Maestría en Administración Financiera · 2026

Relación entre los criterios ESG y el desarrollo de mercado de capitales en los países del G8 : un análisis de datos panel

Resumen

This study examines the relationship between environmental, social, and governance (ESG) criteria and capital market development in G8 countries, using stock market capitalization as a percentage of GDP as the primary indicator. Although ESG criteria have gained increasing relevance due to their association with lower risk and enhanced stability, uncertainty persists regarding their actual impact at the country level. The analysis integrates ESG and macroeconomic variables within a panel data framework. The findings indicate that, over the period examined, ESG criteria do not demonstrate a clear or statistically significant relationship with the development of capital markets in the G8 countries, whereas certain macroeconomic variables exhibit greater explanatory power. Furthermore, alternative model specifications employing different dependent variables do not produce robust or consistent results. Overall, the evidence suggests that the effects of ESG factors may operate indirectly or materialize over longer time horizons, highlighting the need for more flexible methodological approaches and extended periods of analysis to better capture their potential influence on financial development.

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