Desempeño ESG y riesgo de mercado: El papel mediador de la calidad de la divulgación de riesgo en el mercado brasileño
DOI:
https://doi.org/10.36517/contextus.2026.96654Palabras clave:
desempeño ESG, riesgo de mercado, calidad de la divulgación de riesgos, legibilidad, stakeholdersResumen
Contextualización: Los aspectos ambientales, sociales y de gobernanza han atraído la atención de accionistas, inversionistas, gobiernos y comunidades en los últimos años, siendo considerados como una estructura que ayuda a las partes interesadas a comprender cómo la organización gestiona riesgos y oportunidades.
Objetivo: Investigar la relación entre desempeño ESG y riesgo de mercado, y si esa relación es mediada por la calidad de la divulgación de riesgos en Brasil.
Método: Para la evaluación del desempeño ESG, se utilizó la base Refinitiv que clasifica indicadores de desempeño distribuidos en tres pilares: medio ambiente, social y gobernanza corporativa. Para el análisis del riesgo de mercado se utilizó el Beta extraído de Economática. Para el análisis de la calidad de la divulgación de riesgos se emplearon tres métricas de legibilidad: índice de Flesch, índice de Fog y el logaritmo natural de la extensión del texto. Se emplearon estadística descriptiva y modelado por ecuaciones estructurales, abarcando el período de 2017 a 2022 de 67 compañías abiertas brasileñas.
Resultados: Existen relaciones significativas entre el desempeño ESG y el Beta al nivel de 1%, entre el Beta y el logaritmo natural de la extensión al nivel de 1%, y entre el logaritmo natural de la extensión y el desempeño ESG al nivel de 10%. El análisis de la relación entre el desempeño ESG y el riesgo de mercado con la presencia de las variables mediadoras logaritmo natural de la extensión e índice de Fog evidenció un efecto indirecto, significativo al nivel de 10%.
Conclusiones: Apoyándose en la Teoría de los Stakeholders y contribuyendo para la discusión del mercado brasileño, el estudio reveló por medio del modelado por ecuaciones estructurales que la calidad de la divulgación de riesgos es capaz de mediar la relación entre el desempeño ESG y el riesgo de mercado.
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