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Relación entre la sostenibilidad empresarial y el desempeño financiero : un análisis de las empresas ASG del índice Nasdaq-100

Authors: López Ossa, David; Ríos Quintero, Adrián Fernando;

Relación entre la sostenibilidad empresarial y el desempeño financiero : un análisis de las empresas ASG del índice Nasdaq-100

Abstract

En el presente artículo se analiza la composición de las compañías tanto con calificación como sin calificación ASG del Nasdaq-100, a finales de 2021, y la relación al interior del índice, entre el desempeño financiero de cada compañía y los elementos individuales y combinados de las calificaciones ASG, entre 2017 y 2021. Para lograrlo, se hizo una descripción de la composición ASG del índice y se analizó la relación desempeño financiero, medida como ROA, ROE y Q de Tobin, y calificación ASG (de cada factor y combinados). Los resultados obtenidos a través del análisis Anova y de regresiones OLS indican que la implementación de criterios de sostenibilidad (ASG) influyen positivamente en el desempeño financiero de las empresas, especialmente cuando se considera la calificación ASG combinada. Adicionalmente, se observa que para los indicadores de rentabilidad internos (ROA y ROE) existe una relación positiva y significativa en la mayoría de las calificaciones ASG, lo que indica que unas buenas prácticas sostenibles pueden mejorar la rentabilidad de una firma. Por otra parte, la valoración del mercado (Q de Tobin) no muestra relaciones significativas con las calificaciones ASG, lo que evidencia que, para las empresas de este sector, posiblemente el mercado no está dispuesto a asumir una prima extra por sostenibilidad. Aunque los hallazgos pueden indicar una conexión entre los criterios ASG y la rentabilidad, es esencial considerar otros elementos que puedan contribuir a esta relación, tales como la gestión de efectivo, decisiones de inversión, eficiencia en costos y condiciones generales de la industria.

This article analysis the composition of both ESG-rated and non-rated companies on the Nasdaq-100, by the end of 2021, and the relationship within the index, between the financial performance of each company and individual and combined ESG ratings, between 2017 and 2021. To achieve this, a breakdown of the ESG composition within the index and examines the relationship between financial performance, measured as ROA, ROE, Tobin's Q and ESG rating (both individual and combined) was conducted. The results obtained from ANOVA and OLS regression analysis indicate that the implementation of sustainability criteria (ESG) has a positive influence on the financial performance of companies, particularly when considering the combined ESG rating. Additionally, is observed that for a positive and meaningful relationship between most ESG ratings and internal profitability indicators (ROA and ROE), there is a positive and significant relationship in most of the ESG ratings, indicating that good sustainable practices can improve a firm's profitability. On the other hand, the market valuation (Tobin's Q) does not show significant relationships with ESG ratings, which show that, for companies in this sector, the market is possibly not willing to assume an extra premium for sustainability. Although the findings may suggest a connection between ESG criteria and profitability, it is essential to consider other elements that may contribute to this relationship, such as cash management, investment decisions, cost efficiency, and overall industry conditions.

Country
Colombia
Related Organizations
Keywords

Metodologías ASG, ESG methodologies, Índices bursátiles, FINANZAS - ADMINISTRACIÓN, Sostenibilidad, DESARROLLO SOSTENIBLE, Sustainability, Stock market indexes, Financial performance, Rentabilidad financiera, CRECIMIENTO ECONÓMICO, Financial profitability, Desempeño financiero, FINANZAS CORPORATIVAS

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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
Green