Sostenibilidad en empresas que cotizan en las Bolsa de Valores: Revisión sistemática literatura

dc.contributorGrueso-Hinestroza, Merlín-Patricia
dc.creatorCorrea Camargo, Laura Daniela
dc.date.accessioned2021-07-09T20:40:52Z
dc.date.accessioned2022-09-22T14:04:53Z
dc.date.available2021-07-09T20:40:52Z
dc.date.available2022-09-22T14:04:53Z
dc.date.created2021-07-09T20:40:52Z
dc.identifierhttps://repository.urosario.edu.co/handle/10336/31806
dc.identifierhttps://doi.org/10.48713/10336_31806
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/3435648
dc.description.abstractThe performance of an organization integrates society, environment, and economy. Therefore, a relationship must be generated favoring common interests and that the parties involved obtain financial, accounting, or personal benefits. In the stock market, for example, it is essential to disclose reports that reveal the efforts made by a company to be socially responsible. Corporate sustainability practices (CS) involve components that contribute to the development of a potential investor, the implementation of this concept, can result in a competitive advantage that strengthens a company that belongs to a market as challenging as the stock market. In the following dissertation, it is intended to do a systematic review and content analysis to evaluate the literature that has been written regarding sustainability in companies listed on the stock market, in order to gather all the key components of it: financial performance, characteristics of the reports, stock exchange performance, effects of the implementation of the practices and after codifying the results, build a model that allows to summarize this broad field, since being such a new concept, it is not applied in all economies and requires a review that facilitates and encourages its progressive implementation in emerging and developed countries.
dc.languagespa
dc.publisherUniversidad del Rosario
dc.publisherAdministración de Negocios Internacionales
dc.publisherEscuela de Administración
dc.rightshttp://creativecommons.org/licenses/by-nc-sa/2.5/co/
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightsAbierto (Texto Completo)
dc.rightsEL AUTOR, manifiesta que la obra objeto de la presente autorización es original y la realizó sin violar o usurpar derechos de autor de terceros, por lo tanto la obra es de exclusiva autoría y tiene la titularidad sobre la misma. PARGRAFO: En caso de presentarse cualquier reclamación o acción por parte de un tercero en cuanto a los derechos de autor sobre la obra en cuestión, EL AUTOR, asumirá toda la responsabilidad, y saldrá en defensa de los derechos aquí autorizados; para todos los efectos la universidad actúa como un tercero de buena fe. EL AUTOR, autoriza a LA UNIVERSIDAD DEL ROSARIO, para que en los términos establecidos en la Ley 23 de 1982, Ley 44 de 1993, Decisión andina 351 de 1993, Decreto 460 de 1995 y demás normas generales sobre la materia, utilice y use la obra objeto de la presente autorización. -------------------------------------- POLITICA DE TRATAMIENTO DE DATOS PERSONALES. Declaro que autorizo previa y de forma informada el tratamiento de mis datos personales por parte de LA UNIVERSIDAD DEL ROSARIO para fines académicos y en aplicación de convenios con terceros o servicios conexos con actividades propias de la academia, con estricto cumplimiento de los principios de ley. Para el correcto ejercicio de mi derecho de habeas data cuento con la cuenta de correo habeasdata@urosario.edu.co, donde previa identificación podré solicitar la consulta, corrección y supresión de mis datos.
