Ítem
Acceso Abierto

Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)

dc.creatorUseche Arévalo, Alejandro José
dc.date.accessioned2023-10-20T19:31:03Z
dc.date.available2023-10-20T19:31:03Z
dc.date.created2023
dc.descriptionCon el fin de aportar a la difusión y el avance de la SRI en Colombia, el Autorregulador del Mercado de Valores —AMV— y la Universidad del Rosario presentan este documento de investigación, el cual, fundamentado en una extensa y actualizada revisión de literatura, se compone de seis secciones: en la primera, se exponen conceptos fundamentales, antecedentes y estado actual de la SRI; en la segunda, se analizan aspectos sobre la medición del desempeño y los riesgos ESG; en la tercera, los principales enfoque para la selección y administración de portafolios responsables son analizados; en la cuarta, se hace una descripción de las mejores prácticas internacionales, incluyendo los casos más representativos en cuanto a regulación y normas de calidad; en la quinta, se describen los más destacados avances realizados alrededor de la SRI en Colombia, junto con las oportunidades y retos para su implementación en el país, para terminar en la sexta sección con las conclusiones generales del documento.
dc.description.abstractIn order to contribute to the dissemination and advancement of the SRI in Colombia, the Self-Regulator of the Securities Market -AMV- and the Universidad del Rosario present this research document, which, based on an extensive and updated literature review, It is made up of six sections: the first presents fundamental concepts, background and current status of the SRI; In the second, aspects of performance measurement and ESG risks are analyzed; In the third, the main approaches for the selection and management of responsible portfolios are analyzed; In the fourth, a description of the best international practices is made, including the most representative cases in terms of regulation and quality standards; In the fifth, the most notable advances made around SRI in Colombia are described, along with the opportunities and challenges for its implementation in the country, ending in the sixth section with the general conclusions of the document.
dc.format.extent76
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.12804/urosario9789585002210
dc.identifier.isbn978-958-500-221-0
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/41203
dc.language.isospa
dc.publisherEditorial Universidad del Rosariospa
dc.publisher.otherAutorregulador del Mercado de Valores de Colombia
dc.relation.isversionof1
dc.relation.urihttps://editorial.urosario.edu.co/catalog/product/view/id/7418/s/gpd-inversion-socialmente-responsable-seleccion-y-administracion-de-portafolios-con-criterios-medioambientales-sociales-y-de-gobierno-corporativo-esg--64f129915237e/
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.source.bibliographicCitationAccountAbility. (2008). Norma de Aseguramiento de Sostenibilidad AA1000 AS. Recuperado de: http://www.mas-business.com/arch/documentos/ aa1000as_2008_esp_129.pdf
dc.source.bibliographicCitationAinsworth, A., Corbett, A. & Satchell, S. Psychic dividends of socially responsible investment portfolios. J Asset Manag 19, 179-190 (2018). DOI: 10.1057/s41260-017-0073-4
dc.source.bibliographicCitationAlessandrini, F., & Jondeau, E. (2020). ESG Investing: From Sin Stocks to Smart Beta. The Journal of Portfolio Management, 46(3), 75-94. DOI: 10.3905/jpm.2020.46.3.075
dc.source.bibliographicCitationAlma Mundus. (2022). CFA ESG Certificate, is it worth it? Recuperado de: https://www.linkedin.com/pulse/cfa-esg-certification-worth-alma- mundus
dc.source.bibliographicCitationAmeer, R., & Othman, R. (2017). Corporate social responsibility performance communication and portfolio management. Managerial Finance, 43(5), 595-613. DOI: 10.1108/MF-06-2016-0164
dc.source.bibliographicCitationANBIMA. (2020). ESG Guide, Incorporating ESG aspects into investment assessments. Recuperado de: https://www.anbima.com.br/data/ files/84/76/12/5D/581E2710A3B8ED27092BA2A8/ESG%20Guide.pdf
dc.source.bibliographicCitationANBIMA. (2022a). ESG, presentación noviembre. Recuperado de: https:// www.casip-panama.org/wp-content/uploads/2022/12/Tatiana-Itikawa- ASG-Sostenibilidad.pdf
dc.source.bibliographicCitationANBIMA. (2022b). Experiencias iberoamericanas (I): finanzas sostenibles y regulaciones sobre la información en materia de ESG para emisores de valores en América Latina. Presentación. Recuperado de: https://www.anbima.com.br/data/files/8F/90/2F/E1/4DA84810EA- 926748882BA2A8/Fiafin_Idendificacao%20de%20fundos.pptx
dc.source.bibliographicCitationANBIMA (2022c). ESG Guide II, ESG aspects for asset managers and investment funds. Recuperado de: https://www.anbima.com.br/data/ files/08/E7/AC/BC/8B54181056C3B2186B2BA2A8/ESG_Guide_II.pdf
dc.source.bibliographicCitationAnquetin, T., Coqueret, G., Tavin, B., & Welgryn, L. (2022). Scopes of carbon emissions and their impact on green portfolios. Economic Modelling, 115. DOI: 10.1016/j.econmod.2022.105951
dc.source.bibliographicCitationAntunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach. Sustainability 15(9), 1-32. DOI: 10.3390/su15097560
dc.source.bibliographicCitationArribas, I., Espinós-Vañó, M. D., García, F., & Tamosiuniene, R. (2019). Negative screening and sustainable portfolio diversification. Entrepreneurship and Sustainability Issues, 6(4), 1566-1586. DOI: 10.9770/ jesi.2019.6.4(2)
dc.source.bibliographicCitationAsobancaria. (2021). Guía General de Administración de Riesgos Ambientales y Sociales ARAS, versión 2021. Recuperado de: https://www. asobancaria.com/wp-content/uploads/2021/11/Guia-ARAS_V21.pdf
dc.source.bibliographicCitationBaker, H. K., Holzhauer, H. M., & Nofsinger, J. R. (2022). Sustainable investing: What everyone needs to know? Oxford University Press.
