Competitive projects

Principal Investigator: Ángel Saz Carranza
Research group: EsadeGeo
Funding body: Ministerio de Asuntos Exteriores y Cooperación
Reference: 117-032471
Funding: 20.790 €
Duration: 3 months

Abstract:
Within this project framework, two events will be held in which speakers will present the opportunities, risks, and priorities emerging from Europe's current volatile geopolitical situation. The current MFF (Multiannual Financial Framework) concludes in 2027, after which the European Union must negotiate a new MFF for the following seven-year period. The war in Ukraine and, more specifically, the erratic US policy toward Europe following Trump's election, have set off alarm bells in the European Union. The directive is clear: in the face of what appears to be a relative abandonment of commitments to Europe by Washington, the EU and its member states have chosen to strengthen their defense capabilities. This is shown by some of the most recent European Commission initiatives, such as the ReArm Europe Plan/Readiness 2030, which aims to increase European defense spending to over 800 billion euros, and the White Paper on Defense, both announced in March 2025. However, despite the new consensus on the need for the EU to step up in security and defense matters, there are multiple practical dilemmas the EU must face.
The increase in military spending is viewed with skepticism by many sectors that fear social agenda and the ecological transition will be deprioritized. The increase in public investment in the military field also means leaving behind the economic paradigm that prioritized austerity and fiscal prudence, as evidenced by the historic reform of the debt brake in Germany. This has led some experts to view with concern Europe's capacity to maintain its financial stability and the sustainability of the MFF until 2027, as well as the future MFF for 2028-2034.
In the face of these challenges, this seminar will, in turn, address the opportunities available to the European Union and its member states, both in terms of defense and budgetary planning. Despite the many challenges facing the European project, we are seeing a recent increase in the willingness to advance the continent's integration and economic and military cohesion, as evidenced by the joint European debt issuance since 2020 to mitigate the COVID-19 pandemic crisis, and the growing role of the European Investment Bank in European defense.
The risks and opportunities that will shape the MFF 2028-2034 negotiations will, in turn, materialize in the order of the Union's sectoral priorities and capabilities in the coming years. Through an analysis of the current discursive and strategic relevance of each MFF area, this seminar will allow reflection on the action areas with the most potential to lead the European Union's agenda until the middle of the next decade.

hablamos-de-europa

Principal Investigator: Ángel Saz Carranza
Research group: EsadeGov
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-162449NB-I00
Funding: 74.219,00 €
Duration: 36 months

Abstract:
The phenomenon of "revolving doors" refers to individuals transitioning positions between public and private sectors, which has profound implications for corporate governance, policy development, and societal ethics. This phenomenon plays a central role in developing corporate political capital and connections, allowing firms to build networks and public expertise through former public officials. Building on this, Sun et al (2016) define board political capital (BPC) as a corporate political tactic [consisting of] appointing individuals to the board of directors who have served in some political capacity (e.g., Hillman, 2005; Lester, Hillman, Zardkoohi, & Cannella, 2008; Sun, Mellahi, & Wright, 2012). Other influential authors, such as Faccio (2006), use the borader concept of politically connected firms, defined as firms where least one of the companys large shareholders or top directors is: (1) a member of parliament, (2) a minister or the head of state, or (3) is closely related to a top official. While this research focuses on the narrower concept of board political capital, we will build on the broader literature on politically connect firms.
While there are several defining features of BPC and board politcal connections, not much is known about its functioning beyond its existence. Research on revolving doors and political capital is currently fragmented, as existent studies usually adopt narrow, static designs, focusing on specific countries and industries and is predominantly centered on its immediate impacts, without considering the broader temporal and cross-national variations.
Additionally, there is a notable gap in comparative research and the analysis of how different administrative traditions, legal frameworks, and personal backgrounds affect the relevance and perfomrance of revolving doors. This limits the ability to generalize findings or draw insights applicable across multiple governance models.
Due to these reasons, in this project, we aim to explore the effects of different varieties of revolving doors in corporate boards of directors across industries and countries within the Europe. We aim to develop a research project that goes beyond hand-coded data by incorporating and building on large language models to code large amounts of board director biographic data. Hence we will be able to cover many companies, industries, and countries, but also to expand our analysis temporally. Our aim is to cover 6000 unique board directors from 300 listed firms, across European countries with an Anglosaxon, Napoleanic, and Germanic adminsitrative legal traditions, and across 8 years.
Analyzing revolving doors and board political capital on this larger scale will advance research in the field by providing more generalizable insights into the key drivers of this phenomenon and its impact on firm performance. This will enable scholars to better understand the evolution of political capital within firms over time while offering a comprehensive and comparative view of the phenomenon of revolving doors across Europe. Furthermore, as the research intersects with themes of business transparency, governance, and economic performance, we anticipate that our findings will contribute to bridging disciplines such as political science, economics, and business ethics, fostering interdisciplinary collaboration and broadening the applicability of our results.

