Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)

Con el fin de aportar a la difusión y el avance de la SRI en Colombia, el Autorregulador del Mercado de Valores —AMV— y la Universidad del Rosario presentan este documento de investigación, el cual, fundamentado en una extensa y actualizada revisión de literatura, se compone de seis secciones: en la...

Full description

Autores:
Tipo de recurso:
Fecha de publicación:
2023
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
spa
OAI Identifier:
oai:repository.urosario.edu.co:10336/41203
Acceso en línea:
https://doi.org/10.12804/urosario9789585002210
https://repository.urosario.edu.co/handle/10336/41203
Palabra clave:
Administración del portafolio
Análisis de inversiones
Inversión – Técnicas
Empresas – Gobierno
Rights
License
Attribution-NonCommercial-NoDerivatives 4.0 International
id EDOCUR2_ae288697ad122dd454e2d989defb3499
oai_identifier_str oai:repository.urosario.edu.co:10336/41203
network_acronym_str EDOCUR2
network_name_str Repositorio EdocUR - U. Rosario
repository_id_str
dc.title.none.fl_str_mv Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
dc.title.TranslatedTitle.none.fl_str_mv Socially responsible investment: selection and management of portfolios with environmental, social and corporate governance (ESG)
title Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
spellingShingle Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
Administración del portafolio
Análisis de inversiones
Inversión – Técnicas
Empresas – Gobierno
title_short Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
title_full Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
title_fullStr Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
title_full_unstemmed Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
title_sort Inversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)
dc.subject.none.fl_str_mv Administración del portafolio
Análisis de inversiones
Inversión – Técnicas
Empresas – Gobierno
topic Administración del portafolio
Análisis de inversiones
Inversión – Técnicas
Empresas – Gobierno
description Con el fin de aportar a la difusión y el avance de la SRI en Colombia, el Autorregulador del Mercado de Valores —AMV— y la Universidad del Rosario presentan este documento de investigación, el cual, fundamentado en una extensa y actualizada revisión de literatura, se compone de seis secciones: en la primera, se exponen conceptos fundamentales, antecedentes y estado actual de la SRI; en la segunda, se analizan aspectos sobre la medición del desempeño y los riesgos ESG; en la tercera, los principales enfoque para la selección y administración de portafolios responsables son analizados; en la cuarta, se hace una descripción de las mejores prácticas internacionales, incluyendo los casos más representativos en cuanto a regulación y normas de calidad; en la quinta, se describen los más destacados avances realizados alrededor de la SRI en Colombia, junto con las oportunidades y retos para su implementación en el país, para terminar en la sexta sección con las conclusiones generales del documento.
publishDate 2023
dc.date.accessioned.none.fl_str_mv 2023-10-20T19:31:03Z
dc.date.available.none.fl_str_mv 2023-10-20T19:31:03Z
dc.date.created.none.fl_str_mv 2023
dc.type.none.fl_str_mv book
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_2f33
dc.type.spa.none.fl_str_mv Libro
dc.identifier.doi.none.fl_str_mv https://doi.org/10.12804/urosario9789585002210
dc.identifier.isbn.none.fl_str_mv 978-958-500-221-0
dc.identifier.uri.none.fl_str_mv https://repository.urosario.edu.co/handle/10336/41203
url https://doi.org/10.12804/urosario9789585002210
https://repository.urosario.edu.co/handle/10336/41203
identifier_str_mv 978-958-500-221-0
dc.language.iso.none.fl_str_mv spa
language spa
dc.relation.isversionof.none.fl_str_mv 1
dc.relation.uri.none.fl_str_mv https://editorial.urosario.edu.co/catalog/product/view/id/7418/s/gpd-inversion-socialmente-responsable-seleccion-y-administracion-de-portafolios-con-criterios-medioambientales-sociales-y-de-gobierno-corporativo-esg--64f129915237e/
dc.rights.*.fl_str_mv Attribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.acceso.none.fl_str_mv Abierto (Texto Completo)
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
rights_invalid_str_mv Attribution-NonCommercial-NoDerivatives 4.0 International
Abierto (Texto Completo)
http://creativecommons.org/licenses/by-nc-nd/4.0/
http://purl.org/coar/access_right/c_abf2
dc.format.extent.none.fl_str_mv 76
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.spa.fl_str_mv Editorial Universidad del Rosario
dc.publisher.other.none.fl_str_mv Autorregulador del Mercado de Valores de Colombia
institution Universidad del Rosario
dc.source.bibliographicCitation.none.fl_str_mv AccountAbility. (2008). Norma de Aseguramiento de Sostenibilidad AA1000 AS. Recuperado de: http://www.mas-business.com/arch/documentos/ aa1000as_2008_esp_129.pdf
Ainsworth, A., Corbett, A. & Satchell, S. Psychic dividends of socially responsible investment portfolios. J Asset Manag 19, 179-190 (2018). DOI: 10.1057/s41260-017-0073-4
Alessandrini, F., & Jondeau, E. (2020). ESG Investing: From Sin Stocks to Smart Beta. The Journal of Portfolio Management, 46(3), 75-94. DOI: 10.3905/jpm.2020.46.3.075
Alma Mundus. (2022). CFA ESG Certificate, is it worth it? Recuperado de: https://www.linkedin.com/pulse/cfa-esg-certification-worth-alma- mundus
Ameer, R., & Othman, R. (2017). Corporate social responsibility performance communication and portfolio management. Managerial Finance, 43(5), 595-613. DOI: 10.1108/MF-06-2016-0164
ANBIMA. (2020). ESG Guide, Incorporating ESG aspects into investment assessments. Recuperado de: https://www.anbima.com.br/data/ files/84/76/12/5D/581E2710A3B8ED27092BA2A8/ESG%20Guide.pdf
ANBIMA. (2022a). ESG, presentación noviembre. Recuperado de: https:// www.casip-panama.org/wp-content/uploads/2022/12/Tatiana-Itikawa- ASG-Sostenibilidad.pdf
ANBIMA. (2022b). Experiencias iberoamericanas (I): finanzas sostenibles y regulaciones sobre la información en materia de ESG para emisores de valores en América Latina. Presentación. Recuperado de: https://www.anbima.com.br/data/files/8F/90/2F/E1/4DA84810EA- 926748882BA2A8/Fiafin_Idendificacao%20de%20fundos.pptx
ANBIMA (2022c). ESG Guide II, ESG aspects for asset managers and investment funds. Recuperado de: https://www.anbima.com.br/data/ files/08/E7/AC/BC/8B54181056C3B2186B2BA2A8/ESG_Guide_II.pdf
Anquetin, T., Coqueret, G., Tavin, B., & Welgryn, L. (2022). Scopes of carbon emissions and their impact on green portfolios. Economic Modelling, 115. DOI: 10.1016/j.econmod.2022.105951
Antunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach. Sustainability 15(9), 1-32. DOI: 10.3390/su15097560
Arribas, I., Espinós-Vañó, M. D., García, F., & Tamosiuniene, R. (2019). Negative screening and sustainable portfolio diversification. Entrepreneurship and Sustainability Issues, 6(4), 1566-1586. DOI: 10.9770/ jesi.2019.6.4(2)
Asobancaria. (2021). Guía General de Administración de Riesgos Ambientales y Sociales ARAS, versión 2021. Recuperado de: https://www. asobancaria.com/wp-content/uploads/2021/11/Guia-ARAS_V21.pdf
Baker, H. K., Holzhauer, H. M., & Nofsinger, J. R. (2022). Sustainable investing: What everyone needs to know? Oxford University Press.
BNA. (2019). Protocolo de Finanzas Sostenibles de la Industria Bancaria en Argentina. Recuperado de: https://www.bna.com.ar/Downloads/ ProtocoloDeFinanzasSostenibles.pdf
Bertolotti, A. (2020). Effectively managing risks in an ESG portfolio. Journal of Risk Management in Financial Institutions, 13(3), 202-211.
