Sostenibilidad para los inversores europeos: Evidencia desde un ranking sostenible

Sustainability for European investors: Evidence from a sustainable ranking


Palabras clave: Sostenibilidad, medallero, criterios ESG, valor de mercado, rating

Agencias de apoyo

  • This research was funded by Ministry of Economy and Competitiveness (ECO2016-77631-R)


La sostenibilidad corporativa implica una amplia perspectiva que sugiere la creación de valor para los stakeholders y requiere desarrollar algunos compromisos a nivel económico, social, ambiental y de gobierno. La medición de los niveles de sostenibilidad corporativa tiene lugar a través de diferentes herramientas, siendo los rankings de sostenibilidad uno de los instrumentos más populares. Sin embargo, el impacto de estos indicadores en el valor de mercado es controvertido. Consecuentemente, nuestro objetivo es analizar la influencia del nivel de sostenibilidad sobre el valor de mercado de un conjunto de empresas. Para ello, aislamos el impacto del factor sostenibilidad de otra serie de efectos relacionados con la evolución general de los mercados financieros. Hemos utilizado información contenida en un ranking sostenible: el medallero elaborado por RobecoSAM. Nuestros resultados revelan que los inversores no valorar por igual los diferentes movimientos y calificaciones derivadas de la participación en un ranking sostenible.


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Cómo citar
López-Arceiz, F. J., Santamaría, R., & del Río, C. (2020). Sostenibilidad para los inversores europeos: Evidencia desde un ranking sostenible: Sustainability for European investors: Evidence from a sustainable ranking. Revista de Contabilidad - Spanish Accounting Review, 23(2), 148–166.