Works presented

Summary
The main objective of this paper is to explain the process of professionalisation and empowerment experienced by Galician shellfish gatherers in the 1990s. Specifically, it aims to analyse how shellfish gathering in Galicia went from being a marginal activity to becoming a symbolic reference point in Galician society and an example to follow for other women working in feminised occupations, especially in the fishing sector. We will examine the starting point and key elements of this process, led by women. In addition, it is considered relevant to put the fishing sector and the role of women in the industry into context from a feminist perspective.

Direction
RODRIGUEZ RODRIGUEZ, GONZALO (Tutorships)

Court
DOLDAN GARCIA, XOAN RAMON (Chairman)
DIOS VICENTE, ADRIAN (Secretary)
PEREIRA SANCHEZ, MARIA ANGELES (Member)

Summary
Currently, the knowledge-based economy and the need to transition towards sustainable futures have driven the role of innovation based on scientific research as a means to achieve this goal. In this context, universities have assumed a key role in generating technologies and promoting their transfer to the productive sector through various mechanisms, including patent licensing. However, only a small percentage of university patents manage to be licensed and applied by a company to solve a real problem. This study focuses on analyzing the process of development, valorization, and transfer of environmental technologies developed by the Research Center for Environmental Technologies CRETUS and patented by the University of Santiago de Compostela USC. The objective is to identify characteristics and factors that influence licensing and transfer to the productive sector. To achieve this, a qualitative methodology is employed, based on a multiple case study approach that combines the systematization of information on CRETUS-patented technologies with in-depth interviews with the researchers involved to construct the cases. A total of six cases are analyzed three in which the patent was licensed and three in which it was not contrasting them with theoretical and empirical background elements in the field. The conclusions highlight that CRETUS exhibits strong indicators regarding technology transfer through patents. The cases analyzed reveal the complex, interactive, cumulative, and systemic nature of the innovation process. Additionally, the main influencing factors identified include engagement during technology development, the contribution of private funding, previous experiences, the presence of researchers in companies, and the absorptive capacity of the productive sector. The role of regulations and administration is also emphasized. The study raises new questions, mainly related to examining the impact of university patenting on the diffusion of innovations.

Direction
VILLAMARIN TABOADA, JOSE ANDRES (Tutorships)

Court
PEREIRA SANCHEZ, MARIA ANGELES (Chairman)
CAMPOS ROMERO, HUGO (Secretary)
TURNES ABELENDA, JUAN ALBERTO (Member)

Summary
Pro-environmental behaviors are those that individuals engage in to protect the environment and minimize the negative impact of their own actions on the natural world. These behaviors are necessary to ensure long-term well-being, the goal of sustainable development. This study aims to test whether and how the mechanisms of environmental knowledge, connectedness to nature and environmental passion impact in voluntary pro-environmental behavior in the private lives of generation Z. Data were collected through a questionnaire addressed to students at the University of Santiago de Compostela, Galicia, Spain. The results showed positive relationships between environmental knowledge and connectedness to nature, and a mediating role of environmental passion i). between environmental knowledge and voluntary pro-environmental behavior, and ii). between connectedness to nature and voluntary pro-environmental behavior. Environmental passion was also confirmed as the strongest predictor of voluntary pro-environmental behavior. Implications, limitations and recommendations are also presented.

Direction
SAIFULINA , NAILYA (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
DEL RIO ARAUJO, MARIA LUISA (Secretary)
BASTIDA DOMINGUEZ, MARIA (Member)

Summary
This report aims to analyze the evolution of the implementation of circular economy practices and the generation of green jobs in Spanish SMEs between 2017 and 2024, comparing their performance with the average of the European Union member countries. To this end, the results of surveys conducted in the preparation of three editions of the Flash Eurobarometer (456, 498, and 549) published by the European Commission have been examined. Through this analysis, the study identifies the evolution of the adoption of resource efficiency practices and the percentage of investment allocated to their implementation, the existence of climate neutrality or negative emissions strategies, the challenges faced by businesses in improving efficiency, and the types of support available to help them become increasingly sustainable. Additionally, the growth of green markets and green jobs has been analyzed. The findings conclude that, while Spanish SMEs have made positive progress in adopting circular economy practices particularly in improving resource efficiency and expanding the supply of green products and services, regulatory, administrative, financial, and training-related challenges still hinder their full development. The results indicate that Spanish SMEs perform above the EU average in several aspects, yet there remains significant room for improvement in environmental management to facilitate the transition toward more sustainable production models.

