Inversión ecoeficiente: efectos sobre el desempeño económico y financiero de los grupos empresariales del Dow Jones Sustainability World Index

Abstract

El impacto de la actividad económica sobre el medio ambiente es innegable, causando daños irreparables. Por lo anterior, la inversión en eficiencia en emisiones es una de las soluciones al problema. En la revisión de la literatura se observan efectos dispares entre la inversión asociada a comportamientos ecoeficientes y la rentabilidad económica-financiera de las empresas. El objetivo del estudio fue aportar mayor evidencia empírica sobre estos efectos. Se utilizó un panel de datos balanceado para una muestra de 57 grupos empresariales, líderes europeos cotizados, para los años 2012-2015. Los resultados desvelan una relación positiva entre los niveles de ecoeficiencia y el desempeño económico-financiero. Las recompensas alcanzadas por los grupos empresariales, por la mejora de sus resultados y a través de los mercados financieros, deberían facilitar la aplicación de normativas con el objetivo de reducir el impacto de la actividad empresarial sobre el medioambiente. The impact of economic activity on the environment is undeniable, causing irreparable damage. Thus, investment in emission efficiency is one of the solutions to the problem. A review of the literature shows disparate effects between investment associated with eco-efficient behaviour and the economic-financial profitability of companies. The aim of the study was to provide more empirical evidence on these effects. A balanced data panel was used for a sample of 57 large groups of listed companies for the years 2012-2015. The results reveal a positive relationship between eco-efficiency levels and economic-financial performance. The rewards achieved by companies for improving their results and through financial markets should facilitate the application of regulations with the aim of reducing the impact of business activity on the environment.

Who discloses carbon information? The joint role of ownership and factor market distortion

“…Reducing the provision of environmental "soft public goods' has further worsened the local environmental pollution. This promotion system based on GDP assessments often promotes extensive economic development at the expense of resources and the environment (Perez-Calderon et al, 2021;Waheed et al, 2019). In this process, distortion of the factor market and government allocation often become tools for the government to control firms to serve them.…”

Corporate governance and financial performance: Reframing their relationship in the context of climate change

“…Although the sign of the association between climate performance and FP is unclear from past empirical evidence (Busch & Lewandowski, 2018; Velte et al, 2020), several studies contrast a positive impact of climate performance on both market‐based (Iwata & Okada, 2011; Lee et al, 2015) and accounting‐based (Gallego‐Álvarez et al, 2015; Ganda & Milondzo, 2018; Perez‐Calderon et al, 2021). Companies with the best climate performance would not only benefit from the tangible and intangible advantages mentioned above (Albitar et al, 2023; Bui et al, 2020; Gull et al, 2022; He et al, 2023) but would also be rewarded by the financial market (Haque & Ntim, 2020; Vásquez‐Ordóñez et al, 2023).…”

Eco-Efficiency And Financial Performance: An Evidence From Indonesian Listed Company (Using The Emissions Intensity Approach)

“…The notion of eco-efficiency and its relationship to financial performance is a relatively new topic in developing countries, both in business and academia (Sudha, 2020). In contrast, developed countries have focused on environmental public policies to maintain corporate value and improve market efficiency and business models (Al-Najjar & Anfimiadou, 2012;Bianchi et al, 2020;Pérez-Calderón et al, 2021;Scarpellini et al, 2020).…”