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Desempeño medioambiental, social y de gobierno corporativo (ESG) y su relación con los resultados financieros de las organizaciones

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dc.contributor.advisorReyes Ortiz, Giovanni Efraín
dc.contributor.gruplacGrupo de Investigación en Dirección y Gerencia
dc.creatorUseche Arévalo, Alejandro José
dc.creator.degreeDoctor en Ciencias de la Dirección
dc.creator.degreeLevelDoctorado
dc.creator.degreetypeFull time
dc.date.accessioned2023-02-14T13:41:34Z
dc.date.available2023-02-14T13:41:34Z
dc.date.created2023-01-27
dc.date.embargoEndinfo:eu-repo/date/embargoEnd/2024-02-15
dc.descriptionEl objetivo general de la investigación es estudiar las relaciones entre los indicadores ESG y el desempeño financiero de un conjunto de empresas que cotizan en las bolsas de valores del Mercado Integrado Latinoamericano (MILA), para el periodo 2011-2020. Con tal fin, se realizó una revisión sistemática de literatura que permitió recopilar, sintetizar y analizar las principales publicaciones científicas sobre el campo de la inversión responsable, así como evaluar la evidencia presentada en ellas, para luego estudiar la relación entre indicadores ESG y desempeño financiero para cada empresa, pasando en un tercer momento a evaluar la misma relación a nivel de portafolios de inversión. Este documento se divide en nueve capítulos: en el capítulo 1 se inicia con la introducción. En el capítulo 2 se delimita y justifica el problema de investigación. El capítulo 3 presenta los objetivos general y específicos. En el capítulo 4 se desarrolla el marco teórico, que incluye los aspectos más relevantes de la evaluación financiera tradicional, teorías contemporáneas como las pruebas Z de Altman y F de Piotroski, la conformación de portafolios de inversión desde el método media-varianza, la relación de la organización y su entorno, la inversión responsable y las finanzas sostenibles, la medición del desempeño social corporativo, los enfoques ESG para la selección de inversiones y la selección de portafolios, terminando con un marco contextual y un marco legal. En el capítulo 5 se expone la revisión sistemática de literatura, mediante los resultados del análisis bibliométrico y de mapeo científico. El capítulo 6 presenta el análisis de datos de panel dinámicos para la estimación de la relación entre el puntaje y la revelación de información ESG, y diferentes indicadores de desempeño financiero corporativo. En el capítulo 7 se explican los modelos de construcción de portafolios bajo criterios ESG, además de las fronteras eficientes y una medida del dividendo psíquico del inversionista. Finalmente, en el capítulo 8 se plantean las conclusiones, al tiempo que se reconocen las limitaciones del estudio y se sugieren ideas para futuras investigaciones, para concluir en los capítulos 9 y 10 con las referencias y los anexos, respectivamente. Los resultados obtenidos evidencian una relación directa entre la estrategia en ESG y el desempeño financiero, mostrando específicamente que mejores indicadores y transparencia en ESG están relacionados con menor probabilidad de quiebra, mayor fortaleza financiera integral, más alta generación de valor corporativo y rendimiento riesgo/retorno superior. Así mismo, se evidenció un conjunto de ventajas que la inclusión de criterios de inversión responsable presenta en cuanto a tasas de riesgo y rentabilidad e índices de Jensen, Treynor, Alpha, VaR, error de seguimiento, coeficiente de información, fronteras eficientes y dividendos psíquicos, al tiempo que identifican claras desventajas para portafolios compuestos por empresas que no reportan información ESG.
