines how gender diversity within boards of directors and executive teams influences sustainability metrics and ultimately, through them, measures of financial performance to determine the effectiveness of this strategy. Design/methodology/approach: To evaluate the influence of gender diversity and sustainability factors on business performance, measured as return on assets and return on equity, we analyze data from a sample of 2,655 large companies in the United States. We use structural equation model (SEM) estimated with maximum likelihood (ML) to examine both direct and indirect relationships among the variables. Findings: Companies with higher representation of women on their boards and executive teams tend to show better performance in environmental, social, and governance (ESG) metrics. Our findings provide evidence that sustainability factors mediate in the relationship between gender diversity and financial/economic performance. Originality/value: This research makes a valuable contribution to the literature by demonstrating that ESG factors act as mediators in the link between gender diversity and financial performance. Although gender diversity may not lead directly to enhanced financial outcomes, it can influence financial performance indirectly by fostering better sustainable practices.

En el ámbito de la Inversión Socialmente Responsable (ISR) es destacable, en los últimos años, la labor de la Unión Europea (UE) por su protagonismo como principal impulsor de las inversiones verdes a través del Pacto Verde Europeo. Por otro lado, para mitigar los efectos negativos socioeconómicos derivados de la pandemia, la UE se ha convertido en uno de los principales emisores de deuda en Euros. Además de emitir bonos verdes, dentro del programa de Fondos de Recuperación Europeo, ha emitido, por primera vez, bonos sociales para financiar el programa de protección para el desempleo establecido en el reglamento UE 2020/672. En este trabajo se analizan los bonos verdes y sociales destinados a la financiación de programas medioambientales y sociales de la UE, y se comparan con los convencionales del mismo emisor, para determinar si existe una diferencia de rendimiento que nos permita inferir la existencia de una prima verde o social, según el caso, y tratar de explicarlo mediante un análisis de regresión lineal múltiple. Aunque en la literatura científica abundan los estudios sobre la prima verde, no ocurre lo mismo con la social. Entre los hallazgos de esta investigación se destacan, por un lado, que los bonos verdes y sociales con mayores niveles de liquidez, también presentan mayores rendimientos, y por otro lado, que la volatilidad implica que los inversores del mercado secundario requieran mayores tasas. Además, los bonos sociales tienen mayores diferencias de rendimiento en comparación con los verdes, lo que apunta a que, la prima social, de los bonos emitidos por la UE, es más amplia que la verde, en el mercado secundario.

Sustainable finance has grown in importance in recent years due to its close relationship with sustainable development and the estimated large investment needs. After a long period of near-zero interest rates, we have witnessed a change in the scenario in the last two years, so it is important to know how this may affect the transition to a sustainable economy. To approach this object of study and contextualize it, a bibliometric analysis is carried out, using the Web of Science database, on: sustainable finance, Socially Responsible Investment and green bonds. The evolution of publications, the most active countries, the most relevant institutions and authors, the most researched topics, the most cited articles and the relationship of these three areas with the Sustainable Development Goals have been analyzed, in order to try to detect trends, omissions and research opportunities. The analysis reveals that sustainable finance is highly associated with climate aspects and green bonds, that the performance of green bond portfolios and other sustainable financial assets is a widely researched issue, and that the European Union is very active in knowledge generation, also having a long history in this object of study, supported by both the regulatory and institutional framework, and driven by the European Green Deal presented by the European Commission in 2019 and the Action Plan against Climate Change of the European Central Bank in 2021.