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombia
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombia
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombia
dc.rightsAtribución-NoComercial-CompartirIgual 2.5 Colombia
dc.sourceAggarwal, P., & Singh, A. K. (2019). CSR and sustainability reporting practices in India: An in-depth content analysis of top-listed companies. Social Responsibility Journal, 15(8), 1033– 1053. https://doi.org/10.1108/SRJ-03-2018-0078
dc.sourceAlamo Batista & Antonio Francisco. (2018). Organizational Sustainability Practices: A Study of the Firms Listed by the Corporate Sustainability Index. Sustainability, 10(1), 226. https://doi.org/10.3390/su10010226
dc.sourceArias Fogliano de Souza Cunha, F., & Samanez, C. P. (2013). Performance Analysis of Sustainable Investments in the Brazilian Stock Market: A Study About the Corporate Sustainability Index (ISE). Journal of Business Ethics, 117(1), 19–36. https://doi.org/10.1007/s10551-012-1484- 2
dc.sourceAsamblea General de las Naciones Unidas. (2021). Naciones Unidas. https://www.un.org/es/ga/president/65/issues/sustdev.shtml
dc.sourceAureli, S., Gigli, S., Medei, R., & Supino, E. (2020). The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies. Corporate Social Responsibility and Environmental Management, 27(1), 43–52. https://doi.org/10.1002/csr.1772
dc.sourceAzevedo, V. G. de, Santos, A. A. P., & Campos, L. M. de S. (2016). Corporate sustainability and asset pricing models: Empirical evidence for the Brazilian stock market. Production, 26(3), 516–526. https://doi.org/10.1590/0103-6513.201115
dc.sourceBa, S., Lisic, L. L., Liu, Q., & Stallaert, J. (2013). Stock Market Reaction to Green Vehicle Innovation. Production and Operations Management, 22(4), 976–990. https://doi.org/10.1111/j.1937-5956.2012.01387.x
dc.sourceBektur, Ç., & Arzova, S. B. (2020). The effect of women managers in the board of directors of companies on the integrated reporting: Example of Istanbul Stock Exchange (ISE) Sustainability Index. Journal of Sustainable Finance & Investment, 1–17. https://doi.org/10.1080/20430795.2020.1796417
dc.sourceBittencourt S., Sellitto M.A., Gabbi A., Schimith C.D., Ferreira A.R., Basso R.L., & Scavarda A. (2015). Waste management practices adopted by brazilian companies members of the corporate sustainability index of the stock exchange. Chemical Engineering Transactions, 45, 769–774. https://doi.org/10.3303/CET1545129
dc.sourceBrundtland, G., Khalid, M., Agnelli, S., Al-Athel, S., Chidzero, B., Fadika, L., Hauff, V., Lang, I., Shijun, M., Morino de Botero, M., Singh, M., Okita, S., Others, A. (1987). Our Common Future. Brundtland report. Oxford University Press, USA.
dc.sourceBunget, O.-C., Mateș, D., Dumitrescu, A.-C., Bogdan, O., & Burcă, V. (2020). The Link between Board Structure, Audit, and Performance for Corporate Sustainability. Sustainability, 12(20), 8408. https://doi.org/10.3390/su12208408
dc.sourceByun, H., & Kim, T.-H. (2017). Identity Claims and Diffusion of Sustainability Report: Evidence from Korean Listed Companies, 2003–2010. Journal of Business Ethics, 140(3), 551– 565. https://doi.org/10.1007/s10551-015-2669-2
dc.sourceCastro Sobrosa Neto, R., Lima, C. R. M., Bazil, D. G., Oliveira Veras, M., & Andrade Guerra, J. B. S. O. (2020). Sustainable development and corporate financial performance: A study based on the Brazilian Corporate Sustainability Index (ISE). Sustainable Development, 28(4), 960–977. https://doi.org/10.1002/sd.2049
dc.sourceCezarino, L. O., Queiroz Murad, M. de, Resende, P. V., & Falco Sales, W. (2020). Being green makes me greener? An evaluation of sustainability rebound effects. Journal of Cleaner Production, 269, 121436. https://doi.org/10.1016/j.jclepro.2020.121436
dc.sourceChing, H. Y., Gerab, F., & Toste, T. H. (2017). The Quality of Sustainability Reports and Corporate Financial Performance: Evidence From Brazilian Listed Companies. SAGE Open, 7(2), 215824401771202. https://doi.org/10.1177/2158244017712027
dc.sourceCordeiro, J. J., & Tewari, M. (2015). Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach. Journal of Business Ethics, 130(4), 833–849. https://doi.org/10.1007/s10551-014-2115-x
dc.sourceDan Li & Yinping Mu. (2017). Sustainability awards and the market value of the firm: An empirical investigation. 2017 International Conference on Service Systems and Service Management, 1–6. https://doi.org/10.1109/ICSSSM.2017.7996138
