El impacto de las prácticas ESG en el ROA, el apalancamiento financiero y el ROE. Un análisis comparativo de Estados Unidos, la Unión Europea, China y Japón
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Publicado
29-07-2026
Gracia Rubio Martín
Francisco José González Sánchez
Raquel Pérez Estébanez
https://orcid.org/0000-0002-2911-2191
Francisco José González Sánchez
Raquel Pérez Estébanez
Resumen
El artículo proporciona una comprensión integral de cómo el desempeño ambiental, social y de gobernanza (ESG) aumenta la rentabilidad de los activos y el apalancamiento financiero de las empresas, mejorando la rentabilidad del capital en Estados Unidos, la Unión Europea, China y Japón. Para lograr este objetivo, se analizan los componentes clave del apalancamiento financiero: la ratio de apalancamiento y el coste de deuda. El estudio analiza 13.321 observaciones de empresas cotizadas entre 2017 y 2021 utilizando un modelo multinivel mixto en Stata, incorporando la estructura jerárquica de los datos.
Los hallazgos indican que las inversiones ESG son percibidas positivamente por los grupos de interés, lo que mejora el rendimiento financiero en todas las regiones, aunque con diferencias notables. El análisis introduce la zona geográfica como variable moderadora para evaluar de forma comparativa cómo los diferentes contextos regionales afectan al impacto del rendimiento ambiental en los resultados corporativos. Una conclusión importante es que el mercado recompensa los criterios ESG en proporción inversa a la madurez regulatoria de la región. Sin embargo, a nivel internacional, este marco regulatorio actúa como un estándar básico. Si bien EE. UU. experimenta el mayor impacto global de ESG en estas variables, seguido de la UE, los efectos son más moderados en China y Japón.
Comprender este impacto es crucial para inversores, líderes corporativos y responsables políticos que promueven el crecimiento sostenible, reforzando los argumentos a favor de su adopción mundial.
Cómo citar
Rubio Martín, G., González Sánchez, F. J., & Pérez Estébanez, R. (2026). El impacto de las prácticas ESG en el ROA, el apalancamiento financiero y el ROE. Un análisis comparativo de Estados Unidos, la Unión Europea, China y Japón. Cuadernos De Gestión, 26(2), 77–92. https://doi.org/10.5295/cdg.252453fj
##plugins.themes.bootstrap3.article.details##
Keywords
ESG, ROE, ROA, Apalancamiento financiero
References
Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back corporate social responsibility: A multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836-860. https://doi.org/10.5465/amr.2007.25275678
Ali, K., Nadeem, M., Pandey, R., & Bhabra, G. S. (2023). Do capital markets reward corporate climate change actions? Evidence from the cost of debt. Business Strategy and the Environment, 32(6), 3417-3431. https://doi.org/10.1002/bse.3308
Bloomberg. (2023). Green bonds reached new heights in 2023. Retrieved (20/02/2025) from https://www.bloomberg.com/professional/insights/trading/green-bonds-reached-new-heights-in-2023/
Brammer, S., Jackson, G., & Matten, D. (2012). Corporate social responsibility and institutional theory: New perspectives on private governance. Socio-economic review, 10(1), 3-28. https://doi.org/10.1093/ser/mwr030
Candio, P. (2024). The influence of ESG score on financial performance: Evidence from the European health care industry. Strategic Change, 33, 417-427. https://doi.org/10.1002/jsc.2594
Caragnano, A., Mariani, M., Pizzutilo, F., & Zito, M. (2020). Is it worth reducing GHG emissions? Exploring the effect on the cost of debt financing. Journal of Environmental Management, 270, 110860. https://doi.org/10.1016/j.jenvman.2020.110860
Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829
Clark, G. L., Feiner, A., & Viehs, M. (2015). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Out-performance. Oxford University Press. https://doi.org/10.2139/ssrn.2508281
