La influencia de los ESG en la cotización bursátil de las empresas:Un estudio bibliométrico

  1. Agustín Burgos Baena
  2. Ana María Irimia Dieguez
  3. Felix Jiménez Naharro
  4. Antonio De la Torre Gallegos
Revista:
Revista Colombiana de Contabilidad

ISSN: 2339-3645

Año de publicación: 2023

Volumen: 11

Número: 22

Páginas: 1

Tipo: Artículo

Otras publicaciones en: Revista Colombiana de Contabilidad

Resumen

Este artículo consiste en un estudio bibliométrico en el que se identifica cuales son las tendencias actuales de publicación en ESG y su influencia bursátil. El cual se trata de un problema de investigación de creciente interés principalmente por parte de USA, Canadá y China. No obstante, a pesar de la investigación previa los resultados no son concluyentes sobre la relación entre ESG y la influencia bursátil como son el caso de los estudios de Feng, J. (2022); Wong, J.B. (2022); Hebb, T. (2010). Así mismo, es recomendable emplear otros enfoques de estudio para abordar este problema desde otros puntos de vista que no sean mediante estudios empíricos y cuantitativos que permitirán a los investigadores profundizar y comprender mejor la problemática.

Referencias bibliográficas

  • Citas Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/J.JOI.2017.08.007
  • Auer, B. y Schuhmacher, F. (2016). Do socially (ir)responsible investments pay? New evidence from international ESG data. The Quarterly Review of Economics and Finance. Volume 59, February 2016, Pages 51-62. https://doi.org/10.1016/j.qref.2015.07.002
  • Bae, J., Yang, X. and Kim, M.-I. (2021), ESG and Stock Price Crash Risk: Role of Financial Constraints*. Asia Pac J Financ Stud, 50: 556-581. https://doi.org/10.1111/ajfs.12351
  • Banerjee, S.; Humphery-Jenner, M. y Nanda, V. (2018). Does CEO bias escalate repurchase activity? .Journal of Banking & Finance. Volume 93, August 2018, Pages 105-126. https://doi.org/10.1016/j.jbankfin.2018.02.003
  • Bofinger, Y, Heyden, KJ, Rock, B, Bannier, CE. (2022). The sustainability trap: Active fund managers between ESG investing and fund overpricing. Finance research letters. 45, DOI: 10.1016/j.frl.2021.102160
  • Chen, H., Liu, S., Yang, D. and Zhang, D. (2023), "Automatic air pollution monitoring and corporate environmental disclosure: a quasi-natural experiment from China", Sustainability Accounting, Management and Policy Journal, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/SAMPJ-07-2022-0385
  • Cho, Y. ESG and Firm Performance: Focusing on the Environmental Strategy. Sustainability 2022, 14, 7857. https://doi.org/10.3390/su14137857
  • Clark, J.; Mauck, N. y Pruitt, S.W. (2021). The financial impact of COVID-19: Evidence from an event study of global hospitality firms. Research in International Business and Finance. Volume 58, December 2021, 101452. https://doi.org/10.1016/j.ribaf.2021.101452
  • Comerio, N., & Strozzi, F. (2019). Tourism and its economic impact: A literature review using bibliometric tools. Tourism Economics, 25(1), 109–131. https://doi.org/10.1177/1354816618793762
  • Cormier, D., Dufour, D., Luu, P., Teller, P., and Teller, R. (2019) The Relevance of XBRL Voluntary Disclosure for Stock Market Valuation: The Role of Corporate Governance. Can J Adm Sci, 36: 113– 127. https://doi.org/10.1002/cjas.1483.
  • Corzo Santamaría, T.; Martin-Bujack, K.; Portela, J. y Sáenz-Diez, R. (2022). Early market efficiency testing among hydrogen players. International Review of Economics & Finance, Volume 82, November 2022, Pages 723-742. https://doi.org/10.1016/j.iref.2022.08.011
