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The value effect of sustainability: evidence from Latin American ESG bond market

dc.contributor.authorArévalo, Guillermo
dc.contributor.authorGonzález Ferrero, Maximiliano
dc.contributor.authorGuzmán Vásquez, Alexander
dc.contributor.authorTrujillo Dávila, María Andrea
dc.date.accessioned2025-02-25T20:43:32Z
dc.date.available2025-02-25T20:43:32Z
dc.date.issued2024-05-06
dc.identifier.issn2043-0795
dc.identifier.urihttp://hdl.handle.net/10726/5786
dc.language.isoeng
dc.publisherTaylor and Francis Group
dc.titleThe value effect of sustainability: evidence from Latin American ESG bond marketeng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/openAccess
dc.identifier.localArt013
dc.rights.localAbierto (Texto Completo)
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishWe use the event study methodology to examine the effect of 115 environmental, social, and governance (ESG) bond issuances on the stock price of Latin American listed firms over the period 2016–2022. Consistent with the signaling theory, firms sending a signal of commitment to sustainability obtain a positive and significant average Cumulative Abnormal Return (CAR) of 1.97% during an event window of 18 days. The CAR is higher for first-time issuers, reaching 2.28%. Firms with smaller and more diverse boards are associated with higher CARs. However, ownership concentration reduces the CARs due to the potential misbehavior and expropriation risk from controlling shareholders. These results suggest that firm-level corporate governance mechanisms are critical to the ESG bonds signaling effect. Overall, our findings indicate that investors in Latin American capital markets positively value the reduction of information asymmetries regarding firms’ sustainability efforts, especially in a firm that mitigates potential agency conflicts.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationstartpage1
dc.relation.citationendpage22
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusArévalo, Guillermo [59044246400]
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=59044246400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.eissn2043-0809
dc.relation.ispartofjournalJournal of Sustainable Finance and Investment
dc.identifier.doihttps://doi.org/10.1080/20430795.2024.2344527
dc.subject.proposalESG bonds
dc.subject.proposalSignaling theory
dc.subject.proposalInformation asymmetry
dc.subject.proposalStock prices
dc.subject.proposalLatin American capital market


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