Publication: Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa
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Date
2014
Authors
Martínez Ferrero, Jennifer
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Description
Abstract
El objetivo de esta investigación es clarificar el efecto que las prácticas sostenibles generan en el coste
de capital y en la reputación corporativa, al ser prácticas percibidas por los inversores y el mercado
y que generan un impacto a nivel económico y financiero. Las hipótesis son testadas para una muestra
compuesta por 1.757 empresas internacionales, cotizadas y no financieras. Dicha muestra está constituida
por un total de 8.785 observaciones pertenecientes a 25 países y una región administrativa especial de
la República Popular China (Hong Kong) para el periodo 2006-2010. Los resultados tras aplicar una metodología para datos de panel confirman cómo las prácticas de sostenibilidad son valoradas positivamente por los inversores y otros stakeholders, generando un efecto positivo en la reputación empresarial y un menor coste de capital
The aim of this study is to clarify the effect of sustainable practices on the cost of capital and corporate reputation, since they are perceived practices by investors and market. Hypotheses are tested for a sample comprising 1,757 international listed non-financial companies, and consisting of 8,785 observations from 25 countries, plus the special administrative region of Hong Kong for the period 2006-2010. Results obtained trough panel data methodology show that sustainable practices are assessed positively by investors and other stakeholders, which generate a positive effect on corporate reputation and capital
The aim of this study is to clarify the effect of sustainable practices on the cost of capital and corporate reputation, since they are perceived practices by investors and market. Hypotheses are tested for a sample comprising 1,757 international listed non-financial companies, and consisting of 8,785 observations from 25 countries, plus the special administrative region of Hong Kong for the period 2006-2010. Results obtained trough panel data methodology show that sustainable practices are assessed positively by investors and other stakeholders, which generate a positive effect on corporate reputation and capital
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