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Efficiency Analysis of Mexican Stock Exchange Sustainable Firms

Author

Listed:
  • Norma Laura Godínez Reyes

    (Universidad Michoacana de San Nicolás de Hidalgo, México)

  • Rodrigo Gómez Monge

    (Universidad Michoacana de San Nicolás de Hidalgo, México)

  • Argelia Calderón Gutiérrez

    (Universidad Michoacana de San Nicolás de Hidalgo, México)

  • Gerardo Gabriel Alfaro Calderón

    (Universidad Michoacana de San Nicolás de Hidalgo, México)

Abstract

En esta investigación se analiza el impacto de las variables de generación de valor sustentable (ESG) en la eficiencia de las empresas que calificaron para pertenecer al Índice de Sustentabilidad de la Bolsa Mexicana de Valores durante el periodo 2014-2017. La eficiencia se determinó utilizando el método no paramétrico del Análisis Envolvente de Datos (DEA). Los resultados indican que, dado el nivel de rentabilidad, la variable que mayormente incide en la generación de valor sustentable es gobierno corporativo (G), seguida de medio ambiente (E) y prácticas sociales (S). La principal limitación del estudio radica en el tamaño de la muestra. La originalidad de esta investigación consiste en determinar la eficiencia corporativa utilizando el desempeño financiero como input y las calificaciones de valor sustentable como outputs del modelo DEA. Como conclusión, esta investigación muestra que las acciones de responsabilidad social contibuyen a incrementar la eficiencia sustentable de las empresas, por lo que se propone que la medición del valor sustentable sea complemento de la evaluación de la eficiencia corporativa.

Suggested Citation

  • Norma Laura Godínez Reyes & Rodrigo Gómez Monge & Argelia Calderón Gutiérrez & Gerardo Gabriel Alfaro Calderón, 2022. "Efficiency Analysis of Mexican Stock Exchange Sustainable Firms," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(1), pages 1-22, Enero - M.
    • Handle: RePEc:imx:journl:v:17:y:2022:i:1:a:7
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    References listed on IDEAS

    as
    1. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    2. Rodrigo Gómez Monge, 2012. "El sector bancario en México, los depósitos a plazo y las cuentas de ahorro: un análisis de eficiencia durante el periodo de internacionalización a través de la envolvente de datos (dea)," Revista Ciencias Estratégicas, Universidad Pontificia Bolivariana, June.
    3. Jun Xie & Wataru Nozawa & Michiyuki Yagi & Hidemichi Fujii & Shunsuke Managi, 2019. "Do environmental, social, and governance activities improve corporate financial performance?," Business Strategy and the Environment, Wiley Blackwell, vol. 28(2), pages 286-300, February.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Sustainable Value; Efficiency; Corporate Governance; DEA; Corporate Social Responsibility.;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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