Direction
PIÑEIRO GARCIA, MARIA DEL PILAR (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
BASTIDA DOMINGUEZ, MARIA (Secretary)
CASTRO CASAL, MARIA DEL CARMEN (Member)

Summary
This study presents a strategic innovation model for Spain’s biotechnology sector, focusing on Galicia. Based on classical (Schumpeter, Marx, Vence) and contemporary approaches (Scrum, Lean, Design Thinking), the model arises from an extensive literature review, sector data analysis, and case studies (Zendal, PharmaMar, Libera Bio). It addresses key challenges such as high regulation, long Research and Design cycles and weak knowledge transfer. The model is structured around five pillars: open collaboration, agility, human-centred design, innovative culture and sustainability. It operates across four dimensions (structure, skills, tools, culture) and is implemented in three adaptive phases. Combining theory and practice, the proposal offers a systemic and scalable solution to strengthen competitiveness and innovation capacity in biotech companies. This academic contribution aims to guide sustainable and collaborative transformation across the sector, grounded in both conceptual rigour and applied research.

Direction
SANCHEZ CARREIRA, MARIA DEL CARMEN (Tutorships)

Court
DOLDAN GARCIA, XOAN RAMON (Chairman)
DIOS VICENTE, ADRIAN (Secretary)
PEREIRA SANCHEZ, MARIA ANGELES (Member)

Summary
The objective of this work is to conduct a financial economic analysis of Vidrala S.A. in order to study the current situation of the company and at the same time compare it with a group of companies within the same sector. The work is divided into 5 parts, starting with the presentation of Vidrala, followed by an external and internal analysis, and then moving on to the financial economic analysis. The work will conclude with an analysis of the company’s sustainability report and the conclusions of this project. The results show that Vidrala maintains a stable position, reflecting a low probability of bankruptcy, but with fluctuations in its financial profitability. Each of the companies analyzed in this work presents situations that reflect the challenges faced by the glass industry in Spain and its development over the period 2019-2023.

Direction
Garrido Ruso, María (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This Master's Thesis analyzes the economic and financial situation of the canning company Calvo Conservas S.L., within the framework of the marine food sector. The main objective is to assess the evolution of its profitability and growth capacity between the years 2020 and 2023, as well as to identify its current strengths, weaknesses, and strategic risks. Through the analysis of financial statements (balance sheet, income statement, vertical and horizontal analysis), key indicators are obtained to evaluate the company’s actual situation and compare it with other firms in the sector, such as Jealsa, Frinsa, and Escurís. The study complements the quantitative analysis with a qualitative assessment of the sectorial context, taking into account the impact of the pandemic, the war in Ukraine, the rise in energy and raw material costs, and environmental, social, and governance (ESG) challenges. Among the main conclusions are Calvo’s low operating margins and reduced financial profitability, largely influenced by a negative financial result. The analysis also revealed a high dependency on external supplies and a lengthening of customer collection periods, which affect the company’s liquidity. Nevertheless, Calvo demonstrates a capacity for adaptation and innovation, with recent improvements in exports and cost control. The thesis ends by proposing strategic recommendations aimed at improving operational efficiency, diversifying risks, and strengthening the company’s competitive position in the international market.

Direction
Garrido Ruso, María (Tutorships)
DURAN SANTOMIL, PABLO (Co-tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
DEL RIO ARAUJO, MARIA LUISA (Secretary)
BASTIDA DOMINGUEZ, MARIA (Member)

Summary
This paper aims to carry out an economic financial and non financial analysis of Grupo Leche Río S.A., one of the leading companies in the Galician and national dairy sector. Over the 2019 to 2023 period, the company's internal evolution has been assessed, as well as its positioning in relation to its closest competitor, Leche Celta S.L., with the goal of delivering an accurate diagnosis and proposing well founded improvements. The research is divided into three sections. First, the company is introduced, providing its most relevant information. Next, an external and internal analysis is conducted, offering a detailed view of its industry position. This serves as the basis for a comparative economic financial analysis with its competitor, supported by financial statements through vertical and horizontal percentages and financial ratios. Finally, a non financial analysis is included, evaluating its commitment to ESG criteria. The results reflect a company with growing profitability and investment capacity, supported by a solid long term structure. However, it shows a high dependence on current liabilities and an excessive concentration on low margin products such as liquid milk. In contrast, its competitor presents a more balanced financial structure and greater transparency in sustainability matters. This study provides a comprehensive overview of Grupo Leche Río S.A., useful for both academics and professionals in the agri food sector. It highlights the need to strengthen its short term financial structure, diversify its product portfolio, and professionalize its sustainability commitment through a Non Financial Information Statement (NFIS).