MCIU

Principal Investigator: Annelore Huyghe
Research group: EEI
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-160548NB-I00
Funding: 55.000 €
Duration: 36 months

Abstract:
Through three mutually reinforcing research lines and a total of eight interrelated studies, this project aims to generate essential knowledge and insights to help address the EU knowledge and execution gap on scale-ups and scaling. Our first research line aims to investigate some of the most fundamental, yet to date largely unexamined and poorly understood, trade-offs in scaling. Through three interrelated studies, this research line aims to generate foundational understanding of scaling as a complex adaptive process that involves the management of critical trade-offs related to the need to balance fast-paced growth with maintaining control over key organizational processes/standards, standardization with local adaptation, investing in standardized open-source tools to reduce the time it takes a venture to get ready to scale with protecting its ability to differentiate and scale sustainably and profitably.
Our second research line aims to investigate critical human capital dynamics in rapidly growing entrepreneurial ventures, in particular how scaling influences compensation, work structures, and employee well-being; how employers address collective employee turnover during scaling, particularly through human capital investments; as well as what triggers loneliness or, conversely, improves well-being among founders during scaling. By examining these areas through three interrelated studies, the research line contributes to a comprehensive understanding of scaling as a human-centric process, emphasizing the need to balance rapid organizational growth and sustainable people practices for both the workforce and leadership.
Our third research line aims to develop comprehensive frameworks for measuring and understanding scaling progress and performance, specifically how to systematically measure scaling efficiency (for both demand-side and supply-side scaling) as well as how different patterns of technical debt accumulation during rapid scaling affect organizational innovation capabilities and performance outcomes. Through two interrelated studies, this research line seeks to establish robust quantitative metrics for evaluating scaling potential and progress, while also illuminating the critical role of technical infrastructure decisions in scaling outcomes.
The theory, evidence, and insights generated by our three research lines and a total of eight interrelated studies will inform and provide actionable advice to founders, managers, investors, stakeholders, policymakers, and scholars, thus furthering understanding of the fundamental trade-offs in scaling, the human capital dynamics that enhances the resilience of high-growth entrepreneurial ventures and ecosystems, as well as the metrics and tools that help assess and predict scaling success.

MCIU

Principal Investigator: Bilgehan Uzunca
Research group: EEI
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-162618NB-I00
Funding: 16.000 €
Duration: 36 months

