Ir al menú de navegación principal Ir al contenido principal Ir al pie de página del sitio
Repositorio de la Red Internacional de Investigadores en Competitividad

Responsabilidad social, sustentabilidad y equidad de género

Vol. 15 (2021): Reinventándose para la competitividad PostCovid19 ISBN 978-607-96203-0-10

Responsabilidad social, manejo de agua y el desempeño de empresas que cotizan en la Bolsa Mexicana de Valores: evidencia de la teoría de las acciones desechadas

  • Oscar V. De la Torre Torres
  • Leticia Bollain Parra
  • Dora Aguilasocho Montoya
Enviado
marzo 18, 2022
Publicado
2022-03-29

Resumen

En el presente trabajo se mide la relación que las calificaciones de responsabilidad social corporativa
(ESG) y las políticas de manejo de agua tienen en la probabilidad de que una empresa cumpla su
rendimiento objetivo (upside). Esto para el caso de empresas que cotizan en las 9 principales bolsas
de valores del continente americano. Utilizando un modelo de panel no balanceado (con información
anual del año 2006 al 2020) con efectos fijos, se midió la significancia de la relación previamente
citada. Los resultados observan que los inversionistas en los mercados solo valoran las calificaciones
de controversias ambientales para decidir y que una mejora en esta calificación reduce la probabilidad
de cumplir el upside.