Direction
Garrido Ruso, María (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
The purpose of this work is to carry out an economic and financial diagnosis in the context of a business dissolution process. To this end, three Galician companies that voluntarily filed for insolvency proceedings and entered the dissolution phase during the period under analysis are examined. These companies belong to a key sector of the Galician economy: the fishing industry. The three Galician companies are Pescados Rubén, S.L. (hereinafter, Pescados Rubén), Megaliza, S.L. (hereinafter, Megaliza), and Congelados Sialco, S.L. (hereinafter, Sialco). Their financial statements for the period from 2019 to 2023 will be analyzed. This work is organized into three thematic sections. The first focuses on characterizing the fishing sector at the European, national (Spain), and regional (Galicia) levels. Next, through an economic and financial analysis, the second section evaluates the three aforementioned Galician companies from an economic financial perspective, with a focus on Pescados Rubén and using Megaliza and Sialco as a comparison group. Finally, considering the overall qualitative and quantitative analysis conducted, a diagnosis of the business situation of the evaluated companies is presented, along with the main conclusions of the study, including its limitations and potential future lines of research.

Direction
VIVEL BUA, MARIA MILAGROS (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This paper aims to conduct an economic, financial, and non financial analysis of Pharma Mar SA, a listed Spanish company headquartered in Madrid, whose main activity is the research, development, production, and marketing of marine derived bioactive products for oncology treatments. Specifically, this paper analyzes the financial and non financial statements of Pharma Mar SA for the period 2019-2024, including a comparative study with three other listed pharmaceutical companies: Laboratorios Rovi, Laboratorios Reig Jofre, and Faes Farma. The methodology applied includes a vertical percentage analysis and horizontal trend analysis of both the balance sheet and the income statement. It also analyzes liquidity, solvency, indebtedness, and a study of profitability. Finally, the bankruptcy risk was assessed using the 1968 Altman Z Score model. Overall, and by way of summary, the results show that Pharma Mar has undergone a very significant transformation since 2020, with a substantial improvement in its equity structure. In 2019, the company's net worth represented 7.46 percent of its assets, indicating its high dependence on external financing. Since 2020, this began to represent between 48 and 60 percent, significantly improving its equity structure. Improvements have been observed in liquidity, treasury ratio, and solvency indicators. However, profitability has been volatile during the period analyzed. In terms of sustainability, this work shows that Pharma Mar S.A. complies with the presentation of its Non-Financial Information Statements, externally audited by KPMG Auditores SL. It can be seen that it has implemented various strategies related to governance, the environment, and society. The company has implemented various practices to strengthen business ethics, for example, incorporating a code of ethics. It has also established, within the salaries of senior executives, the achievement of goals included in the company's Sustainability Plan. In the environmental area, it focuses on protecting the marine environment by extracting samples following international protocols. It has also reduced CO2 emissions, improving energy efficiency, and using clean energy. Finally, in the social area, its work-life balance policies, occupational health and safety measures, especially in those tasks that involve greater risk, as well as the cultural diversity of its workforce, stand out.

Direction
VIVEL BUA, MARIA MILAGROS (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This paper analyses the actual performance of sustainable investment funds classified under articles 6, 8 and 9 of the European Union's Sustainable Finance Disclosure Regulation (SFDR). The main objective is to assess whether the regulatory differences between categories translate into substantive differences in terms of both sustainability, through ESG indicators provided by Morningstar, and financial performance. To this end, a comparative analysis is conducted focusing on key metrics such as the Carbon Risk Score, the Sustainability Score, the Low Carbon designation and the level of ESG Engagement, as well as on financial indicators such as the gross and net return, the alpha and the Sharpe ratio. In addition, the Morningstar Sustainalytics approach is incorporated to identify explicit ESG investment strategies, including themes, exclusions and active engagement.

Direction
Otero González, Luis Alberto (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This research analyzes the relationship between digital financial inclusion (DFI) and household financial vulnerability (FV) in Spain, in the context of increasing digitalization of financial services and persistent economic inequality. DFI refers to access to financial transactions, whether banking or non-banking, using digital technology, such as the internet or mobile devices (OECD, 2018). FV, for its part, is measured in this paper as the lack of household savings to address a spending emergency. The study is based on a literature review that shows opposing relationships between DFI and FV. On the one hand, DFI can facilitate access and make certain financial products and services more affordable, helping to reduce FV and boost household economic capacity. On the other hand, in developed economies, DFI can be associated with impulsive behaviors, encouraging excessive consumption that increases the risk of over-indebtedness, which in turn could worsen FV. The research uses data from the 2021 Findex Global Survey, conducted by the World Bank, which provides information on household financial inclusion in more than 120 countries. In this paper, we selected the Spanish subsample as our study sample, consisting of 1,000 interviews representative of the country's adult population. At the empirical level, the analysis combines descriptive analysis and the estimation of binomial probit models to assess the association between DFI and different forms of FV. The results show that having made or received digital payments is associated with a lower probability of being in a FV situation. Therefore, the results show that DFI contributes to strengthening people's financial resilience, even in developed economies like Spain. This is likely due to the fact that it facilitates access to basic financial products and services in a more affordable and accessible manner than traditional channels. However, the estimated coefficients also suggest a possible positive relationship between the use of certain digital media (such as the internet) and the (objective) lack of emergency savings. In other words, access to financial products and services online could have a negative effect on savings capacity, perhaps due to a lower perception of the pain of paying. Together, the findings reinforce the idea that DFI can play a relevant role in reducing FV, especially when based on the regular and conscious use of digital tools such as the internet. However, the impact of these technologies varies depending on the channel used and the sociodemographic characteristics of the household, suggesting the need to establish tailored strategies for more inclusive financial digitalization.