dc.source.bibliographicCitationBNA. (2019). Protocolo de Finanzas Sostenibles de la Industria Bancaria en Argentina. Recuperado de: https://www.bna.com.ar/Downloads/ ProtocoloDeFinanzasSostenibles.pdf
dc.source.bibliographicCitationBertolotti, A. (2020). Effectively managing risks in an ESG portfolio. Journal of Risk Management in Financial Institutions, 13(3), 202-211.
dc.source.bibliographicCitationBloomberg Intelligence. (2021). ESG Assets Rising to $50 Trillion Will Reshape $140.5 Trillion of Global AUM by 2025, Finds Bloomberg Intelligence. Recuperado de: https://www.bloomberg.com/company/ press/esg-assets-rising-to-50-trillion-will-reshape-140-5-trillion-of-global- aum-by-2025-finds-bloomberg-intelligence/
dc.source.bibliographicCitationBNamericas. (2022). Regulador financiero de Chile planea actual i zar es tándares ESG. Recuperado de: ht tps://www. bnamericas.com/es/noticias/regulador-financiero-de-chile-planea- actualizar-estandares-esg#:~:text=Regulador%20financiero%20 de%20Chile%20planea%20actualizar%20est%C3%A1ndares%20ESG,- Bnamericas%20Publicado%3A%20mi%C3%A9rcoles&text=Los%20 reguladores%20financieros%20chilenos%20est%C3%A1n,la%20 Uni%C3%B3n%20Europea%20como%20modelo
dc.source.bibliographicCitationBondy, K., Moon. J., & Matten, D. (2012). An Institution of Corporate Social Responsibility (CSR) in Multi-National Corporations (MNCs): Form and Implications. Journal of Business Ethics, 111(2), 281-299. DOI:10.1007/ s10551-012-1208-7
dc.source.bibliographicCitationBose, S., Guo, D., & Simpson, A. (2019). The Financial Ecosystem: The Role of Finance in Achieving Sustainability. Palgrave Macmillan.
dc.source.bibliographicCitationBrodmann, J., Phuvadon, W. & Rama, M. (2021). The liquidity, performance and investor preference of socially responsible investments. Review of Behavioral Finance 15(2), 224-239. DOI: 10.1108/RBF-09-2021- 0191
dc.source.bibliographicCitationCamilleri, M. A. (2015). Environmental, social and governance disclosures in Europe. Sustainability Accounting, Management and Policy Journal, 6(2), 224-242. DOI: 10.1108/SAMPJ-10-2014-0065
dc.source.bibliographicCitationCamilleri, M. A. (2017). Corporate Sustainability, Social Responsibility and Environmental Management. An Introduction to Theory and Practice with Case Studies. Springer.
dc.source.bibliographicCitationCapelle-Blancard, G., & Monjon, S. (2014). The Performance of Socially Responsible Funds: Does the Screening Process Matter? European Financial Management, 20(3). DOI: 494-520. 10.1111/j.1468- 036X.2012.00643.x
dc.source.bibliographicCitationCapelli, P., Ielasi, F., & Russo, A. (2023). Integrating ESG risks into value-atrisk. Finance Research Letters 55, 1-8. DOI: 10.1016/j.frl.2023.103875
dc.source.bibliographicCitationCarroll, A. B. (1998). The four faces of corporate citizenship. Business and Society Review, 100, 1-7. DOI: 10.1111/0045-3609.00008
dc.source.bibliographicCitationCECODES. (2022). Transparencia y criterios ESG. Sosteniblemente, No. 29. Recuperado de: https://issuu.com/cecodesdesarrollosostenible/docs/ sosteniblemente_29_1.5
dc.source.bibliographicCitationCFA Institute. (2018). ESG integration in the Americas: Markets, practices, and data. Recuperado de: https://www.cfainstitute.org/-/media/documents/ survey/esg-integration-in-the-americas.pdf
dc.source.bibliographicCitationCFA Institute. (2021a). ESG Investing, Official Training Manual, Edition 3. CFA Society of the UK.