Citas

  1. Alonso-Almeida, M. del M., Rodríguez-García, M. del P., Klender Aimer-Cortez, A., y Abreu-
  2. Quintero, J. L. (2009). Corporate social responsibility and financial performance: an application
  3. to Mexican listed companies. Contaduria y Administracion, 57 (1): 53-77.
  4. Avetisyan, E., y Hockerts, K. (2017). The Consolidation of the ESG Rating Industry as an Enactment
  5. of Institutional Retrogression. Business Strategy and the Environment, 26 (3): 316-330.
  6. Bauer, R., Koedijk, K., y Otten, R. (2005). International evidence on ethical mutual fund performance
  7. and investment style. Journal of Banking & Finance, 29 (7): 1751-1767.
  8. Bengtsson, E. (2008). A History of Scandinavian Socially Responsible Investing. Journal of Business
  9. Ethics, 82 (4): 969-983.
  10. Black, Fischer, y Litterman, R. (1992). Global portfolio optimization. Financial Analysts Journal, 48(5): 28-43.
  11. Black, Fisher. (1972). Capital Market Equilibrium with Restricted Borrowingt. The journal of
  12. business, 45 (3): 444-455.
  13. Blasi, S., Caporin, M., y Fontini, F. (2018). A Multidimensional Analysis of the Relationship Between
  14. Corporate Social Responsibility and Firms’ Economic Performance. Ecological Economics, 147
  15. (October 2017): 218-229.
  16. Brogi, M., y Lagasio, V. (2019). Environmental, social, and governance and company profitability:
  17. Are financial intermediaries different? Corporate Social Responsibility and Environmental
  18. Management, 26 (3): 576-587.
  19. Capelle-Blancard, G., y Couderc, N. (2009). The Impact of Socially Responsible Investing: Evidence
  20. from Stock Index Redefinitions. The Journal of Investing, 18 (2): 76-86.
  21. Carhart, M. M. (1997). On Persistence in Mutual Fund Performance. The journal of finance, LII (1):
  22. -82.
  23. Chittoor, R., Kale, P., y Puranam, P. (2015). Business groups in developing capital markets: Towards
  24. a complementarity perspective. Strategic Management Journal, 127 (1): 12-13.
  25. Clarkson, M. E. (1995). A STAKEHOLDER FRAMEWORK FOR ANALYZING AND
  26. EVALUATING CORPORATE SOCIAL PERFORMANCE. Academy of Management Review,
  27. (1): 92-117.
  28. Consolandi, C., Jaiswal-Dale, A., Poggiani, E., y Vercelli, A. (2008). Global Standards and Ethical
  29. Stock Indexes: The Case of the Dow Jones Sustainability Stoxx Index. Journal of Business
  30. Ethics, 87 (S1): 185-197.
  31. Crifo, P., Diaye, M. A., y Pekovic, S. (2016). CSR related management practices and firm
  32. performance: An empirical analysis of the quantity-quality trade-off on French data.
  33. International Journal of Production Economics, 171 : 405-416.
  34. Croissant, Y., y Millo, G. (2008). Panel data econometrics in R: The plm package. Journal of
  35. Statistical Software, 27 (2): 1-43.
  36. Derwall, J., Koedijk, K., y Ter Horst, J. (2011). A tale of values-driven and profit-seeking social
  37. investors. Journal of Banking & Finance, 35 (8): 2137-2147.
  38. Elton, E. J., Gruber, M. J., y Padberg, M. W. (1976). Simple Criteria for Optimal Portfolio Selection.
  39. Journal of Finance, 31 (5): 1341-1357.
  40. Escrig-Olmedo, E., Fernández-Izquierdo, M., Ferrero-Ferrero, I., Rivera-Lirio, J., y Muñoz-Torres,
  41. M. (2019). Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability
  42. Principles. Sustainability, 11 (3): 1-16.
  43. Fijałkowska, J., Zyznarska-Dworczak, B., y Garsztka, P. (2018). Corporate Social-Environmental
  44. Performance versus Financial Performance of Banks in Central and Eastern European
  45. Countries. Sustainability, 10 (3): 772.
  46. Freeman, E. (1984). Strategic management: A stakeholder approach. New York: Cambridge
  47. university press.
  48. Friedman, M. (2007). The Social Responsibility of Business Is to Increase Its Profits. En Corporate
  49. Ethics and Corporate Governance (173-178). Berlin, Heidelberg: Springer Berlin Heidelberg.
  50. Galbreath, J. (2013). ESG in Focus: The Australian Evidence. Journal of Business Ethics, 118 (3):
  51. -541.
  52. García-Santos, J. J., y Zavaleta-Vázquez, O. H. (2019). Is the relationship between CSR activities
  53. and financial performance of organizations a short term result ? An answer with a panel data
  54. analysis. Contaduría y Administración, 64 (4): 1-25.
  55. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46 (6): 1251-1271.
  56. Hong, H., y Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal
  57. of Financial Economics, 93 : 15-36.
  58. Kempf, A., y Osthoff, P. (2007). The effect of socially responsible investing on portfolio
  59. performance. European Financial Management, 13 (5): 908-922.
  60. Lai, A., Melloni, G., y Stacchezzini, R. (2016). Corporate Sustainable Development: Is «Integrated
  61. Reporting» a Legitimation Strategy? Business Strategy and the Environment, 25 (3): 165-177.
  62. Lassala, C., Apetrei, A., y Sapena, J. (2017). Sustainability Matter and Financial Performance of
  63. Companies. Sustainability, 9 (1498): 1-16.
  64. Lee, K. H., Cin, B. C., y Lee, E. Y. (2016). Environmental Responsibility and Firm Performance: The
  65. Application of an Environmental, Social and Governance Model. Business Strategy and the
  66. Environment, 25 (1): 40-53.
  67. Lozano, R., Suzuki, M., Carpenter, A., y Tyunina, O. (2017). An analysis of the contribution of
  68. Japanese business terms to corporate sustainability: Learnings from the «looking-glass» of the
  69. east. Sustainability (Switzerland), 9 (2): 188.
  70. Muñoz-Torres, M. J., Fernández-Izquierdo, M. Á., Rivera-Lirio, J. M., y Escrig-Olmedo, E. (2019).
  71. Can environmental, social, and governance rating agencies favor business models that promote
  72. a more sustainable development? Corporate Social Responsibility and Environmental
  73. Management, 26 (2): 439-452.
  74. Newey, W. K., y West, K. D. (1987). A Simple, Positive Semi-Definite, Heteroskedasticity and
  75. Autocorrelation Consistent Covariance Matrix. Econometrica, 55 (3): 703-708.
  76. Post, J. E., Preston, L. E., y Sachs, S. (2002). Managing the Extended Enterprise: The New
  77. Stakeholder View. California Management Review, 45 (1): 6-28.
  78. Refinitiv. (2018). Refinitiv Eikon. Recuperado at 17 de agosto de 2020, a partir de:
  79. https://eikon.thomsonreuters.com/index.html
  80. Scherer, B. (2007). Portfolio construction & risk budgeting. London: Risk books.
  81. Scholtens, B. (2005). Style and Performance of Dutch Socially Responsible Investment Funds. The
  82. journal of investing, 14 (1): 63-72.
  83. Schröder, M. (2003). Is there a Difference ? The Performance Characteristics of SRI Equity Indexes
  84. Is there a Difference ? The Performance Characteristics of SRI Equity Indexes. ZEW Discussion
  85. paper, (05): 50.
  86. Schröder, M. (2004). The performance of socially responsible investments: investment funds and
  87. indices. Financial Markets and Portfolio Management, 18 (2): 122-142.
  88. Schröder, M. (2007). Is there a Difference? The Performance Characteristics of SRI Equity Indices.
  89. Journal of Business Finance & Accounting, 34 (1-2): 331-348.
  90. Sethi, S. P., Martell, T. F., y Demir, M. (2017). An Evaluation of the Quality of Corporate Social
  91. Responsibility Reports by Some of the World’s Largest Financial Institutions. Journal of
  92. Business Ethics, 140 (4): 787-805.
  93. Statman, M. (2000). Socially Responsible Mutual Funds. Financial Analysts Journal, 56 (3): 30-39.
  94. Swamy, P. A. V. B., y Arora, S. S. (1972). The Exact Finite Sample Properties of the Estimators of
  95. Coefficients in the Error Components Regression Models. Econometrica, 40 (2): 261.
  96. The World Federation of Exchanges. (2021). The World Federation of Exchanges. Recuperado at 23
  97. de febrero de 2021, a partir de: https://www.world-exchanges.org/
  98. Treynor, J., y Black, F. (1973). How to Use Security Analysis to Improve Portfolio Selection. The
  99. journal of business, 46 (1): 66-86.
  100. United Nations Assembly. (2015). Resolution adopted by the General Assembly on 25 September
  101. (A/70/L.1). Transforming our world: the 2030 Agenda for Sustainable Development.
  102. Xiao, Y., y Valdez, E. a. (2015). A Black–Litterman asset allocation model under Elliptical
  103. distributions. Quantitative Finance, 15 (3).
  104. Xie, J., Nozawa, W., Yagi, M., Fujii, H., y Managi, S. (2019). Do environmental, social, and
  105. governance activities improve corporate financial performance? Business Strategy and the
  106. Environment, 28 (2): 286-300.

Artículos más leídos del mismo autor/a

> >>