Article information
RESUMEN
El objeto del presente trabajo es analizar determinadas variables de naturaleza financiera en las empresas consideradas socialmente responsables, las que forman parte del índice de sostenibilidad español FTSE4Good IBEX, y determinar si existen diferencias significativas en su comportamiento respecto a las del resto de índices de la familia IBEX. Los resultados muestran que las acciones de las empresas socialmente responsables obtienen una rentabilidad superior para el mismo nivel de riesgo sistemático y que su sensibilidad ante los cambios en el mercado es mayor.
CLASIFICACIÓN JEL:
G30
M14
PALABRAS CLAVE:
Responsabilidad Social Corporativa
Inversión Socialmente Responsable
FTSE4Good IBEX
Índice Sostenible
Alfa Ética
ABSTRACT
This paper analyses financial performance of companies considered as highly socially responsible. For this purpose, companies that compose the Spanish sustainability index FTSE4Good IBEX (as well as other IBEX indices) are examined. Two basic results can be highlighted: first, stocks of companies that are socially responsible earn returns on excess over systematic risk, making them investment-attractive. Second, they have a higher systematic risk.
JEL CLASSIFICATION:
G30
M14
KEYWORDS:
Corporate Social Responsibility
Socially Responsible Investment
FTSE4Good IBEX
Sustainability Index
Ethical Alpha
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