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  • Andres Guiral
  • Division   Accounting
    Ph.D. University of Alcala
  • Lab   Business Hall #638
  • Contact   02-2123-6567
  • Email   andres.guiral@yonsei.ac.kr


Postdoctorate Emphasis: Business Ethics & CSR. University of California, Riverside (UCR), 2004-2006
Ph.D Emphasis: Decision Making in Auditing. University of Alcala, Spain, 2003
M.S. Major: Auditing. University of Alcala and Spanish Institute of Certified Accounts, Spain, 1999
B.A. Major: Accounting. University of Cadiz, Spain, 1996


Associate Dean of International Affairs, School of Business, Yonsei University, 2021-present
Professor of Accounting, School of Business, Yonsei University, 2019-present
Academic Director, Global MBA, Yonsei University, 2019-present
Associate Professor of Accounting, School of Business, Yonsei University, 2012-2019
Director, Yonsei Center for Center for Shared Management Research, 2021-present
Korea ESG Club Advisory Professor, Korea Economic Daily (한국경제), 2021-present
Director, Yonsei Center for Global Business Ethics and Responsibility, 2016-2019
Postdoctoral Fulbright Fellow, Accounting and Information Systems Department, Anderson Graduate School of Management, University of California, Riverside (UCR), 2004-2006
Visiting Professor, Accounting School, University of Kansai (Japan), April-June, 2006
Visiting Professor, Sheffield University Management School (UK), August-November 1999.
Visiting Professor, Fachhochschule Pforzheim, July 2002.
Academic Director, Master in Banking and Finance (taught in English), Santander Bank and CIFF, 2006-2012
Academic Director, Ph.D program in Management Sciences, University of Alcala, 2009-2012
Assistant Professor of Accounting, School of Management, University of Alcala, 1998-2003.


Business Ethics and Responsibility; Environmental, Social and Governance (ESG) performance assessment; Stock Valuation Using Financial, Environmental, Social, And Governance (ESG) Factors; Financial Statement Analysis


Environmental, Social and Governance (ESG) performance assessment; Decision processes of users of information (auditors, financial analysts, and loan officers); Corporate Social Responsibility; Auditing; Inside Debt


1. Affective Reactions to Sustainability Performance Unintendedly Influence Lending Decisions? Corporate Social Responsibility and Environmental Management (Co-authors: D. Moon, J. Perez, and B. Choi), forthcoming

2. Does Substantive ESG Lead to Higher Market Value in the Automobile Industry? Mobility Research (Co-authors: D. Moon), forthcoming

3. Corporate Sustainability and the Market Pricing of Accounting Numbers, Corporate Social Responsibility and Environmental Management (Co-authors: Choi, H., B. Choi, and D. Moon), forthcoming

4. Do Investors React Differently to Materal versus Immaterial CSR Activities? Contemporary Accounting Research, 2020 (Co-authors: Doocheol Moon, Hun Tong Tan, and Yu Yao)

5. Trusting/distrusting auditors' opinions. Sustainability, 2019 (Co-authors: Waymond Rodgers and Jose A. Gonzalo-Angulo)

6.  Who is the beneficiary of slack on corporate financial performance and corporate philanthropy. Evidence from South Korea? Sustainability, 2019 (Co-authors: S. Chung and H. Pyo)

7. Empirical analysis of the effect of economic rents on the auditor’s independent behavior, Spanish Journal of Finance & Accounting, 2018 (Co-authors: Emiliano Ruiz, Estibaliz Biedma)

8. Managing Risk with Socially Responsible Actions in Firms Involved in Controversial Activities and Earnings Management? Spanish Journal of Finance & Accounting, 2018, (Co-authors: Encarna Guillamon and Belen Blanco)

9. Fair value accounting in the absence of prudence in accounting standards: an illustration with exotic derivatives? Spanish Journal of Finance & Accounting, 2017, (Co-authors: Jacinto Marabel, Doocheol Moon and Jose Antonio Gonzalo Perez)

10. Can corporate social responsibility bias lending decisions? Spanish Journal of Finance & Accounting, 2016, (Co-authors: Doocheol Moon and Javier Perez)

11. Corporate Social Responsibility Enhanced Control Systems Reducing the Likelihood of Fraud? Journal of Business Ethics, 2015 (Co-authors: Waymond Rodgers and Arne Soderbom)