Bloomberg Intelligence. (2021). ESG Assets Rising to $50 Trillion Will Reshape $140.5 Trillion of Global AUM by 2025, Finds Bloomberg Intelligence. Recuperado de: https://www.bloomberg.com/company/ press/esg-assets-rising-to-50-trillion-will-reshape-140-5-trillion-of-global- aum-by-2025-finds-bloomberg-intelligence/
BNamericas. (2022). Regulador financiero de Chile planea actual i zar es tándares ESG. Recuperado de: ht tps://www. bnamericas.com/es/noticias/regulador-financiero-de-chile-planea- actualizar-estandares-esg#:~:text=Regulador%20financiero%20 de%20Chile%20planea%20actualizar%20est%C3%A1ndares%20ESG,- Bnamericas%20Publicado%3A%20mi%C3%A9rcoles&text=Los%20 reguladores%20financieros%20chilenos%20est%C3%A1n,la%20 Uni%C3%B3n%20Europea%20como%20modelo
Bondy, K., Moon. J., & Matten, D. (2012). An Institution of Corporate Social Responsibility (CSR) in Multi-National Corporations (MNCs): Form and Implications. Journal of Business Ethics, 111(2), 281-299. DOI:10.1007/ s10551-012-1208-7
Bose, S., Guo, D., & Simpson, A. (2019). The Financial Ecosystem: The Role of Finance in Achieving Sustainability. Palgrave Macmillan.
Brodmann, J., Phuvadon, W. & Rama, M. (2021). The liquidity, performance and investor preference of socially responsible investments. Review of Behavioral Finance 15(2), 224-239. DOI: 10.1108/RBF-09-2021- 0191
Camilleri, M. A. (2015). Environmental, social and governance disclosures in Europe. Sustainability Accounting, Management and Policy Journal, 6(2), 224-242. DOI: 10.1108/SAMPJ-10-2014-0065
Camilleri, M. A. (2017). Corporate Sustainability, Social Responsibility and Environmental Management. An Introduction to Theory and Practice with Case Studies. Springer.
Capelle-Blancard, G., & Monjon, S. (2014). The Performance of Socially Responsible Funds: Does the Screening Process Matter? European Financial Management, 20(3). DOI: 494-520. 10.1111/j.1468- 036X.2012.00643.x
Capelli, P., Ielasi, F., & Russo, A. (2023). Integrating ESG risks into value-atrisk. Finance Research Letters 55, 1-8. DOI: 10.1016/j.frl.2023.103875
Carroll, A. B. (1998). The four faces of corporate citizenship. Business and Society Review, 100, 1-7. DOI: 10.1111/0045-3609.00008
CECODES. (2022). Transparencia y criterios ESG. Sosteniblemente, No. 29. Recuperado de: https://issuu.com/cecodesdesarrollosostenible/docs/ sosteniblemente_29_1.5
CFA Institute. (2018). ESG integration in the Americas: Markets, practices, and data. Recuperado de: https://www.cfainstitute.org/-/media/documents/ survey/esg-integration-in-the-americas.pdf
CFA Institute. (2021a). ESG Investing, Official Training Manual, Edition 3. CFA Society of the UK.
CFA Institute. (2021b). Global ESG Disclosure Standards for Investment Products. Recuperado de: https://www.cfainstitute.org/-/media/documents/ ESG-standards/Global-ESG-Disclosure-Standards-for-Investment- Products.pdf
CFA Institute. (2023). Certificate in ESG Investing. Recuperado de: https:// www.cfainstitute.org/en/programs/esg-investing
Chen, L., Zhang, L., Huang, J., Xiao, H., & Zhou, Z. (2021). Social responsibility portfolio optimization incorporating ESG criteria. Journal of Management Science and Engineering, 6(1), 75-85. DOI: 10.1016/j. jmse.2021.02.005
Chow, G.W.S., Durand, R. B., & Koh, S. (2014). Are ethical investments good? Australian Journal of Management, 39(4), 645-665. DOI: 10.1177/0312896213516327
CMF. (2021). ESG y su importancia en la Regulación y el Gobierno Corporativo de las Empresas. Recuperado de: https://www.cmfchile.cl/ portal/prensa/615/articles-49888_doc_pdf.pdf
CNV. (2021). Lineamientos para la emisión de valores sociales, verdes y sustentables en Argentina. Recuperado de: https://www.argentina. gob.ar/sites/default/files/lineamientos_para_la_emision_de_valores_ negociables_sociales.pdf
Cohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting 60, 1451–1468. DOI: 10.1007/ s11156-023-01135-6
Crane, A., & Matten, D. (2004). Business ethics: A European perspective. Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Crane, A., McWilliams, A., Matten, D., Moon, J., & Siegel, D. (2009). The Oxford Handbook of Corporate Social Responsibility. Oxford Publications.
Croft, T., & Malhotra, A. (2016). The Responsible Investor Handbook: Mobilizing Worker’s Capital for a Sustainable World. Greenleaf Publishing.
Department for Business Innovation and Skills - DBIS. (2014). Corporate Responsibility. Good for Business & Society: government response to call for views on corporate responsibility. Recuperado de: https://assets. publishing.service.gov.uk/government/uploads/system/uploads/ attachment_data/file/300265/bis-14-651-good-for-business-and-society- government-response-to-call-for-views-on-corporate-responsibility. pdf
Doumpos, M., Eskantar, M. & Zopounidis, C. (2023). Socially and Environmentally Responsible Investments and Mutual Funds. En C. Gaganis, F. Pasiouras, Tasiou, M. & Zopounidis, C. (eds.), Sustainable Finance and ESG: Risk, Management, Regulations, and Implications for Financial Institutions, pp. 71-90. Palgrave Macmillan
Du, S. L., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing, 36, 313-330. DOI: 10.1509/jppm.16.112
ECIJA. (2021). México: regulación ESG, tendencias regulatorias y leyes en la materia en trámite. Recuperado de: https://ecija.com/sala- de-prensa/mexico-regulacion-esg-en-mexico-tendencias-regulatorias- y-leyes-en-la-materia-en-tramite/
El Economista. (2020). Estandarización global de información ESG a las emisoras, una necesidad. Recuperado de: https://www.eleconomista. com.mx/sectorfinanciero/Estandarizacion-global-de-informacion- ESG-a-las-emisoras-una-necesidad-20200930-0026.html
El Investidor. (2022). 18 fundos recebem ‘selo verde’ em 2022 e 54 seguem na fila. Veja a lista. Recuperado de: https://einvestidor.estadao. com.br/investimentos/esg-fundos-com-selo-verde-de-sustentabilidade- anbima
Elkington, J. (1998). Cannibals with forks: The triple bottom line of 21st century business. Capstone.
European Commission. (2021). Green Business, Eco-Management and Audit Scheme (EMAS), About EMAS. Recuperado de: https:// green-business.ec.europa.eu/eco-management-and-audit-schemeemas/ about-emas_en
European Union. (2013a). Directive 2013/34/EU of the European Parliament and of the Council, June 26. Official Journal of the European Union, L 182/19. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:182:0019:0076:EN:PDF
European Union. (2013b). Directive 2013/50/EU of the European Parliament and of the Council, October 22. Official Journal of the European Union, L 294/13. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:294:0013:0027:en:PDF
Eurosif. (2021). Responsible Investment Strategies. Recuperado de: https:// www.eurosif.org/responsible-investment-strategies/
EY Perú. (2017). Desafíos en materia de sostenibilidad corporativa en el Perú. Recuperado de: https://assets.ey.com/content/dam/ey-sites/ey-com/es_pe/topics/sustainability/ey-desafios-materia-sostenibilidad- corporativa.pdf?download.
Fifka, M. S. (2013). Corporate citizenship in Germany and the United States– Differing perceptions and practices in transatlantic comparison. Business Ethics: A European Review, 22(4), 341-356. DOI: 10.1111/beer.12027
Financial Conduct Authority, FCA. (2018). Climate Change and Green Finance, Discussion Paper DP18/8. Recuperado de: https://www.fca.org. uk/publication/discussion/dp18-08.pdf
Financial Conduct Authority, FCA. (2019). Climate Change and Green Finance: summary of responses and next steps, Feedback to DP18/8. Recuperado de: https://www.fca.org.uk/publication/feedback/fs19-6.pdf
Financial Conduct Authority, FCA. (2021). A strategy for positive change: our ESG priorities. Recuperado de: https://www.fca.org.uk/publications/ corporate-documents/strategy-positive-change-our-esg-priorities
FINRA. (2019). ESG investing - Clearing the air on social impact financial products. Recuperado de: https://www.finra.org/investors/insights/ esg-investing-clearing-air-social-impact-financial-products
FINRA. (2022). Investor resilience - World Investor Week 2022: Investor bulletin. Recuperado de: https://www.finra.org/investors/insights/key-topicsworld- investor-week-2022
FINRA. (2023). 2023 Report on FINRA’s examination and risk monitoring program. Recuperado de: https://www.finra.org/sites/default/ files/2023-01/2023-report-finras-examination-risk-monitoring-program. pdf
Forbes. (2020). Why socially responsible investing is likely to gain momentum under Biden. Daily cover, December 14. Recuperado de: https:// www.forbes.com/sites/jasonbisnoff/2020/12/14/esg-investing-a-sizzling- sector-that-will-get-even--hotter-under-president-biden/?sh=- f12988a33020
Franco, C. (2020). ESG controversies and their impact on performance. The Journal of Investing, 29, 33-45. DOI: 10.3905/joi.2019.1.106
Freeman, R.E. (1984). Strategic management: A stakeholder perspective. Piman.
