Relación de las prácticas ambientales, sociales y de gobernanza (ESG) en el desempeño empresarial: una evidencia empírica para empresas del S&P 500
DOI:
https://doi.org/10.18800/360gestion.202510.011Palabras clave:
ESG, Desempeño financiero, Sostenibilidad corporativa, Responsabilidad social empresarialResumen
Este estudio analiza la relación entre las prácticas ESG y el desempeño empresarial en empresas pertenecientes al índice S&P 500 durante el periodo 2015-2024, utilizando modelos de datos de panel con efectos fijos. Se observa un efecto negativo de las prácticas ESG sobre la MC, mientras que no se identifican efectos significativos en el retorno sobre activos. Al realizar un análisis de heterogeneidad mediante interacciones sectoriales y segmentación por quintiles, se contrasta que el efecto no es uniforme. Estos hallazgos sugieren que los efectos del ESG dependen de la actividad principal y de la capitalización bursátil, destacando beneficios en empresas tecnológicas y costos en empresas industriales. Asimismo, en el caso de las empresas de menor capitalización, el efecto resulta positivo en las actividades más representativas de la muestra. Nuestras recomendaciones enfatizan la necesidad de que las empresas adopten estrategias ESG diferenciadas, considerando su contexto sectorial y su valor bursátil.
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