ESG index impact on the performance of education sector companies
DOI:
https://doi.org/10.5902/1983465986171Palabras clave:
ESG, Resultados financieros, Resultados del mercado, Instituciones educativasResumen
Propósito: Este documento pretendía identificar el impacto de las puntuaciones ambientales, sociales y de gobernanza (ESG) de los colegios, universidades y escuelas profesionales con ánimo de lucro en sus resultados de mercado y financieros. Diseño/metodología/enfoque: Se utilizaron como muestra los datos de 50 empresas de todo el mundo, cotizadas en bolsa y con datos ESG disponibles para el periodo 2012 a 2021 contenidos en la base de información EIKON-REFINITIV. Como variables de rendimiento se utilizaron la Q de Tobin y el Market-to-Book (MTB), variables ampliamente adoptadas en estudios económicos similares. Como variables de rendimiento financiero se utilizaron el rendimiento de los activos (ROA) y el rendimiento de los fondos propios (ROE). Las variables explicativas consistieron en los índices ESG combinado, ESG pilar social, pilar medioambiental y pilar de gobernanza. Como técnica de análisis se utilizó el método generalizado de regresión de momentos (GMM). Resultados: Como resultado, se halló una relación significativa y positiva entre las puntuaciones combinadas ESG y Pilar Social y el rendimiento financiero, representado por ROE y ROA. Este resultado es similar al de una amplia variedad de otros estudios que hallaron la misma relación positiva. Por el contrario, se observó una relación significativa y negativa entre las puntuaciones combinadas de ASG y Pilar Social y los indicadores de mercado Q de Tobin y MTB. Implicaciones prácticas: Los resultados indican que, aunque las puntuaciones ESG combinadas y del Pilar Social y el rendimiento financiero están positivamente relacionados con los resultados financieros, el mercado no reconoce positivamente ni pone precio a las acciones debido a estas puntuaciones. Originalidad: Estos resultados aún no se habían observado para este sector.
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Derechos de autor 2024 Jair Manoel Casquel Júnior, Rafael Povedano, Luís Henrique Dos Santos, Marcio Marcelo Belli, Luiz Eduardo Gaio
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