Friedman, M. (1962). Capitalism and freedom. University of Chicago Press.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times, September 13, 122-126. Recuperado de: https:// www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social- responsibility-of-business-is-to.html
Fung, H. G., Law, S. A., & Yau, J. (2010). Socially Responsible Investment in a Global Environment. Edward Elgar.
Gao, Y, Xiong, X., & Feng, X. (2020). Responsible investment in the Chinese stock market. Research in International Business and Finance, 52, 1-14. DOI: 10.1016/j.ribaf.2019.101173
Ghoul, W., & Karam, P. (2007). MRI and SRI mutual funds: A comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds. Journal of Investing, 16(2), 96. DOI: 10.3905/joi.2007.686416
Ghuliani, C. (2013). India Companies Act 2013: Five Key Points about India’s “CSR Mandate”. BSR Report. Recuperado de: https://www.bsr. org/en/our-insights/blog-view/india-companies-act-2013-five-keypoints- about-indias-csr-mandate
Global Reporting Initiative – GRI. (2016). Consolidated set of GRI standards. Recuperado de: https://www.globalreporting.org/how-to-usethe- gri-standards/gri-standards-english-language/
Global Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdf
Global Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdf
Harjoto, M., & Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151(2), 353-373. DOI: 10.1007/s10551-016-3202-y
Hornuf, L. & Yüksel, G. (2023). The performance of socially responsible investments: A meta-analysis. European Financial Management, 2023, 1-50. DOI: 10.1111/eufm.12439.
International Finance Corporation – IFC. (2012). Normas de desempeño sobre sostenibilidad ambiental y social. Recuperado de: https://www.ifc.org/wps/wcm/connect/bbe68418-8480-4541-ba82-767b9350977c/ IFCPerformanceStandardsSpanish.pdf?MOD=AJPERES&CVID=j-Bnepi
IOSCO. (2021). Environmental, Social and Governance. (ESG) Ratings and Data Products Providers, Final Report. Recuperado de: https://www. iosco.org/library/pubdocs/pdf/IOSCOPD690.pdf
IOSCO. (2023a). Weekly Bulletin for IOSCO Members - 3. 18 to 25 January 2023.
IOSCO. (2023b). Weekly Bulletin for IOSCO Members - 4. 25 January - 1 February 2023.
IOSCO. (2023c). Weekly Bulletin for IOSCO Members - 5. 1 to 8 February 2023.
ISO. (2022). ISO 32210:2022. Sustainable finance - Guidance on the application of sustainability principles for organizations in the financial sector. Recuperado de: https://www.iso.org/standard/77776.html
Joliet, R., & Titova, Y. (2018). Equity SRI Funds vacillate between ethics and money: An analysis of the funds’ stock holding decisions. Journal of Banking and Finance, 97, 70-86. DOI: 10.1016/j.jbankfin.2018.09.011
Kaiser, L., & Welters, J. (2019). Risk-mitigating effect of ESG on momentum portfolios. Journal of Risk Finance, 20(5), 542-555. DOI: 10.1108/JRF-05- 2019-0075
Kahn, M. E. (2007). Environmental disasters as risk regulation catalysts? The role of Bhopal, Chernobyl, Exxon Valdez, Love Canal, and Three Mile Island in shaping U.S. environmental law. Journal of Risk and Uncertainty, 35 (1), 17-43. DOI: 10.1007/s11166-007-9016-7
Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908-922. DOI: 10.1111/j.1468-036X.2007.00402.x
Khan, K. I., Naqvi, S. M. WA., Ghafoor, M. M. & Akash, R. S. I. (2020). Sustainable Portfolio Optimization with Higher-Order Moments of Risk. Sustainability, 12(5), 1-14. DOI: 10.3390/su12052006
Laguna, M. A & Capelle-Blancard, G. (2010). How Does the Stock Market Respond to Chemical Disasters? Journal of Environmental Economics and Management, 59 (2), 192-205. DOI: 1016/j.jeem.2009.11.002
Lean, H. H., Ang, W. R., & Smyth, R. (2015). Performance and performance persistence of socially responsible investment funds in Europe and 70 North America. North American Journal of Economics and Finance, 34, 254-266. DOI: 10.1016/j.najef.2015.09.011
Lemke, T. P., & Lins, G. T. (2014). Regulation of Investment Advisers. Securities Law Handbook Series. Clark Boardman Callaghan.
Lesser, K., Rossle, F., & Walkshausl, C. (2016). Socially responsible, green, and faith-based investment strategies: Screening activity matters! Finance Research Letters, 16, 171-178. DOI: 10.1016/j.frl.2015.11.001
Levitt, T. (1958). The dangers of social responsibility. Harvard Business Review, 36, 41-50.
Lewis, A., & Mackenzie, C. (2000). Morals, money, ethical investing and economic psychology. Human Relations, 53, 179-191. DOI: 10.1177/ a010699
Liagkouras, K., Metaxiotis, K., & Tsihtintzis, G. (2020). Incorporating environmental and social considerations into the portfolio optimization process. Annals of Operations Research, 1-27. DOI: 10.1007/s10479-020- 03554-3
Madhavan, A., & Sobczyk, A. (2020). On the Factor Implications of Sustainable Investing in Fixed-Income Active Funds. The Journal of Portfolio Management, 46(3), 141-152. DOI: 10.3905/jpm.2020.46.3.141
Martellini, L., & Vallee, L. S. (2021). Measuring and Managing ESG Risks in Sovereign Bond Portfolios and Implications for Sovereign Debt Investing. The Journal of Portfolio Management, 47(9), 21-42. DOI: 10.3905/ jpm.2021.1.290
Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. (2016). Corporate Social Responsibility as a Strategic Shield against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305-324. DOI: 10.1007/s10551-014-2399-x
Marval. (2021). ESG: mayor impulso de la CNV a la Inversión Socialmente Responsable. Recuperado de: https://www.marval.com/publicacion/ esg-mayor-impulso-de-la-cnv-a-la-inversion-socialmente-responsable- 14051
Matten, D., & Crane, A. (2005). Corporate citizenship: Toward an extended theoretical conceptualization. Academy of Management Review, 30(1), 166-179. DOI: 10.2307/20159101
Ministerio de Hacienda y Crédito Público. (2020). Marco de referencia de bonos verdes soberanos de Colombia. Recuperado de: https:// www.irc.gov.co/webcenter/portal/IRCEs/pages_Deuda/bonosverdes
Ministerio de Hacienda y Crédito Público. (2021). Resolución 1687 de 19 de julio de 2021. Recuperado de: https://xperta.legis.co/visor/legcol/ legcol_5855520411754f339d2c57ba378394ec
Nofsinger, J.R. (2017). The Psychology of Investing, 6th ed. Routledge.
OECD. (2004). White paper sobre gobierno corporativo en América Latina. Recuperado de: https://www.oecd.org/daf/ca/corporategovernanceprinciples/ 22368983.pdf
OECD. (2014). Institutional Investors and Long-Term Investment: Project Report. Recuperado de: https://www.oecd.org/daf/fin/private-pensions/ OECD-LTI-project.pdf
OECD. (2015). G20/OECD Principles of Corporate Governance. OECD Publishing. Recuperado de: https://www.oecd-ilibrary.org/ governance/g20-oecd-principles-of-corporate-governance- 2015_9789264236882-en
OECD. (2020). ESG Investing: Environmental Pillar Scoring and Reporting. Report. Recuperado de: https://www.oecd.org/finance/ESG-Investing- Environmental-Pillar-Scoring-and-Reporting.pdf
Oikonomou, I., Platanakis, E., & Sutcliffe, C. (2018). Socially responsible investment portfolios: does the optimization process matter? The British Accounting Review, 50(4), 379-401. DOI: 10.1016/j.bar.2017.10.003
Ouchen, A. (2021). Is the ESG portfolio less turbulent than a market benchmark portfolio? Risk Management, 24, 1-33. DOI: 10.1057/s41283- 021-00077-4
Palmer, J. (2022). What is ESG risk? Overview, definition and examples. Onboard. Recuperado de: https://www.onboardmeetings.com/blog/ esg-risk/
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572- 597. DOI: 10.1016/j.jfineco.2020.11.001
Porter, M. E., & Kramer, M. R. (2006). Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.