Direction
FERNANDEZ LOPEZ, SARA (Tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
Since the 9th century, the Primitive Way has attracted large numbers of pilgrims from all over the world. Nowadays, this itinerary is one of the most popular tourist destinations in Spain and among the most important religious routes in the world according to the WTO, registered as the first European Cultural Itinerary in 1987 and as a World Heritage Site by UNESCO in 1993 as explained in the Xacobeo National Tourist Plan (PLAN TURÍSTICO NACIONAL XACOBEO 2021 - 2022). In this paper we will carry out an analysis and diagnosis of the characteristics of the Primitive Way, where we will show the causes of the increase in the number of pilgrims in recent years, as well as the consequences it is causing in the territory. For which we will take into account factors such as new tourism trends, environmental impact, the promotion of the Camino and the improvement of access routes. As well as the consequences and impact of pilgrims in the areas of influence of this route from a social, economic and environmental point of view. The causes and consequences of the impact of tourism on the Primitive Way are very diverse and complex as they encompass all types of activities in the different sites along this pilgrimage route.

Direction
MIRAMONTES CARBALLADA, ANGEL (Tutorships)

Court
FERNANDEZ FERNANDEZ, Mª LORETO (Chairman)
ALVAREZ GONZALEZ, PAULA (Secretary)
YRIGOY CADENA, ISMAEL (Member)

Summary
The Camino de Santiago welcomes more and more Chinese tourists, and the trend is obvious. The motivations have shifted from traditional religious to complex motivations such as cultural exploration, spiritual pursuit and personal growth. Chinese tourists have brought economic opportunities to cities along the route, but also posed challenges in maintaining cultural authenticity. By deeply understanding the personal experiences, motivations and behaviors of tourists, this paper explores their interaction with local communities. It provides theoretical support and practical reference for sustainable tourism management and cultural protection of the Camino de Santiago in the context of globalization.

Direction
Sánchez Vila, Eduardo Manuel (Tutorships)

Court
FERNANDEZ FERNANDEZ, Mª LORETO (Chairman)
ALVAREZ GONZALEZ, PAULA (Secretary)
YRIGOY CADENA, ISMAEL (Member)

Summary
The article analyses the growing number of Chinese pilgrims on the Camino de Santiago, exploring their motivations and the cultural and economic impact on the region. It highlights the transformation of religious traditions towards a more eclectic spirit and carries out a qualitative analysis to understand this phenomenon.

Direction
Sánchez Vila, Eduardo Manuel (Tutorships)

Court
BENITO TORRES, JOSE LEANDRO (Chairman)
SALGADO BARANDELA, JESYCA MARIA (Secretary)
GARCIA GARAZO, MARIA TERESA (Member)

Summary
This Master's thesis analyses film tourism as a growing form of cultural tourism. Firstly, it studies the role of cinema as a generator of collective imaginaries and as a heritage resource. Next, it reviews the concept of film tourism, its motivations, characteristics and evolution in the context of the new digital platforms. As a case study, the model developed by the autonomous community of Andalusia ‘Andalusia: film destination’ is examined, evaluating its institutional structure, proposed routes and digital tools. Based on this, the current situation of film tourism in Galicia is analysed, identifying a scarce offer with a weak institutional presence. Faced with this lack, the work proposes a network of film routes for Galicia, structured in three thematic itineraries (urban, inland and coastal), based on outstanding locations and recent filming. The proposal incorporates criteria of sustainability and institutional participation. This work adopts a qualitative methodology, with a literature review and case study.

Direction
CARREÑO LÓPEZ, SARA (Tutorships)

Court
FERNANDEZ FERNANDEZ, Mª LORETO (Chairman)
ALVAREZ GONZALEZ, PAULA (Secretary)
YRIGOY CADENA, ISMAEL (Member)

Summary
In a global context marked by growing economic instability, financial vulnerability emerges as one of the main concerns affecting household well-being. This phenomenon reflects the difficulty of many families to meet their financial obligations without compromising their basic needs, especially in the face of unforeseen events. In this context, the study of the determinants of financial vulnerability is of great relevance, especially the role played by age, a variable whose interesting explanatory power has not been fully grasped despite having been widely analysed. In this sense, the objectives of this work are, on the one hand, to analyze the relationship between age and the level of financial vulnerability and, on the other hand, to explore how the determinants of financial vulnerability behave across different generational cohorts. To this end, we use a sample taken from the Financial Competence Survey for Spain made up of 7,764 people and related to the period 2021-2022. The results obtained show a clear relationship between age and financial vulnerability which takes the form of an inverted U, with middle-aged people (between 56 and 60) being the most vulnerable in financial terms. In addition, it has been found that while some determinants of financial vulnerability (such as income, loans or healthy financial behaviors) maintain their role in all generations, others (such as educational level or health shocks), are explanatory only in certain generational cohorts.

