Welcome to the V Internacional Conference on Sustainable Finance (ICSF 2026)
Organized by Instituto BME
Shaping the Future of Financial Markets: Sustainable, Ethical, Human
The V Sustainable Finance Congress, organized by Instituto BME, will be held on September 17 and 18, 2026, in a unique setting: the Madrid Stock Exchange Palace, the historic heart of the Spanish financial markets and a meeting point for academia, industry, and regulation.
Madrid Stock Exchange Palace - Madrid, Spain
Early bird discount until June 30. IMPORTANT: Deadline extended to July 20
July 20 registration deadline.
Special discount for doctoral students:
Early bird discount until June 30. IMPORTANT: Deadline extended to July 20
July 20 registration deadline.
Special discount for doctoral students:
Following the previous edition held in Barcelona, the Congress takes another step forward and returns to Madrid to consolidate its position as a leading academic and institutional forum on sustainable finance, bringing together researchers, market professionals, representatives of regulatory bodies, and public policy makers.
Throughout the day, the Congress will offer a rigorous and multidisciplinary academic program, structured into parallel sessions by subject area, roundtable discussions, and an opening keynote speech that will set out the main lines of reflection. The papers presented will address the major challenges currently facing financial sustainability: from the integration of ESG criteria and financial innovation to the relationship between markets, regulation, and academia.
The 5th Sustainable Finance Congress is designed as a space for sharing knowledge, comparing approaches, and generating dialogue among those who are actively contributing to the transformation of the financial system toward more responsible, transparent, and sustainable models.
In addition to the academic content, the Congress will promote academic and institutional networking, with spaces designed for the exchange of ideas and the creation of synergies, culminating in a gala dinner that will reinforce the relational nature of the event.
09:00 - 09:30
Registration and Accreditation
Registration and welcome coffee (Trading Floor)
09:30 - 10:15
Opening Session – Auditorium
10:00 - 11:30
| Room and Session | Papers |
| Room 1: Track 1A — Biodiversity and Sustainable Finance | Biodiversity Risk Premium — Agustín del Castillo García, Gloria Galacho López, Omar Hassani Zerrouk, Ana Ramirez Trujillo and Antonio Alberto Plaza Avilés , University of Málaga Does Biodiversity Risk Affect Financial Risk? — Almudena García-Sanz, Juan-Ángel Jiménez-Martín and M-Dolores Robles, Complutense University of Madrid Biodiversity Finance: Is Biodiversity Priced Beyond Sustainability in Public Debt? — Enrique Ballesta and Pilar Abad, Rey Juan Carlos University, M. Dolores Robles, Complutense University of Madrid Blended Finance for Biodiversity — Estefanía Lorente and Elena Landois, Econospérides Institute |
| Room 2: Track 1B — ESG, Corporate Policy, and Innovation | 1. ESG Performance and Dividend Policy in the Oil and Gas Industry — Almudena García-Sanz, ICAE, Juan-Ángel Jiménez-Martín and M. Dolores Robles, Complutense University of Madrid 2. ESG Criteria, Corporate Governance, and Financial Performance in the Energy Sector — Al Cauzar Mohamed El Mehdi and Jesús Mauricio Flórez Parra, University of Granada 3. Predicting the Activation of Environmental Innovation in Latin American Listed Companies — Ana M. Plata Díaz, Germán López Pére, Mª Carmen Pérez López and María Victoria López Pérez, University of Granada |