Porter, M. E., & Kramer, M. R. (2011). Creating shared value: How to reinvent capitalism - And unleash a wave of innovation and growth. Harvard Business Review, 89(1-2), 62-77.
PRI Association. (2015). What are the Principles for Responsible Investment? Recuperado de: https://www.unpri.org/pri/what-are-the-principles- for-responsible-investment
PRI Association. (2016). An introduction to the Principles for Responsible Investment. Recuperado de: https://www.swedfund.se/media/1038/ un-pri-principles-for-responsible-investment.pdf
PRI Association. (2021). PRI Strategic Plan 2021-24. Consultation paper. Recuperado de: https://www.unpri.org/download?ac=11968
República de Colombia. (2020). Decreto 1207 de 2020, por el cual se modifica el Decreto 2555 de 2010 en lo relacionado con el régimen jurídico de los Fondos Voluntarios de Pensión. Recuperado de: https://www.funcionpublica.gov.co/eva/gestornormativo/norma. php?i=141178
Reuters. (2022). U.S. sustainable funds mark rare outflow in May. Recuperado de: https://www.reuters.com/business/sustainable-business/ us-sustainable-funds-mark-rare-outflow-may-2022-06-16/
Robiyanto, R., Huruta, A. D., Frensidy, B. & Yuliana, A. (2023). Sustainable and responsible investment dynamic cross-asset portfolio. Cogent Business & Management 10(1), 1-14. DOI: 10.1080/23311975.2023.2174478
Rojas, M., M’zali, B., Turcotte, M., & Merrigan, P. (2009). Bringing about changes to corporate social policy through shareholder activism: Filers, issues, targets, and success. Business and Society Review, 114(2), 217-252. DOI: 10.1111/j.1467-8594.2009.00341.x
Samas, R. & Nelson, J. (2022). Sustainable Enterprise value Creation: Implementing Stakeholder Capitalism through Full ESG Integration. Palgrave Macmillan.
Santos, C., Coelho, A., & Marques, A. (2023). A systematic literature review on greenwashing and its relationship to stakeholders: state of art and future research agenda. Management Review Quarterly, March, 1-25. DOI: 10.1007/s11301-023-00337-5
Sherwood, M. W., & Pollard, J. (2019). Responsible Investing: An Introduction to Environmental, Social, and Governance Investments. Routledge / Taylor & Francis Group.
Silvola, H., & Landau, T. (2021). Sustainable investing: Beating the market with ESG. Palgrave Macmillan.
SMV. (2022). Información consolidada del Reporte de Sostenibilidad Corporativa. Recuperado de: https://www.smv.gob.pe/ConsultasP8/ temp/Informe%20Consolidado%20RSC%202021.pdf
Superintendencia Financiera de Colombia. (2007). Código de Mejores Prácticas Corporativas – Colombia. Recuperado de: https://www. icgc.com.co/wp-content/uploads/2018/01/Co%CC%81digo-Pai%CC% 81s-2007.pdf
Superintendencia Financiera de Colombia. (2018). Finanzas verdes y cambio climático. Recuperado de: https://www.superfinanciera.gov. co/jsp/10111958
Superintendencia Financiera de Colombia. (2020). Guía de Buenas Prácticas para la emisión de bonos verdes. Recuperado de: https:// incp.org.co/Site/publicaciones/info/archivos/Guia-de-Bonos- Verdes-09092020.pdf
Superintendencia Financiera de Colombia. (2021). Circular Externa 031 de 2021. Recuperado de: https://cdn.actualicese.com/normatividad/ 2021/Circulares/CE031-21.pdf
Superintendencia Financiera de Colombia. (2022). Taxonomía verde, Circular Externa 005 de 2022. Recuperado de: https://www.taxonomiaverde. gov.co/webcenter/ShowProperty?nodeId=/ConexionContent/ WCC_CLUSTER-191443
Sustainability Accounting Standards Board - SASB. (2018). SASB Materiality Map. Recuperado de: https://materiality.sasb.org/
Swiss Sustainable Finance. (2017). Handbook on Sustainable Investments. CFA Institute Research Foundation.
Task Force de Inversión Responsable Colombia. (2020). Declaración a favor de la Inversión Responsable en Colombia. Recuperado de: https://www.globalreporting.org/media/wuqbr0ua/declaracion-cartas- de-adhesion.pdf
The International Integrated Reporting Council – IIRC. (2013). The International IR Framework. Recuperado de: https://integratedreporting.org/ wp-content/uploads/2015/03/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK- 2-1.pdf
The Investment Association. (2019). IA Responsible Investment Framework, Final Report. Recuperado de: https://www.theia.org/sites/default/ files/2019-11/20191118-iaresponsibleinvestmentframework.pdf
Umar, Z., Kenourgios, D., & Papathanasiou, S. (2020). The static and dynamic connectedness of environmental, social, and governance investments: International evidence. Economic Modelling, 93, 112-124. DOI: 10.1016/j.econmod.2020.08.007
UK Parliament. (2006). Companies Act 2006. Recuperado de: https:// www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en.pdf
United Nations – UN. (2020). Sustainable Development Goals. Recuperado de: https://sustainabledevelopment.un.org/sdgs
United Nations – UN. (2021). Desarrollo sostenible – Historia. Recuperado de: https://sdgs.un.org/es/goals
United Nations Environment Programme. (2021a). Scaling Blended Finance UN-convened Net-Zero Asset Owner Alliance. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdf
United Nations Environment Programme. (2021b). Responsible Banking: Building Foundations: The first collective progress report of the UN Principles for Responsible Banking signatories. Report. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdf
United Nations Global Compact. (1999). Diez principios. Recuperado de: https://www.pactomundial.org/category/aprendizaje/10-principios
Utz, S. (2018.) Over-investment or risk mitigation? Corporate social responsibility in Asia-Pacific, Europe, Japan, and the United States. Review of Financial Economics, 36(2), 167-193. DOI: 10.1016/j.rfe.2017.10.001
Verheyden, T., Eccles, R., & Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk and diversification. Journal of Applied Corporate Finance, 28(2), 47-55. DOI: 10.1111/jacf.12174
Wei, Y. C., Lu, Y. C., Chen, J. N., & Wang, D. L. (2018). The Impact of Media Reputation on Stock Market and Financial Performance of Corporate Social Responsibility Winner. NTU Management Review, 28(1), 87-140. DOI: 10.6226/NTUMR.201804_28(1).0003
Woods, C., & Urwin, R. (2010). Putting sustainable investing into practice: a governance framework for pension funds. Journal of Business Ethics, 92(1), 1-19. DOI: 10.1007/s10551-010-0631-x
World Economic Forum – WEF. (2020a). Toward Common Metrics and Consistent Reporting of Sustainable Value Creation. Recuperado de: https://www3.weforum.org/docs/WEF_IBC_ESG_Metrics_Discussion_ Paper.pdf
World Economic Forum – WEF. (2020b). Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation. White paper. Recuperado de: https://www3. weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_ 2020.pdf
World Economic Forum – WEF. (2021). How corporate leaders can apply ESG tools to help overcome global challenges. Report. Recuperado de: https://www.weforum.org/agenda/2021/01/how-corporate- boards-can-lead-on-esg
Yu, W., Liu, S., & Ding, L. (2021). Efficiency Evaluation and Selection Strategies for Green Portfolios under Different Risk Appetites. Sustainability, 13(4), 1-15. DOI: 10.3390/su13041933
Zanker, A. (2017). The Performance of Sustainable Investments – An Overview of Academic Studies. En Handbook on Sustainable Investments, chapter 4, p. 17-24. CFA Institute Research Foundation / Swiss Sustainable Finance.
