<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-6805</journal-id>
<journal-title><![CDATA[Revista Facultad de Ciencias Económicas: Investigación y Reflexión]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.fac.cienc.econ.]]></abbrev-journal-title>
<issn>0121-6805</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas Universidad Militar Nueva Granada]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-68052020000200067</article-id>
<article-id pub-id-type="doi">10.18359/rfce.4271</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Desempeño ambiental, social y de gobierno (ASG): incidencia en el desempeño financiero en el contexto latinoamericano]]></article-title>
<article-title xml:lang="en"><![CDATA[Environmental, Social, and Governance Performance: Impact on Financial Performance in the Latin American Context]]></article-title>
<article-title xml:lang="pt"><![CDATA[Desempenho ambiental, social e de governança (ASG): incidência no desempenho financeiro no contexto latino-americano]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Correa-García]]></surname>
<given-names><![CDATA[Jaime Andrés]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vásquez-Arango]]></surname>
<given-names><![CDATA[Lorena]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>28</volume>
<numero>2</numero>
<fpage>67</fpage>
<lpage>84</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-68052020000200067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-68052020000200067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-68052020000200067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El propósito de este artículo es estudiar la relación entre el desempeño ambiental, social y de gobierno (ASG) y el desempeño financiero para empresas en economías emergentes latinoamericanas con base, principalmente, en la teoría de los stakeholders, la teoría de la agencia y la teoría de los recursos y las capacidades. A fin de cumplir este objetivo se utilizó una muestra de empresas de los principales índices bursátiles latinoamericanos en el periodo 2013-2017, aplicando la metodología de datos de panel. Los resultados indican que existe una relación positiva entre las variables de ASG y el performance financiero, lo que implica una motivación para las compañías a adoptar buenas prácticas de responsabilidad social corporativa (RSC), ya que estas se ven bien retribuidas financieramente. En el componente ambiental se evidencia un potencial de mejora por parte de las compañías latinoamericanas. Asimismo, este estudio presenta contribuciones sobre el estudio del desempeño de las variables ASG en Latinoamérica que son de interés para los reguladores, las compañías, los académicos y los profesionales, porque se trata de una región de gran riqueza natural que demanda articulación de todos los actores a fin de avanzar a nivel empresarial y como sociedad, en el propósito de lograr un desarrollo más balanceado entre lo financiero y lo no financiero.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article intends to study the relationship between environmental, social, and governance performance (ESG) and financial performance in companies in emerging Latin American economies based mainly on agency theory, resource-based theory, and stakeholder theory. For this, a sample of companies from the primary Latin American stock indices in 2013-2017 was taken using panel data analysis. The results suggest a positive relationship between esg variables and financial performance, implying companies' motivation to adopt good corporate social responsibility (CSR) practices since they are well rewarded financially. The environmental component suggests the potential for improvement by Latin American companies. This study also provides inputs to the study of esg performance in Latin America that are of interest to regulators, companies, scholars, and professionals for being a region of tremendous natural wealth that demands coordination of all agents to advance at the business level and as a society and achieve more balanced development between financial and non-financial factors.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: O propósito deste artigo é estudar a relação entre o desempenho ambiental, social e de governanga (ASG) e o desempenho financeiro para empresas em economias emergentes latino-americanas com base, principalmente, na teoría dos stakeholders, na teoría da agencia e na teoría dos recursos e das capacidades. A fim de cumprir esse objetivo, foi utilizada uma amostra de empresas dos principais índices da bolsa latino-americanos entre 2013 e 2017, aplicando a metodologia de dados de painel. Os resultados indicam que existe uma relação positiva entre as variáveis de ASG e a performance financeira, o que implica uma motivaçao para as companhias na adogao de boas práticas de responsabilidade social corporativa, já que elas se veem bem redistribuídas financeiramente. No componente ambiental, é evidenciado um potencial de melhoria por parte das companhias latino-americanas. Além disso, este trabalho apresenta contributes sobre o estudo do desempenho das variáveis asg na América Latina que sao de interesse para os regulamentadores, as companhias, os academicos e os profissionais, porque se trata de uma regiao de grande riqueza natural que demanda articulagao de todos os atores a fim de avangar no ámbito empresarial e como sociedade, no intuito de atingir um desenvolvimento mais equilibrado entre o financeiro e o nao financeiro.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[responsabilidad social corporativa]]></kwd>
<kwd lng="es"><![CDATA[desempeño ASG (ESG performance)]]></kwd>
<kwd lng="es"><![CDATA[desempeño financiero]]></kwd>
<kwd lng="es"><![CDATA[creación de valor]]></kwd>
<kwd lng="en"><![CDATA[corporate social responsibility]]></kwd>
<kwd lng="en"><![CDATA[esg performance]]></kwd>
