Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia

Detalhes bibliográficos
Autor(a) principal: Mayorga, Sergio Andrés Redondo
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/28242
Resumo: Mestrado Bolonha em Finanças
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spelling Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de ColombiaESGindexsustainabilitystock returnsMestrado Bolonha em FinançasESG refers to "the consideration of environmental, social, and governance factors in the evaluation of companies and investments" (Clark et al. 2014, p. 3). ESG policies of a company are composed by the environmental (E), social (S) and governance (G) dimensions, however it is possible for a company to participate in individual E, S and G activities at different levels (Humphrey et al. 2012). ESG factors have gained traction among investors during the last years due to their potential impact on financial performance. This document seeks to investigate how ESG components affect stock returns in Colombian stock market, replicating previous studies from the European Union and the United States stock market, based on a data panel drawn from the Thomson Reuters Eikon software, composed by 26 companies traded on the Bolsa de Valores de Colombia between 2011 and 2020. For this report it was used a two-step methodology (a data panel and multiple linear regressions) to analyze the performance of the companies included in the sample. First, it was combined several ESG indicators with macroeconomic variables collected monthly, to evaluate the general effects of ESG index variations on companies’ returns. Given the results from the previous analysis, a multiple regression for each company in the sample was run. Based on the results found, this paper found a weak but positive relation between the ESG scores and the stock returns in Colombian stock market, it also revealed the shortcomings of implementation of ESG policies in the country and proposed a focus for ESG research in the future to provide a reference for academic research and the practice of ESG within Colombian context.Instituto Superior de Economia e GestãoVieira, Pedro RinoRepositório da Universidade de LisboaMayorga, Sergio Andrés Redondo2024-02-25T01:30:37Z2023-072023-07-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/28242engMayorga, Sergio Andrés Redondo (2023). “Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestãoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-03T01:32:06Zoai:www.repository.utl.pt:10400.5/28242Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:27:39.357231Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
title Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
spellingShingle Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
Mayorga, Sergio Andrés Redondo
ESG
index
sustainability
stock returns
title_short Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
title_full Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
title_fullStr Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
title_full_unstemmed Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
title_sort Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia
author Mayorga, Sergio Andrés Redondo
author_facet Mayorga, Sergio Andrés Redondo
author_role author
dc.contributor.none.fl_str_mv Vieira, Pedro Rino
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Mayorga, Sergio Andrés Redondo
dc.subject.por.fl_str_mv ESG
index
sustainability
stock returns
topic ESG
index
sustainability
stock returns
description Mestrado Bolonha em Finanças
publishDate 2023
dc.date.none.fl_str_mv 2023-07
2023-07-01T00:00:00Z
2024-02-25T01:30:37Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/28242
url http://hdl.handle.net/10400.5/28242
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Mayorga, Sergio Andrés Redondo (2023). “Do ESG ratings affect stock return? Evidence from the Bolsa de Valores de Colombia”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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