Examinando por Materia "ESG"
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Ítem Análisis de impacto de los indicadores de sostenibilidad (ESG) en el valor de las compañías del sector energético en América Latina(Universidad EAFIT, 2024) Botero Baena, Alicia; Arango Castillo, María José; Yepes Raigosa, David AlejandroThis research work analyzed the impact that ESG (Environmental, Social, and Governance) sustainability scores have on the generation of value measured by the proxy “valor” in companies operating in the energy sector in Latin America. The study was conducted using annual information published in a period between 2015 and 2022 and was processed through two types of mathematical regression models: simple linear and panel (OLS, GLS). Macroeconomic, financial, and sustainability variables were included. The goal was to measure the impact that sustainability pillars (environmental, social, and governance) have on the value generation of these companies.Ítem Análisis de la integración y la relación con el costo de la deuda de los factores ASG en las empresas incluidas en los indices de Latinoamérica(Universidad EAFIT, 2023) Velásquez González, María Alejandra; Vergara Garavito, Judith CeciliaNowadays there is a strong tendency in the integration of ESG practices (environmental, social and governance) in the financial and real sector worldwide. Studies have been made in developed countries, nevertheless there are not enough studies for emerging economies such us the Latin-American ones, which represent different realities due to economic, social and politic variables. As a result, this investigation offers an opportunity to analyze this companies relating to their level of integration on ESG factors and the impact that this may have in the cost of debt level through the analysis of historic variables in a regression model of a data panel.Ítem El CFO como impulsor y patrocinador de los asuntos ASG en la compañía(Universidad EAFIT, 2022) Windmueller Palacio, Ivonne; González-Pérez, María AlejandraÍtem Cómo la sostenibilidad corporativa impacta el desempeño financiero de las compañías(Universidad EAFIT, 2020) Vargas Duarte, Daniel Felipe; Montaña Ramírez, Christian; Vergara Garavito, Judith CeciliaÍtem Corporate and ESG performance : the moderating effect of environmental dimensions(Universidad EAFIT, 2024) Hurtado Rivera, Daniel; Gaitán Riaño, Sandra Constanza; Téllez Falla, Diego FernandoÍtem Corporate social responsibility and cost of equity : evidence from Latin America(Universidad EAFIT, 2022) Castellanos Rios, Santiago; Gaitán Riaño, Sandra ConstanzaÍtem Estrategia de sostenibilidad como generador de rentabilidad en el sector bancario(Universidad EAFIT, 2020) Echeverri Hernández, Laura; Arango Gómez, Natalia; Mejia Jaramillo, AlejandroThe banking sector is a fundamental factor that supports economic development of countries. The more efficient and advanced it is, the more it contributes to the growth of society. In recent years, the sustainability trend has gained relevance in the banking sector, even many Banks have changed their growth strategies in order to obtain profitability and provide social, ethical and environmental value. The objective of this study is to determine, through the DEA methodology, that sustainable Banks can archive higher retuns compared to Banks that do not have sustainability as a priority. For this, data from fifteen comercial Banks of Latinamerica between 2014 and 2018 were taken as a sample. The results show that there is no positive correlation between efficiency and sustainability. In addition, the results also show that Corporate Governance is the most relevant criterion to measure bank efficiency.Ítem Finanzas sostenibles y su contribución a la mitigación del cambio climático(Universidad EAFIT, 2022) Díaz Restrepo, Manuela; Saldarriaga Taborda, Sofía; Gaitán Riaño, Sandra ConstanzaÍtem Impacto de la divulgación de las políticas ASG en el costo de la deuda (KD) : análisis multivariable en compañías de los principales sectores de la economía europea(Universidad EAFIT, 2024) Arroyave Zapata, Daniel; Saldarriaga Parra, Alejandro; Téllez Falla, Diego Fernando; Restrepo Ochoa, Diana ConstanzaThe main objective of this study is to determine to what extent the level of disclosure of the investments made by companies, in the environmental, social and governance (ESG) in the cost of debt (Kd). The methodology used to resolve this question was a data panel type model, for which a database was built with companies from the main economic sectors in the European market, along with the main financial indicators and the scores of each pillar. ASG as predictors or independent variables, and Kd as response variable; additionally, control variables considered important were used, such as company size, liquidity, and growth, to give greater reliability to the model regressions. The results showed that companies that present better financial results have been able to make greater investments in socio-environmental aspects, which has allowed