González Urteaga, Ana
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González Urteaga
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Ana
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Gestión de Empresas
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INARBE. Institute for Advanced Research in Business and Economics
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Publication Open Access When is environmental performance most valued?: international evidence from the CDS market(Elsevier, 2025-03-17) Ballester Miquel, Laura; González Urteaga, Ana; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate PublikoaUsing a sample of 516 firms with CDS data from 37 countries for the period 2010-2022, this study finds that companies with higher environmental performance, particularly in emissions reduction and product innovation, exhibit a reduction in credit risk, supporting the risk mitigation perspective. Our results also highlight the importance of considering both internal and external factors when assessing the financial impact of sustainability initiatives. Firms with initially lower environmental performance, less exposure to the environmental sector, and higher credit ratings experience a more significant reduction in credit risk as they improve their environmental performance. In addition, the CDS market places a higher value on environmental efforts for firms located in countries with lower environmental scores, credit ratings and GDP growth. Conversely, out findings support the overinvestment view for firms in sectors with high environmental risk exposure or in countries with poor climate change performance. Overall, the effect of a firm's environmental performance on credit risk is heterogeneous rather than uniform.Publication Open Access Green bond issuance and credit risk: international evidence(Elsevier, 2024) Ballester Miquel, Laura; González Urteaga, Ana; Shen, L.; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa, PJUPNA2023-11379We present the first empirical study of the impact of corporate green bond issuance announcements on issuer credit risk, as measured by their CDS spreads. We use a broad international sample of 1,048 green bonds issued between 2013 and 2022 by 200 entities from 26 countries. Our analysis reveals a significant, though not uniform, reaction in the CDSs. The sector of activity emerges as a critical determinant, particularly with respect to environmental exposure. While sectors highly exposed to environmental risk exhibit a reduction in issuer credit risk, all others, especially financial entities, react in the opposite direction. Our study highlights that the impact on credit risk is influenced by several other factors, including the issuer's overall ESG score, its E score, and various country-level metrics such as development level, environmental performance and political rights. We also identify other factors that affect credit risk, such as green bond ratings and operating cash flow.Publication Open Access The role of internal corporate governance mechanisms on default risk: a systematic review for different institutional settings(Elsevier, 2020) Ballester Miquel, Laura; González Urteaga, Ana; Martínez García, Beatriz; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate PublikoaRecent financial downturns, characterized by the significant failures of firms, have revealed the need to control credit risk. Latest literature has shown that weak corporate governance structures are related to high levels of default risk, leading to financial instability. In this context, we aim to summarize the literature that focuses on the role that internal corporate governance plays in the credit risk of firms, specifically considering three corporate governance components: ownership structure, board structure and financial stakeholders’ rights and relations. Additionally, we analyse whether the effectiveness of the internal mechanisms depends on particular key factors, especially the institutional setting and the type of mechanisms considered. Finally, new lines of research are identified for future research.