Yolanda Fuertes-Callén

Associate Professor · Department of Accounting and Finance

University of Zaragoza · IEDIS Researcher

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Short Bio

Yolanda Fuertes-Callén is an Associate Professor in financial economics and accounting at the University of Zaragoza and a researcher at the Institute on Employment, Digital Society and Sustainability (IEDIS). She also leads the REVITA-TER action group – Value Creation, Business Resilience and Territorial Transformation, recognized by Campus Iberus of International Excellence.

Her research career, developed continuously since 1996, applies advanced quantitative methods including Cox survival models, matching techniques (PSM and IPW), latent class analysis, and structural models. She has participated in competitive research projects funded by European, national, and regional institutions, as well as research contracts with public and third-sector organizations.

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Research Lines

01

Financial and Non-Financial Information Analysis

Analysis of firms’ financial and non-financial information for decision-making, including early prediction of startup survival using accounting data, value creation and distribution indicators, financial inclusion, and the role of public subsidies in business survival and growth.

02

Sustainable Entrepreneurship and Business Resilience

Startup resilience in rural environments, the territorial impact of entrepreneurship, the role of circular economy in local development, mission drift in microfinance institutions, startup support policies, and sustainable growth in emerging sectors.

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International Visits

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University of Sheffield
Sheffield, United Kingdom
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New York University (Stern)
New York, USA
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Selected Publications

2025
Journal of Small Business Management
The impact of startup subsidies on survival, growth, and stakeholder value
2025
Small Business Economics
Financial performance of new circular economy companies in rural settings
2024
Technological Forecasting and Social Change
Factors behind the resilience of rural startups
2023
Nonprofit & Voluntary Sector Quarterly
The relationship between microfinance mission drift and financial returns to stakeholders
2022
Journal of Small Business Management
Predicting startup survival using first year’s financial statements