Direction
FERNANDEZ LOPEZ, SARA (Tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
This master's thesis compares the tourism development models of Santiago de Compostela and Innsbruck. The aim is to identify sustainable, participatory, and adaptable strategies that will transform Santiago's current tourism model into one that is more resilient, decentralized, and compatible with urban quality of life. In a context where many heritage cities are facing the adverse effects of tourism saturation, this research takes a territorial, critical, and proactive approach focused on creating solutions that can be replicated based on international best practices.

Direction
Lois González, Rubén Camilo (Tutorships)

Court
FERNANDEZ FERNANDEZ, Mª LORETO (Chairman)
ALVAREZ GONZALEZ, PAULA (Secretary)
YRIGOY CADENA, ISMAEL (Member)

Summary
The objective of this study is to analyze the economic and financial situation of Bodegas Martín Códax S.A.U., hereinafter BMC, during the period 2020 to 2023, evaluating its evolution and comparing it with two other companies in the Galician wine sector: Terras Gauda and Adega Condes de Albarei. Through a thorough analysis of the financial statements, economic and financial ratios, and trend evaluations, the aim was to assess BMC’s standing within the sector. Among the main conclusions, it is worth highlighting that BMC has maintained a solid and stable financial structure throughout the years analyzed, showing a good level of self-financing and sustained positive profitability. Additionally, the company demonstrates effective management of both its production and commercialization cycle. It presents a balanced approach between growth and financial structure, positioning itself as one of the leading brands in the Rías Baixas Designation of Origin, standing out among its competitors. Moreover, based on non-financial information, it can be concluded that BMC shows a strong commitment to sustainability and social responsibility.

Direction
Garrido Ruso, María (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
The purpose of this master's thesis is to conduct an economic and financial analysis of Televés S.A. with the aim of assessing its performance and competitive position against some of its competitors. Its current situation is examined, identifying its main strengths, weaknesses, threats, and opportunities, in order to propose measures that optimize its management and competitive, economic, and financial results. The study is structured into different phases. First, the company, its trajectory, and its organizational structure are presented. Then, an external and internal analysis is carried out, considering the factors that influence its competitiveness. Next, an economic and financial analysis is performed, based on the calculation of vertical and horizontal percentages, ratios, and indicators related to the financial statements of Televés and the selected comparison group. Finally, the factors identified in the main phases of the analysis are summarized to highlight the company's current financial situation, and some strategies are suggested to strengthen its market positioning. The study consists of 14,319 words.

Direction
DURAN SANTOMIL, PABLO (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
BASTIDA DOMINGUEZ, MARIA (Secretary)
CASTRO CASAL, MARIA DEL CARMEN (Member)

Summary
This work tries to approach the contemporary situation of the world energy system and its sustainability from an informative and explanatory perspective and through analysis at a global, Spanish and Galician level. This document shows how the world energy structure is strongly supported by fossil fuels, leading us for a decade to an unsustainable model from the environmental, economic and social point of view. In view of this situation, the urgency of a transition towards a model in which renewable energies, energy efficiency and greater justice in access to energy resources stand out. The absence of a coordinated strategy is manifested in the limited capacity to effectively implement previously established and planned commitments, a situation that highlights the need for more effective coordination mechanisms. Despite the fact that scientific, social and political sectors seem to have the information and in many cases the awareness, profound transformations have made slow and partial progress.

Direction
REGUEIRO FERREIRA, ROSA MARIA (Tutorships)

Court
DOLDAN GARCIA, XOAN RAMON (Chairman)
DIOS VICENTE, ADRIAN (Secretary)
PEREIRA SANCHEZ, MARIA ANGELES (Member)

Summary
In a context where digital transformation and fiscal transparency are becoming increasingly important, the VERI*FACTU system emerges as a key tool in the modernization of tax control in Spain to combat tax fraud. This system, promoted by the AEAT, aims to ensure the integrity of billing records from their origin by directly controlling the software used by companies and self-employed individuals.The purpose of this paper is to analyze in depth the regulatory framework governing VERI*FACTU. To this end, it examines the technical functioning of the system and assesses its potential impact on SMEs and self-employed workers, who are the main obligated parties. Furthermore, the report includes a comparative review with other invoicing models currently in place at both national and international levels, as well as an estimate of the costs and savings associated with the implementation of the system. The analysis is complemented by qualitative interviews with professionals in the fiscal and business fields, in order to incorporate a practical perspective on the adoption of the system. Overall, the study seeks to evaluate the effectiveness of the proposed model and its alignment with the principles of transparency, legality, and administrative simplification within the Spanish tax system. The study highlights the significant transformation brought about by the new VERI*FACTU system, introducing a structural change in the functioning of the entire Spanish business fabric.

