Prácticas de sostenibilidad en América Latina. ¿Reducen los factores ASG el costo de capital?

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Publicado: 2025-11-28
DOI: https://doi.org/10.36105/
Palabras clave:
Desempeño ASG, costo del capital, América Latina, factores ASG, comité de sostenibilidad

Contenido principal del artículo

Martha Alicia Rodríguez Arocha
Universidad Panamericana, México
https://orcid.org/0009-0007-9984-5319
Carlos Alberto Vargas Castolo
Tecnológico de Monterrey, México
https://orcid.org/0000-0003-2289-1177

Resumen

Este artículo estudia la interacción del costo de capital con el desempeño de los factores de la dimensión Ambiental, Social y Gobernanza (ASG) en una muestra de empresas públicas argentinas, brasileñas, chilenas, colombianas, mexicanas y peruanas. Las regresiones de datos panel concentran 181 entidades de 2015 a 2023. Además, se efectuó un análisis que incluye el puntaje combinado y por pilares para explorar las dinámicas de las dimensiones ASG con las diferentes fuentes de capital. Las estimaciones de las regresiones con efectos fijos por sector económico y año indican que el desempeño ASG reduce el costo de capital y su componente accionario. Específicamente, las categorías ambiental y social impulsan un menor costo en ambos. Estos hallazgos confirman las prácticas ASG como impulsoras de un menor costo de capital y de su componente accionario, creando valor en el largo plazo en la región de Latinoamérica.

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Detalles del artículo

Número

Vol. 25 Núm. 2 (2025): The Anáhuac Journal, Vol. 25, Núm. 2, 2025, Segundo Semestre

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Artículos
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Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.

The Anáhuac Journal se distribuye bajo Licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional.

 

Biografía del autor/a

Martha Alicia Rodríguez Arocha, Universidad Panamericana, México

Martha Rodriguez Arocha is a Professor in Corporate Finance and serves as Secretary General of Universidad Panamericana, campus Guadalajara. She holds a master’s degree in Comptrollership from the same Institution and is a specialist in Portfolio Management, having completed a program at Instituto de Estudios Bursátiles in Madrid. She has taught the courses Evaluation of Investment Projects, and Financial Analysis at Universidad Panamericana, campus Guadalajara. Rodríguez is currently pursuing a Ph.D. in Financial Science at EGADE Business School, Tecnológico de Monterrey, Santa Fe campus. Her area of research is the relationship between corporate social responsibility and financial indicators.

Carlos Alberto Vargas Castolo, Tecnológico de Monterrey, México

Dr. Carlos Vargas is a Professor and Academic Lead of Extension Studies in Climate Governance and ESG at EGADE Business School, Tecnológico de Monterrey, and an Instructor of Sustainable Finance at Harvard University’s DCE. He serves on the Steering Committee of the Impact and Sustainable Finance Faculty Consortium and is an Elected Board Member of the Harvard Extension Alumni Association.
Author of Sustainable Finance Fundamentals (Routledge, 2024), he has lectured internationally. Dr. Vargas is also Chief Sustainability Officer at Grupo HYCSA. He holds a Ph.D. from the University of Zurich, an MBA from IPADE, and an ALM in Sustainability from Harvard.

Cómo citar

Prácticas de sostenibilidad en América Latina. ¿Reducen los factores ASG el costo de capital?. (2025). The Anáhuac Journal, 25(2), Pág. 79-105. https://doi.org/10.36105/

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