dc.source.bibliographicCitationCFA Institute. (2021b). Global ESG Disclosure Standards for Investment Products. Recuperado de: https://www.cfainstitute.org/-/media/documents/ ESG-standards/Global-ESG-Disclosure-Standards-for-Investment- Products.pdf
dc.source.bibliographicCitationCFA Institute. (2023). Certificate in ESG Investing. Recuperado de: https:// www.cfainstitute.org/en/programs/esg-investing
dc.source.bibliographicCitationChen, L., Zhang, L., Huang, J., Xiao, H., & Zhou, Z. (2021). Social responsibility portfolio optimization incorporating ESG criteria. Journal of Management Science and Engineering, 6(1), 75-85. DOI: 10.1016/j. jmse.2021.02.005
dc.source.bibliographicCitationChow, G.W.S., Durand, R. B., & Koh, S. (2014). Are ethical investments good? Australian Journal of Management, 39(4), 645-665. DOI: 10.1177/0312896213516327
dc.source.bibliographicCitationCMF. (2021). ESG y su importancia en la Regulación y el Gobierno Corporativo de las Empresas. Recuperado de: https://www.cmfchile.cl/ portal/prensa/615/articles-49888_doc_pdf.pdf
dc.source.bibliographicCitationCNV. (2021). Lineamientos para la emisión de valores sociales, verdes y sustentables en Argentina. Recuperado de: https://www.argentina. gob.ar/sites/default/files/lineamientos_para_la_emision_de_valores_ negociables_sociales.pdf
dc.source.bibliographicCitationCohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting 60, 1451–1468. DOI: 10.1007/ s11156-023-01135-6
dc.source.bibliographicCitationCrane, A., & Matten, D. (2004). Business ethics: A European perspective. Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
dc.source.bibliographicCitationCrane, A., McWilliams, A., Matten, D., Moon, J., & Siegel, D. (2009). The Oxford Handbook of Corporate Social Responsibility. Oxford Publications.
dc.source.bibliographicCitationCroft, T., & Malhotra, A. (2016). The Responsible Investor Handbook: Mobilizing Worker’s Capital for a Sustainable World. Greenleaf Publishing.
dc.source.bibliographicCitationDepartment for Business Innovation and Skills - DBIS. (2014). Corporate Responsibility. Good for Business & Society: government response to call for views on corporate responsibility. Recuperado de: https://assets. publishing.service.gov.uk/government/uploads/system/uploads/ attachment_data/file/300265/bis-14-651-good-for-business-and-society- government-response-to-call-for-views-on-corporate-responsibility. pdf
dc.source.bibliographicCitationDoumpos, M., Eskantar, M. & Zopounidis, C. (2023). Socially and Environmentally Responsible Investments and Mutual Funds. En C. Gaganis, F. Pasiouras, Tasiou, M. & Zopounidis, C. (eds.), Sustainable Finance and ESG: Risk, Management, Regulations, and Implications for Financial Institutions, pp. 71-90. Palgrave Macmillan
dc.source.bibliographicCitationDu, S. L., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing, 36, 313-330. DOI: 10.1509/jppm.16.112
dc.source.bibliographicCitationECIJA. (2021). México: regulación ESG, tendencias regulatorias y leyes en la materia en trámite. Recuperado de: https://ecija.com/sala- de-prensa/mexico-regulacion-esg-en-mexico-tendencias-regulatorias- y-leyes-en-la-materia-en-tramite/
dc.source.bibliographicCitationEl Economista. (2020). Estandarización global de información ESG a las emisoras, una necesidad. Recuperado de: https://www.eleconomista. com.mx/sectorfinanciero/Estandarizacion-global-de-informacion- ESG-a-las-emisoras-una-necesidad-20200930-0026.html
dc.source.bibliographicCitationEl Investidor. (2022). 18 fundos recebem ‘selo verde’ em 2022 e 54 seguem na fila. Veja a lista. Recuperado de: https://einvestidor.estadao. com.br/investimentos/esg-fundos-com-selo-verde-de-sustentabilidade- anbima
dc.source.bibliographicCitationElkington, J. (1998). Cannibals with forks: The triple bottom line of 21st century business. Capstone.