12. Can Excellence in Corporate Social Performance Improve Investors’ Financial Assessments and Credibility of Managers’ Forecasts? Asia-Pacific Journal of Financial Studies, 2015 (Co-authors: Doocheol Moon and HyunJung Choi)

13. Can expertise mitigate auditors’ unintentional biases? Journal of International Accounting, Auditing and Taxation, 2015 (Co-authors: Waymond Rodgers, Emiliano Ruiz, Jose A. Gonzalo-Angulo)

14. Audit Report Information Content and the Provision of Non-Audit Services: Evidence from Spanish Lending Decisions? Journal of International Accounting, Auditing and Taxation, 2014 (Co-authors: Emiliano Ruiz and HyunJung Choi)

15. Do Investors Value a Firm's Commitment to Social Activities? Journal of Business Ethics, 2013 (Co-authors: Waymond Rodgers and Helen Choy)

16. Do Non-socially Responsible Companies Achieve Legitimacy Through Socially Responsible Actions? The Mediating Effect of Innovation? Journal of Business Ethics, 2013 (Co-authors: Belen Blanco and Encarna Guillamon)

17. Corporate Social Performance, Innovation Intensity, and Financial Performance: Evidence from Lending Decisions? Behavioral Research in Accounting, 2012

18. To What Extent are Auditors’ Attitudes toward the Evidence Influenced by the Self-Fulfilling Prophecy? Auditing: A Journal of Practice & Theory, 2011 (Co-authors: Waymond Rodgers, Emiliano Ruiz)

19. Potential Model Misspecification Bias: Formative Indicators Enhancing Theory for Accounting Researchers? The International Journal of Accounting, 2011 (Co-author: Waymond Rodgers)

20. Ethical Dilemmas in Auditing: Dishonesty or Unintentional Bias? Journal of Business Ethics, 2010 (Co-authors: Waymond Rodgers, Emiliano Ruiz, and Jose Antonio Gonzalo)

21. Different Pathways that Suggest Whether Auditors’ Going Concern Opinions are Ethically Based? Journal of Business Ethics, 2009 (Co-authors: Waymond Rodgers and Jose Antonio Gonzalo)

22. Auditor independence and corporate governance: Are auditors’ opinions ethically unbiased? European Journal of International Management, Special Issue on Corporate Governance, 2009 (Co-authors: Waymond Rodgers and Jose Antonio Gonzalo)

23. Information content and recency effect of the audit report in loan rating decisions? Accounting & Finance, 2007 (Co-authors: Waymond Rodgers and Jose Antonio Gonzalo)

24. Independent auditing involvement with corporate governance issues? Corporate Ownership and Control, 2007 (Co-authors: Waymond Rodgers and Helen Choy)

25. Are Spanish auditors skeptical in going concern evaluations? Managerial Auditing Journal, 2006 (Co-author: Francisco Esteo)

26. La hipotesis de la profecia autocumplida en la evaluacion de la evidencia en el contexto de la gestion continuada? Revista de Contabilidad-Spanish Accounting Review, 2008

27. Informe de Auditoria y comportamiento de los analistas de riesgos: el modelo de revision de creencias? Spanish Journal of Accounting and Finance, 2005

28. Una comparacion intersectorial y por tamano de la calidad de la informacion contable? Spanish Journal of Accounting and Finance, 2002 (Co-authors: Emiliano Ruiz Barbadillo and Nieves Gomez Aguilar)

Working Papers: 

  • "Can the Auditor’s Client Involvement in CSR Activities Affect the Quality of Internal Control Opinions?", preparing for submission
  • CEOs’ Debt-Based Compensation and Stakeholder Incentive Alignment: The Relationships Between CEO Inside Debt, CSR and Firm Performance” (with Belen Blanco, Luis Gómez-Mejía, Encarna Guillamón, Geoff Martin and Josep Tribó ), preparing for submission


Best young researcher, University of Alcala, 2009
Research award in Financial Accounting “Jose Maria Fernandez Pirla” (XIV Edition), Spanish Institute of Certified Accountants (ICAC), 2007.
Best paper award, “The link between corporate social responsibility and corporate financial performance on the valuation of common stock”, 31st European Accounting Association Annual Congress, Rotterdam, 2008.
Extraordinary Doctorate Award, University of Alcala, 2003.
Outstanding Teaching Award, School of Business, Yonsei University, 2017, 2018, 2020.
Honorary Alumni Award, University of Cadiz, 2019