Ziolo, M., Bak, I. & Spoz, A. (2023). Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies. Energies 16, 1-25. DOI: 10.3390/en16041809
dc.source.instname.spa.fl_str_mv instname:Universidad del Rosario
dc.source.reponame.spa.fl_str_mv reponame:Repositorio Institucional EdocUR
bitstream.url.fl_str_mv https://repository.urosario.edu.co/bitstreams/1559b5a8-76b4-4ce9-8f2b-0bc1f98a779a/download
https://repository.urosario.edu.co/bitstreams/2980bed3-3764-4617-8e7c-6b6e6cbeb949/download
https://repository.urosario.edu.co/bitstreams/24884ae9-7413-4c7c-b549-86e48b12549d/download
https://repository.urosario.edu.co/bitstreams/99b6b0bd-bb50-41b8-a488-e2de6714ceb6/download
https://repository.urosario.edu.co/bitstreams/4b44ab58-d041-46b6-8b6b-714da86c89e7/download
bitstream.checksum.fl_str_mv c7d6f0222f239dca2fffe954aaccbc2d
b2825df9f458e9d5d96ee8b7cd74fde6
3b6ce8e9e36c89875e8cf39962fe8920
d3a49d23fe4f07643ceaac32d04f71da
189345c4f803d626e03060a6a47ad0e9
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
MD5
MD5
MD5
repository.name.fl_str_mv Repositorio institucional EdocUR
repository.mail.fl_str_mv edocur@urosario.edu.co
_version_ 1818106913044299776
spelling 797863306002023-10-20T19:31:03Z2023-10-20T19:31:03Z2023Con el fin de aportar a la difusión y el avance de la SRI en Colombia, el Autorregulador del Mercado de Valores —AMV— y la Universidad del Rosario presentan este documento de investigación, el cual, fundamentado en una extensa y actualizada revisión de literatura, se compone de seis secciones: en la primera, se exponen conceptos fundamentales, antecedentes y estado actual de la SRI; en la segunda, se analizan aspectos sobre la medición del desempeño y los riesgos ESG; en la tercera, los principales enfoque para la selección y administración de portafolios responsables son analizados; en la cuarta, se hace una descripción de las mejores prácticas internacionales, incluyendo los casos más representativos en cuanto a regulación y normas de calidad; en la quinta, se describen los más destacados avances realizados alrededor de la SRI en Colombia, junto con las oportunidades y retos para su implementación en el país, para terminar en la sexta sección con las conclusiones generales del documento.In order to contribute to the dissemination and advancement of the SRI in Colombia, the Self-Regulator of the Securities Market -AMV- and the Universidad del Rosario present this research document, which, based on an extensive and updated literature review, It is made up of six sections: the first presents fundamental concepts, background and current status of the SRI; In the second, aspects of performance measurement and ESG risks are analyzed; In the third, the main approaches for the selection and management of responsible portfolios are analyzed; In the fourth, a description of the best international practices is made, including the most representative cases in terms of regulation and quality standards; In the fifth, the most notable advances made around SRI in Colombia are described, along with the opportunities and challenges for its implementation in the country, ending in the sixth section with the general conclusions of the document.76application/pdfhttps://doi.org/10.12804/urosario9789585002210978-958-500-221-0https://repository.urosario.edu.co/handle/10336/41203spaEditorial Universidad del RosarioAutorregulador del Mercado de Valores de Colombia1https://editorial.urosario.edu.co/catalog/product/view/id/7418/s/gpd-inversion-socialmente-responsable-seleccion-y-administracion-de-portafolios-con-criterios-medioambientales-sociales-y-de-gobierno-corporativo-esg--64f129915237e/Attribution-NonCommercial-NoDerivatives 4.0 InternationalAbierto (Texto Completo)http://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2AccountAbility. (2008). Norma de Aseguramiento de Sostenibilidad AA1000 AS. Recuperado de: http://www.mas-business.com/arch/documentos/ aa1000as_2008_esp_129.pdfAinsworth, A., Corbett, A. & Satchell, S. Psychic dividends of socially responsible investment portfolios. J Asset Manag 19, 179-190 (2018). DOI: 10.1057/s41260-017-0073-4Alessandrini, F., & Jondeau, E. (2020). ESG Investing: From Sin Stocks to Smart Beta. The Journal of Portfolio Management, 46(3), 75-94. DOI: 10.3905/jpm.2020.46.3.075Alma Mundus. (2022). CFA ESG Certificate, is it worth it? Recuperado de: https://www.linkedin.com/pulse/cfa-esg-certification-worth-alma- mundusAmeer, R., & Othman, R. (2017). Corporate social responsibility performance communication and portfolio management. Managerial Finance, 43(5), 595-613. DOI: 10.1108/MF-06-2016-0164ANBIMA. (2020). ESG Guide, Incorporating ESG aspects into investment assessments. Recuperado de: https://www.anbima.com.br/data/ files/84/76/12/5D/581E2710A3B8ED27092BA2A8/ESG%20Guide.pdfANBIMA. (2022a). ESG, presentación noviembre. Recuperado de: https:// www.casip-panama.org/wp-content/uploads/2022/12/Tatiana-Itikawa- ASG-Sostenibilidad.pdfANBIMA. (2022b). Experiencias iberoamericanas (I): finanzas sostenibles y regulaciones sobre la información en materia de ESG para emisores de valores en América Latina. Presentación. Recuperado de: https://www.anbima.com.br/data/files/8F/90/2F/E1/4DA84810EA- 926748882BA2A8/Fiafin_Idendificacao%20de%20fundos.pptxANBIMA (2022c). ESG Guide II, ESG aspects for asset managers and investment funds. Recuperado de: https://www.anbima.com.br/data/ files/08/E7/AC/BC/8B54181056C3B2186B2BA2A8/ESG_Guide_II.pdfAnquetin, T., Coqueret, G., Tavin, B., & Welgryn, L. (2022). Scopes of carbon emissions and their impact on green portfolios. Economic Modelling, 115. DOI: 10.1016/j.econmod.2022.105951Antunes, J., Wanke, P., Fonseca, T., & Tan, Y. (2023). Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach. Sustainability 15(9), 1-32. DOI: 10.3390/su15097560Arribas, I., Espinós-Vañó, M. D., García, F., & Tamosiuniene, R. (2019). Negative screening and sustainable portfolio diversification. Entrepreneurship and Sustainability Issues, 6(4), 1566-1586. DOI: 10.9770/ jesi.2019.6.4(2)Asobancaria. (2021). Guía General de Administración de Riesgos Ambientales y Sociales ARAS, versión 2021. Recuperado de: https://www. asobancaria.com/wp-content/uploads/2021/11/Guia-ARAS_V21.pdfBaker, H. K., Holzhauer, H. M., & Nofsinger, J. R. (2022). Sustainable investing: What everyone needs to know? Oxford University Press.BNA. (2019). Protocolo de Finanzas Sostenibles de la Industria Bancaria en Argentina. Recuperado de: https://www.bna.com.ar/Downloads/ ProtocoloDeFinanzasSostenibles.pdfBertolotti, A. (2020). Effectively managing risks in an ESG portfolio. Journal of Risk Management in Financial Institutions, 13(3), 202-211.Bloomberg Intelligence. (2021). ESG Assets Rising to $50 Trillion Will Reshape $140.5 Trillion of Global AUM by 2025, Finds Bloomberg Intelligence. Recuperado de: https://www.bloomberg.com/company/ press/esg-assets-rising-to-50-trillion-will-reshape-140-5-trillion-of-global- aum-by-2025-finds-bloomberg-intelligence/BNamericas. (2022). Regulador financiero de Chile planea actual i zar es tándares ESG. Recuperado de: ht tps://www. bnamericas.com/es/noticias/regulador-financiero-de-chile-planea- actualizar-estandares-esg#:~:text=Regulador%20financiero%20 de%20Chile%20planea%20actualizar%20est%C3%A1ndares%20ESG,- Bnamericas%20Publicado%3A%20mi%C3%A9rcoles&text=Los%20 reguladores%20financieros%20chilenos%20est%C3%A1n,la%20 Uni%C3%B3n%20Europea%20como%20modeloBondy, K., Moon. J., & Matten, D. (2012). An Institution of Corporate Social Responsibility (CSR) in Multi-National Corporations (MNCs): Form and Implications. Journal of Business Ethics, 111(2), 281-299. DOI:10.1007/ s10551-012-1208-7Bose, S., Guo, D., & Simpson, A. (2019). The Financial Ecosystem: The Role of Finance in Achieving Sustainability. Palgrave Macmillan.Brodmann, J., Phuvadon, W. & Rama, M. (2021). The liquidity, performance and investor preference of socially responsible investments. Review of Behavioral Finance 15(2), 224-239. DOI: 10.1108/RBF-09-2021- 0191Camilleri, M. A. (2015). Environmental, social and governance disclosures in Europe. Sustainability Accounting, Management and Policy Journal, 6(2), 224-242. DOI: 10.1108/SAMPJ-10-2014-0065Camilleri, M. A. (2017). Corporate Sustainability, Social Responsibility and Environmental Management. An Introduction to Theory and Practice with Case Studies. Springer.Capelle-Blancard, G., & Monjon, S. (2014). The Performance of Socially Responsible Funds: Does the Screening Process Matter? European Financial Management, 20(3). DOI: 494-520. 