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organiza-tional fields. American Sociological Review, 48(2), 147-160. https://doi.org/10.2307/2095101
Eccles, R. G., Ioannou, G., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and perfor-mance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
European Commission (2019). The European Green Deal. COM (2019) 640 final. Retrieved (07/02/2026) from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2019%3A640%3AFIN
European Commission (2022). EUR-Lex. Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as re-gards corporate sustainability reporting (Text with EEA relevance). Retrieved (20/02/2025) from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464
European Commission (2023). Commission Delegated Directive (EU) 2023/2775 of 17 October (2023). Retrieved (28/05/2024) from https://eur-lex.europa.eu/eli/dir_del/2023/2775
European Commission (2023). EUR-Lex. Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustaina-bility-linked bonds. Retrieved (20/02/2025) from https://eur-lex.europa.eu/eli/reg/2023/2631/oj/eng
European Parliament and Council of the European Union. (2013). Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. Official Journal of the European Union, L 182, 19-76. Retrieved (23/02/2025) from http://data.europa.eu/eli/dir/2013/34/oj
European Union (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sus-tainability‐related disclosures in the financial services sector. Official Journal of the European Union, L 317/1. Retrieved (07/02/2026) from http://data.europa.eu/eli/reg/2019/2088/oj
EY Japan. (2023). What’s next for Japanese sustainability disclosure standards?. Retrieved (20/02/2025). Retrieved (20/02/2025) from https://www.ey.com/en_jp/insights/sustainability/whats-next-for-japanese-sustainability-disclosure-standards
Fandella, P., Sergi, B. S., & Sironi, E. (2023). Corporate social responsibility performance and the cost of capital in BRICS countries. The problem of selectivity using environmental, social and governance scores. Corporate Social Responsibility and Environmen-tal Management, 30(4), 1712-1722. https://doi.org/10.1002/csr.2447
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management journal, 56(3), 758-781. https://doi.org/10.5465/amj.2011.0744
Flórez-Parra, J. M., Rubio Martín, G., & Rapallo Serrano, C. (2020). Corporate social responsibility and crowdfunding: The experi-ence of the colectual platform in empowering economic and sustainable projects. Sustainability, 12(13), 5251. https://doi.org/10.3390/su12135251
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press. https://doi.org/10.1017/cbo9780511815768
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
Fujii, H., Managi, S., & Matousek, R. (2020). ESG disclosures and financial performance: Empirical evidence from Japan. Sustaina-bility, 12(8), 3275. https://doi.org/10.3390/su12083275
Galema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: Return and risk in socially responsible investment. Journal of Banking & Finance, 32(12), 2646-2654. https://doi.org/10.1016/j.jbankfin.2008.06.002
Gao, L., & Wan, L. (2023). Does corporate environmental responsibility contribute to financial performance? A dual path analysis through operational efficiency and the cost of debt. Corporate Social Responsibility and Environmental Management, 30(1), 308-323. https://doi.org/10.1002/csr.2356
Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569-590. https://doi.org/10.1108/srj-02-2013-0008
Gillan, S. L., Koch, A., & Starks, L. T. (2010). The evolution of shareholder activism in the United States. Journal of Applied Corpo-rate Finance, 16(1), 55-73. https://doi.org/10.1111/j.1745-6622.2007.00125.x
González Sánchez, F. J., Martín, G. R., López Sáez, P., & Martín, A. R. (2026). Corporate Environmental Responsibility, Environmen-tal Policy Stringency and Debt Cost in Europe. Corporate Social Responsibility and Environmental Management, 33(1), 1230-1248. https://doi.org/10.1002/csr.70220