  • Demir, E. Ozturk Danisman, G. (2021). Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses. Research in International Business and Finance Volume 58, December 2021, 101508. https://doi.org/10.1016/j.ribaf.2021.101508
  • Derwall, J.; Guenster, N.; Bauer, R.; Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financ. Anal. J. 2005, 51–63.
  • Do, Y.; Kim, S. Do Higher-Rated or Enhancing ESG of Firms Enhance Their Long–Term Sustainability? Evidence from Market Returns in Korea. Sustainability 2020, 12, 2664. https://doi.org/10.3390/su12072664
  • Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/J.JBUSRES.2021.04.070
  • Dumitrescu, A. a, Zakriya, M. (2021). Stakeholders and the stock price crash risk: What matters in corporate social performance? Journal of Corporate Finance. Volume 67. https://doi.org/10.1016/j.jcorpfin.2020.101871
  • E-Vahdati, S.; Wan-Hussin, W.N.; Mohd Ariffin, M.S. (2023). The Value Relevance of ESG Practices in Japan and Malaysia: Moderating Roles of CSR Award, and Former CEO as a Board Chair. Sustainability 2023, 15, 2728. https://doi.org/10.3390/su15032728
  • Eng, L.L., Fikru, M. and Vichitsarawong, T. (2022), "Comparing the informativeness of sustainability disclosures versus ESG disclosure ratings", Sustainability Accounting, Management and Policy Journal, Vol. 13 No. 2, pp. 494-518. https://doi.org/10.1108/SAMPJ-03-2021-0095
  • Espahbodi, L, Espahbodi, R, Juma, N, Westbrook, A. Sustainability priorities, corporate strategy, and investor behavior. Rev Financ Econ. 2019; 37: 149– 167. https://doi.org/10.1002/rfe.1052
  • Fabozzi, FJ.; Ng, PW. y Tunaru, DE. (2021). The impact of corporate social responsibility on corporate financial performance and credit ratings in Japan. Journal of Asset management. 22, 2. Pag. 79-95. DOI: 10.1057/s41260-021-00204-6
  • Feng, J.; Goodell, J. W. y Shen, D. (2022). ESG rating and stock Price crash risk: Evidence from China. Finance Resarch Letters. Volume 46, Part B, May 2022, 102476. https://doi.org/10.1016/j.frl.2021.102476
  • Feng, X. (2021). The role of ESG in acquirers' performance change after M&A deals. Green Finance. 2021, Volume 3, Issue 3: 287-318. doi: 10.3934/GF.2021015
  • Fiskerstrand, S.R.; Fjeldavli, S.; Leirvik, T.; Antoniuk, Y. y Nenadic, O. (2019). Sustainable investments in the Norwegian stock market. Journal of Sustainable Finance & Investment . Volume 10, 2020 - Issue 3. Pages 294-310. https://doi.org/10.1080/20430795.2019.1677441
  • Friede, G.; Busch, T. y Bassen, A. (2015). ESG and Financial performance: Aggregated evidence from more tan 2000 empirical studies. J. Sustain. Financ. Invest. 5, 210-233.
  • Gao, J.; Chu, D.; Zheng, J. y Ye, T. (2022). Environmental, social and governance performance: Can it be a stock price stabilizer? Journal of Cleaner Production. Volume 379, Part 2, 15 December 2022, 134705. https://doi.org/10.1016/j.jclepro.2022.134705
  • García, A.S.; Mendes-Da-Silva, W.; Orsato, R,J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. J. Clean. Prod. 2017. 150, 135 – 147.
  • García-Pereira, S., & Quevedo-Blasco, R. (2015). Análisis de las revistas iberoamericanas de Psicología y de Educación indexadas en el Journal Citation Reports del 2013. European Journal of Education and Psychology, 8(2), 85-96. https://doi.org/10.1016/j.ejeps.2015.09.003
