Skip to main navigation menu Skip to main content Skip to site footer

Responsabilidad social, sustentabilidad y equidad de género

Vol. 14 (2020): Ecosistema de datos y la competitividad ISBN 978-607-96203-0-9

Cuantificación del beneficio en la rentabilidad de las empresas mexicanas, dada una mayor participación de la mujer en la alta dirección

Submitted
June 21, 2021
Published
2021-06-21

Abstract

En el presente trabajo se revisa el beneficio que tiene el hecho de que exista una mayor participación de la mujer tanto en la mesa directiva como en la alta dirección de las empresas que cotizan en la bolsa mexicana de valores. En el presente se realizaron modelos de regresión con datos panel anuales del año 2011 al 2019. Esto con información histórica de las empresas cuyas acciones son o han sido miembro del índice IPC para las variables rentabilidad (ROE), calificación ESG, calificaciones por pilares de ESG, el porcentaje de mujeres en la mesa directiva y el porcentaje de mujeres en la alta dirección. Los resultados de las regresiones muestran que solo existe una relación positiva y significativa entre el score ambiental, social y la participación de la
mujer en la mesa directiva (MD). 

References

  1. Alonso-Almeida, M. del M., Rodríguez-García, M. del P., Klender Aimer-Cortez, A., y Abreu-Quintero, J. L. (2009). Corporate social responsibility and financial performance: an application to Mexican listed companies. Contaduria y Administracion, 57(1), 53-77. Recuperado de http://www.scielo.org.mx/pdf/cya/v57n1/v57n1a4.pdf
  2. Baltagi, B. H., y Chang, Y.-J. (1994). Incomplete panels: A comparative study of alternative estimators for the unbalanced one-way error component regression model. Journal of Econometrics, 62(2), 67-89. https://doi.org/10.1016/0304-4076(94)90017-5
  3. Blasi, S., Caporin, M., y Fontini, F. (2018). A Multidimensional Analysis of the Relationship Between Corporate Social Responsibility and Firms’ Economic Performance. Ecological Economics, 147(October 2017), 218-229. https://doi.org/10.1016/j.ecolecon.2018.01.014
  4. Brogi, M., y Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576-587. https://doi.org/10.1002/csr.1704
  5. Capelle-Blancard, G., y Couderc, N. (2009). The Impact of Socially Responsible Investing: Evidence from Stock Index Redefinitions. The Journal of Investing, 18(2), 76-86.
  6. Carhart, M. M. (1997). On Persistence in Mutual Fund Performance. The journal of finance, LII(1), 57-82.
  7. Chittoor, R., Kale, P., y Puranam, P. (2015). Business groups in developing capital markets: Towards a complementarity perspective. Strategic Management Journal, 127(1), 12-13. https://doi.org/10.1002/smj
  8. Clarkson, M. E. (1995). A STAKEHOLDER FRAMEWORK FOR ANALYZING AND EVALUATING CORPORATE SOCIAL PERFORMANCE. Academy of Management Review, 20(1), 92-117. https://doi.org/10.5465/amr.1995.9503271994
  9. Comi, S., Grasseni, M., Origo, F., y Pagani, L. (2020). Where Women Make a Difference: Gender Quotas and Firms’ Performance in Three European Countries. ILR Review, 73(3), 768-793. https://doi.org/10.1177/0019793919846450
  10. Consolandi, C., Jaiswal-Dale, A., Poggiani, E., y Vercelli, A. (2008). Global Standards and Ethical Stock Indexes: The Case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics, 87(S1), 185-197.
  11. Crifo, P., Diaye, M. A., y Pekovic, S. (2016). CSR related management practices and firm performance: An empirical analysis of the quantity-quality trade-off on French data. International Journal of Production Economics, 171, 405-416. https://doi.org/10.1016/j.ijpe.2014.12.019
  12. Croissant, Y., y Millo, G. (2008). Panel data econometrics in R: The plm package. Journal of Statistical Software, 27(2), 1-43. https://doi.org/10.18637/jss.v027.i02
  13. D’Amato, A. (2017). Do women perform better in family firms? International Journal of Wine Business Research, 29(3), 299-315. https://doi.org/10.1108/IJWBR-12-2016-0039
  14. Derwall, J., Koedijk, K., y Ter Horst, J. (2011). A tale of values-driven and profit-seeking social investors. Journal of Banking & Finance, 35(8), 2137-2147.
  15. Dewally, M., Flaherty, S. M. V., y Tomasi, S. (2017). The impact of social norms on female corporate board membership inclusion. Managerial Finance, 43(10), 1093-1116. https://doi.org/10.1108/MF-06-2015-0182
  16. Eccles, N. S., y Viviers, S. (2011). The Origins and Meanings of Names Describing Investment Practices that Integrate a Consideration of ESG Issues in the Academic Literature. Journal of Business Ethics, 104(3), 389-402. https://doi.org/10.1007/s10551-011-0917-7
  17. Escrig-Olmedo, E., Fernández-Izquierdo, M., Ferrero-Ferrero, I., Rivera-Lirio, J., y Muñoz-Torres, M. (2019). Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles. Sustainability, 11(3), 915. https://doi.org/10.3390/su11030915
  18. Fama, E. F., y French, K. R. (1992). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3-56.