dc.sourcede Carvalho, P. L., & Martins, O. S. (2017). Performance of Sustainability and Negotiability Indexes in the Brazilian Stock Market. En A. Belal & S. Cooper (Eds.), Advances in Environmental Accounting & Management (Vol. 6, pp. 133–158). Emerald Publishing Limited. https://doi.org/10.1108/S1479-359820160000006005
dc.sourcede Oliveira, E. M., Cunha, F. A. F. S., Cyrino Oliveira, F. L., & Samanez, C. P. (2017). Dynamic relationships between crude oil prices and socially responsible investing in Brazil: Evidence for linear and non-linear causality. Applied Economics, 49(22), 2125–2140. https://doi.org/10.1080/00036846.2016.1234695
dc.sourceDissanayake, D., Tilt, C., & Xydias-Lobo, M. (2016). Sustainability reporting by publicly listed companies in Sri Lanka. Journal of Cleaner Production, 129, 169–182. https://doi.org/10.1016/j.jclepro.2016.04.086
dc.sourceDumay, J., & Hossain, M. A. (2019). Sustainability Risk Disclosure Practices of Listed Companies in Australia. Australian Accounting Review, 29(2), 343–359. https://doi.org/10.1111/auar.12240
dc.sourceDzomonda, O., & Fatoki, O. (2020). Environmental Sustainability Commitment and Financial Performance of Firms Listed on the Johannesburg Stock Exchange (JSE). International Journal of Environmental Research and Public Health, 17(20), 7504. https://doi.org/10.3390/ijerph17207504
dc.sourceEccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
dc.sourceEl FMI y los Objetivos de Desarrollo Sostenible. (2021). IMF. https://www.imf.org/es/About/Factsheets/Sheets/2016/08/01/16/46/Sustainable-Development Goals
dc.sourceFallah, M., & Hosseinzadeh Lotfi, F. (2020). Sustainability assessment of Iranian petrochemical companies in stock exchange: A data envelopment analysis‐based approach. Expert Systems, 37(3). https://doi.org/10.1111/exsy.12359
dc.sourceFreeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman
dc.sourceGamez, M. J. (2021). Portada. Desarrollo Sostenible. https://www.un.org/sustainabledevelopment/es/
dc.sourceGómez-Bezares, F., Przychodzen, W., & Przychodzen, J. (2016). Corporate Sustainability and Shareholder Wealth—Evidence from British Companies and Lessons from the Crisis. Sustainability, 8(3), 276. https://doi.org/10.3390/su8030276
dc.sourceHou, Liao, Liu, & Xiong. (2019). Signing Auditors’ Foreign Experience and Debt Financing Costs: Evidence for Sustainability of Chinese Listed Companies. Sustainability, 11(23), 6615. https://doi.org/10.3390/su11236615
dc.sourceHow to use the GRI Standards. (2021). Global Reporting Initiative. https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-spanish-translations/
dc.sourceHuang, J.-Y., Shen, K.-Y., Shieh, J. C. P., & Tzeng, G.-H. (2019). Strengthen Financial Holding Companies’ Business Sustainability by Using a Hybrid Corporate Governance Evaluation Model. Sustainability, 11(3), 582. https://doi.org/10.3390/su11030582
dc.sourceJournal of Business Ethics. (2021). Springer. https://www.springer.com/journal/10551
dc.sourceJournal of Cleaner Production. (2021). https://www.journals.elsevier.com/journal-of-cleaner production
dc.sourceKaspereit, T., & Lopatta, K. (2016). The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1–24. https://doi.org/10.1111/beer.12079
dc.sourceKeskin, A. İ., Dincer, B., & Dincer, C. (2020). Exploring the Impact of Sustainability on Corporate Financial Performance Using Discriminant Analysis. Sustainability, 12(6), 2346. https://doi.org/10.3390/su12062346
dc.sourceKim, I., Kim, J., & Kang, J. (2020). Company Reputation, Implied Cost of Capital and Tax Avoidance: Evidence from Korea. Sustainability, 12(23), 9997. https://doi.org/10.3390/su12239997
dc.sourceKitsikopoulos, C., Schwaibold, U., & Taylor, D. (2018). Limited progress in sustainable development: Factors influencing the environmental management and reporting of South African JSE-listed companies. Business Strategy and the Environment, 27(8), 1295–1301. https://doi.org/10.1002/bse.2176
dc.sourceKrüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
dc.sourceKumar, K. (2020). Emerging phenomenon of corporate sustainability reporting: Evidence from top 100 NSE listed companies in India. Journal of Public Affairs. https://doi.org/10.1002/pa.2368
dc.sourceLee, J., Cho, E., & Park, J. S. (2019). Towards a More Transparent Disclosure for Corporate Sustainability: Focusing on the Regulation of Unfaithful Disclosure Designation. Sustainability, 11(22), 6460. https://doi.org/10.3390/su11226460