<kwd lng="en"><![CDATA[financial performance]]></kwd>
<kwd lng="en"><![CDATA[value creation]]></kwd>
<kwd lng="pt"><![CDATA[responsabilidade social corporativa]]></kwd>
<kwd lng="pt"><![CDATA[desempenho AsG (esG performance)]]></kwd>
<kwd lng="pt"><![CDATA[desempenho financeiro]]></kwd>
<kwd lng="pt"><![CDATA[criagao de valor]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aboud]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Diab]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The financial and market consequences of environmental, social and governance ratings. The implications of recent political volatility in Egypt]]></article-title>
<source><![CDATA[Sustainability Accounting, Management and Policy Journal]]></source>
<year>2016</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>498-520</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Amini]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Dal Bianco]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and Latin American firm performance]]></article-title>
<source><![CDATA[Corporate Governance (Bingley)]]></source>
<year>2017</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>403-45</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Atan]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Alam]]></surname>
<given-names><![CDATA[M. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Said]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zamri]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impacts of environmental, social, and governance factors on firm performance. Panel study of Malaysian companies]]></article-title>
<source><![CDATA[Management of Environmental Quality: An International Journal]]></source>
<year>2018</year>
<volume>29</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>182-94</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baah]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Opoku-agyeman]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Abdel]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Abdoulaye]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Understanding the influence of environmental production practices on firm performance: a proactive versus reactive approach]]></article-title>
<source><![CDATA[Journal of Manufacturing Technology Management]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bendickson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Muldoon]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Liguori]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Davis]]></surname>
<given-names><![CDATA[P. E]]></given-names>
</name>
</person-group>
<source><![CDATA[Agency theory: the times, they are a-changin']]></source>
<year>2016</year>
<volume>54</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>174-93</page-range><publisher-name><![CDATA[Management Decision]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bendickson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Muldoon]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Liguori]]></surname>
<given-names><![CDATA[E. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Davis]]></surname>
<given-names><![CDATA[P. E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agency theory: background and epistemology]]></article-title>
<source><![CDATA[Journal of Management History]]></source>
<year>2016</year>
<volume>22</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>437-49</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cabeça-Serapicos]]></surname>
<given-names><![CDATA[A. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendes-Leite]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Odete-Fernandes]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Agency theory approach of the relationship between performance, compensation and value creation in the companies listed on Euronext Lisbon]]></source>
<year>2019</year>
<volume>64</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1-19</page-range><publisher-name><![CDATA[Contaduría y Administración]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cochran]]></surname>
<given-names><![CDATA[P. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Wood]]></surname>
<given-names><![CDATA[R. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and financial performance]]></article-title>
<source><![CDATA[Academy of Management Journal]]></source>
<year>1984</year>
<volume>27</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>42-56</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Correa-García]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernández-Espinal]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Vásquez-Arango]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Soto-Restrepo]]></surname>
<given-names><![CDATA[Y. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reportes integrados y generación de valor en empresas colombianas incluidas en el Índice de Sostenibilidad Dow Jones]]></article-title>
<source><![CDATA[Cuadernos de Contabilidad]]></source>
<year>2016</year>
<volume>17</volume>
<numero>43</numero>
<issue>43</issue>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Correa]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Informes de sostenibilidad y su impacto en la creación de valor financiero en las empresas]]></source>
<year>2017</year>
<publisher-name><![CDATA[Contaduría Universidad de Antioquia]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Correa-Mejía]]></surname>
<given-names><![CDATA[D. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Reyes-Naranjo]]></surname>
<given-names><![CDATA[D. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Montoya-Beltrán]]></surname>
<given-names><![CDATA[K. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La información no financiera y el desempeño financiero empresarial]]></article-title>
<source><![CDATA[Semestre Económico]]></source>
<year>2018</year>