Abstract:
This project, titled Algorithmic Governance Strategies: Shaping Workers, Firms, and Ecosystems in the Digital Economy (ALGOS), investigates how digital platforms design and adapt their algorithms amid competing pressures from regulators, workers, and market forces. The proposal fits a Type B research framework, leveraging the PIs proven research leadership to pursue scientific insights with high academic and societal impact.
The study is built around four complementary research lines. The first explores how shared ownership (including institutional common ownership) and property rights constraints influence firms approaches to algorithmic secrecy and transparency. The second examines regulatory demands, stakeholder activism, and creative compliance, revealing why some platforms make only superficial adjustments to their algorithms while others undertake deeper reforms in response to legal pressures.
In the third line, the project focuses on how varying degrees of algorithmic transparency affect worker well-being, productivity, and trust. It advances the concept of calibrated algorithmic transparency, proposing that moderate disclosure can boost motivation and job satisfaction while preventing cognitive overload and preserving the platforms competitive edge. The fourth line shifts to the ecosystem level, assessing how algorithmic governance decisions can reinforce market power, shape competitive dynamics, and influence value distribution.
Methodologically, the project employs a multi-method design. Quantitative analyses (using panel data and difference-in-differences), qualitative approaches (interviews and qualitative comparative analysis), field experiments with digital labor platforms, and agent-based simulation models will be integrated to provide a holistic view. The research progresses over 48 months, starting with large-scale data collection on firm ownership, transparency policies, and labor regulations, and culminating in field experiments and ecosystem-level simulations.
Findings are expected to offer both theoretical and practical contributions. First, they will clarify how property rights, institutional pressure, and strategic considerations intersect to shape firms algorithmic governance choices. Second, they will detail how calibrated transparency influences worker outcomes. Finally, the research will illuminate ecosystem-wide consequences of algorithmic design, from collusive risks to enhanced innovation. Hosted at ESADE Business School, the project will benefit from robust data infrastructure and an international collaboration network, positioning it to deliver insights for academia, industry, and policymakers. By fostering richer theoretical integration across strategic management, institutional theory, and the emerging domain of platform regulation, ALGOS aspires to guide the development of more responsible, equitable, and competitive digital platforms.

MCIU

Principal Investigator: Carolina Villegas
Research group: GREF
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-159188NB-I00
Funding: 129.000 €
Duration: 36 months

Abstract:
This project examines three crucial dimensions of Environmental, Social, and Governance (ESG) investing: how ESG information shapes investor decision-making, how firms respond to ESG-related news about themselves and their suppliers, and the influence of corporate governance on market dynamics. By studying these interrelated factors, the project provides a nuanced understanding of ESGs transformative role in building sustainable financial systems.
As ESG investing reshapes financial markets, sustainability preferences increasingly influence both firms and investors. While existing research highlights the importance of ESG information in decision-making and market organization, several key questions remain unanswered. These include the impact of ESG disclosures on broader market dynamics, the role of disclosure formats in shaping investor behavior, the propagation of ESG-related shocks through global supply chains, and the underexplored governance and social dimensions, such as the role of gender diversity in corporate boards and leadership structures.
This project addresses these gaps by generating theoretical, empirical, and experimental evidence on the economic and financial implications of ESG practices. The research centers on three interconnected areas:
- ESG Information and Investor Decisions: The project investigates how investors integrate ESG disclosures into their decision-making, examining how different formats, such as ratings versus labels, influence behavior. This analysis sheds light on market segmentation and the growing importance of socially responsible investment strategies.
- Impact of ESG Shocks on Firms and Supply Chains: By studying ESG-related incidents and their effects on supplier relationships, this research explores how disruptions propagate through supply chains. It quantifies the economic consequences of these shocks on firms' financial performance, markups, and productivity, offering insights into resilience and adaptability.
- Corporate Governance and Market Outcomes: The project explores how governance mechanisms, such as board diversity and functionality, interact with ESG practices to shape firm performance and market efficiency. This analysis provides actionable insights into the strategic role of governance in fostering sustainable practices.
By addressing these critical dimensions, the project will produce significant contributions to academic literature while providing practical guidance for policymakers and industry stakeholders. The findings will be shared through presentations at leading international conferences and published in top-tier academic journals. Beyond academia, the research aims to deliver actionable recommendations to regulators and policymakers, supporting the development of transparent, efficient, and sustainable financial markets.
In sum, this project offers a comprehensive and innovative exploration of ESG practices, addressing critical gaps in understanding their economic and strategic implications. By doing so, it contributes to the advancement of global sustainability goals and the creation of resilient, inclusive, and equitable financial systems.