dc.sourceLiu, F. H. M., Demeritt, D., & Tang, S. (2019). Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore. Economic Geography, 95(4), 362– 384. https://doi.org/10.1080/00130095.2018.1544461
dc.sourceLo, S.-F. (2010). Performance evaluation for sustainable business: A profitability and marketability framework. Corporate Social Responsibility and Environmental Management, 17(6), 311–319. https://doi.org/10.1002/csr.214
dc.sourceLodhia, S., Kaur, A., & Stone, G. (2020). The use of social media as a legitimation tool for sustainability reporting: A study of the top 50 Australian Stock Exchange (ASX) listed companies. Meditari Accountancy Research, 28(4), 613–632. https://doi.org/10.1108/MEDAR-09-2019-0566
dc.sourceLoh, L., Thomas, T., & Wang, Y. (2017). Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies. Sustainability, 9(11), 2112. https://doi.org/10.3390/su9112112
dc.sourceMiralles Quirós, M. M., Miralles Quirós, J. L., & Daza Izquierdo, J. (2021). The assurance of sustainability reports and their impact on stock market prices. Cuadernos de Gestión, 21(1), 47– 60. https://doi.org/10.5295/cdg.201262mm
dc.sourceMohammadi, M. A. D., Mardani, A., Khan, M. N. A. A., & Streimikiene, D. (2018). Corporate sustainability disclosure and market valuation in a Middle Eastern Nation: Evidence from listed firms on the Tehran Stock Exchange: sensitive industries versus non-sensitive industries. Economic Research-Ekonomska Istraživanja, 31(1), 1488–1511. https://doi.org/10.1080/1331677X.2018.1486722
dc.sourceMollet, J. C., & Ziegler, A. (2014). Socially responsible investing and stock performance: New empirical evidence for the US and European stock markets. Review of Financial Economics, 23(4), 208–216. https://doi.org/10.1016/j.rfe.2014.08.003
dc.sourceMorimoto, R., Ash, J., & Hope, C. (2005). Corporate Social Responsibility Audit: From Theory to Practice. Journal of Business Ethics, 62(4), 315–325. https://doi.org/10.1007/s10551-005-0274- 5
dc.sourceMynhardt, H., Makarenko, I., & Plastun, A. (2017). Market efficiency of traditional stock market indices and social responsible indices: The role of sustainability reporting. Investment Management and Financial Innovations, 14(2), 94–106. https://doi.org/10.21511/imfi.14(2).2017.09
dc.sourceNazar, A. (2020). The Role of Financial Sustainability to Reduce the Financial Crisis, Through the Interactive Role of the Strategic Scenario: An Analytical Study in the Sector of Commercial Banks Listed in the Iraq Stock Exchange. International Journal of Entrepreneurship, 22.
dc.sourceNguyen, T. T. H., Moslehpour, M., Vo, T. T. V., & Wong, W.-K. (2020). State Ownership and Risk-Taking Behavior: An Empirical Approach to Get Better Profitability, Investment, and Trading Strategies for Listed Corporates in Vietnam. Economies, 8(2), 46. https://doi.org/10.3390/economies8020046
dc.sourceNobanee, H., & Ellili, N. (2016). Corporate sustainability disclosure in annual reports: evidence from UAE banks: Islamic versus conventional. Renewable Sustainable Energy Review, 55, 1336– 1341.
dc.sourceOMC | La OMC y los Objetivos de Desarrollo Sostenible. (2021). https://www.wto.org/spanish/thewto_s/coher_s/sdgs_s/sdgs_s.htm
dc.sourcePerrini, F., Russo, A., Tencati, A., & Vurro, C. (2011). Deconstructing the Relationship Between Corporate Social and Financial Performance. Journal of Business Ethics, 102(S1), 59–76. https://doi.org/10.1007/s10551-011-1194-1
dc.sourcePetcharat, N., & Zaman, M. (2019). Sustainability reporting and integrated reporting perspectives of Thai-listed companies. Journal of Financial Reporting and Accounting, 17(4), 671–694. https://doi.org/10.1108/JFRA-09-2018-0073
dc.sourcePrzychodzen, J., Gómez-Bezares, F., Przychodzen, W., & Larreina, M. (2016). ESG Issues among Fund Managers—Factors and Motives. Sustainability, 8(10), 1078. https://doi.org/10.3390/su8101078
dc.sourcePrzychodzen, J., & Przychodzen, W. (2013). Corporate sustainability and shareholder wealth. Journal of Environmental Planning and Management, 56(4), 474–493. https://doi.org/10.1080/09640568.2012.685927
dc.sourceReale, R., Magro, T. C., & Ribas, L. C. (2018). Measurement and analyses of biodiversity conservation actions of corporations listed in the Brazilian stock exchange’s corporate sustainability index. Journal of Cleaner Production, 170, 14–24. https://doi.org/10.1016/j.jclepro.2017.09.123
dc.sourceReddy, K., Gordon, L.W. (2010). The effect of sustainability reporting on financial performance: an empirical study using listed companies. J. Asia Entrepreuneursh. Sustain. 6 (2), 19e42.