<volume>21</volume>
<numero>46</numero>
<issue>46</issue>
<page-range>185-202</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Escobar-Váquiro]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Benavides-Franco]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Perafán-Peña]]></surname>
<given-names><![CDATA[H. F]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Gobierno corporativo y desempeño financiero: conceptos teóricos y evidencia empírica]]></article-title>
<source><![CDATA[Cuadernos de Contabilidad]]></source>
<year>2017</year>
<volume>17</volume>
<numero>43</numero>
<issue>43</issue>
<page-range>203-54</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E. F]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agency problems and the theory of the firm]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1980</year>
<volume>88</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>288-307</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fatemi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Glaum]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kaiser]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG performance and firm value: the moderating role of disclosure]]></article-title>
<source><![CDATA[Global Finance Journal]]></source>
<year>2018</year>
<volume>38</volume>
<page-range>45-64</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freeman]]></surname>
<given-names><![CDATA[R. E]]></given-names>
</name>
</person-group>
<source><![CDATA[Strategic management: a stakeholder approach]]></source>
<year>1984</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freeman]]></surname>
<given-names><![CDATA[R. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Reed]]></surname>
<given-names><![CDATA[D. L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stockholders and stakeholders: a new perspective on corporate governance]]></article-title>
<source><![CDATA[California Management Review]]></source>
<year>1983</year>
<volume>25</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>88-106</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Friede]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Busch]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Bassen]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG and financial performance: aggregated evidence from more than 2000 empirical studies]]></article-title>
<source><![CDATA[Journal of Sustainable Finance and Investment]]></source>
<year>2015</year>
<volume>5</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>210-33</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fuentes-Doria]]></surname>
<given-names><![CDATA[D. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Toscano-Hernández]]></surname>
<given-names><![CDATA[A. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Díaz-Ballesteros]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Escudero-Garrido]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<source><![CDATA[Ética y sostenibilidad en la gestión contable: un análisis documental en el contexto mundial en los periodos 2009-2018]]></source>
<year>2019</year>
<volume>75</volume>
<page-range>43-67</page-range><publisher-name><![CDATA[Contaduría Universidad de Antioquia]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Galant]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[The stakeholders theory as a starting point for the critique of corporate social responsibility]]></source>
<year>2017</year>
<volume>464</volume>
<page-range>31-42</page-range><publisher-name><![CDATA[Prace Naukowe Uniwersytetu Ekonomicznego We Wrodawiu]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gray]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Kouhy]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lavers]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social and longitudinal study of UK disclosure]]></article-title>
<source><![CDATA[Accounting, Auditing &amp; Accountability Journal]]></source>
<year>1995</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>47-77</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Habek]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Wolniak]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Assessing the quality of corporate social responsibility reports: the case of reporting practices in selected European Union member states]]></article-title>
<source><![CDATA[Quality &amp; Quantity]]></source>
<year>2016</year>
<volume>50</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>399-420</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Haller]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Link]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Groß]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The term &#8220;non-financial information&#8221;. A semantic analysis of a key feature of current and future corporate reporting]]></article-title>
<source><![CDATA[Accounting in Europe]]></source>
<year>2017</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>407-29</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hasan]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Kobeissi]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and firm financial performance: the mediating role of productivity]]></article-title>
<source><![CDATA[Journal of Business Ethics]]></source>
<year>2018</year>
<volume>149</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>671-88</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hernández-Lalinde]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Espinosa-Castro]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Peñaloza-Tarazona]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Fernández-González]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chacón-Rangel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Toloza-Sierra]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[...]]></surname>