MCIU

Principal Investigator: George Chondrakis
Research group: EEI
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-160764NB-I00
Funding: 40.000 €
Duration: 48 months

Abstract:
Information disclosure, whether strategic or mandatory, is crucial to reducing asymmetries, fostering transparency, and driving innovation. In economics, classic studies (Akerlof, Grossman, Milgrom) highlight how information gaps can lead to issues like adverse selection, while disclosure enhances market efficiency. However, disclosure is not without cost, as it exposes firms to competitive or regulatory risks.
In management, disclosure is examined as a strategic tool to attract investments and build legitimacy. However, sharing information can also enable imitation, forcing managers to balance the benefits of collaboration and resource attraction with the risks of losing competitive advantage. This dilemma is particularly evident in the choice between patenting or maintaining an innovation as a trade secret: patents offer legal protection but facilitate knowledge diffusion, while secrecy preserves competitive advantages but limits external knowledge spillovers.
In entrepreneurship, disclosure is key to securing resources and legitimacy, yet it also involves risks of imitation. Although it signals quality to attract investors and partners, revealing proprietary knowledge can harm entrepreneurs, especially in industries with weak intellectual property protections. Entrepreneurs must carefully manage this trade-off using tools like patents, non-disclosure agreements, or staged financing.
Despite research advancements, significant gaps remain. In technology markets, little is known about how information disclosed during transactions impacts value perception, competition, and innovation. In entrepreneurial strategy, prior work has focused on how disclosure influences competition but overlooked its role in shaping strategic search. This proposal addresses these gaps through two research lines.
The research focuses on two main objectives:
Disclosure and technology markets. This line examines how information disclosure in technology transactions fosters knowledge diffusion, affects competition, and supports growth. Randomized controlled trials (RCTs) in the U.S. and Europe will provide patent intelligence reports to firms, assessing the impact of disclosure on technology valuation, uncertainty, and competition.
Disclosure and entrepreneurial strategy. This line explores how entrepreneurs update their strategies when exposed to information about knowledge domains. Field experiments in Spain, Italy, and the Netherlands will assess how exposure to new domains drives opportunity exploration, strategy formulation, and business growth. The methodology combines RCTs with longitudinal data analysis and surveys. Trials in technology markets will involve patent-intensive sectors (e.g., biotechnology, telecommunications, medical devices), while experiments on entrepreneurship will analyze how domain-related information influences decision-making, domain selection, and market performance.
The results will contribute to designing policies that balance transparency and innovation incentives while providing entrepreneurs with tools to improve strategy formulation in competitive and dynamic environments.

MCIU

Principal Investigator: Ioannis Evangelidis
Research group: EsadeD3
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-157520NB-I00
Funding: 45.000 €
Duration: 36 months

Abstract:
In recent years there has been a surge of changes in the marketplace. These changes commonly entail deceptive firm practices that aim to preserve or increase firm profits at the expense of consumers. For instance, one such practice is shrinkflation, which involves decreasing the size of the product without changing its price. Another practice is skimpflation, which involves decreasing the quality of the product without changing the products size or price. Importantly, there is little academic research that has examined these deceptive practices and there are critical questions that still need to be answered.
This project seeks to expand the corpus of knowledge investigating consumers judgments and reactions to deceptive practices in the marketplace. While recent literature has investigated consumers response to some of these practices, there are still many lingering questions that this research seeks to address. This project seeks to (1) investigate peoples judgments of fairness about a wide range of contemporary marketplace practices (e.g., skimpflation, shrinkflation, recurring price increases, sludges, etc.), (2) assess how consumers react to these practices, for instance by adjusting their purchase behavior, upon noticing them, and (3) establish critical conditions, or moderators, under which these practices can become more permissible.
This project consists of four sub-projects. Sub-project 1 will examine how consumers perceive skimpflation in comparison to other cost-management strategies, such as reducing product size or increasing prices. It will uncover whether skimpflation is perceived to be more unfair than raising prices or downsizing products, as well as whether consumers intention to purchase the product decreases more when its quality decreases (vs. when its size decreases or when its price decreases). Sub-project 2 will distinguish between two forms of shrinkflation: (1) reducing the net weight of the product while also reducing the size of the packaging, and (2) reducing the net weight of the product without changing the products packaging. This sub-project will seek to examine whether consumers view these two forms of shrinkflation differently. Specifically, it will test whether the second form of shrinkflation (i.e., reducing net weight without changing packaging) is more aversive than the first form of shrinkflation (i.e., reducing net weight while reducing size of packaging). Sub-project 3 will focus on consumers perceptions of price changes. Specifically, it will investigate whether consumers believe that a given price change is more or less fair depending on the frequency of the change (e.g., comparing price increases that occur in a single large step, such as a single price increase of 10, to price increases that take place over multiple smaller steps, such as four consecutive price increases of 2.5 each). Sub-project 4 will focus on deceptive designs and dark nudges, which are forms of choice architecture that firms use to make consumers lives more difficult, such as by making ancelling subscriptions more difficult, or by using defaults to sway consumers into making repeat purchases. Sub-project 4 will investigate consumers beliefs about such practices. This research seeks to advance scientific literature on these topics, but also to equip policy makers with tools and knowledge for combating deception in the marketplace to protect consumers interests.

