Efecto de la adopción de prácticas ESG sobre el riesgo en empresas listadas de América Latina

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dc.contributor.advisorGarrido Navia, Juan Fernando
dc.contributor.authorArboleda Cuero, Francisco Nery
dc.date.accessioned2026-09-29T16:45:33Z
dc.date.available2026-09-29T16:45:33Z
dc.date.issued2026
dc.description.abstractThe growing relevance of environmental, social, and governance (ESG) criteria has generated significant academic and financial debate regarding their capacity to influence business risk and stock market behavior. In this context, this research aimed to analyze the effect of adopting ESG practices on the systematic risk of listed companies in Latin America during the period 2020–2024. The study employed a quantitative approach using panel data models applied to a sample of 683 observations from 232 Latin American listed companies. The dependent variable was the Beta of the CAPM model as a measure of systemic risk, while the independent variables included the aggregated ESG Score and its environmental, social, and governance dimensions. Financial control variables related to company size, profitability, financial leverage, and liquidity were also incorporated. The empirical results show that aggregate ESG performance does not have a statistically significant effect on the systematic risk of the business. In disaggregated terms, the environmental and social dimensions show negative relationships with Beta, although these are not statistically significant. In contrast, the corporate governance dimension has a positive and significant relationship with systemic risk in some estimated models. Furthermore, company size significantly reduces Beta, while financial leverage increases market sensitivity. The findings suggest that, in the Latin American context, ESG practices do not consistently reduce systemic risk as measured by the CAPM Beta, due to the strong influence of macroeconomic, institutional, and structural factors specific to emerging markets. This research provides relevant evidence for the financial and corporate sustainability literature in Latin America, highlighting that the relationship between ESG and risk depends on the economic context and the type of risk analyzed.spa
dc.description.degreelevelMaestría
dc.description.degreenameMagíster en Finanzas
dc.format.extent54 p.
dc.format.mimetypeapplication/pdf
dc.identifier.urihttp://hdl.handle.net/11522/5898
dc.language.isospa
dc.publisherPontificia Universidad Javeriana Cali
dc.publisher.departmentFacultad de Ciencias Económicas y Administrativas
dc.publisher.programMaestría en Finanzas
dc.rights.accessrightshttp://purl.org/coar/access_right/c_abf2
dc.rights.creativecommonshttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectESGspa
dc.subjectRiesgo sistemáticospa
dc.subjectBeta de mercadospa
dc.subjectSostenibilidad corporativaspa
dc.subjectGobierno corporativospa
dc.subjectSystemic riskeng
dc.subjectMarket betaeng
dc.subjectCorporate sustainabilityeng
dc.subjectCorporate governanceeng
dc.titleEfecto de la adopción de prácticas ESG sobre el riesgo en empresas listadas de América Latinaspa
dc.typemaster thesis
dc.type.coarhttp://purl.org/coar/resource_type/c_bdcc
dc.type.localTesis/Trabajo de grado - Monografía - Maestría
dc.type.redcolhttps://purl.org/redcol/resource_type/TM
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