Sustainability and its impact on corporate financial performance: empirical evidence in the Colombian stock market
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https://orcid.org/0000-0003-0467-8970
Abstract
Corporate sustainability has been consolidated as an effective leadership and management approach to configure an environment of trust, transparency and full information necessary to strengthen business integrity and well-being, especially in regions such as Latin America, where most of the countries they depend increasingly on the commitment of the private sector to society. In this sense, the article studies the relationship between the quality of environmental, social and governance (ESG) practices and the long-term financial performance of Colombian companies listed on the stock market. Historical information of a public nature, obtained from Bloomberg, between 2008 and 2018 is used. The econometric analysis is developed through unbalanced panel data. The results reveal that good ESG practices adopted by national firms lead to a better performance in their environment and in front of their stakeholders, which is reflected in better business performance over time
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