Direction
GAYA MORENO, JAIME (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This Master's Thesis (MFT) explores the crucial challenges surrounding the maturity of Artificial Intelligent Agents, identifying that the Human Condition must be placed at the center of the discussion. Therefore, a review of the DABUS Case Study is proposed, from a sociotechnical perspective, considering not only the advanced and agentic capabilities of these autonomous models, but also the complexity of attributing authorship to machines. This analysis develops methodologies that support the urgency of understanding the exponential increase in AI patents and uncovering the corporate strategies developed by the actors at the helm of global governance. Therefore, a practical and agile methodology tool is being developed for patent offices and developers. It integrates various ethical criteria and principles in the quest to mitigate power asymmetries and, as a precept, is aligned with the rapid technological progression of AI. This tool is called Proof of Autonomous Agent Authorship (PAAA).

Direction
HERNANDEZ RODRIGUEZ, FRANCISCO (Tutorships)

Court
DOLDAN GARCIA, XOAN RAMON (Chairman)
DIOS VICENTE, ADRIAN (Secretary)
PEREIRA SANCHEZ, MARIA ANGELES (Member)

Summary
Merlin Properties is a leading Spanish company in the non-residential real estate sector, specialized in the acquisition, development, and leasing of assets such as offices, shopping centers, logistics facilities, and data centers. In this way, the main objective of this work is to analyze its economic, financial, and non financial situation during the period 2020 to 2024, a timeframe marked by the consequences of the pandemic and the resulting changes in European monetary policy. To this end, its financial statements are studied in detail and its performance is compared with that of Inmobiliaria Colonial, its main competitor. In this regard, the analysis makes it possible to identify significant strengths, such as a balanced asset structure, a progressive debt reduction policy, and a level of liquidity that reinforces its capacity to adapt to unstable environments. At the same time, certain aspects requiring attention are detected, including the dependence on non-operational resources to finance its operations, the volatility of profitability, and the absence of a fully defined sustainability strategy. The conclusions highlight that, although Merlin has managed to maintain a solid position and successfully respond to environmental changes, it still needs to make progress in key areas. Among them, it is necessary to emphasize the generation of more stable results, the improvement of financial profitability, and the definition of a clearer sustainability strategy that will help strengthen its reputation compared to other operators in the sector.

Direction
RODRIGUEZ GULIAS, MARIA JESUS (Tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
Pangaea Oncology, S.A. is a Spanish biotechnology company listed on BME Growth, specializing in precision oncology. Its business model is based on the integration of personalized clinical services, advanced molecular diagnostics, and biomedical research. Its strategic positioning, within a sector that is highly innovation-driven and characterized by significant entry barriers, makes it a case of particular interest for financial analysis. The aim of this study is to examine the economic and financial situation of Pangaea Oncology over the period 2020 2024. To this end, the company’s individual annual accounts are analyzed using percentage analysis, trend analysis, and key financial ratios. Additionally, to provide context for its performance, a comparative analysis is carried out with two companies from the same sector and CNAE classification: Oryzon Genomics and Biotechnology Assets. The results show a steady growth in assets and a strengthening of the equity structure, along with a favorable evolution of its financial position. However, the company reports consistently negative profitability, affected by long maturation cycles, high fixed costs, and limited generation of recurring revenues, which are typical of the biotechnology sector. Overall, Pangaea Oncology is positioned as a company in expansion, with a strengthened financial structure, but still needing to convert its growth into sustainable results. Its future consolidation will depend on its ability to improve operating margins, achieve positive returns, and maintain financial balance in a highly innovative and demanding environment.

Direction
RODRIGUEZ GULIAS, MARIA JESUS (Tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
The objective of this paper is to study how digital financial inclusion (DFI) relates to household financial vulnerability (FV) in Spain. DFI is defined as the access and use of financial products and services using digital means, such as the internet or mobile devices (OECD, 2018). In certain sectors, DFI is perceived as an opportunity to improve society's standard of living by facilitating household access to diversified financial products (Liu et al., 2023). However, FI coexists with increasing household FV. Based on the literature review, two possible relationships between the two phenomena were identified. On the one hand, DFI can help more individuals access diversified financial products/services at a more affordable cost, reducing FV. On the other hand, in economically developed countries, DFI can drive excessive spending by individuals, which could lead to greater indebtedness and worsen individuals' financial situation. This study primarily uses data from the second edition of the Financial Competencies Survey conducted by the Bank of Spain. Specifically, it uses a sample of 7,764 adults, aged 18 to 80, conducted between late 2021 and mid-2022. The information derived from this sample is used to construct a continuous FV index similar to that of Voith and Mauser (2024), which is used as the dependent variable in the regressions that include the use of apps for financial transactions and the relationship with banks through digital means as the main variables related to FDI. The results show that FDI is generally associated with lower FV in Spanish households. People who use non-banking apps to make payments and who interact digitally with their banks via a computer or tablet tend to have lower levels of FV. However, there is also evidence that using banking apps can increase households' FV levels.