MCIU

Principal Investigator: Laura Guillén
Research group: GLEAD
Funding body: Fundació "La Caixa"
Reference: FS24-2B114
Funding: 23.125 €
Duration: 12 months

Abstract:
This research contributes to both theory and practice by addressing an important theoretical gap: the future anxiety paradox, where future anxiety can either motivate engagement or lead to withdrawal.
Drawing from self-determination theory and social identity theory, we propose a novel theoretical model to explore how anxiety over existential threats, such as climate change and job insecurity, affects psychological well-being and social behavior. This broader construct of future anxiety remains relatively underexplored.
Second, while research has shown that anxiety can lead to both positive outcomes (e.g., activism) and negative responses (e.g., apathy, social isolation), few studies have systematically examined the mechanisms or moderators that explain these divergent outcomes. This project identifies the conditions under which future anxiety promotes engagement or leads to disengagement. This will help inform strategies that mitigate negative responses to existential threats and foster pro-social behavior, especially among vulnerable populations like youth.
Third, this study will generate data that can inform mental health interventions, educational strategies, and public communication approaches that help redirect anxiety into constructive action rather than helplessness. For example, findings could inform how university teach young people to cope with future uncertainty or how policymakers can frame existential risks in ways that encourage collective responsibility. It can also provide insights to NGOs and political leaders to motivate social participation rather than fueling apathy and individualism.
Fourth, this research employs an innovative empirical approach. Using quantitative surveys, we will measure future anxiety across a representative population in Spain, generating a unique dataset that extends beyond existing research. We propose a time-lagged design with two waves of data collection.
In Wave 1, we will measure antecedents, mediators, and moderators of future anxiety. In Wave 2, participants will be randomly assigned to a future anxiety prime or control condition, and we will analyze how this influences engagement versus withdrawal. An open-ended text question will also be included to allow participants to express their thoughts and emotions. We will use Structural Equation Modeling (SEM), regression, simple slope, bootstrapping analyses, and Structural Topic Modeling (STM) combined with Natural Language Processing (NLP) to analyze the data.
In summary, this research fills a critical gap in understanding the paradoxical impact of future anxiety. Its innovative design and empirical rigor will provide valuable insights for policymakers, educators, and mental health professionals on how to foster constructive engagement in response to future threats.

Principal Investigator: Martí Guasch Mercadé & Vicente Bermejo Boixareu
Research group: GREF
Funding body: Fundación Española para la Ciencia y la Tecnología
Reference: FCT-24-20867
Funding: 122.750 €
Duration: 24 months

