Maestría en Administración Financiera · 2026
Impacto de los criterios ESG en el desempeño financiero de las empresas emisoras de la Bolsa de Valores de Colombia (2012-2024)
This research analyzes the impact of adopting environmental, social, and governance (ESG) criteria on the financial performance of companies listed on the Colombian Stock Exchange (Bolsa de Valores de Colombia, BVC) during the period 2012-2024. To this end, Tobin's Q (Q) and the ratio between market price and book value (ProB) were used as proxies for financial performance. The methodological approach was quantitative and correlational, and econometric models estimated using generalized least squares (GLS) were applied. The sample included 16 companies with available ESG information, extracted from the Refinitiv database. Models were estimated for the entire period and a recent sub-period (2019-2024) to assess the temporal robustness of the results. The findings show that aggregate ESG performance does not exhibit a statistically significant relationship with financial performance indicators. The component analysis reveals a statistically significant negative relationship between the environmental pillar (E) and Tobin's Q. And the social (S) and governance (G) pillars show no significant effects. Overall, the results indicate that, in the Colombian market, ESG criteria have not yet been systematically incorporated into the financial performance of the stock market.
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Contenido
- 1. Introducciónp. 7
- 1.1 Contexto ……………………………………………………………………………p. 7
- 2. Marco teóricop. 11
- 2.3 Teoría de los stakeholders (accionistas) ........ ……………………………………………p. 12
- 3. Metodologíap. 15
- 3.1 Enfoque y diseño de la investigación ……………………………………………………p. 15
- 3.2 Población, muestra y unidad de análisis ....... ……………………………………………p. 15
- 3.3 Fuentes de información y construcción de la base de datos .. ……………………………p. 15
- 4. Resultadosp. 20
- 5. Conclusiones y recomendacionesp. 39
- Referenciasp. 41
- Tabla 1. Estadísticas descriptivasp. 20
- Tabla 2. Matriz de correlaciónp. 22
- Tabla 3. Prueba de T de Welchp. 23
- Tabla 4. Test ANOVAp. 23
- Tabla 5. Resultados del modelo GLS para la Q de Tobin (período 2012-2024)p. 27
- Tabla 6. Resultados del modelo GLS para la Q de Tobin (período 2019-2024)p. 30
- Tabla 7. Resultados de los modelos GLS para la ratio ProB (período 2012-2024)p. 34
- Tabla 8. Resultados de los modelos GLS para la ratio ProB (período 2019-2024)p. 37