Harada, K., & Yamamoto, T. (2021). ESG transparency and firm profitability in Japan. Journal of Business Ethics, 172(4), 811-829. https://doi.org/10.1007/s10551-020-04411-1
Harjoto, M. A., Laksmana, I., & Yang, Y. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 129(4), 707-724. https://doi.org/10.1007/s10551-014-2343-0
Hoepner, A. G. F., Yu, P.-S., & Ferguson, J. (2019). Does Pension Funds’ Fiduciary Duty Prohibit the Integration of Environmental Responsibility Criteria in Investment Processes? Journal of Business Ethics, 155(1), 65-85. https://doi.org/10.2139/ssrn.1930189
Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18(3), 626-639. https://doi.org/10.1016/j.jcorpfin.2012.03.002
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329. https://doi.org/10.1016/j.jfineco.2014.09.008
Lassala, C., ADelloiteetrei, A., & Sapena, J. (2017). Sustainability matters: A review of ESG issues in firm performance. Business Strategy and the Environment, 26(7), 972-989. https://doi.org/10.1002/bse.1961
Li, Y., Chen, R., & Xiang, E. (2022). Corporate social responsibility, green financial system guidelines, and cost of debt financing: Evidence from pollution‐intensive industries in China. Corporate Social Responsibility and Environmental Management, 29(3), 593-608. https://doi.org/10.1002/csr.2222
Liu, J. Y., Xia, Y., Fan, Y., Lin, S. M., & Wu, J. (2017). Assessment of a green credit policy aimed at energy-intensive industries in China based on a financial CGE model. Journal of Cleaner Production, 163, 293-302. https://doi.org/10.1016/j.jclepro.2015.10.111
McKinsey Sustainability (2021). Charting a path from the shuchu kiyaku to ESG for Japanese companies. Retrieved (20/02/2025) from https://www.mckinsey.com/capabilities/sustainability/our-insights/charting-a-path-from-the-shuchu-kiyaku-to-esg-for-japanese-companies?utm_source=chatgpt.com
Malone, L., Holland, E., Houston, C., & Thacher, S. (2023). ESG Battlegrounds: How the States Are Shaping the Regulatory Land-scape in the US. In Harvard Law School Forum for Corporate Governance. Retrieved (20/02/2025) from https://corpgov.law.harvard.edu/2023/03/11/esg-battlegrounds-how-the-states-are-shaping-the-regulatory-landscape-in-the-u-s/
Miyamoto, M., & Nohara, H. (2023). How Japanese firms address the issues of environment, society, and governance: a corporate governance perspective. Evolutionary and Institutional Economics Review, 20(1), 25-46. https://doi.org/10.1007/s40844-022-00247-3
Melo, T. & Garrido-Morgado, A. (2012), Corporate reputation: a combination of social responsibility and industry, Corporate Social Responsibility and Environmental Management, 19(1), 11-31. https://doi.org/10.1002/csr.260
Pérez Estébanez, R.; Sevillano Martín, F.J. (2025). Business Sustainability and Its Effect on Performance Measures: A Comprehen-sive Analysis. Sustainability, 17, 297. https://doi.org/10.3390/su17010297
Phan, H. T., Nguyen, T. M., & Tran, T. K. (2022). ESG performance and firm value: Evidence from global markets. Financial Re-search Letters, 47, 102520. https://doi.org/10.1016/j.frl.2022.102520
Singhania, M., Saini, N., Shri, C., & Bhatia, S. (2024). Cross-country comparative trend analysis in ESG regulatory framework across developed and developing nations. Management of Environmental Quality: An International Journal, 35(1), 61-100. https://doi.org/10.1108/meq-02-2023-0056
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. https://doi.org/10.5465/amr.1995.9508080331
United Nations Environment Programme. (2025). China embarks on a journey of ESG disclosure: 2024 progress and focus for 2025. Retrieved (20/02/2025) from https://www.unepfi.org/industries/banking/china-embarks-on-a-journey-of-esg-disclosure/
United Nations Global Compact, United Nations Environmental Programme, & the World Bank. (2004). Who cares wins: Connect-ing financial markets to a changing world. Retrieved (20/02/2025) from https://documents1.worldbank.org/curated/pt/280911488968799581/pdf/113237-WP-WhoCaresWins-2004.pdf