dc.source.bibliographicCitationEuropean Commission. (2021). Green Business, Eco-Management and Audit Scheme (EMAS), About EMAS. Recuperado de: https:// green-business.ec.europa.eu/eco-management-and-audit-schemeemas/ about-emas_en
dc.source.bibliographicCitationEuropean Union. (2013a). Directive 2013/34/EU of the European Parliament and of the Council, June 26. Official Journal of the European Union, L 182/19. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:182:0019:0076:EN:PDF
dc.source.bibliographicCitationEuropean Union. (2013b). Directive 2013/50/EU of the European Parliament and of the Council, October 22. Official Journal of the European Union, L 294/13. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:294:0013:0027:en:PDF
dc.source.bibliographicCitationEurosif. (2021). Responsible Investment Strategies. Recuperado de: https:// www.eurosif.org/responsible-investment-strategies/
dc.source.bibliographicCitationEY Perú. (2017). Desafíos en materia de sostenibilidad corporativa en el Perú. Recuperado de: https://assets.ey.com/content/dam/ey-sites/ey-com/es_pe/topics/sustainability/ey-desafios-materia-sostenibilidad- corporativa.pdf?download.
dc.source.bibliographicCitationFifka, M. S. (2013). Corporate citizenship in Germany and the United States– Differing perceptions and practices in transatlantic comparison. Business Ethics: A European Review, 22(4), 341-356. DOI: 10.1111/beer.12027
dc.source.bibliographicCitationFinancial Conduct Authority, FCA. (2018). Climate Change and Green Finance, Discussion Paper DP18/8. Recuperado de: https://www.fca.org. uk/publication/discussion/dp18-08.pdf
dc.source.bibliographicCitationFinancial Conduct Authority, FCA. (2019). Climate Change and Green Finance: summary of responses and next steps, Feedback to DP18/8. Recuperado de: https://www.fca.org.uk/publication/feedback/fs19-6.pdf
dc.source.bibliographicCitationFinancial Conduct Authority, FCA. (2021). A strategy for positive change: our ESG priorities. Recuperado de: https://www.fca.org.uk/publications/ corporate-documents/strategy-positive-change-our-esg-priorities
dc.source.bibliographicCitationFINRA. (2019). ESG investing - Clearing the air on social impact financial products. Recuperado de: https://www.finra.org/investors/insights/ esg-investing-clearing-air-social-impact-financial-products
dc.source.bibliographicCitationFINRA. (2022). Investor resilience - World Investor Week 2022: Investor bulletin. Recuperado de: https://www.finra.org/investors/insights/key-topicsworld- investor-week-2022
dc.source.bibliographicCitationFINRA. (2023). 2023 Report on FINRA’s examination and risk monitoring program. Recuperado de: https://www.finra.org/sites/default/ files/2023-01/2023-report-finras-examination-risk-monitoring-program. pdf
dc.source.bibliographicCitationForbes. (2020). Why socially responsible investing is likely to gain momentum under Biden. Daily cover, December 14. Recuperado de: https:// www.forbes.com/sites/jasonbisnoff/2020/12/14/esg-investing-a-sizzling- sector-that-will-get-even--hotter-under-president-biden/?sh=- f12988a33020
dc.source.bibliographicCitationFranco, C. (2020). ESG controversies and their impact on performance. The Journal of Investing, 29, 33-45. DOI: 10.3905/joi.2019.1.106
dc.source.bibliographicCitationFreeman, R.E. (1984). Strategic management: A stakeholder perspective. Piman.
dc.source.bibliographicCitationFriedman, M. (1962). Capitalism and freedom. University of Chicago Press.
dc.source.bibliographicCitationFriedman, M. (1970). The social responsibility of business is to increase its profits. New York Times, September 13, 122-126. Recuperado de: https:// www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social- responsibility-of-business-is-to.html
dc.source.bibliographicCitationFung, H. G., Law, S. A., & Yau, J. (2010). Socially Responsible Investment in a Global Environment. Edward Elgar.