Keynote Speeches

"Understanding The New Normal: Global and Korean ESG Trends,Breakfast Webinar at the British Chamber of Commerce in Korea (BCCK), forthcoming - July 21, 2021

"Getting ready for ESG management", Daily Dongbang ESG Forum – June 16, 2021

"Developing a Korean ESG-Sustainability Model", Hankyung The Korea Economic Daily ESG Seminar – October 19, 2020, 'ESG 시대 한국 기업의 과제' 세미나

"Global ESG Trends and Financial Sustainable Businesses", Hankyung The Korea Economic Daily ESG Seminar – April 29, 2021, 제1기 실무자를 위한 ESG 가이드 과정

"The Impact of CSR performance on Firm Value", Santander Bank, Headquarters

In the Media

June 22, 2021 | 데일리동방 (Daily Dongbang)
'글로벌 ESG 평가 때 기업 오너 스캔들 크게 안 본다" 

June 17, 2021 | 데일리동방
 (Daily Dongbang)
'안드레스 기랄 "ESG 조치, 핵심사업에 초점 맞춰 제품 품질 높여라" 

June 17, 2021 | 데일리동방 (Daily Dongbang)
'의무 공시' 앞둔 ESG…당국 "천차만별 평가 가중치 둘러싼 논의 계속"

June 15, 2021 | 데일리동방 (Daily Dongbang)
'ESG가 기업의 생사 가른다" 

April 11, 2021 | 한국경제 (The Korea Economic Daily)
"ESG. 진짜 착한 기업 되려면…친환경 경영에 실적도 뒷받침돼야" ("ESG. To be a real good company... The performance of eco-friendly management should also be supported.")

November 20, 2020 | 한국경제 (The Korea Economic Daily)
"같은 회사 ESG 등급, 평가사마다 '천차만별'…글로벌 기준도 韓에 불리" (“The same company ESG rating, '1,000 differences")

April 13, 2021 | 한국경제 (The Korea Economic Daily)
“ESG의 모든 것, 한경에 물어봐~ 드림팀이 기업 컨설팅도 돕는다” (“Ask Hankyung, all things ESG~Dream team helps with corporate consulting”

March 24, 2021 | 한국경제 (The Korea Economic Daily)
“실무부터 경영까지…진짜 ESG 전문가들이 온다” (“From practice to management... Real ESG experts are coming”)

March 25, 2021 | 한국경제 (The Korea Economic Daily)
“한경 ESG 아카데미 출범, 'ESG 반상회'는 NO!…핵심만 콕 짚어준다” (“Hankyung ESG Academy launched, No 'ESG Counter-Meeting'!... Only the core is the point.”)

March 12, 2021 | 한국경제 (The Korea Economic Daily) 
SG 우등생' 네이버, S&P선 꼴찌 수준…기관마다 '널뛰기 평가

Center for Financial Reporting and Auditing (CFRA) at ESMT Berlin, research digest series
"How are CSR issues processed?”

Executive Training Experience 

Advanced Financial Accounting (M&A, Consolidation, Financial statement analysis, Tax accounting, etc.) for loan officers and internal auditors at Santander Bank (more than 350 hours), and Advanced Financial Accounting, Auditing & IFRS for partners, managers and senior auditors at KPMG Peat Marwick (more than 250 hours).

Referee for: Auditing: A Journal of Practice & TheoryBehavioral Research in AccountingJournal of Business EthicsManagement Accounting ResearchIndustrial Management & Data SystemsAcademia Revista Latinoamericana de AdministracionSpanish Journal of Finance and AccountingSpanish Accounting Review, AAA Annual Meeting (Auditing Section), ABO Accounting, Behavior and Organizations Research Conference, AOM Academy of Management Meeting (OB Division).

Global Business Ethics Case Competition organizer - in collaboration with Boston University (USA), Newcastle University (UK), Fudan University (Shanghai, China) the Indian Institute of Management Ahmedabad (India’s), and St. Gallen University (Switzerland). 2016 and 2017 editions.



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