United Nations Human Right Office. (2022). Assessment of human rights concerns in Xinjiang, China. Retrieved (20/02/2025) from https://news.un.org/en/story/2022/08/1125932
United Nations Principles for Responsible Investment. (n.d.). What is responsible investment? What are ESG factors? Retrieved (20/02/2025) from https://www.unpri.org/about-us/what-are-the-principles-for-responsible-investment
Zhang, J., Deephouse, D. L., van Gorp, D., & Ebbers, H. (2020). Individuals’ perceptions of the legitimacy of emerging market mul-tinationals: Ethical foundations and construct validation. Journal of Business Ethics, 1-25. https://doi.org/10.1007/s10551-020-04599-x
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607. https://doi.org/10.3390/su10082607
Zhu, Y., Yang, H., & Zhong, M. (2023). Do ESG ratings of Chinese firms converge or diverge? A comparative analysis based on mul-tiple domestic and international ratings. Sustainability, 15(16), 12573. https://doi.org/10.3390/su151612573
Ali, K., Nadeem, M., Pandey, R., & Bhabra, G. S. (2023). Do capital markets reward corporate climate change actions? Evidence from the cost of debt. Business Strategy and the Environment, 32(6), 3417-3431. https://doi.org/10.1002/bse.3308
Bloomberg. (2023). Green bonds reached new heights in 2023. Retrieved (20/02/2025) from https://www.bloomberg.com/professional/insights/trading/green-bonds-reached-new-heights-in-2023/
Brammer, S., Jackson, G., & Matten, D. (2012). Corporate social responsibility and institutional theory: New perspectives on private governance. Socio-economic review, 10(1), 3-28. https://doi.org/10.1093/ser/mwr030
Candio, P. (2024). The influence of ESG score on financial performance: Evidence from the European health care industry. Strategic Change, 33, 417-427. https://doi.org/10.1002/jsc.2594
Caragnano, A., Mariani, M., Pizzutilo, F., & Zito, M. (2020). Is it worth reducing GHG emissions? Exploring the effect on the cost of debt financing. Journal of Environmental Management, 270, 110860. https://doi.org/10.1016/j.jenvman.2020.110860
Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829
Clark, G. L., Feiner, A., & Viehs, M. (2015). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Out-performance. Oxford University Press. https://doi.org/10.2139/ssrn.2508281
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organiza-tional fields. American Sociological Review, 48(2), 147-160. https://doi.org/10.2307/2095101
Eccles, R. G., Ioannou, G., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and perfor-mance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
European Commission (2019). The European Green Deal. COM (2019) 640 final. Retrieved (07/02/2026) from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2019%3A640%3AFIN
European Commission (2022). EUR-Lex. Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as re-gards corporate sustainability reporting (Text with EEA relevance). Retrieved (20/02/2025) from https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464
European Commission (2023). Commission Delegated Directive (EU) 2023/2775 of 17 October (2023). Retrieved (28/05/2024) from https://eur-lex.europa.eu/eli/dir_del/2023/2775
European Commission (2023). EUR-Lex. Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustaina-bility-linked bonds. Retrieved (20/02/2025) from https://eur-lex.europa.eu/eli/reg/2023/2631/oj/eng
European Parliament and Council of the European Union. (2013). Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. Official Journal of the European Union, L 182, 19-76. Retrieved (23/02/2025) from http://data.europa.eu/eli/dir/2013/34/oj
European Union (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sus-tainability‐related disclosures in the financial services sector. Official Journal of the European Union, L 317/1. Retrieved (07/02/2026) from http://data.europa.eu/eli/reg/2019/2088/oj
EY Japan. (2023). What’s next for Japanese sustainability disclosure standards?. Retrieved (20/02/2025). Retrieved (20/02/2025) from https://www.ey.com/en_jp/insights/sustainability/whats-next-for-japanese-sustainability-disclosure-standards