dc.source.bibliographicCitationGao, Y, Xiong, X., & Feng, X. (2020). Responsible investment in the Chinese stock market. Research in International Business and Finance, 52, 1-14. DOI: 10.1016/j.ribaf.2019.101173
dc.source.bibliographicCitationGhoul, W., & Karam, P. (2007). MRI and SRI mutual funds: A comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds. Journal of Investing, 16(2), 96. DOI: 10.3905/joi.2007.686416
dc.source.bibliographicCitationGhuliani, C. (2013). India Companies Act 2013: Five Key Points about India’s “CSR Mandate”. BSR Report. Recuperado de: https://www.bsr. org/en/our-insights/blog-view/india-companies-act-2013-five-keypoints- about-indias-csr-mandate
dc.source.bibliographicCitationGlobal Reporting Initiative – GRI. (2016). Consolidated set of GRI standards. Recuperado de: https://www.globalreporting.org/how-to-usethe- gri-standards/gri-standards-english-language/
dc.source.bibliographicCitationGlobal Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdf
dc.source.bibliographicCitationGlobal Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdf
dc.source.bibliographicCitationHarjoto, M., & Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151(2), 353-373. DOI: 10.1007/s10551-016-3202-y
dc.source.bibliographicCitationHornuf, L. & Yüksel, G. (2023). The performance of socially responsible investments: A meta-analysis. European Financial Management, 2023, 1-50. DOI: 10.1111/eufm.12439.
dc.source.bibliographicCitationInternational Finance Corporation – IFC. (2012). Normas de desempeño sobre sostenibilidad ambiental y social. Recuperado de: https://www.ifc.org/wps/wcm/connect/bbe68418-8480-4541-ba82-767b9350977c/ IFCPerformanceStandardsSpanish.pdf?MOD=AJPERES&CVID=j-Bnepi
dc.source.bibliographicCitationIOSCO. (2021). Environmental, Social and Governance. (ESG) Ratings and Data Products Providers, Final Report. Recuperado de: https://www. iosco.org/library/pubdocs/pdf/IOSCOPD690.pdf
dc.source.bibliographicCitationIOSCO. (2023a). Weekly Bulletin for IOSCO Members - 3. 18 to 25 January 2023.
dc.source.bibliographicCitationIOSCO. (2023b). Weekly Bulletin for IOSCO Members - 4. 25 January - 1 February 2023.
dc.source.bibliographicCitationIOSCO. (2023c). Weekly Bulletin for IOSCO Members - 5. 1 to 8 February 2023.
dc.source.bibliographicCitationISO. (2022). ISO 32210:2022. Sustainable finance - Guidance on the application of sustainability principles for organizations in the financial sector. Recuperado de: https://www.iso.org/standard/77776.html
dc.source.bibliographicCitationJoliet, R., & Titova, Y. (2018). Equity SRI Funds vacillate between ethics and money: An analysis of the funds’ stock holding decisions. Journal of Banking and Finance, 97, 70-86. DOI: 10.1016/j.jbankfin.2018.09.011
dc.source.bibliographicCitationKaiser, L., & Welters, J. (2019). Risk-mitigating effect of ESG on momentum portfolios. Journal of Risk Finance, 20(5), 542-555. DOI: 10.1108/JRF-05- 2019-0075
dc.source.bibliographicCitationKahn, M. E. (2007). Environmental disasters as risk regulation catalysts? The role of Bhopal, Chernobyl, Exxon Valdez, Love Canal, and Three Mile Island in shaping U.S. environmental law. Journal of Risk and Uncertainty, 35 (1), 17-43. DOI: 10.1007/s11166-007-9016-7
dc.source.bibliographicCitationKempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908-922. DOI: 10.1111/j.1468-036X.2007.00402.x
dc.source.bibliographicCitationKhan, K. I., Naqvi, S. M. WA., Ghafoor, M. M. & Akash, R. S. I. (2020). Sustainable Portfolio Optimization with Higher-Order Moments of Risk. Sustainability, 12(5), 1-14. DOI: 10.3390/su12052006
dc.source.bibliographicCitationLaguna, M. A & Capelle-Blancard, G. (2010). How Does the Stock Market Respond to Chemical Disasters? Journal of Environmental Economics and Management, 59 (2), 192-205. DOI: 1016/j.jeem.2009.11.002
dc.source.bibliographicCitationLean, H. H., Ang, W. R., & Smyth, R. (2015). Performance and performance persistence of socially responsible investment funds in Europe and 70 North America. North American Journal of Economics and Finance, 34, 254-266. DOI: 10.1016/j.najef.2015.09.011
dc.source.bibliographicCitationLemke, T. P., & Lins, G. T. (2014). Regulation of Investment Advisers. Securities Law Handbook Series. Clark Boardman Callaghan.
dc.source.bibliographicCitationLesser, K., Rossle, F., & Walkshausl, C. (2016). Socially responsible, green, and faith-based investment strategies: Screening activity matters! Finance Research Letters, 16, 171-178. DOI: 10.1016/j.frl.2015.11.001
dc.source.bibliographicCitationLevitt, T. (1958). The dangers of social responsibility. Harvard Business Review, 36, 41-50.
