Yolanda Fuertes-Callén

Associate Professor · Department of Accounting and Finance

IEDIS · 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, focuses on two complementary areas: the analysis of firms’ financial and non-financial information, and sustainable entrepreneurship and business resilience, particularly in rural areas and emerging sectors. More recently, she has studied startup resilience in rural environments, the territorial impact of entrepreneurship, the role of circular economy in local development, and mission drift in microfinance institutions.

She also works on the early prediction of startup survival using accounting information and value creation and distribution indicators. Her research applies advanced quantitative methods, including Cox survival models, matching techniques (PSM and IPW), latent class analysis, and structural models.

Yolanda has participated in competitive research projects funded by European, national, and regional institutions, as well as research contracts with public and third-sector organizations. Her work has been published in leading academic journals and presented at international conferences.

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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