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Taking ESG strategies for achieving profits: a dynamic panel data analysis

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dc.creatorReyes Ortíz, Giovanni Efraínspa
dc.creatorMartínez-Ferrero, Jenniferspa
dc.creatorUseche Arevalo, Alejandro Josespa
dc.date.accessioned2025-07-21T16:53:56Z
dc.date.available2025-07-21T16:53:56Z
dc.date.created2025-05-01spa
dc.date.issued2025-05-01spa
dc.description.abstractPurpose – The goal is to investigate the relationship between financial performance and environmental, social and governance (ESG) indicators and disclosures for a sample of Latin American firms. Design/methodology/approach – Dynamic panel data regressions are used to analyze a sample of 114 companies listed on the Latin American Integrated Market, MILA (Chile, Colombia, Mexico and Peru) for the period 2011–2020.The Altman Z-score and Piotroski F-score are used as indicators of the probability of default and comprehensive financial strength. Models are developed in which the relationship between economic value added (EVA) and Jensen’s alpha are evaluated against firms’ ESG practices. Findings – A direct relationship between ESG strategies and financial performance was found. Better practices and transparency in ESG are related to lower probability of bankruptcy, greater financial strength, greater EVA and superior risk-adjusted returns. Research limitations/implications – ESG data were obtained from the Bloomberg system based on a methodology that may differ from other sources. The sample covers four Latin American countries and large corporations. Independent variables were selected for their perceived validity, given their frequent use in previous studies. Practical implications – Evidence for company management regarding the importance of strengthening ESG practices and reporting should be part of their balanced scorecards. For investors, the results support the importance of evaluating ESG practices in asset selection. Originality/value – The present study is the first research to present empirical evidence on the relationship between ESG scores and disclosures for MILA countries, using a comprehensive set of financial performance indicators (Altman Z-scores, Piotroski F-scores, EVA and Jensen’s alpha).eng
dc.format.mimetypeapplication/pdfspa
dc.identifier.doihttps://doi.org/10.1108/JEFAS-02-2023-0030spa
dc.identifier.issn2077-1886spa
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/46107
dc.language.isoengspa
dc.publisherEmerald Publishing Limitedspa
dc.relation.ispartofJournal of Economics, Finance and Administrative Science Vol. 30 No. 59, 2025 pp. 61-78spa
dc.relation.urihttps://www.emerald.com/insight/content/doi/10.1108/jefas-02-2023-0030/full/htmlspa
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internationalspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccessspa
dc.rights.accesoAbierto (Texto Completo)spa
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/4.0/spa
dc.sourceJournal of Economics, Finance and Administrative Sciencespa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.keywordESGeng
dc.subject.keywordCorporate social responsibilityeng
dc.subject.keywordFinancial performanceeng
dc.subject.keywordDynamic data paneleng
dc.subject.keywordDeveloping marketseng
dc.titleTaking ESG strategies for achieving profits: a dynamic panel data analysisspa
dc.typearticlespa
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersionspa
dc.type.spaArtículo de Investigaciónspa
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