| Room 3: Track 2A — Governance, Integrity, and Financial Inclusion | 1. Financial Greenwashing as a Risk to Sustainable Finance — Belén Salas Compás, Ángel Luis Fernández Miguélez, Rafael Becerra Vicario, Ignacio Esteban Labrador and Rocío Díaz Fernández, Universidad de Málaga 2. Board Governance and Non-Financial Performance in Mexican Listed Firms — Guadalupe del Carmen Briano Turrent, Universidad Autónoma de San Luis Potosí, Carolina Reyes Bastidas, Mariana Lázaro Rodrìguez Ariza, University of Granada 3. Towards an Inclusive Green Future — Mahmoud Arayssi, Lebanese American University 4. Corporate Integrity and Adoption of Sustainable Practices in Commercial SMEs — María de los Ángeles Baeza-Muñoz , Manuel Hernández-Peinado, Sara Rodríguez-Gómez and Francisco Javier Blanco-Encomienda, University of Granada |
| Room 4: Track 3A — Derivatives, Speculation, and New Markets | 1. Speculative Attacks in Stablecoins — David Alaminos, Miguel Guillén-Pujada, Agustín Torres-Martínez, University of Barcelona 2. Financial Derivatives as an Instrument for the Transition to Sustainable Finance — Manuel Ángel Fernández Gámez, Ana Elena Hidalgo Díaz , Carolina Serralvo Aranda, Elías Bendodo Benasayag, José Jorge Sanz González y Proper Lamothe, University of Málaga 3. Market Liquidity, Green Transition, and Technical Efficiency in Electric Utility Companies — Pablo Solórzano Taborga, Ana Belén Alonso Conde and Javier Rojo Suárez, Rey Juan Carlos University |
| Room 5: Track 6A — CSRD, Accounting, and Sustainability Reporting | 1. From Compliance to Sustainable Finance Infrastructure: The CSRD Implementation in Europe — Ana Julia Ramos, University of Granada 2. Sustainability Information, ESG Controversies, and Value Creation — Cristian Macías, Javier Rojo, Ana Belén Alonso, Rey Juan Carlos University 3. Sustainable Accounting: Current Situation and Research Perspectives — Ana M. Rosales-Pérez, Lucía Valcarce-Ruíz, Jose R. Sánchez-Serrano, University of Málaga y Macarena Torroba-Diaz, Rey Juan Carlos University |
11:30 - 12:00
Coffee Break (Trading Floor)
12:00 - 13:30
| Room and Session | Papers |
| Room 1: Track 1C — Sustainable Debt, Greenium, and Financed Emissions | 1. The Bio-Greenium in Sustainable Corporate Debt — Enrique Ballesta and Pilar Abad, Rey Juan Carlos University, M. Dolores Robles, Complutense University of Madrid, 2. Are Financed Emissions Priced by Investors? — Raquel López García and Lidia Sanchís Marco, University of Castilla-La Mancha |
| Room 2: Track 1D — ESG Portfolios and Investment Models | 1. ESG Investing or Factor Investing? — Vítor Manuel de Sousa Gabriel, Polytechnic University of Guarda, Ana Belén Alonso-Conde and Javier Rojo Suárez, Rey Juan Carlos University 2. Factor Analysis of Water and Clean Energy Equity Portfolios — Felix Villalba-Romero University of Malaga, Cristiana Tudor, Bucharest University, Vasileios Vlachos and Pavlos Stamatiou, International Hellenic University 3. The Risk-Adjusted Cost of ESG-Aware Reinforcement-Learning Portfolios — Eduardo C. Garrido-Merchán, Lucía Güitta-López and María Coronado Vaca, Pontificia Comillas University (ICADE) |
| Room 3: Tracks 2/5 — Fintech, Financial Behavior, and Financial Literacy | 1. The Literacy Divide: Financial Sophistication, Knowledge and Trust in Crypto Investment — Sandro Berni Ríos, Raquel Garde Sánchez, María Victoria López Pérez and Lázaro Rodríguez Ariza, University of Granada 2. Governing Sustainable Crowdfunding: A Blockchain-Based Trust Infrastructure Proposal — Fco. Javier Moreno-Arrebola, Jesús Molina-Gómez, Ana M. Lucia-Casademunt and José M. Nuñez-Sánchez, University of Málaga 3. Understanding the Use of Buy Now, Pay Later Through Consumer Behavior — Oscar Muñoz Valenciano, Alexandra Mora Cruz, Instituto Tecnológico de Costa Rica, Gema Albort-Morant, University of Sevilla |
| Room 4: Tracks 1/6 — ESG Measurement, Reporting, and Value Creation | 1. ESG and Value Creation in Public Companies: A Bibliometric Analysis — Iván Bardallo, Rey Juan Carlos University 2. Beyond Compliance: Information Systems as Drivers of Sustainability — Clara Sebastián-Simón, Tomás González-Cruz and Pau Sendra Pons, Universidad of Valencia and María Ángeles Fernández Izquierdo, University Jaume I 3. Do Firm Performance and Sustainability Practices Align with Impact? — Raquel Esther Querentes Hermida, Luis Alberto Otero González. Pablo Durán Santomil and María Garrido Ruso, University of Santiago de Compostela |