Fandella, P., Sergi, B. S., & Sironi, E. (2023). Corporate social responsibility performance and the cost of capital in BRICS countries. The problem of selectivity using environmental, social and governance scores. Corporate Social Responsibility and Environmen-tal Management, 30(4), 1712-1722. https://doi.org/10.1002/csr.2447
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management journal, 56(3), 758-781. https://doi.org/10.5465/amj.2011.0744
Flórez-Parra, J. M., Rubio Martín, G., & Rapallo Serrano, C. (2020). Corporate social responsibility and crowdfunding: The experi-ence of the colectual platform in empowering economic and sustainable projects. Sustainability, 12(13), 5251. https://doi.org/10.3390/su12135251
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press. https://doi.org/10.1017/cbo9780511815768
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
Fujii, H., Managi, S., & Matousek, R. (2020). ESG disclosures and financial performance: Empirical evidence from Japan. Sustaina-bility, 12(8), 3275. https://doi.org/10.3390/su12083275
Galema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: Return and risk in socially responsible investment. Journal of Banking & Finance, 32(12), 2646-2654. https://doi.org/10.1016/j.jbankfin.2008.06.002
Gao, L., & Wan, L. (2023). Does corporate environmental responsibility contribute to financial performance? A dual path analysis through operational efficiency and the cost of debt. Corporate Social Responsibility and Environmental Management, 30(1), 308-323. https://doi.org/10.1002/csr.2356
Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569-590. https://doi.org/10.1108/srj-02-2013-0008
Gillan, S. L., Koch, A., & Starks, L. T. (2010). The evolution of shareholder activism in the United States. Journal of Applied Corpo-rate Finance, 16(1), 55-73. https://doi.org/10.1111/j.1745-6622.2007.00125.x
González Sánchez, F. J., Martín, G. R., López Sáez, P., & Martín, A. R. (2026). Corporate Environmental Responsibility, Environmen-tal Policy Stringency and Debt Cost in Europe. Corporate Social Responsibility and Environmental Management, 33(1), 1230-1248. https://doi.org/10.1002/csr.70220
Harada, K., & Yamamoto, T. (2021). ESG transparency and firm profitability in Japan. Journal of Business Ethics, 172(4), 811-829. https://doi.org/10.1007/s10551-020-04411-1
Harjoto, M. A., Laksmana, I., & Yang, Y. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 129(4), 707-724. https://doi.org/10.1007/s10551-014-2343-0
Hoepner, A. G. F., Yu, P.-S., & Ferguson, J. (2019). Does Pension Funds’ Fiduciary Duty Prohibit the Integration of Environmental Responsibility Criteria in Investment Processes? Journal of Business Ethics, 155(1), 65-85. https://doi.org/10.2139/ssrn.1930189
Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18(3), 626-639. https://doi.org/10.1016/j.jcorpfin.2012.03.002
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329. https://doi.org/10.1016/j.jfineco.2014.09.008
Lassala, C., ADelloiteetrei, A., & Sapena, J. (2017). Sustainability matters: A review of ESG issues in firm performance. Business Strategy and the Environment, 26(7), 972-989. https://doi.org/10.1002/bse.1961
Li, Y., Chen, R., & Xiang, E. (2022). Corporate social responsibility, green financial system guidelines, and cost of debt financing: Evidence from pollution‐intensive industries in China. Corporate Social Responsibility and Environmental Management, 29(3), 593-608. https://doi.org/10.1002/csr.2222
Liu, J. Y., Xia, Y., Fan, Y., Lin, S. M., & Wu, J. (2017). Assessment of a green credit policy aimed at energy-intensive industries in China based on a financial CGE model. Journal of Cleaner Production, 163, 293-302. https://doi.org/10.1016/j.jclepro.2015.10.111