dc.description.abstractThe general objective of the research is to study the relationships between ESG indicators and the financial performance of a group of companies listed on the Latin American Integrated Market (MILA) stock exchanges, for the period 2011-2020. To this end, a systematic literature review was carried out that allowed to collect, synthesize and analyze the main scientific publications on the field of responsible investment, as well as evaluate the evidence presented in them, and then study the relationship between ESG indicators and financial performance for each company, moving in a third moment to evaluate the same relationship at the level of investment portfolios. This document is divided into nine chapters: Chapter 1 begins with the introduction. Chapter 2 delimits and justifies the research problem. Chapter 3 presents the general and specific objectives. Chapter 4 develops the theoretical framework, which includes the most relevant aspects of traditional financial evaluation, contemporary theories such as Altman's Z tests and Piotroski's F, the formation of investment portfolios from the mean-variance method, the relationship of the organization and its environment, responsible investment and sustainable finance, the measurement of corporate social performance, ESG approaches to investment selection and portfolio selection, ending with a contextual framework and a legal framework. Chapter 5 presents the systematic review of literature, using the results of bibliometric analysis and scientific mapping. Chapter 6 presents the analysis of dynamic panel data for estimating the relationship between scoring and ESG disclosure, and different indicators of corporate financial performance. Chapter 7 explains portfolio construction models under ESG criteria, as well as efficient boundaries and a measure of the investor's psychic dividend. Finally, chapter 8 presents the conclusions, while recognizing the limitations of the study and suggesting ideas for future research, to conclude in chapters 9 and 10 with the references and annexes, respectively. The results obtained show a direct relationship between ESG strategy and financial performance, specifically showing that better ESG indicators and transparency are related to lower probability of bankruptcy, greater comprehensive financial strength, higher generation of corporate value and superior risk/return coefficients. Likewise, a set of advantages that the inclusion of responsible investment criteria presents in terms of risk and return rates and indices of Jensen, Treynor, Alpha, VaR, tracking error, information coefficient, efficient borders and psychic dividends was evidenced, while identifying clear disadvantages for portfolios composed of companies that do not report ESG information.
dc.format.extent145 pp
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.48713/10336_38067
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/38067
dc.language.isospa
dc.publisherUniversidad del Rosario
dc.publisher.departmentEscuela de Administraciónspa
dc.publisher.programDoctorado en Ciencias de la Dirección
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dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subjectESG
dc.subjectResponsabilidad social corporativa
dc.subjectDesempeño financiero
dc.subjectInversión responsable
dc.subjectFinanzas sostenibles
dc.subject.keywordESG
dc.subject.keywordCorporate social responsibility
dc.subject.keywordFinancial performance
dc.subject.keywordResponsible investment
dc.subject.keywordSustainable finance
dc.subject.lembAdministración general
dc.titleDesempeño medioambiental, social y de gobierno corporativo (ESG) y su relación con los resultados financieros de las organizaciones
dc.title.TranslatedTitleEnvironmental, social and corporate governance (ESG) performance and its relationship with organizations' financial results
dc.typedoctoralThesis
dc.type.documentTesis
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.type.spaTesis de doctorado
local.department.reportEscuela de Administración
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Correo recibido 13feb2023: Me dirijo muy atentamente a ustedes para solicitar la restricción de acceso a mi tesis doctoral, por un plazo mínimo de un año, documento que subí el día de hoy, 13 de febrero de 2023, a la plataforma electrónica del Repositorio. El motivo para hacer esta solicitud es que se llevará a cabo el envío del contenido de la tesis para publicación en revistas indexadas. Correo respuesta 14feb2023: Hemos realizado la publicación de su documento:Desempeño medioambiental, social y de gobierno corporativo (ESG) y su relación con los resultados financieros de las organizaciones. De acuerdo con su solicitud, el documento ha quedado embargado por 1 año, hasta el 14 de febrero de 2024 en concordancia con las Políticas de Acceso Abierto de la Universidad. Si usted desea dejarlo con acceso abierto antes de finalizar dicho periodo o si por el contrario desea extender el embargo al finalizar este tiempo, puede enviar un correo a esta misma dirección realizando la solicitud. Tenga en cuenta que los documentos en acceso abierto propician una mayor visibilidad de su producción académica. De otra parte, dado que desea publicar su obra en una revista de prestigio, queremos invitarlo a tomar una asesoría con nuestros asesores de información del CRAI, quienes podrán brindarle orientación en la identificación de una revista adecuada para su obra y acompañamiento en la edición para publicación. La solicitud de asesoría puede agendarla en el siguiente link: https://n9.cl/agendamiento_servicios_crai Quedamos atentos a cualquier inquietud o sugerencia.
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Doctorado en Ciencias de la Dirección