| Room 5: Track 3B — Volatility, Liquidity, and External Shocks | 1. Asymmetric Volatility Dynamics and Contagion Under Prolonged Inflationary Stress — Agustín Burgos-Baena, Ana Isabel Irimia-Dieguez, Ana Isabel and Jesús Manuel De Sancha-Navarro, University of Sevilla 2. Natural Disasters and Abnormal Returns: The Importance of Weekends — José Luis Miralles Quirós, María del Mar Miralles Quirós, University of Extremadura 3. Rare Earth Futures and Environmental Sustainability: The Case of the Arctic — Susana Reichardt, Alfonso X el Sabio University |
13:30 - 15:00
Networking lunch (Terrace)
15:00 - 16:30
Round table discussion (Auditorium)
Academia, markets, and regulation
16:30 - 18:00
| Room and Session | Papers |
| Room 1: Track 1E — ESG, Risk, and Corporate Performance | 1. Does Risk Mediate the ESG–Expected Returns Relationship? — Gabriel de la Fuente, Pilar Velasco, Tábata Calvo, University of Valladolid 2. ESG and Financial Performance: Evidence from the Spanish Stock Market — María-José Palacín-Sánchez, Ricardo Jaramillo-Salazar, University of Seville 3. Unpacking ESG Value Creation: Nonlinear Effects and Production Factor Interdependencies — Javier Perote, Jose D. Vicente-Lorente, Jose A. Zuñiga-Vicente, University of Salamanca, Rey Juan Carlos University |
| Room 2: Track 4 — Risk, Solvency, and ESG Performance in Banking | 1. Financial Soundness and Profitability of Ecuadorian Credit Unions — Luis Xavier Sánchez, Andean Simón Bolívar University 2. Understanding the ESG Performance–Bank Risk Nexus — Purificación Parrado-Martínez, María del Rocío Barroso-Espinosa, Antonio Trujillo-Ponce, Universidad de Jaén, University of Jaén, Pablo de Olavide University (Seville) 3. From Brown to Green: Sectoral Climate Alignment in European Banking — Yadira Salazar, Ana Zorio-Grima, Paloma Merello, Open University of Catalonia, Polytechnic University of Catalonia, University of Valencia |
| Room 3: Track 2B — Investor Protection, Conduct, and Ethical Risks | 1. What Do Lenders See? Gender Signals and Organizational Substance in Credit Markets — Mahmoud Arayssi, Lebanese American University 2. Beyond Financial Literacy: Manager Heterogeneity and Investor Protection in Private Equity — María Salomé Martín García, University of Castilla-La Mancha 3. Too Sure to Be Safe: Financial Overconfidence and Risky Behavior — Pedro Jesus Cuadros-Solas, Santiago Carbó-Valverde, Francisco Rodríguez-Fernández, CUNEF University, University of Granada and Funcas 4. Collusion Risk Screening in Road Procurement Tenders in Peru — Yorela Yenifer Esperilla Niño de Guzmán, María de los Ángeles Baeza Muñoz, Darissa Cama, Jose L. Bonifaz, University of the Pacific, University of Granada |
| Room 4: Track 6B — SDGs, Transparency, and Financial Markets | 1. The Implementation of the SDG in Costa Rica’s Public Universities — Jesús Mauricio Flórez Parra_2, Carlos Eduardo Araya-Leandro, María Victoria López-Pérez, Antonio Manuel López-Hernández, University of Granada, University of Costa Rica 2. Green Transparency Index for Assessing Greenwashing Risk in Sustainable Investment Funds — Luis Enrique Delgado Gómez, Rey Juan Carlos University 3. SDG Disclosure in Fintech Firms and Its Impact on Stock Market Prices — María del Mar Miralles Quirós, José Luis Miralles Quirós, University of Extremadura |