McKinsey Sustainability (2021). Charting a path from the shuchu kiyaku to ESG for Japanese companies. Retrieved (20/02/2025) from https://www.mckinsey.com/capabilities/sustainability/our-insights/charting-a-path-from-the-shuchu-kiyaku-to-esg-for-japanese-companies?utm_source=chatgpt.com
Malone, L., Holland, E., Houston, C., & Thacher, S. (2023). ESG Battlegrounds: How the States Are Shaping the Regulatory Land-scape in the US. In Harvard Law School Forum for Corporate Governance. Retrieved (20/02/2025) from https://corpgov.law.harvard.edu/2023/03/11/esg-battlegrounds-how-the-states-are-shaping-the-regulatory-landscape-in-the-u-s/
Miyamoto, M., & Nohara, H. (2023). How Japanese firms address the issues of environment, society, and governance: a corporate governance perspective. Evolutionary and Institutional Economics Review, 20(1), 25-46. https://doi.org/10.1007/s40844-022-00247-3
Melo, T. & Garrido-Morgado, A. (2012), Corporate reputation: a combination of social responsibility and industry, Corporate Social Responsibility and Environmental Management, 19(1), 11-31. https://doi.org/10.1002/csr.260
Pérez Estébanez, R.; Sevillano Martín, F.J. (2025). Business Sustainability and Its Effect on Performance Measures: A Comprehen-sive Analysis. Sustainability, 17, 297. https://doi.org/10.3390/su17010297
Phan, H. T., Nguyen, T. M., & Tran, T. K. (2022). ESG performance and firm value: Evidence from global markets. Financial Re-search Letters, 47, 102520. https://doi.org/10.1016/j.frl.2022.102520
Singhania, M., Saini, N., Shri, C., & Bhatia, S. (2024). Cross-country comparative trend analysis in ESG regulatory framework across developed and developing nations. Management of Environmental Quality: An International Journal, 35(1), 61-100. https://doi.org/10.1108/meq-02-2023-0056
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. https://doi.org/10.5465/amr.1995.9508080331
United Nations Environment Programme. (2025). China embarks on a journey of ESG disclosure: 2024 progress and focus for 2025. Retrieved (20/02/2025) from https://www.unepfi.org/industries/banking/china-embarks-on-a-journey-of-esg-disclosure/
United Nations Global Compact, United Nations Environmental Programme, & the World Bank. (2004). Who cares wins: Connect-ing financial markets to a changing world. Retrieved (20/02/2025) from https://documents1.worldbank.org/curated/pt/280911488968799581/pdf/113237-WP-WhoCaresWins-2004.pdf
United Nations Human Right Office. (2022). Assessment of human rights concerns in Xinjiang, China. Retrieved (20/02/2025) from https://news.un.org/en/story/2022/08/1125932
United Nations Principles for Responsible Investment. (n.d.). What is responsible investment? What are ESG factors? Retrieved (20/02/2025) from https://www.unpri.org/about-us/what-are-the-principles-for-responsible-investment
Zhang, J., Deephouse, D. L., van Gorp, D., & Ebbers, H. (2020). Individuals’ perceptions of the legitimacy of emerging market mul-tinationals: Ethical foundations and construct validation. Journal of Business Ethics, 1-25. https://doi.org/10.1007/s10551-020-04599-x
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607. https://doi.org/10.3390/su10082607
Zhu, Y., Yang, H., & Zhong, M. (2023). Do ESG ratings of Chinese firms converge or diverge? A comparative analysis based on mul-tiple domestic and international ratings. Sustainability, 15(16), 12573. https://doi.org/10.3390/su151612573
Número
Sección
Artículos
Los autores mantienen el copyright de la publicación. Las publicaciones en Cuadernos de Gestión se distribuyen bajo la licencia de Creative Commons -CC-BY-NC-ND, garantizando el acceso abierto a toda la sociedad.
En concreto la licencia CC-BY-NC-ND permite utilización, copia, distribución y comunicación pública de la obra, siempre que los autores y la fuente sean correctamente citados y no se utilice para propósitos comerciales.
El/la autor/a puede hacer libre uso de su artículo indicando siempre que el texto ha sido publicado en Management Letters/Cuadernos de Gestión y cualquier re-edición del mismo deberá contar con la autorización de la revista.