Abstract:
The Startup Law (Ley de Startups) is a transformative policy designed to create a supportive environment for innovative startups, fostering innovation, economic growth, and regional inclusion. Its goal is to address the unique challenges faced by startups, such as limited access to funding, complex regulatory environments, and the need for rapid scalability. The law introduces several key benefits, including tax incentives for eligible startups (e.g., reduction of corporate income tax from 25% to 15%) and early-stage investors (e.g., 50% tax deduction on invested capital, capped at €100,000), simplified corporate administrative procedures (e.g., elimination of certain registration fees), deferred administrative payments (e.g., postponement of tax payments for two years), and mechanisms to attract international talent (e.g., increase of tax exemption limits for stock options from €12,000 to €50,000) and investment (e.g., facilitation of the tax registration process for international investors). A novel aspect of the law is that its benefits are conditioned on startups obtaining a certification "seal" that validates their eligibility based primarily on innovation, scalability, and market potential. Overall, the law is intended to provide a tailored regulatory framework and a set of incentives designed to support the growth and sustainability of Spanish emerging companies.
Despite its potential economic and social value, the long-term implications of this political mandate have not yet been evaluated. This research project aims to address four research objectives:
Evaluate the long-term impact of the Law on key business outcomes such as innovation, company growth, internationalization, access to funding, and survival.
Analyze the law’s effectiveness in promoting the geographical decentralization of startup activity, thereby contributing to a more balanced and inclusive economic landscape across Spain's different regions.
Study whether the Law's impact varies across industrial and regional clusters and understand the main drivers of this heterogeneous response.
Evaluate the startup certification process and the specific firm characteristics that influence startup success (measured according to variables mentioned in objective 1).
By examining these objectives, this project will provide the first comprehensive empirical analysis of the impact of the Startup Law and its innovative certification program, offering valuable insights for future policy interventions and improved support for emerging companies in Spain.

Principal Investigator: Valentina de Marchi & Maja Tampe
Research group: IIS-GRRSE
Funding body: Ministerio de Ciencia, Innovación y Universidades
Reference: PID2024-162909OB-I00
Funding: 48.900 €
Duration: 36 months

Abstract:
This project aims to support a research initiative focused on studying business models and strategies for regeneration. Given the ongoing degradation of natural environments in Spain and across Europe, it is increasingly important for companies to develop sustainable business models. Regeneration represents an ambitious and innovative approach in this context, as it goes beyond simply reducing negative impacts to proactively restoring and enhancing socio-ecological systems through targeted business strategies.
While the promise of regenerative business is significant, knowledge gaps remain—particularly regarding how companies from different sectors adopt and implement regenerative practices. Existing studies, including work carried out by the proponents of this project (under a grant from the Ministry), have mainly focused on the agri-food sector. What is still missing, however, is an understanding of how businesses in other sectors define, interpret, and put into practice regeneration strategies.
The project seeks to address this gap by investigating how firms adopt regenerative strategies, what concrete practices they implement, and what drivers and barriers shape their efforts. Its contribution is both academic and practical: academically, it will provide large-scale evidence on regenerative practices across sectors; practically, it will generate insights and pathways that can guide managers in adopting regenerative approaches.
Currently, there is little empirical evidence on the micro-level activities that companies undertake to operationalize regenerative business models. By identifying these activities across sectors, the project will help build a stronger basis for the diffusion of regenerative practices in the corporate world.

MCIU

Principal Investigator: Ivanka Visnjic
Research group: IIK
Funding body: Universitat Ramon Llull
Reference: 2025-URL-Proj-079
Funding: 6.000 €
Duration: 12 months

Abstract:
Crises alter the trajectory of science and technology by forcing urgent, concrete objectives into view. The Fukushima disaster catalyzed breakthroughs in nuclear safety and seismology; Ebola accelerated viral genomics and vaccine development; COVID-19 propelled mRNA technologies and digital epidemiology. Such events abruptly shift the landscape, opening entirely new lines of enquiry while disrupting established hierarchies. This project examines how innovators respond to these shifts and how quickly different types of innovators adapt. This project aims to leverage recent advances in big data infrastructure and artificial intelligence to link crises with the innovations they spark. By combining large-scale bibliometric data with natural experiments around disasters, it will deliver reproducible indicators, datasets, and causal evidence on how crises create or reconfigure opportunities in science and innovation. Crises alter the trajectory of science and technology by forcing urgent, concrete objectives into view. The Fukushima disaster catalyzed breakthroughs in nuclear safety and seismology; Ebola accelerated viral genomics and vaccine development; COVID-19 propelled mRNA technologies and digital epidemiology. Such events abruptly shift the landscape, opening entirely new lines of enquiry while disrupting established hierarchies. This project examines how innovators respond to these shifts and how quickly different types of innovators adapt. This project aims to leverage recent advances in big data infrastructure and artificial intelligence to link crises with the innovations they spark. By combining large-scale bibliometric data with natural experiments around disasters, it will deliver reproducible indicators, datasets, and causal evidence on how crises create or reconfigure opportunities in science and innovation.