| Room 5: Track 7A — Sustainable Urban Infrastructure and Mobility | 1. Towards More Sustainable Urban Logistics: B2C Delivery Solutions in Madrid — Laura Garrido, Natalia Sobrino, Juan Nicolas Gonzalez, Jose Manuel Vassallo, Politécnica University of Madrid 2. Economic Foundations of Urban Transport as Sustainable Financial Assets — Lucía Galicia Sanguino, Laura Garrido Maza, Rubén Lago Balsalobre, Rey Juan Carlos University, Politécnica University of Madrid 3. Multi-Criteria Methodology for the Selection of Investments in Urban Mobility Infrastructure — M.ª Belén Muñoz, Javier Ordoñez García, Manuel Romana García, Vicente Alcaraz Carrillo de Albornoz, Politécnica University of Madrid, University of Granada |
21:00
Gala Dinner (Trading Floor)
Academic networking
09:00 - 09:30
Welcome coffee (Trading Floor)
09:30 - 11:30
| Room and Session | Papers |
| Room 1: Track 1F — Sustainable Funds, ESG Signals, and Valuation | 1. Labels versus Substance: Regulation, ESG Signals and Fund Pricing — Pilar Giráldez-Puig y Miguel A. Hernández-Blanco, Pablo de Olavide University 2. Forward Commitments, Backward Confidence: Sustainable Funds and Verifiable Climate Actions — Susana Martinez Meyers, Idoya Ferrero Ferrero, María Jesús Muñoz-Torres, IE University, Jaume I University 3. Pricing Environmental Sustainability in U.S. REITs — Rubén Lago Balsalobre, Lucía Galicia Sanguino, Rey Juan Carlos University |
| Room 2: Track 1G — Inclusive Finance, Circular Economy, and Impact Investing | 1. Bridging Financial and Gender Gaps: The Role of Inclusive Green Finance — Azza Bejaoui, Mahmoud Arayssi, Lebanese American University, University of Manouba 2. Circular Economy, Risk Management and Analyst Forecast Accuracy — Elena Ferrer, Cristina del Río, Francisco J. López-Arceiz, Public University of Navarre 3. Determinants of Financial Success in Social Impact Startups — Mª Teresa Galache-Laza, Germán Ayala-Jiménez, Marta Campos-Valenzuela, Sergio Fernández-Miguélez, University of Málaga, Rey Juan Carlos University |
| Room 3: Tracks 4/8 — Financial Supervision, Regulation, and Public Debt | 1. Supranational Supervision and Bank Governance — Pedro Jesus Cuadros-Solas, Santiago Carbó-Valverde, Francisco Rodríguez-Fernández, CUNEF University, University of Granada and Funcas 2. An Ounce of Prevention? Climate Change Mitigation and IFRS 9 Credit Impairment — Yadira Salazar, Ana Zorio-Grima, Paloma Merello, Open University of Catalonia, Polytechnic University of Catalonia, University of Valencia 3. The Role of Government in the Public Debt–Growth Nexus — Laura Varela-Candamio, Deborah A. Carroll, Mónica Edreira-Viqueira, University of A Coruña, University of Illinois |
| Room 4: Track 6C — Biodiversity, Impact, and Sustainability Evidence | 1. Corporate Biodiversity Disclosure as a Sustainability Strategy — Ángela María Callejón Gil, Aurea Peralta González, Marina Nadales Luque, Juan Domingo Corpas, Vanessa Delclós Morales, University of Málaga 2. Impact Accounting and Family Business — Raquel Esther Querentes Hermida_2, Luis Alberto Otero González, Pablo Durán Santomil, María Garrido Ruso, University of Santiago de Compostela 3. Structuring Sustainability Evidence as a Financing Enabler — Shengying Liu, Verigreen 4. The Talk-Walk Gap in ESG: Financial Market Penalties and the Amplifying Role of Financial Constraints, Karen Vargas-Santander and Fernando Antonio Ignacio González, Catholic University of the North, and Samuel Baixauli-Soler and María Belda-Ruiz from University of Murcia |
| Room 5: Track 7B — Renewable Energy and Project Valuation | 1. Real Options Valuation of Hydrogen and Methane Storage Contracts — Antonio Lorenzo Lara Galera, Luis Cueto Felgueroso, Andrés Soage-Quintans, Vicente Alcaraz Carrillo de Albornoz y Antonio Lara Galera, Politécnica University of Madrid 2. Renewable Energy Financing for Sustainable Development in Indonesia’s Electricity Sector — Asaad Belal Othman 1, Istiana Maftuchah, Indonesian International Islamic University 3. Hybridization as a Value Driver in Renewable Energy Projects — Miguel Angel Vázquez, Rey Juan Carlos University |
12:00 - 13:30
Round table discussion (Auditorium)