  • Garzón, D. M., Amaya, C. A. y Castellanos, O. (2004). Modelo Conceptual e instrumental de sostenibilidad organizacional a partir de la evaluación del tejido social empresarial. Innovar Revista de ciencias administrativas y sociales, 83-92.
  • Global Reporting Initiative (2002). Sustainability reporting guidelines. Global Reporting Initiative, Boston, USA.
  • Gutiérrez Ponce, H. y Arimany Serrat, N. (2021). Comunicación web de información no financiera en las empresas de cuatro índices bursátiles europeos. Revista Española de Documentación Científica 45 (3), julio-septiembre 2022, e329ISSN: 0210-0614, eISSN: 1988-4621 https://doi.org/10.3989/redc.2022.3.1883
  • Haddow, G. (2018). Bibliometric research. Research Methods: Information, Systems, and Contexts: Second Edition, 241–266. https://doi.org/10.1016/B978-0-08-102220-7.00010-8
  • Hebb, T., Hamilton, A.& Hachigian, H. (2010). Responsible Property Investing in Canada: Factoring Both Environmental and Social Impacts in the Canadian Real Estate Market. Journal of Business Ethics volume 92, pages99–115 (2010). https://doi.org/10.1007/s10551-010-0636-5
  • Hwan Lee, J.; Hyung Cho, J.; Joon Kim, B. (2022). ESG Performance of Multinational Companies and Stock Price Crash: Evidence from Korea. Journal of Economic Integration 2022 September;37(3) :523-539. DOI: https://doi.org/10.11130/jei.2022.37.3.523
  • Jeffrey, S.; Rosenberg, S. y Brianna McCabe. (2019). Corporate social responsibility behaviors and corporate reputation. Social Responsibility Journal. Vol. 15 No. 3, pp. 395-408. https://doi.org/10.1108/SRJ-11-2017-0255
  • Jiang, X., Xin, B., Xiong, Y. (2022). The Value of Mandatory Certification: A Real Effects Perspective. Journal of accounting research. Volume61, Issue1. Pages 377-413. https://doi.org/10.1111/1475-679X.12460
  • Joshi, H. and Chauha, R. (2020) Determinants and Prediction Accuracy of Price Multiples for South East Asia: Conventional and Machine Learning Analysis. The Indonesian Capital Market Review: Vol. 12: No. 1, Article 4. DOI: 10.21002/icmr.v12i1.12051
  • Juddoo, K., Malki, I., Mathew, S. et al. An impact investment strategy. Review of Quantitative Finance and Accounting. 61, 177–211 (2023). https://doi.org/10.1007/s11156-023-01149-0
  • Jung, H.; Song, C. (2023). Managerial perspectives on climate change and stock price crash risk. Finance Research Letters. Volume 51, January 2023, 103410. https://doi.org/10.1016/j.frl.2022.103410
  • Karan, M.B.; Ulucan, A.; Kaya, M. (2012). Credit Risk Estimation Using Payment History Data: A Comparative Study of Turkish Retail Stores. Cent. Eur. J. Oper. Res. 21, 479–494.
  • Khan, M.; Serafeim, G. y A. Yoon. (2016). Sustentabilidad corporativa: primera evidencia sobre materialidad, The Accounting Review 91, 1697-724.
  • Kim, W.; Sung, T. y Wei, S. (2017). The diffusion of corporate governance to emerging markets: Evaluating two dimensions of investor heterogeneity. Journal of International Money and Finance. Volume 70, February 2017, Pages 406-432. https://doi.org/10.1016/j.jimonfin.2016.10.002
  • Kim, B.; Jung, J. y Cho, S. (2022). Can ESG mitigate the diversification discount in cross-border M&A?. Borsa Istanbul Review. Volume 22, Issue 3, May 2022, Pages 607-615. https://doi.org/10.1016/j.bir.2021.09.002
  • Labuschagne, C., Brent, A.C., & van Erck, P.G. (2004). Assessing the sustainability performances of industries. Journal of Cleaner Production 13(4), 373-385