  19. Freeman, E. (1984). Strategic management: A stakeholder approach. New York: Cambridge university press.
  20. Friedman, M. (2007). The Social Responsibility of Business Is to Increase Its Profits. En Corporate Ethics and Corporate Governance (pp. 173-178). https://doi.org/10.1007/978-3-540-70818-6_14
  21. Galbreath, J. (2013). ESG in Focus: The Australian Evidence. Journal of Business Ethics, 118(3), 529-541. https://doi.org/10.1007/s10551-012-1607-9
  22. García-Santos, J. J., y Zavaleta-Vázquez, O. H. (2019). Is the relationship between CSR activities and financial performance of organizations a short term result ? An answer with a panel data analysis. Contaduría y Administración, 64(4), 1-25.
  23. Gutiérrez, P. R., Fuentes, M. del M. F., y Ariza, L. R. (2014). Strategic Capabilities and Performance in Women‐Owned Businesses in Mexico. Journal of Small Business Management, 52(3), 541-554. https://doi.org/10.1111/JSBM.12048@10.1111/(ISSN)1540-627X.WOMEN-IN-ENTREPRENEURSHIP
  24. Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271. https://doi.org/10.2307/1913827
  25. Hong, H., y Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93, 15-36. https://doi.org/10.1016/j.jfineco.2008.09.001
  26. Huang, J., Diehl, M.-R., y Paterlini, S. (2019). The Influence of Corporate Elites on Women on Supervisory Boards: Female Directors’ Inclusion in Germany. Journal of Business Ethics, 1-18. https://doi.org/10.1007/s10551-019-04119-6
  27. Lai, A., Melloni, G., y Stacchezzini, R. (2016). Corporate Sustainable Development: Is «Integrated Reporting» a Legitimation Strategy? Business Strategy and the Environment, 25(3), 165-177. https://doi.org/10.1002/bse.1863
  28. Lee, K. H., Cin, B. C., y Lee, E. Y. (2016). Environmental Responsibility and Firm Performance: The Application of an Environmental, Social and Governance Model. Business Strategy and the Environment, 25(1), 40-53. https://doi.org/10.1002/bse.1855
  29. Newey, W. K., y West, K. D. (1987). A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica, 55(3), 703-708.
  30. Post, J. E., Preston, L. E., y Sachs, S. (2002). Managing the Extended Enterprise: The New Stakeholder View. California Management Review, 45(1), 6-28. https://doi.org/10.2307/41166151
  31. Przychodzen, J., Gómez-Bezares, F., Przychodzen, W., y Larreina, M. (2016). ESG Issues among Fund Managers—Factors and Motives. Sustainability, 8(10), 1078. https://doi.org/10.3390/su8101078
  32. Refinitiv. (2018). Refinitiv Eikon. Recuperado 3 de junio de 2019, de Thomson Refinitiv Eikon login website: https://eikon.thomsonreuters.com/index.html
  33. Refinitiv. (2019). Environmental, Social and Governance (ESG) Scores from Refinitiv. Recuperado 1 defebrero de 2020, de ESG data website: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf
  34. S&P Dow Jones Indices LLC. (2019). S&P ESG Index Series Methodology. Recuperado de S&P DJI ESG scores website: https://us.spindices.com/documents/methodologies/methodology-sp-esg-index-series.pdf?force_download=true
  35. Schröder, M. (2004). The performance of socially responsible investments: investment funds and indices. Financial Markets and Portfolio Management, 18(2), 122-142. https://doi.org/10.1007/s11408-004-0202-1
  36. Schröder, M. (2007). Is there a Difference? The Performance Characteristics of SRI Equity Indices. Journal of Business Finance & Accounting, 34(1-2), 331-348. https://doi.org/10.1111/j.1468-5957.2006.00647.x
  37. Sethi, S. P., Martell, T. F., y Demir, M. (2017). An Evaluation of the Quality of Corporate Social Responsibility Reports by Some of the World’s Largest Financial Institutions. Journal of Business Ethics, 140(4), 787-805. https://doi.org/10.1007/s10551-015-2878-8
  38. Sharpe, W. (1963). A simplified model for portfolio analysis. Management Science, 9(2), 277-293.
  39. Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, XIX(3), 425-442.
  40. Statman, M. (2000). Socially Responsible Mutual Funds. Financial Analysts Journal, 56(3), 30-39. https://doi.org/10.3905/jpm.2016.42.2.140
  41. Swamy, P. A. V. B., y Arora, S. S. (1972). The Exact Finite Sample Properties of the Estimators of Coefficients in the Error Components Regression Models. Econometrica, 40(2), 261. https://doi.org/10.2307/1909405
  42. Thomson-Reuters. (2012). Thomson Reuters Business Classification methodology. Recuperado 2 de abril de 2020, de Thomson Reuters Busines Classification website:
  43. https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/trbc-business-classifcation-methodology.pdf
  44. Thomson-Reuters. (2019). London Stock Exchange shareholders bless $27 billion Refinitiv deal - Reuters. Recuperado 2 de abril de 2020, de Business news website: https://www.reuters.com/article/us-lse-m-a-refinitiv/london-stock-exchange-shareholders-bless-27-billion-refinitiv-deal-idUSKBN1Y01DD
  45. Xie, J., Nozawa, W., Yagi, M., Fujii, H., y Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286-300. https://doi.org/10.1002/bse.2224

Most read articles by the same author(s)