them to obtain a lower cost of debt; however, companies that already make high investments and obtain very high scores stop receiving this benefit and once again have a higher cost of debtÍtem El impacto del score ESG en el desempeño financiero en compañías del sector de consumo discrecional en Latinoamérica(Universidad EAFIT, 2023) Rivera Aristizabal, Luis José; Baquero Rocha, Yeimy Paola; Yepes Raigosa, David AlejandroThis investigation evaluated whether there is any relationship between the ESG rating of companies with their market value and their financial performance. To validate this hypothesis, information from 143 Latin American companies related to the consumer discretionary sector was analyzed, in the period 2012-2021, on an annual basis. Through OLS regressions, it was found that the ESG rating has a statistically significant and positive effect on financial performance measured by Tobin's Q, showing that the market recognizes a premium over market value in those Companies that have an ESG score. Additionally, this work found that having a higher ESG rating does not have a significant effect on the financial performance of the companies analyzed, measured through ROE and ROA. However, through mean difference tests using the Welch test, it was observed that companies that implement ESG practices have better financial performance than those that do not implement any of these practices. These results indicate that while ESG performance can be important to a company’s overall market value, the lack of a meaningful relationship between ROE and ROA versus ESG ratings highlights that ESG ratings should not be viewed as the sole determinant of financial performance and that other factors must be taken into account, such as efficient cost management, leverage and market conditions.Ítem La influencia de la calificación ESG sobre los rendimientos de los ETFs de renta variable(Universidad EAFIT, 2024) Aponte Sarria, Jaime; Casas Riascos, José de Jesús; Téllez Falla, Diego FernandoThis study evaluates the performance of 1,075 U.S. domiciled ETFs during 2023 based on their ESG rating, in order to determine the relationship between rating and investor returns. To do so, performance measures such as Jensen's alpha and Sharpe ratio are calculated, and an expansion to the CAPM is performed through the Fama-French three-factor model. Using panel data, a positive and significant relationship was found between the ESG rating of the ETFs and their excess returns. However, when analyzing the ratings according to the ESG quality ranking established by MCSI, no significant differences were found between the excess returns of funds with high ratings and ETFs with average ratings, unlike what happened with funds located in the lower part of the ESG ranking, since they reflect a negative and significant impact on returns.Ítem Modelo de generación de valor sostenible : integrando la sostenibilidad como ventaja competitiva(Universidad EAFIT, 2023) Patiño Forero, Andrés Felipe; Lamb Bernal, Susan Jane; González-Pérez, María AlejandraÍtem Riesgo crediticio de las empresas colombianas listadas en el índice de Dow Jones Sustainability(Universidad EAFIT, 2022) Reyes Barrientos, Simón; Bustamante Pulgarín, Sebastián; Peña Higuavita, Germán AdolfoWith the importance in the global context reducing polluting emissions and decarbonizing the economy using the impact and allocation of resources as an instrument. This research work is presented that, based on the literature consulted and the statistical analysis of the rates of bond issues of Colombian companies between 2009 and 2021, between sustainable and ordinary bonds, it could be concluded that there are trends in the reduction of debt acquisition costs, especially if it is dedicated to sustainability; there are also success stories where important actors of the Colombian economy, ensure to reduce their cost of debt.Ítem Strategies 4 Climate(Universidad EAFIT, 2023) Herrera Rojo, Santiago; Sandoval Mina, Favian Hubeimar; Franco Restrepo, Luis Carlos; Dueñas Fonseca, Juan Sebastian; Vergara Garavito, Judith CeciliaThe MAF Challenge "Modeling and Applied Finance Challenge" is an annual event that brings together university students and professionals interested in the field of applied finance. The challenge aims to promote financial analysis and mathematical modeling in real-world situations. The Strategy 4 Climate (S4C) MAF Challenge's main objective is to address the challenges of mobilizing capital towards projects that contribute to climate goals. To achieve this, the development of an innovative platform is proposed that acts as a bridge between investors interested in sustainable projects and project creators who need financing. This platform will not only facilitate the connection between investors and projects, but will also provide financial advice and support on environmental, social, and governance (ESG) aspects. In this way, it is sought to ensure that the selected projects have the necessary support for their successful execution.