10.1111/j.1468- 036X.2012.00643.xCapelli, P., Ielasi, F., & Russo, A. (2023). Integrating ESG risks into value-atrisk. Finance Research Letters 55, 1-8. DOI: 10.1016/j.frl.2023.103875Carroll, A. B. (1998). The four faces of corporate citizenship. Business and Society Review, 100, 1-7. DOI: 10.1111/0045-3609.00008CECODES. (2022). Transparencia y criterios ESG. Sosteniblemente, No. 29. Recuperado de: https://issuu.com/cecodesdesarrollosostenible/docs/ sosteniblemente_29_1.5CFA Institute. (2018). ESG integration in the Americas: Markets, practices, and data. Recuperado de: https://www.cfainstitute.org/-/media/documents/ survey/esg-integration-in-the-americas.pdfCFA Institute. (2021a). ESG Investing, Official Training Manual, Edition 3. CFA Society of the UK.CFA Institute. (2021b). Global ESG Disclosure Standards for Investment Products. Recuperado de: https://www.cfainstitute.org/-/media/documents/ ESG-standards/Global-ESG-Disclosure-Standards-for-Investment- Products.pdfCFA Institute. (2023). Certificate in ESG Investing. Recuperado de: https:// www.cfainstitute.org/en/programs/esg-investingChen, L., Zhang, L., Huang, J., Xiao, H., & Zhou, Z. (2021). Social responsibility portfolio optimization incorporating ESG criteria. Journal of Management Science and Engineering, 6(1), 75-85. DOI: 10.1016/j. jmse.2021.02.005Chow, G.W.S., Durand, R. B., & Koh, S. (2014). Are ethical investments good? Australian Journal of Management, 39(4), 645-665. DOI: 10.1177/0312896213516327CMF. (2021). ESG y su importancia en la Regulación y el Gobierno Corporativo de las Empresas. Recuperado de: https://www.cmfchile.cl/ portal/prensa/615/articles-49888_doc_pdf.pdfCNV. (2021). Lineamientos para la emisión de valores sociales, verdes y sustentables en Argentina. Recuperado de: https://www.argentina. gob.ar/sites/default/files/lineamientos_para_la_emision_de_valores_ negociables_sociales.pdfCohen, G. (2023). The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting 60, 1451–1468. DOI: 10.1007/ s11156-023-01135-6Crane, A., & Matten, D. (2004). Business ethics: A European perspective. Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.Crane, A., McWilliams, A., Matten, D., Moon, J., & Siegel, D. (2009). The Oxford Handbook of Corporate Social Responsibility. Oxford Publications.Croft, T., & Malhotra, A. (2016). The Responsible Investor Handbook: Mobilizing Worker’s Capital for a Sustainable World. Greenleaf Publishing.Department for Business Innovation and Skills - DBIS. (2014). Corporate Responsibility. Good for Business & Society: government response to call for views on corporate responsibility. Recuperado de: https://assets. publishing.service.gov.uk/government/uploads/system/uploads/ attachment_data/file/300265/bis-14-651-good-for-business-and-society- government-response-to-call-for-views-on-corporate-responsibility. pdfDoumpos, M., Eskantar, M. & Zopounidis, C. (2023). Socially and Environmentally Responsible Investments and Mutual Funds. En C. Gaganis, F. Pasiouras, Tasiou, M. & Zopounidis, C. (eds.), Sustainable Finance and ESG: Risk, Management, Regulations, and Implications for Financial Institutions, pp. 71-90. Palgrave MacmillanDu, S. L., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing, 36, 313-330. DOI: 10.1509/jppm.16.112ECIJA. (2021). México: regulación ESG, tendencias regulatorias y leyes en la materia en trámite. Recuperado de: https://ecija.com/sala- de-prensa/mexico-regulacion-esg-en-mexico-tendencias-regulatorias- y-leyes-en-la-materia-en-tramite/El Economista. (2020). Estandarización global de información ESG a las emisoras, una necesidad. Recuperado de: https://www.eleconomista. com.mx/sectorfinanciero/Estandarizacion-global-de-informacion- ESG-a-las-emisoras-una-necesidad-20200930-0026.htmlEl Investidor. (2022). 18 fundos recebem ‘selo verde’ em 2022 e 54 seguem na fila. Veja a lista. Recuperado de: https://einvestidor.estadao. com.br/investimentos/esg-fundos-com-selo-verde-de-sustentabilidade- anbimaElkington, J. (1998). Cannibals with forks: The triple bottom line of 21st century business. Capstone.European Commission. (2021). Green Business, Eco-Management and Audit Scheme (EMAS), About EMAS. Recuperado de: https:// green-business.ec.europa.eu/eco-management-and-audit-schemeemas/ about-emas_enEuropean Union. (2013a). Directive 2013/34/EU of the European Parliament and of the Council, June 26. Official Journal of the European Union, L 182/19. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:182:0019:0076:EN:PDFEuropean Union. (2013b). Directive 2013/50/EU of the European Parliament and of the Council, October 22. Official Journal of the European Union, L 294/13. Recuperado de: https://eur-lex.europa.eu/LexUriServ/ LexUriServ.do?uri=OJ:L:2013:294:0013:0027:en:PDFEurosif. (2021). Responsible Investment Strategies. Recuperado de: https:// www.eurosif.org/responsible-investment-strategies/EY Perú. (2017). Desafíos en materia de sostenibilidad corporativa en el Perú. Recuperado de: https://assets.ey.com/content/dam/ey-sites/ey-com/es_pe/topics/sustainability/ey-desafios-materia-sostenibilidad- corporativa.pdf?download.Fifka, M. S. (2013). Corporate citizenship in Germany and the United States– Differing perceptions and practices in transatlantic comparison. Business Ethics: A European Review, 22(4), 341-356. DOI: 10.1111/beer.12027Financial Conduct Authority, FCA. (2018). Climate Change and Green Finance, Discussion Paper DP18/8. Recuperado de: https://www.fca.org. uk/publication/discussion/dp18-08.pdfFinancial Conduct Authority, FCA. (2019). Climate Change and Green Finance: summary of responses and next steps, Feedback to DP18/8. Recuperado de: https://www.fca.org.uk/publication/feedback/fs19-6.pdfFinancial Conduct Authority, FCA. (2021). A strategy for positive change: our ESG priorities. Recuperado de: https://www.fca.org.uk/publications/ corporate-documents/strategy-positive-change-our-esg-prioritiesFINRA. (2019). ESG investing - Clearing the air on social impact financial products. Recuperado de: https://www.finra.org/investors/insights/ esg-investing-clearing-air-social-impact-financial-productsFINRA. (2022). Investor resilience - World Investor Week 2022: Investor bulletin. Recuperado de: https://www.finra.org/investors/insights/key-topicsworld- investor-week-2022FINRA. (2023). 2023 Report on FINRA’s examination and risk monitoring program. Recuperado de: https://www.finra.org/sites/default/ files/2023-01/2023-report-finras-examination-risk-monitoring-program. pdfForbes. (2020). Why socially responsible investing is likely to gain momentum under Biden. Daily cover, December 14. Recuperado de: https:// www.forbes.com/sites/jasonbisnoff/2020/12/14/esg-investing-a-sizzling- sector-that-will-get-even--hotter-under-president-biden/?sh=- f12988a33020Franco, C. (2020). ESG controversies and their impact on performance. The Journal of Investing, 29, 33-45. DOI: 10.3905/joi.2019.1.106Freeman, R.E. (1984). Strategic management: A stakeholder perspective. Piman.Friedman, M. (1962). Capitalism and freedom. University of Chicago Press.Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times, September 13, 122-126. Recuperado de: https:// www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social- responsibility-of-business-is-to.htmlFung, H. G., Law, S. A., & Yau, J. (2010). Socially Responsible Investment in a Global Environment. Edward Elgar.Gao, Y, Xiong, X., & Feng, X. (2020). Responsible investment in the Chinese stock market. Research in International Business and Finance, 52, 1-14. DOI: 10.1016/j.ribaf.2019.101173Ghoul, W., & Karam, P. (2007). MRI and SRI mutual funds: A comparison of Christian, Islamic (morally responsible investing), and socially responsible investing (SRI) mutual funds. Journal of Investing, 16(2), 96. DOI: 10.3905/joi.2007.686416Ghuliani, C. (2013). India Companies Act 2013: Five Key Points about India’s “CSR Mandate”. BSR Report. Recuperado de: https://www.bsr. org/en/our-insights/blog-view/india-companies-act-2013-five-keypoints- about-indias-csr-mandateGlobal Reporting Initiative – GRI. (2016). Consolidated set of GRI standards. Recuperado de: https://www.globalreporting.org/how-to-usethe- gri-standards/gri-standards-english-language/Global Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdfGlobal Sustainable Investment Alliance. (2021). 