dc.sourceRicci, F., Scafarto, V., Ferri, S., & Tron, A. (2020). Value relevance of digitalization: The moderating role of corporate sustainability. An empirical study of Italian listed companies. Journal of Cleaner Production, 276, 123282. https://doi.org/10.1016/j.jclepro.2020.123282
dc.sourceSantis, P., Albuquerque, A., & Lizarelli, F. (2016). Do sustainable companies have a better financial performance? A study on Brazilian public companies. Journal of Cleaner Production, 133, 735–745. https://doi.org/10.1016/j.jclepro.2016.05.180
dc.sourceSavitz, A. W., & Weber, K. (2006). The triple bottom line: How today's best-run companies are achieving economic, social and environmental success — and how you can too. San Francisco, CA: Jossey-Bass.
dc.sourceSectores económicos—Enciclopedia | Banrepcultural. (2017). Banco de la República. https://enciclopedia.banrepcultural.org/index.php/Sectores_econ%C3%B3micos
dc.sourceSingh, M. P., Chakraborty, A., Roy, M., & Tripathi, A. (2021). Developing SME sustainability disclosure index for Bombay Stock Exchange (BSE) listed manufacturing SMEs in India. Environment, Development and Sustainability, 23(1), 399–422. https://doi.org/10.1007/s10668- 019-00586-z
dc.sourceSuchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20, 571–610.
dc.sourceSustainability (No 8). (2021). 13(8), 4479.
dc.sourceTestarmata, S., Montecchia, A., & Carlo, E. D. (2013). Enhancing environmental sustainability through codes of ethics: The case of Italian listed companies. Corporate Ownership and Control, 11(1), 40–54. https://doi.org/10.22495/cocv11i1art4
dc.sourceTurk, B. K., Shackleton, C. M., & Whittington-Jones, K. (2013). PREVALENCE OF SUSTAINABILITY REPORTING PRACTICES OF A SAMPLE OF LISTED COMPANIES ON ESTABLISHED AND EMERGING STOCK EXCHANGES. 1, 8.
dc.sourceVinodkumar, N., & Alarifi, G. (2020). Environmental social governance: A core value to responsible stakeholders and stock market sustainability in the Kingdom of Saudi Arabia. Journal of Sustainable Finance & Investment, 1–17. https://doi.org/10.1080/20430795.2020.1827602
dc.sourceWasara, T. M., & Ganda, F. (2019). The Relationship between Corporate Sustainability Disclosure and Firm Financial Performance in Johannesburg Stock Exchange (JSE) Listed Mining Companies. Sustainability, 11(16), 4496. https://doi.org/10.3390/su11164496
dc.sourceWei, F., Lu, J., & Kong, Y. (2017). Research on Sustainability Financial Performance of Chinese Listed Companies. Sustainability, 9(5), 723. https://doi.org/10.3390/su9050723
dc.sourceYilmaz, A.K. and Flouris, T. 2010, ‘Managing Corporate Sustainability: Risk Management Process Based Perspective’, African Journal of Business Management, 4 (2): 162–71.
dc.sourceYilmaz, M. K., Aksoy, M., & Tatoglu, E. (2020). Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul. Sustainability, 12(2), 483. https://doi.org/10.3390/su12020483
dc.sourceZhang, J., Djajadikerta, H., & Zhang, Z. (2018). Does Sustainability Engagement Affect Stock Return Volatility? Evidence from the Chinese Financial Market. Sustainability, 10(10), 3361. https://doi.org/10.3390/su10103361
dc.sourceinstname:Universidad del Rosario
dc.sourcereponame:Repositorio Institucional EdocUR
dc.subjectDimensiones de la sostenibilidad
dc.subjectPrácticas de sostenibilidad corporativa (CS)
dc.subjectDesarrollo de mercado potencial de inversionistas
dc.subjectCorrelación entre el ingreso en el mercado de valores y la sostenibilidad empresarial
dc.subjectAnálisis de la sostenibilidad en empresas que cotizan en la bolsa de valores
dc.titleSostenibilidad en empresas que cotizan en las Bolsa de Valores: Revisión sistemática literatura
dc.typebachelorThesis


Este ítem pertenece a la siguiente institución