dc.source.bibliographicCitationLewis, A., & Mackenzie, C. (2000). Morals, money, ethical investing and economic psychology. Human Relations, 53, 179-191. DOI: 10.1177/ a010699
dc.source.bibliographicCitationLiagkouras, K., Metaxiotis, K., & Tsihtintzis, G. (2020). Incorporating environmental and social considerations into the portfolio optimization process. Annals of Operations Research, 1-27. DOI: 10.1007/s10479-020- 03554-3
dc.source.bibliographicCitationMadhavan, A., & Sobczyk, A. (2020). On the Factor Implications of Sustainable Investing in Fixed-Income Active Funds. The Journal of Portfolio Management, 46(3), 141-152. DOI: 10.3905/jpm.2020.46.3.141
dc.source.bibliographicCitationMartellini, L., & Vallee, L. S. (2021). Measuring and Managing ESG Risks in Sovereign Bond Portfolios and Implications for Sovereign Debt Investing. The Journal of Portfolio Management, 47(9), 21-42. DOI: 10.3905/ jpm.2021.1.290
dc.source.bibliographicCitationMartínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. (2016). Corporate Social Responsibility as a Strategic Shield against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305-324. DOI: 10.1007/s10551-014-2399-x
dc.source.bibliographicCitationMarval. (2021). ESG: mayor impulso de la CNV a la Inversión Socialmente Responsable. Recuperado de: https://www.marval.com/publicacion/ esg-mayor-impulso-de-la-cnv-a-la-inversion-socialmente-responsable- 14051
dc.source.bibliographicCitationMatten, D., & Crane, A. (2005). Corporate citizenship: Toward an extended theoretical conceptualization. Academy of Management Review, 30(1), 166-179. DOI: 10.2307/20159101
dc.source.bibliographicCitationMinisterio de Hacienda y Crédito Público. (2020). Marco de referencia de bonos verdes soberanos de Colombia. Recuperado de: https:// www.irc.gov.co/webcenter/portal/IRCEs/pages_Deuda/bonosverdes
dc.source.bibliographicCitationMinisterio de Hacienda y Crédito Público. (2021). Resolución 1687 de 19 de julio de 2021. Recuperado de: https://xperta.legis.co/visor/legcol/ legcol_5855520411754f339d2c57ba378394ec
dc.source.bibliographicCitationNofsinger, J.R. (2017). The Psychology of Investing, 6th ed. Routledge.
dc.source.bibliographicCitationOECD. (2004). White paper sobre gobierno corporativo en América Latina. Recuperado de: https://www.oecd.org/daf/ca/corporategovernanceprinciples/ 22368983.pdf
dc.source.bibliographicCitationOECD. (2014). Institutional Investors and Long-Term Investment: Project Report. Recuperado de: https://www.oecd.org/daf/fin/private-pensions/ OECD-LTI-project.pdf
dc.source.bibliographicCitationOECD. (2015). G20/OECD Principles of Corporate Governance. OECD Publishing. Recuperado de: https://www.oecd-ilibrary.org/ governance/g20-oecd-principles-of-corporate-governance- 2015_9789264236882-en
dc.source.bibliographicCitationOECD. (2020). ESG Investing: Environmental Pillar Scoring and Reporting. Report. Recuperado de: https://www.oecd.org/finance/ESG-Investing- Environmental-Pillar-Scoring-and-Reporting.pdf
dc.source.bibliographicCitationOikonomou, I., Platanakis, E., & Sutcliffe, C. (2018). Socially responsible investment portfolios: does the optimization process matter? The British Accounting Review, 50(4), 379-401. DOI: 10.1016/j.bar.2017.10.003
dc.source.bibliographicCitationOuchen, A. (2021). Is the ESG portfolio less turbulent than a market benchmark portfolio? Risk Management, 24, 1-33. DOI: 10.1057/s41283- 021-00077-4
dc.source.bibliographicCitationPalmer, J. (2022). What is ESG risk? Overview, definition and examples. Onboard. Recuperado de: https://www.onboardmeetings.com/blog/ esg-risk/
dc.source.bibliographicCitationPedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572- 597. DOI: 10.1016/j.jfineco.2020.11.001
dc.source.bibliographicCitationPorter, M. E., & Kramer, M. R. (2006). Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.
dc.source.bibliographicCitationPorter, M. E., & Kramer, M. R. (2011). Creating shared value: How to reinvent capitalism - And unleash a wave of innovation and growth. Harvard Business Review, 89(1-2), 62-77.