Direction
FERNANDEZ LOPEZ, SARA (Tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
The study deals with collective bargaining in the tourist accommodation sector in Galicia, analysing the structure and application of collective agreements within the current regulatory framework. The work dynamics, the impact of legislative reforms and the challenges in union representation are examined. Inequalities in working conditions are also identified and the impact of regulation on workers' stability and protection is assessed. Based on the comparative analysis, proposals are made to strengthen collective bargaining, promote equity in the sector and ensure a more efficient and harmonized regulatory framework.

Direction
GIL OTERO, LIDIA (Tutorships)

Court
BENITO TORRES, JOSE LEANDRO (Chairman)
SALGADO BARANDELA, JESYCA MARIA (Secretary)
GARCIA GARAZO, MARIA TERESA (Member)

Summary
This Master's Thesis explores, through an extensive review of academic literature and regulatory frameworks, how energy communities emerge as a multidimensional response to the most pressing challenges of the current energy system. The research confirms that these initiatives contribute to decarbonization by promoting distributed renewable energy generation and facing less public opposition than large, centralized projects. They also reduce energy dependency by harnessing local renewable resources, thereby strengthening resilience and self-sufficiency in the face of geopolitical crises and price volatility. From a social perspective, energy communities can play a key role in combating energy poverty by facilitating access to more affordable energy and fostering inclusion, provided that public policies ensure the participation of vulnerable groups. After analyzing the main challenges, the thesis focuses on the European regulatory framework that defines the legal figures of Renewable Energy Communities (REC) and Citizen Energy Communities (CEC), as well as their implementation and development in the Spanish context. Although Spain still lacks a comprehensive legal framework to provide legal certainty, by 2024 there were over 650 active initiatives, mostly small-scale and focused on self-consumption. Some also engage in other activities, such as sustainable mobility and energy-efficient housing renovation. Their territorial distribution is uneven, with a significant presence in rural areas, as is the case in Galicia. This region, characterized by high renewable potential and growing public opposition to large centralized generation projects, ranks fifth in the number of energy communities. To illustrate the Galician context, the cases of Arousa en Transición and Buchabade are analyzed, both of which have overcome significant barriers and demonstrate the potential of this model as a more participatory, sustainable, and socially accepted alternative. In conclusion, for energy communities to deploy their full potential and for their environmental, economic, and social benefits to result in systemic impact, it is essential that they scale up considerably in size and scope. Achieving this will require citizen engagement and institutional support through a complete legal framework and enabling measures such as targeted funding and a national registry to enhance visibility and connectivity between initiatives.

Direction
REGUEIRO FERREIRA, ROSA MARIA (Tutorships)

Court
DOLDAN GARCIA, XOAN RAMON (Chairman)
DIOS VICENTE, ADRIAN (Secretary)
PEREIRA SANCHEZ, MARIA ANGELES (Member)

Summary
The aim of this Master's thesis is to analyse business failure in Spanish tourism companies in the hotel sector with a descriptive approach. The work is organised into three blocks. The first block presents a review of the academic literature on business failure, with the aim of defining it and identifying the main variables and methodologies that have been used to study it. The second block of work presents a descriptive study of business failure in Spanish hotels using the Z-Altman (1968) and the Z-score during the period 2018-2022. For this purpose, a sample of this type of Spanish companies obtained from the SABI database is analysed. At the same time, a separate study of failure in the three main Spanish hotel companies, namely Hoteles Turísticos Unidos, S.A., Minor Hotels Europe and América, S.A. and Meliá Hotels International, S.A. is carried out. The third and last block of the paper presents an analysis of accounting information of both financial and non-financial nature, with the aim of completing the analysis of business failure addressed in the previous two blocks. By way of summary, this paper concludes that, in the period analysed, business failure is a present and important phenomenon that should be analysed, especially when considering the great importance of this sector in the Spanish economy. Moreover, the results obtained after the analysis of failure indicate that a significant percentage of the Spanish companies in the hotel sector analysed are in a situation of high risk of bankruptcy or possible financial problems. However, this result is in line with the strong period of crisis that these companies experienced during the COVID-19 pandemic and which is considered within the time horizon evaluated in this paper (2018-2022).

