This paper examines whether a irm's inancial performance (FP) is associated with superior environmental, social and governance (ESG) scores in emerging markets of multinationals in Latin America. The study addresses the current research gap on this issue; it develops hypotheses and tests them by applying linear regressions with a data panel drawn from the Thomson Reuters Eikon™ database to analyse data on 104 multinationals from Brazil, Chile, Colombia, Mexico and Peru between 2011 and 2015. The results suggest that the relationship between the ESG score and FP is signiicantly statistically negative. Furthermore, in examining environmental, social and governance separately to accurately determine each variable's relationship to multilatinas' FP, the results reveal a negative relationship. Finally, the empirical analysis provides evidence for a moderating efect of inancial slack and geographic international diversiication on the relationship between ESG dimensions and irms' FP. This study furthers understanding of the relationship between ESG dimensions and FP for the Latin American business context.

The purpose of this study is to explore the relationship between green innovation (GI) and financial performance (FP) in emerging markets multinationals from Latin America (Multilatinas). Aligned with the natural resource-based view and institutional theory, and using moderated and hierarchical linear regression analyses with panel data from 86 listed firms during the period 2013-2017, we find that implementing effective GIs is not associated with greater FP. The paper also analyses the moderating effect of Environmental Management Systems (ISO 14001) and research and development (R&D) investment on the relationship between GI and FP. We find that Multilatinas' implementation of ISO 14001 does not affect the way they adopt GI and thus does not enhance their levels of FP, but a positive moderating effect is generated as companies increase their level of R&D investment. The paper expands knowledge of the way GI affects Multilatinas' FP, and these findings have policy implications for managers, policy makers, government and other institutions.

This paper explores the relationships between proactive environmental strategy (PES) and internationalization in emerging markets multinationals from Latin America (Multilatinas). Drawing on the resource‐based view and institutional theory and using a sample of 86 listed firms during the period 2013–2017, we find that Multilatinas with higher tiers of PES are associated with higher degrees of geographic international diversification. Because adopting PES is directly conditioned by institutional pressures to comply with stakeholders' regulations and expectations, Multilatinas that implement advanced PES will be able to achieve a higher level of international presence in foreign markets. Our results also reveal that board independence positively moderates the relationship between PES and geographic international diversification. Specifically, board independence provides Multilatinas with the opportunity to integrate valuable knowledge and expertise and thus to take advantage of implementing advanced PES to achieve even greater levels of internationalization. This study expands understanding of how environmental strategies influence internationalization of firms in the Latin American business context.

The purpose of this study is to analyse the extant literature on sustainable financial products (SFP) with a comprehensive understanding of the status quo and research trends as well as characterise the existing SFP in the Latin America banking industry. In this way, research papers derived from Scopus as well as institutional reports such as main documents, sustainability reports, and product portfolios publicly available on webpages from public, private, and development banks are used to create a database of SFP where their main characteristics are included and classified. Based on the research trends identified, the results show the development of financial products focused on environmental, social, and government (ESG) matters, mainly from the credit side, of more sustainable financial markets and products under fintech ecosystems. The results show that because of regulatory and government support through mechanisms such as green protocols and social and environmental responsibility policies, private financial institutions of Brazil, Colombia, and Argentina have led the development of both social and green financial products. These study’s findings may be used for several policymakers to broaden the opportunities available in sustainable financing and thus, provide a roadmap that researchers and practicing professionals can use to improve their understanding of SFP. Finally, the study presents the potential for further research in the field, both with a qualitative and a quantitative approach.