  • Levine-Clark, M., & Gil, E. L. (2021). A new comparative citation analysis: Google Scholar, Microsoft Academic, Scopus, and Web of Science. Https://Doi.Org/10.1080/08963568.2021.1916724, 26(1–2), 145–163. https://doi.org/10.1080/08963568.2021.1916724
  • Li, S.; Yin, P. y Liu, S. (2022). Evaluation of ESG Ratings for Chinese Listed Companies From the Perspective of Stock Price Crash Risk. Frontiers in Environmental Science
  • Liu, XQ.; Yang, CR. y Chao, YC. (2022). The Pricing of ESG: Evidence From Overnight Return and Intraday Return. Frontiers in environmental science. 10. DOI: 10.3389/fenvs.2022.927420
  • Liu, Y., Li, W. and Meng, Q. (2023), "Influence of distracted mutual fund investors on corporate ESG decoupling: evidence from China", Sustainability Accounting, Management and Policy Journal, Vol. 14 No. 1, pp. 184-215. https://doi.org/10.1108/SAMPJ-10-2021-0401
  • Marín, V. T., & Arriojas, D. D. J. (2021). Ubicación de revistas científicas en cuartiles según SJR: predicción a partir de estadística multivariante. Anales de Documentación 24(1). http://dx.doi.org/10.6018/analesdoc.455951
  • Martínez-Aragón, C. L., Arellano, G. A., & Lagarda-Leyva, E. A. (2022). Cultura Organizacional y Competitividad de las Empresas Restauranteras y Hoteleras de Sonora, México. Ciencias administrativas, (19), 6-6. https://dx.doi.org/https://doi.org/10.24215/23143738e095
  • Moalla, M. and Dammak, S. (2023), "Corporate ESG performance as good insurance in times of crisis: lessons from US stock market during COVID-19 pandemic", Journal of Global Responsibility, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JGR-07-2022-0061
  • Miralles-Quiros, MM; Miralles-Quiros, JL; Goncalves, LMV. (2018). The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case. SUSTAINABILITY. 10, 3. DOI: 10.3390/su10030574
  • Miralles-Quiros, MM, Miralles-Quiros, JL, Redondo-Hernandez, J. (2019). The impact of environmental, social, and governance performance on stock prices: Evidence from the banking industry. Corporate social responsibility and environmental management. 26, 6, p.1446-1456. DOI: 10.1002/csr.1759
  • Murata, R.; Hamori, S. (2021). ESG Disclosures and Stock Price Crash Risk. J. Risk Financial Manag. 2021, 14, 70. https://doi.org/10.3390/jrfm14020070
  • Ng, A.C. y Rezaee, Z. (2020). Business sustainability factors and stock price informativeness. Journal of Corporate Finance. Volume 64, October 2020, 101688. https://doi.org/10.1016/j.jcorpfin.2020.101688
  • Qureshi, MA.; Kirkerud, S.; Theresa, K. y Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. BUSINESS STRATEGY AND THE ENVIRONMENT. 29, 3, Pag. 1199-1214. DOI: 10.1002/bse.2427
  • Pandey, D.K., Kumar, R. and Kumari, V. (2023), "Glasgow climate pact and the global clean energy index constituent stocks", International Journal of Emerging Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJOEM-05-2022-0815
  • Ping, W.; Yue, M., Zhu, Q. y Hao, S. (2023). ESG-Driven Corporate Value Creation under the Paradigm of Ecological Civilization: Evidence from the Shareholder, Industrial Chain and Consumer Channels. SPECIAL ISSUE: ENVIRONMENT AND DEVELOPMENT UNDER THE PARADIGM OF ECOLOGICAL CIVILIZATION. Pages 129-157 | Published online: 24 Mar 2023. https://doi.org/10.1080/02529203.2023.2192090
  • Saini, J.S., Feng, M. and DeMello, J. (2022), "Corporate sustainability performance and informativeness of earnings", American Journal of Business, Vol. 37 No. 3, pp. 120-138. https://doi.org/10.1108/AJB-12-2020-0198