Direction
VIVEL BUA, MARIA MILAGROS (Tutorships)

Court
CANTORNA AGRA, SARA (Chairman)
Garrido Ruso, María (Secretary)
RODRIGUEZ GULIAS, MARIA JESUS (Member)

Summary
The rise of Peer-to-Peer (P2P) lending has established a more accessible financing alternative, although it poses significant challenges for credit risk management due to the information asymmetry between borrowers and investors. This study begins with a theoretical review of the functioning of P2P lending and the challenges associated with credit risk management in this context, highlighting the need for robust models capable of capturing nonlinear relationships and complex patterns. In practice, a representative sample from the Lending Club database is used, subjected to a rigorous process of data preprocessing, cross-validation, and, in the case of one of the models, the application of specific techniques to address class imbalance. The main objective is to analyze and compare the predictive capacity of neural networks against a classical benchmark in the financial industry, such as Logistic Regression. The results obtained reveal the predictive limitations of the developed models. These limitations compromise their direct application in loan selection, leading to operational risks or financial exclusion. Finally, the study presents the conclusions from the literature review and the practical application, as well as the limitations and some proposals for future research to complement the work carried out.

Direction
Otero González, Luis Alberto (Tutorships)

Court
FERNANDEZ LOPEZ, SARA (Chairman)
RODRIGUEZ GULIAS, MARIA JESUS (Secretary)
CANTORNA AGRA, SARA (Member)

Summary
This study proposes an alternative classification of Galicia's tourist municipalities, challenging the validity of the official geodestinations, A Mariña Lucense and Ribeira Sacra. Using a multivariate statistical approach (factor analysis and hierarchical clustering), it examines demographic, socioeconomic, tourism-related, and accessibility variables to identify more structurally coherent municipal groupings. Findings reveal internal heterogeneity within current geodestinations and suggest that reconfiguration based on actual territorial dynamics is needed. A Mariña reflects a coastal model with high seasonality and strong presence of residential tourism, whereas Ribeira Sacra represents an inland rural profile marked by population ageing. In addition to quantitative analysis, the work includes a critical discussion on tourism planning in Galicia, grounded in academic and institutional references. It argues that public policies should be based on empirical criteria rather than administrative boundaries to foster more effective territorial development. This research offers a replicable methodology for other regions and initiates a critical debate about the adequacy of current planning tools. It concludes with recommendations for empirically based geodestination reformulation and highlights future research avenues and limitations.

Direction
MARTINEZ ROGET, FIDEL (Tutorships)

Court
FERNANDEZ FERNANDEZ, Mª LORETO (Chairman)
ALVAREZ GONZALEZ, PAULA (Secretary)
YRIGOY CADENA, ISMAEL (Member)

Summary
This Master's Thesis aims to carry out an economic, financial and no financial analysis of the company Audax Renovables, S.A., dedicated to the production and commercialisation of renewable energy. It is based in Badalona, Barcelona. The objective of this analysis is to diagnose the economic and financial situation of the company. This will be carried out on the basis of the last four years (2020-2024), and the results obtained from the different ratios calculated will be compared with a comparison group made up of companies with similar characteristics. In addition, non-financial information will be analysed for a more complete diagnosis. In conclusion, the analysis carried out reflects a generally favourable situation, with some negative aspects to be taken into account, such as the high level of indebtedness that presents, or the absence of preventive measures against pollution or in favour of the circular economy.

Direction
MASIDE SANFIZ, JOSE MANUEL (Tutorships)
RODRIGUEZ GULIAS, MARIA JESUS (Co-tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)

Summary
This study analyzes the economic-financial and non-financial situation of Banco Santander S.A. during the period 2020-2024, with the aim of evaluating its performance compared to key competitors (BBVA, CaixaBank, Banco de Sabadell, and Bankinter) and the Spanish banking sector. As a banking institution, the analysis differs from that of a conventional company. To achieve this objective, financial and non-financial information was used, obtained from the Bank of Spain and corporate websites, applying percentage analysis, trend analysis, and economic-financial ratios. The main conclusions highlight Banco Santander S.A.'s leadership in terms of asset volume within the sector, with a diversified structure showing less dependence on amortized cost assets compared to the sector, and greater exposure to higher-risk assets. Operational efficiency, solid liquidity, and solvency are also emphasized in comparison to its competitors. Finally, the study evaluates the higher credit and bankruptcy risk Banco Santander S.A. faces relative to the sector. Regarding sustainability, it is concluded that its ESG rating score has declined over the last two years, with governance being the main weakness. Compared to competitors, Banco Santander S.A. leads in the environmental and social pillars but falls well behind in governance, which results in an overall ESG score that is not the highest in the sector. Word count: 16,158

Direction
RODRIGUEZ GULIAS, MARIA JESUS (Tutorships)
MASIDE SANFIZ, JOSE MANUEL (Co-tutorships)

Court
VIVEL BUA, MARIA MILAGROS (Chairman)
CASTIÑEIRA CARRACEDO, MARTIÑO (Secretary)
RODRIGUEZ SANDIAS, ALFONSO (Member)