2020 Global Sustainable Investment Review. Report. Recuperado de: http://www.gsi-alliance. org/wp-content/uploads/2021/08/GSIR-20201.pdfHarjoto, M., & Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151(2), 353-373. DOI: 10.1007/s10551-016-3202-yHornuf, L. & Yüksel, G. (2023). The performance of socially responsible investments: A meta-analysis. European Financial Management, 2023, 1-50. DOI: 10.1111/eufm.12439.International Finance Corporation – IFC. (2012). Normas de desempeño sobre sostenibilidad ambiental y social. Recuperado de: https://www.ifc.org/wps/wcm/connect/bbe68418-8480-4541-ba82-767b9350977c/ IFCPerformanceStandardsSpanish.pdf?MOD=AJPERES&CVID=j-BnepiIOSCO. (2021). Environmental, Social and Governance. (ESG) Ratings and Data Products Providers, Final Report. Recuperado de: https://www. iosco.org/library/pubdocs/pdf/IOSCOPD690.pdfIOSCO. (2023a). Weekly Bulletin for IOSCO Members - 3. 18 to 25 January 2023.IOSCO. (2023b). Weekly Bulletin for IOSCO Members - 4. 25 January - 1 February 2023.IOSCO. (2023c). Weekly Bulletin for IOSCO Members - 5. 1 to 8 February 2023.ISO. (2022). ISO 32210:2022. Sustainable finance - Guidance on the application of sustainability principles for organizations in the financial sector. Recuperado de: https://www.iso.org/standard/77776.htmlJoliet, R., & Titova, Y. (2018). Equity SRI Funds vacillate between ethics and money: An analysis of the funds’ stock holding decisions. Journal of Banking and Finance, 97, 70-86. DOI: 10.1016/j.jbankfin.2018.09.011Kaiser, L., & Welters, J. (2019). Risk-mitigating effect of ESG on momentum portfolios. Journal of Risk Finance, 20(5), 542-555. DOI: 10.1108/JRF-05- 2019-0075Kahn, M. E. (2007). Environmental disasters as risk regulation catalysts? The role of Bhopal, Chernobyl, Exxon Valdez, Love Canal, and Three Mile Island in shaping U.S. environmental law. Journal of Risk and Uncertainty, 35 (1), 17-43. DOI: 10.1007/s11166-007-9016-7Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908-922. DOI: 10.1111/j.1468-036X.2007.00402.xKhan, K. I., Naqvi, S. M. WA., Ghafoor, M. M. & Akash, R. S. I. (2020). Sustainable Portfolio Optimization with Higher-Order Moments of Risk. Sustainability, 12(5), 1-14. DOI: 10.3390/su12052006Laguna, M. A & Capelle-Blancard, G. (2010). How Does the Stock Market Respond to Chemical Disasters? Journal of Environmental Economics and Management, 59 (2), 192-205. DOI: 1016/j.jeem.2009.11.002Lean, H. H., Ang, W. R., & Smyth, R. (2015). Performance and performance persistence of socially responsible investment funds in Europe and 70 North America. North American Journal of Economics and Finance, 34, 254-266. DOI: 10.1016/j.najef.2015.09.011Lemke, T. P., & Lins, G. T. (2014). Regulation of Investment Advisers. Securities Law Handbook Series. Clark Boardman Callaghan.Lesser, K., Rossle, F., & Walkshausl, C. (2016). Socially responsible, green, and faith-based investment strategies: Screening activity matters! Finance Research Letters, 16, 171-178. DOI: 10.1016/j.frl.2015.11.001Levitt, T. (1958). The dangers of social responsibility. Harvard Business Review, 36, 41-50.Lewis, A., & Mackenzie, C. (2000). Morals, money, ethical investing and economic psychology. Human Relations, 53, 179-191. DOI: 10.1177/ a010699Liagkouras, K., Metaxiotis, K., & Tsihtintzis, G. (2020). Incorporating environmental and social considerations into the portfolio optimization process. Annals of Operations Research, 1-27. DOI: 10.1007/s10479-020- 03554-3Madhavan, A., & Sobczyk, A. (2020). On the Factor Implications of Sustainable Investing in Fixed-Income Active Funds. The Journal of Portfolio Management, 46(3), 141-152. DOI: 10.3905/jpm.2020.46.3.141Martellini, L., & Vallee, L. S. (2021). Measuring and Managing ESG Risks in Sovereign Bond Portfolios and Implications for Sovereign Debt Investing. The Journal of Portfolio Management, 47(9), 21-42. DOI: 10.3905/ jpm.2021.1.290Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. (2016). Corporate Social Responsibility as a Strategic Shield against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305-324. DOI: 10.1007/s10551-014-2399-xMarval. (2021). ESG: mayor impulso de la CNV a la Inversión Socialmente Responsable. Recuperado de: https://www.marval.com/publicacion/ esg-mayor-impulso-de-la-cnv-a-la-inversion-socialmente-responsable- 14051Matten, D., & Crane, A. (2005). Corporate citizenship: Toward an extended theoretical conceptualization. Academy of Management Review, 30(1), 166-179. DOI: 10.2307/20159101Ministerio de Hacienda y Crédito Público. (2020). Marco de referencia de bonos verdes soberanos de Colombia. Recuperado de: https:// www.irc.gov.co/webcenter/portal/IRCEs/pages_Deuda/bonosverdesMinisterio de Hacienda y Crédito Público. (2021). Resolución 1687 de 19 de julio de 2021. Recuperado de: https://xperta.legis.co/visor/legcol/ legcol_5855520411754f339d2c57ba378394ecNofsinger, J.R. (2017). The Psychology of Investing, 6th ed. Routledge.OECD. (2004). White paper sobre gobierno corporativo en América Latina. Recuperado de: https://www.oecd.org/daf/ca/corporategovernanceprinciples/ 22368983.pdfOECD. (2014). Institutional Investors and Long-Term Investment: Project Report. Recuperado de: https://www.oecd.org/daf/fin/private-pensions/ OECD-LTI-project.pdfOECD. (2015). G20/OECD Principles of Corporate Governance. OECD Publishing. Recuperado de: https://www.oecd-ilibrary.org/ governance/g20-oecd-principles-of-corporate-governance- 2015_9789264236882-enOECD. (2020). ESG Investing: Environmental Pillar Scoring and Reporting. Report. Recuperado de: https://www.oecd.org/finance/ESG-Investing- Environmental-Pillar-Scoring-and-Reporting.pdfOikonomou, I., Platanakis, E., & Sutcliffe, C. (2018). Socially responsible investment portfolios: does the optimization process matter? The British Accounting Review, 50(4), 379-401. DOI: 10.1016/j.bar.2017.10.003Ouchen, A. (2021). Is the ESG portfolio less turbulent than a market benchmark portfolio? Risk Management, 24, 1-33. DOI: 10.1057/s41283- 021-00077-4Palmer, J. (2022). What is ESG risk? Overview, definition and examples. Onboard. Recuperado de: https://www.onboardmeetings.com/blog/ esg-risk/Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572- 597. DOI: 10.1016/j.jfineco.2020.11.001Porter, M. E., & Kramer, M. R. (2006). Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.Porter, M. E., & Kramer, M. R. (2011). Creating shared value: How to reinvent capitalism - And unleash a wave of innovation and growth. Harvard Business Review, 89(1-2), 62-77.PRI Association. (2015). What are the Principles for Responsible Investment? Recuperado de: https://www.unpri.org/pri/what-are-the-principles- for-responsible-investmentPRI Association. (2016). An introduction to the Principles for Responsible Investment. Recuperado de: https://www.swedfund.se/media/1038/ un-pri-principles-for-responsible-investment.pdfPRI Association. (2021). PRI Strategic Plan 2021-24. Consultation paper. Recuperado de: https://www.unpri.org/download?ac=11968República de Colombia. (2020). Decreto 1207 de 2020, por el cual se modifica el Decreto 2555 de 2010 en lo relacionado con el régimen jurídico de los Fondos Voluntarios de Pensión. Recuperado de: https://www.funcionpublica.gov.co/eva/gestornormativo/norma. php?i=141178Reuters. (2022). U.S. sustainable funds mark rare outflow in May. Recuperado de: https://www.reuters.com/business/sustainable-business/ us-sustainable-funds-mark-rare-outflow-may-2022-06-16/Robiyanto, R., Huruta, A. D., Frensidy, B. & Yuliana, A. (2023). Sustainable and responsible