  • Sang K. y ZhichuanF. Li (2021). Understanding the Impact of ESG Practices in Corporate Finance. Sustainibility. Sustainability 2021, 13, 3746. https://doi.org/10.3390/su13073746
  • Schiehll, E, Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Bus Strat Env. 2021; 30: 840– 855. https://doi.org/10.1002/bse.2657
  • Serafeim, G. y Yoon, A. (2022). Stock price reactions to ESG news: the role of ESG ratings and disagreement. Review of Accounting Studies. https://doi.org/10.1007/s11142-022-09675-3
  • Shakil, MH. Environmental, social and governance performance and stock price volatility: A moderating role of firm size. J Public Affairs. 2022; 22:e2574. https://doi.org/10.1002/pa.2574
  • Sharma, U; Gupta, A.; Gupta, SK. (2022).The pertinence of incorporating ESG ratings to make investment decisions: a quantitative analysis using machine learning. Journal of sustainable finance & investment. DOI: 10.1080/20430795.2021.2013151
  • Suttipun, M. and Yordudom, T. (2022), "Impact of environmental, social and governance disclosures on market reaction: an evidence of Top50 companies listed from Thailand", Journal of Financial Reporting and Accounting, Vol. 20 No. 3/4, pp. 753-767. https://doi.org/10.1108/JFRA-12-2020-0377
  • Tasnia, M., Syed Jaafar AlHabshi, S.M. and Rosman, R. (2021), "The impact of corporate social responsibility on stock price volatility of the US banks: a moderating role of tax", Journal of Financial Reporting and Accounting, Vol. 19 No. 1, pp. 77-91. https://doi.org/10.1108/JFRA-01-2020-0020
  • The United Nations Principles for Responsible Investment. (2022). What Is ESG Integration? Available online: https://www.unpri.org/investor-tools/what-is-esg-integration/3052.article
  • Wong, J. B.; Zang Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. . The British Accounting Review. Volume 54, Issue 1, January 2022, 101045. https://doi.org/10.1016/j.bar.2021.101045
  • Wu, J. (2022). The Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance. Fusion of Big Data Analytics, Machine Learning and Optimization Algorithms for Internet of Things. Volume 2022 | Article ID 7623580 | https://doi.org/10.1155/2022/7623580
  • Xu N, Liu J and Dou H (2022) Environmental, social, and governance information disclosure and stock price crash risk: Evidence from Chinese listed companies. Front. Psychol. 13:977369. doi: 10.3389/fpsyg.2022.977369
  • Yamamura, E. (2022). THE EFFECT OF PROVIDING PEER INFORMATION ON EVALUATION FOR GENDER-EQUALIZED AND ESG-ORIENTED FIRMS: AN INTERNET SURVEY EXPERIMENT. The Singapore Economic Review. Pages: 1–22. https://doi.org/10.1142/S0217590822460031
  • Yoo, S.; Keeley, R. A. y Managi, S. (2021). Does sustainability activities performance matter during financial crises? Investigating the case of COVID-19. Energy Policy. Volume 155. https://doi.org/10.1016/j.enpol.2021.112330
  • Yu, H. Liang, C. Liu, Z y Wang, H. (2023). News-based ESG sentiment and stock price crash risk. International Review of Financial Analysis. Volume 88, July 2023, 102646. https://doi.org/10.1016/j.irfa.2023.102646
  • Zhang, T.; Zhang, C.Y.; Pei, Q. (2019). Misconception of Providing Supply Chain Finance: Its Stabilising Role. Int. J. Prod. Econ. 213, 175–184.
  • Zhou, D.; Zhou, R. ESG Performance and Stock Price Volatility in Public Health Crisis: Evidence from COVID-19 Pandemic. Int. J. Environ. Res. Public Health 2022, 19, 202. https://doi.org/10.3390/ijerph19010202