dc.source.bibliographicCitationPRI Association. (2015). What are the Principles for Responsible Investment? Recuperado de: https://www.unpri.org/pri/what-are-the-principles- for-responsible-investment
dc.source.bibliographicCitationPRI Association. (2016). An introduction to the Principles for Responsible Investment. Recuperado de: https://www.swedfund.se/media/1038/ un-pri-principles-for-responsible-investment.pdf
dc.source.bibliographicCitationPRI Association. (2021). PRI Strategic Plan 2021-24. Consultation paper. Recuperado de: https://www.unpri.org/download?ac=11968
dc.source.bibliographicCitationRepública de Colombia. (2020). Decreto 1207 de 2020, por el cual se modifica el Decreto 2555 de 2010 en lo relacionado con el régimen jurídico de los Fondos Voluntarios de Pensión. Recuperado de: https://www.funcionpublica.gov.co/eva/gestornormativo/norma. php?i=141178
dc.source.bibliographicCitationReuters. (2022). U.S. sustainable funds mark rare outflow in May. Recuperado de: https://www.reuters.com/business/sustainable-business/ us-sustainable-funds-mark-rare-outflow-may-2022-06-16/
dc.source.bibliographicCitationRobiyanto, R., Huruta, A. D., Frensidy, B. & Yuliana, A. (2023). Sustainable and responsible investment dynamic cross-asset portfolio. Cogent Business & Management 10(1), 1-14. DOI: 10.1080/23311975.2023.2174478
dc.source.bibliographicCitationRojas, M., M’zali, B., Turcotte, M., & Merrigan, P. (2009). Bringing about changes to corporate social policy through shareholder activism: Filers, issues, targets, and success. Business and Society Review, 114(2), 217-252. DOI: 10.1111/j.1467-8594.2009.00341.x
dc.source.bibliographicCitationSamas, R. & Nelson, J. (2022). Sustainable Enterprise value Creation: Implementing Stakeholder Capitalism through Full ESG Integration. Palgrave Macmillan.
dc.source.bibliographicCitationSantos, C., Coelho, A., & Marques, A. (2023). A systematic literature review on greenwashing and its relationship to stakeholders: state of art and future research agenda. Management Review Quarterly, March, 1-25. DOI: 10.1007/s11301-023-00337-5
dc.source.bibliographicCitationSherwood, M. W., & Pollard, J. (2019). Responsible Investing: An Introduction to Environmental, Social, and Governance Investments. Routledge / Taylor & Francis Group.
dc.source.bibliographicCitationSilvola, H., & Landau, T. (2021). Sustainable investing: Beating the market with ESG. Palgrave Macmillan.
dc.source.bibliographicCitationSMV. (2022). Información consolidada del Reporte de Sostenibilidad Corporativa. Recuperado de: https://www.smv.gob.pe/ConsultasP8/ temp/Informe%20Consolidado%20RSC%202021.pdf
dc.source.bibliographicCitationSuperintendencia Financiera de Colombia. (2007). Código de Mejores Prácticas Corporativas – Colombia. Recuperado de: https://www. icgc.com.co/wp-content/uploads/2018/01/Co%CC%81digo-Pai%CC% 81s-2007.pdf
dc.source.bibliographicCitationSuperintendencia Financiera de Colombia. (2018). Finanzas verdes y cambio climático. Recuperado de: https://www.superfinanciera.gov. co/jsp/10111958
dc.source.bibliographicCitationSuperintendencia Financiera de Colombia. (2020). Guía de Buenas Prácticas para la emisión de bonos verdes. Recuperado de: https:// incp.org.co/Site/publicaciones/info/archivos/Guia-de-Bonos- Verdes-09092020.pdf
dc.source.bibliographicCitationSuperintendencia Financiera de Colombia. (2021). Circular Externa 031 de 2021. Recuperado de: https://cdn.actualicese.com/normatividad/ 2021/Circulares/CE031-21.pdf
dc.source.bibliographicCitationSuperintendencia Financiera de Colombia. (2022). Taxonomía verde, Circular Externa 005 de 2022. Recuperado de: https://www.taxonomiaverde. gov.co/webcenter/ShowProperty?nodeId=/ConexionContent/ WCC_CLUSTER-191443
dc.source.bibliographicCitationSustainability Accounting Standards Board - SASB. (2018). SASB Materiality Map. Recuperado de: https://materiality.sasb.org/
dc.source.bibliographicCitationSwiss Sustainable Finance. (2017). Handbook on Sustainable Investments. CFA Institute Research Foundation.