Academia, markets, and regulation
13:30 - 14:00
Farewell cocktail (Terrace)
President:
Enrique Castellanos Hernán – Instituto BME
Organizing Committee:
Almudena Rodríguez Valero – Instituto BME
Ana Belén Alonso Conde – Universidad Rey Juan Carlos
Ana San Segundo Rey – Instituto BME
Angela Mª Callejón Gil – Universidad de Málaga
David Alaminos Aguilera – Universidad de Barcelona
Enrique Castellanos Hernán – Instituto BME
Esther Ferrero Silgo – Instituto BME
Javier Rojo Suárez – Universidad Rey Juan Carlos
Luis Sánchez Vila – Instituto BME
Manuel A. Fernández Gámez – Universidad de Málaga
Miguel Guillén Pujadas – Universidad de Barcelona
Rodrigo Fuentes Camacho – Instituto BME
Scientific Committee:
Ana Belén Alonso Conde – Universidad Rey Juan Carlos
Ana María Rosales Pérez – Universidad de Málaga
Alicia Ramírez Orellana – Universidad de Alcalá de Henares
Angela Mª Callejón Gil – Universidad de Málaga
Antonio Lara Galera – Universidad Politécnica de Madrid
Cristian Macías Domínguez – Universidad Rey Juan Carlos
David Alaminos Aguilera – Universidad de Barcelona
Elena Ferrer Zubiate – Universidad Pública de Navarra
Enrique Castellanos Hernán – Instituto BME
Gabriel de la Fuente Herrero – Universidad de Valladolid
Javier Rojo Suárez – Universidad Rey Juan Carlos
Jesús Molina Gómez – Universidad de Málaga
José António C. Santos – Universidade do Algarve
José Manuel Núñez Sánchez – Universidad de Málaga
José Manuel Vassallo Magro – Universidad Politécnica de Madrid
José María López Jiménez – Universidad de Málaga
José Ramón Sánchez Serrano – Universidad de Málaga Juan Carlos Reboredo Nogueira– Universidad de Santiago de Compostela Juan David González Ruíz – Universidad Nacional de Colombia
Lázaro Rodríguez Ariza – Universidad de Granada
Lucia Galicia Sanguino – Universidad Rey Juan Carlos
Lucia Valcarce Ruiz – Universidad de Málaga
Macarena Torroba Díaz – Universidad Rey Juan Carlos
Manuel A. Fernández Gámez – Universidad de Málaga
Margarida Custódio Santos – Universidad del Algarve
María Ángeles Fernández Izquierdo – Universidad Jaume I
María Belén Salas Compás – Universidad de Málaga
María de los Ángeles Baeza Muñoz- Universidad de Granada
María del Mar Souto Romero – Universidad Rey Juan Carlos
María del Pilar Velasco González – Universidad de Valladolid
María Victoria López Pérez – Universidad de Granada
Marta Campos Valenzuela – Universidad Rey Juan Carlos
Miguel Guillén Pujadas – Universidad de Barcelona
Prosper Lamothe Fernández – Universidad Autónoma de Madrid
Rafael Becerra Vicario – Universidad de Málaga
Rubén Lago Balsalobre – Universidad Rey Juan Carlos
Sergio Manuel Fernández Miguélez.– Universidad Rey Juan Carlos
Vitor Manuel de Sousa Gabriel – Politécnico da Guarda
Deadline for article submissions
IMPORTANT: Deadline extended to July 3
Deadline for article acceptance
IMPORTANT: Deadline extended to July 3
Early registration deadline. IMPORTANT: Deadline extended to July 20
In-person: €300.00
(Special discount for doctoral students: €270.00)
Online: €200.00
Final registration deadline
In-person: €350.00
(Special discount for doctoral students: €320.00)
Online: €250.00
Event dates
BEST PAPER AWARD: IV INTERNATIONAL CONFERENCE ON SUSTAINABLE FINANCE
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: SUSTAINABLE URBAN AGENDA SPONSORED BY AULA TELEFÓNICA (UB-URV)
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: FINANCIAL EDUCATION SPONSORED BY BME
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: ESG INVESTING SPONSORED BY CÁTEDRA ECOFIN (UMA)
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: FINTECH SPONSORED BY CÁTEDRA FINTECH (UMA)
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: BANKING OPTIMIZATION SPONSORED BY CÁTEDRA OPPLUS (UMA)
Winner:
TBD
Authors:
TBD
BEST PAPER AWARD: ETHICS IN FINANCE SPONSORED BY INSTITUTO ECONOSPÉRIDES
Winner:
TBD
Authors:
TBD
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