investment dynamic cross-asset portfolio. Cogent Business & Management 10(1), 1-14. DOI: 10.1080/23311975.2023.2174478Rojas, M., M’zali, B., Turcotte, M., & Merrigan, P. (2009). Bringing about changes to corporate social policy through shareholder activism: Filers, issues, targets, and success. Business and Society Review, 114(2), 217-252. DOI: 10.1111/j.1467-8594.2009.00341.xSamas, R. & Nelson, J. (2022). Sustainable Enterprise value Creation: Implementing Stakeholder Capitalism through Full ESG Integration. Palgrave Macmillan.Santos, C., Coelho, A., & Marques, A. (2023). A systematic literature review on greenwashing and its relationship to stakeholders: state of art and future research agenda. Management Review Quarterly, March, 1-25. DOI: 10.1007/s11301-023-00337-5Sherwood, M. W., & Pollard, J. (2019). Responsible Investing: An Introduction to Environmental, Social, and Governance Investments. Routledge / Taylor & Francis Group.Silvola, H., & Landau, T. (2021). Sustainable investing: Beating the market with ESG. Palgrave Macmillan.SMV. (2022). Información consolidada del Reporte de Sostenibilidad Corporativa. Recuperado de: https://www.smv.gob.pe/ConsultasP8/ temp/Informe%20Consolidado%20RSC%202021.pdfSuperintendencia Financiera de Colombia. (2007). Código de Mejores Prácticas Corporativas – Colombia. Recuperado de: https://www. icgc.com.co/wp-content/uploads/2018/01/Co%CC%81digo-Pai%CC% 81s-2007.pdfSuperintendencia Financiera de Colombia. (2018). Finanzas verdes y cambio climático. Recuperado de: https://www.superfinanciera.gov. co/jsp/10111958Superintendencia Financiera de Colombia. (2020). Guía de Buenas Prácticas para la emisión de bonos verdes. Recuperado de: https:// incp.org.co/Site/publicaciones/info/archivos/Guia-de-Bonos- Verdes-09092020.pdfSuperintendencia Financiera de Colombia. (2021). Circular Externa 031 de 2021. Recuperado de: https://cdn.actualicese.com/normatividad/ 2021/Circulares/CE031-21.pdfSuperintendencia Financiera de Colombia. (2022). Taxonomía verde, Circular Externa 005 de 2022. Recuperado de: https://www.taxonomiaverde. gov.co/webcenter/ShowProperty?nodeId=/ConexionContent/ WCC_CLUSTER-191443Sustainability Accounting Standards Board - SASB. (2018). SASB Materiality Map. Recuperado de: https://materiality.sasb.org/Swiss Sustainable Finance. (2017). Handbook on Sustainable Investments. CFA Institute Research Foundation.Task Force de Inversión Responsable Colombia. (2020). Declaración a favor de la Inversión Responsable en Colombia. Recuperado de: https://www.globalreporting.org/media/wuqbr0ua/declaracion-cartas- de-adhesion.pdfThe International Integrated Reporting Council – IIRC. (2013). The International IR Framework. Recuperado de: https://integratedreporting.org/ wp-content/uploads/2015/03/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK- 2-1.pdfThe Investment Association. (2019). IA Responsible Investment Framework, Final Report. Recuperado de: https://www.theia.org/sites/default/ files/2019-11/20191118-iaresponsibleinvestmentframework.pdfUmar, Z., Kenourgios, D., & Papathanasiou, S. (2020). The static and dynamic connectedness of environmental, social, and governance investments: International evidence. Economic Modelling, 93, 112-124. DOI: 10.1016/j.econmod.2020.08.007UK Parliament. (2006). Companies Act 2006. Recuperado de: https:// www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en.pdfUnited Nations – UN. (2020). Sustainable Development Goals. Recuperado de: https://sustainabledevelopment.un.org/sdgsUnited Nations – UN. (2021). Desarrollo sostenible – Historia. Recuperado de: https://sdgs.un.org/es/goalsUnited Nations Environment Programme. (2021a). Scaling Blended Finance UN-convened Net-Zero Asset Owner Alliance. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdfUnited Nations Environment Programme. (2021b). Responsible Banking: Building Foundations: The first collective progress report of the UN Principles for Responsible Banking signatories. Report. Recuperado de: https://www.unepfi.org/wordpress/wp-content/uploads/2021/12/ NZAOA_Scaling-Blended-Finance.pdfUnited Nations Global Compact. (1999). Diez principios. Recuperado de: https://www.pactomundial.org/category/aprendizaje/10-principiosUtz, S. (2018.) Over-investment or risk mitigation? Corporate social responsibility in Asia-Pacific, Europe, Japan, and the United States. Review of Financial Economics, 36(2), 167-193. DOI: 10.1016/j.rfe.2017.10.001Verheyden, T., Eccles, R., & Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk and diversification. Journal of Applied Corporate Finance, 28(2), 47-55. DOI: 10.1111/jacf.12174Wei, Y. C., Lu, Y. C., Chen, J. N., & Wang, D. L. (2018). The Impact of Media Reputation on Stock Market and Financial Performance of Corporate Social Responsibility Winner. NTU Management Review, 28(1), 87-140. DOI: 10.6226/NTUMR.201804_28(1).0003Woods, C., & Urwin, R. (2010). Putting sustainable investing into practice: a governance framework for pension funds. Journal of Business Ethics, 92(1), 1-19. DOI: 10.1007/s10551-010-0631-xWorld Economic Forum – WEF. (2020a). Toward Common Metrics and Consistent Reporting of Sustainable Value Creation. Recuperado de: https://www3.weforum.org/docs/WEF_IBC_ESG_Metrics_Discussion_ Paper.pdfWorld Economic Forum – WEF. (2020b). Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation. White paper. Recuperado de: https://www3. weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_ 2020.pdfWorld Economic Forum – WEF. (2021). How corporate leaders can apply ESG tools to help overcome global challenges. Report. Recuperado de: https://www.weforum.org/agenda/2021/01/how-corporate- boards-can-lead-on-esgYu, W., Liu, S., & Ding, L. (2021). Efficiency Evaluation and Selection Strategies for Green Portfolios under Different Risk Appetites. Sustainability, 13(4), 1-15. DOI: 10.3390/su13041933Zanker, A. (2017). The Performance of Sustainable Investments – An Overview of Academic Studies. En Handbook on Sustainable Investments, chapter 4, p. 17-24. CFA Institute Research Foundation / Swiss Sustainable Finance.Ziolo, M., Bak, I. & Spoz, A. (2023). Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies. Energies 16, 1-25. DOI: 10.3390/en16041809instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURAdministración del portafolioAnálisis de inversionesInversión – TécnicasEmpresas – GobiernoInversión socialmente responsable: selección y administración de portafolios con criterios medioambientales, sociales y de gobierno corporativo (ESG)Socially responsible investment: selection and management of portfolios with environmental, social and corporate governance (ESG)bookLibrohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_2f33Useche Arévalo, Alejandro JoséORIGINALInversion-socialmente-responsable.pdfInversion-socialmente-responsable.pdfapplication/pdf4316429https://repository.urosario.edu.co/bitstreams/1559b5a8-76b4-4ce9-8f2b-0bc1f98a779a/downloadc7d6f0222f239dca2fffe954aaccbc2dMD51LICENSElicense.txtlicense.txttext/plain1483https://repository.urosario.edu.co/bitstreams/2980bed3-3764-4617-8e7c-6b6e6cbeb949/downloadb2825df9f458e9d5d96ee8b7cd74fde6MD52CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8899https://repository.urosario.edu.co/bitstreams/24884ae9-7413-4c7c-b549-86e48b12549d/download3b6ce8e9e36c89875e8cf39962fe8920MD53TEXTInversion-socialmente-responsable.pdf.txtInversion-socialmente-responsable.pdf.txtExtracted texttext/plain101504https://repository.urosario.edu.co/bitstreams/99b6b0bd-bb50-41b8-a488-e2de6714ceb6/downloadd3a49d23fe4f07643ceaac32d04f71daMD54THUMBNAILInversion-socialmente-responsable.pdf.jpgInversion-socialmente-responsable.pdf.jpgGenerated Thumbnailimage/jpeg5263https://repository.urosario.edu.co/bitstreams/4b44ab58-d041-46b6-8b6b-714da86c89e7/download189345c4f803d626e03060a6a47ad0e9MD5510336/41203oai:repository.urosario.edu.co:10336/412032024-02-08 15:51:10.966http://creativecommons.org/licenses/by-nc-nd/4.0/Attribution-NonCommercial-NoDerivatives 4.0 Internationalhttps://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.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

Publicaciones similares