dc.source.bibliographicCitationTask Force de Inversión Responsable Colombia. (2020). Declaración a favor de la Inversión Responsable en Colombia. Recuperado de: https://www.globalreporting.org/media/wuqbr0ua/declaracion-cartas- de-adhesion.pdf
dc.source.bibliographicCitationThe International Integrated Reporting Council – IIRC. (2013). The International IR Framework. Recuperado de: https://integratedreporting.org/ wp-content/uploads/2015/03/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK- 2-1.pdf
dc.source.bibliographicCitationThe Investment Association. (2019). IA Responsible Investment Framework, Final Report. Recuperado de: https://www.theia.org/sites/default/ files/2019-11/20191118-iaresponsibleinvestmentframework.pdf
dc.source.bibliographicCitationUmar, Z., Kenourgios, D., & Papathanasiou, S. (2020). The static and dynamic connectedness of environmental, social, and governance investments: International evidence. Economic Modelling, 93, 112-124. DOI: 10.1016/j.econmod.2020.08.007
dc.source.bibliographicCitationUK Parliament. (2006). Companies Act 2006. Recuperado de: https:// www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en.pdf
dc.source.bibliographicCitationUnited Nations – UN. (2020). Sustainable Development Goals. Recuperado de: https://sustainabledevelopment.un.org/sdgs
dc.source.bibliographicCitationUnited Nations – UN. (2021). Desarrollo sostenible – Historia. Recuperado de: https://sdgs.un.org/es/goals
dc.source.bibliographicCitationUnited Nations Environment Programme. (2021a). Scaling Blended Finance UN-convened Net-Zero Asset Owner Alliance. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdf
dc.source.bibliographicCitationUnited Nations Environment Programme. (2021b). Responsible Banking: Building Foundations: The first collective progress report of the UN Principles for Responsible Banking signatories. Report. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdf
dc.source.bibliographicCitationUnited Nations Global Compact. (1999). Diez principios. Recuperado de: https://www.pactomundial.org/category/aprendizaje/10-principios
dc.source.bibliographicCitationUtz, S. (2018.) Over-investment or risk mitigation? Corporate social responsibility in Asia-Pacific, Europe, Japan, and the United States. Review of Financial Economics, 36(2), 167-193. DOI: 10.1016/j.rfe.2017.10.001
dc.source.bibliographicCitationVerheyden, T., Eccles, R., & Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk and diversification. Journal of Applied Corporate Finance, 28(2), 47-55. DOI: 10.1111/jacf.12174
dc.source.bibliographicCitationWei, Y. C., Lu, Y. C., Chen, J. N., & Wang, D. L. (2018). The Impact of Media Reputation on Stock Market and Financial Performance of Corporate Social Responsibility Winner. NTU Management Review, 28(1), 87-140. DOI: 10.6226/NTUMR.201804_28(1).0003
dc.source.bibliographicCitationWoods, C., & Urwin, R. (2010). Putting sustainable investing into practice: a governance framework for pension funds. Journal of Business Ethics, 92(1), 1-19. DOI: 10.1007/s10551-010-0631-x
dc.source.bibliographicCitationWorld Economic Forum – WEF. (2020a). Toward Common Metrics and Consistent Reporting of Sustainable Value Creation. Recuperado de: https://www3.weforum.org/docs/WEF_IBC_ESG_Metrics_Discussion_ Paper.pdf
dc.source.bibliographicCitationWorld Economic Forum – WEF. (2020b). Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation. White paper. Recuperado de: https://www3. weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_ 2020.pdf
dc.source.bibliographicCitationWorld Economic Forum – WEF. (2021). How corporate leaders can apply ESG tools to help overcome global challenges. Report. Recuperado de: https://www.weforum.org/agenda/2021/01/how-corporate- boards-can-lead-on-esg
dc.source.bibliographicCitationYu, W., Liu, S., & Ding, L. (2021). Efficiency Evaluation and Selection Strategies for Green Portfolios under Different Risk Appetites. Sustainability, 13(4), 1-15. DOI: 10.3390/su13041933
dc.source.bibliographicCitationZanker, A. (2017). The Performance of Sustainable Investments – An Overview of Academic Studies. En Handbook on Sustainable Investments, chapter 4, p. 17-24. CFA Institute Research Foundation / Swiss Sustainable Finance.
dc.source.bibliographicCitationZiolo, M., Bak, I. & Spoz, A. (2023). Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies. Energies 16, 1-25. DOI: 10.3390/en16041809
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subjectAdministración del portafolio
dc.subjectAnálisis de inversiones
dc.subjectInversión – Técnicas
dc.subjectEmpresas – Gobierno
dc.titleInversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
dc.title.TranslatedTitleSocially responsible investment: selection and management of portfolios with environmental, social and corporate governance (ESG)
dc.typebook
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaLibro
Archivos
Bloque original
Mostrando1 - 1 de 1
Cargando...
Miniatura
Nombre:
Inversion-socialmente-responsable.pdf
Tamaño:
4.12 MB
Formato:
Adobe Portable Document Format
Descripción:
Colecciones