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Principal Investigator: Joaquim Castañer
Research group: Dret Patrimonial
Funding body: Universitat Ramon Llull
Reference: 2025-URL-Proj-059
Funding: 11.500 €
Duration: 12 months

Abstract:
After achieving the initial objectives of the research project “Non-Banking Financing for Start-ups: Risks and Legal-Private Remedies – FINOBANSTART” (PID2021-128762NB-I00), it is now necessary to expand the results by analyzing the impact of two recent European Union regulations: the EU Artificial Intelligence Regulation (AI Law) and Directive (EU) 2024/2810 on boosting markets for expanding SMEs.
Impact of the AI Law: The AI Law significantly affects startups, not only because they are closely linked to technological innovation and AI-driven products but also due to the complexity of adapting to the new regulatory requirements. These include governance standards and obligations for general-purpose AI models, which come into effect in August 2025. The European Commission's AI Office is developing a Code of Practice for general-purpose AI, which has sparked debate due to its ambiguities and potential conflicts with intellectual property norms. Additionally, Spain has proposed a Draft Law on the Good Use and Governance of AI, which further complicates the regulatory landscape for startups. This situation calls for an updated analysis of available financing models, especially those affected by AI usage, such as crowdfunding, venture capital, and cryptocurrencies.
Impact of Directive (EU) 2024/2810: This directive aims to enhance the attractiveness of markets primarily targeted at small and medium-sized enterprises (SMEs), particularly expanding SME markets, by improving their ability to raise funds. These markets, like BME Growth in Spain, have struggled to attract startups despite being designed to facilitate access to financial capital through securities markets. The directive seeks to increase the use of these markets for financing, which could provide an alternative to traditional bank financing. The project will assess whether the EU's optimism about these markets is justified and propose changes if necessary.

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Principal Investigator: Teresa Duplá
Research group: Conflict Management
Funding body: Universitat Ramon Llull
Reference: 2025-URL-052
Funding: 3.500 €
Duration: 12 months

Abstract:
This research focuses on efficient generational handover planning in Spanish family businesses, which are fundamental to the national economy (over 90% of businesses, over 70% of private employment). The succession of ownership is identified as a major management challenge due to the sector's complexity and heterogeneity.
The study aims to analyze the impact of key legal and social factors that make succession planning complex and multidisciplinary:
Constant Regulatory Changes:
Domestic: The rapid development of regional civil laws (especially regarding family and succession rights) has created a complex, multi-legislative reality in Spain. The law applicable often depends on the "vecindad civil" (civil neighborhood), a legal concept that can unknowingly change with a simple change of residence between Autonomous Communities.
International: The growing influence of EU regulations, such as the EU Succession Regulation (2015), which typically mandates the application of the law of habitual residence for cross-border successions, not nationality.
New Family Realities: Increased diversity in family structures (e.g., stable partners, step-families) and higher rates of breakups lead to more variable and fragile family dynamics, complicating inheritance matters.
Geographical Mobility: National and international movement can lead to the tacit, and often unknown, modification of the laws governing family succession.
New Legislation: Changes like Law 8/2021 (support for people with disabilities) promote legal instruments such as preventive powers of attorney, impacting future management and ownership control.
In conclusion, these factors, linked directly to the internal evolution of the family and property holders, must be thoroughly integrated into internal risk management strategies and analysed case-by-case to ensure successful generational transition.

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