<given-names><![CDATA[Bermúdez-Pirela]]></given-names>
</name>
<name>
<surname><![CDATA[V]]></surname>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sobre el uso adecuado del coeficiente de correlación de Pearson: definición, propiedades y suposiciones]]></article-title>
<source><![CDATA[AVFT Archivos Venezolanos de Farmacología y Terapéutica]]></source>
<year>2018</year>
<volume>37</volume>
<numero>5</numero>
<issue>5</issue>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Husted]]></surname>
<given-names><![CDATA[B. W.]]></given-names>
</name>
<name>
<surname><![CDATA[de Sousa-Filho]]></surname>
<given-names><![CDATA[J. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Board structure and environmental, social, and governance disclosure in Latin America]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>2019</year>
<volume>102</volume>
<page-range>220-7</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jaén]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Auletta]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Bruni Celli]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Pocaterra]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Bibliometric analysis of indexed research on corporate social responsibility in Latin America (2000-2017)]]></article-title>
<source><![CDATA[Academia Revista Latinoamericana de Administracion]]></source>
<year>2018</year>
<volume>31</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jones]]></surname>
<given-names><![CDATA[T. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Harrison]]></surname>
<given-names><![CDATA[J. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Felps]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How applying instrumental stakeholder theory can provide sustainable competitive advantage]]></article-title>
<source><![CDATA[Academy of Management Review]]></source>
<year>2018</year>
<volume>43</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>371-91</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lima-Crisóstomo]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Souza Freire]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Cortes de Vasconcellos]]></surname>
<given-names><![CDATA[F]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility, firm value and financial performance in Brazil]]></article-title>
<source><![CDATA[Social Responsibility Journal]]></source>
<year>2011</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>295-309</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lopez]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Fornes]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility in emerging markets: case studies of Spanish mncs in Latin America]]></article-title>
<source><![CDATA[European Business Review]]></source>
<year>2015</year>
<volume>27</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>214-30</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Madorran]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and financial performance: the Spanish case]]></article-title>
<source><![CDATA[Revista de Administrado de Empresas]]></source>
<year>2016</year>
<volume>56</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>20-8</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mallin]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Farag]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ow-Yong]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and financial performance in Islamic banks]]></article-title>
<source><![CDATA[Journal of Economic Behavior and Organization]]></source>
<year>2014</year>
<volume>103</volume>
<page-range>S21-38</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martínez-Ferrero]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Frías-Aceituno]]></surname>
<given-names><![CDATA[J. V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relationship between sustainable development and financial performance: international empirical research]]></article-title>
<source><![CDATA[Business Strategy and the Environment]]></source>
<year>2015</year>
<volume>24</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>20-39</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McGuire]]></surname>
<given-names><![CDATA[J. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Sundgren]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Schneeweis]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate social responsibility and firm financial performance]]></article-title>
<source><![CDATA[Academy of Management Journal]]></source>
<year>1988</year>
<volume>31</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>854-72</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miras]]></surname>
<given-names><![CDATA[M. del M.]]></given-names>
</name>
<name>
<surname><![CDATA[Carrasco]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Escobar]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Responsabilidad social corporativa y rendimiento financiero: un meta-análisis]]></article-title>
<source><![CDATA[Revista Española de Financiación y Contabilidad]]></source>
<year>2014</year>
<volume>43</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>193-215</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mondragón]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Uso de la correlación de Spearman en un estudio de intervención en fisioterapia]]></article-title>
<source><![CDATA[Movimiento Científico]]></source>
<year>2000</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>98-104</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Murillo]]></surname>
<given-names><![CDATA[D. R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La competitividad exportadora de los sectores ambientalmente sensibles y la construcción de un patrón exportador sostenible en América Latina y el Caribe]]></article-title>
<source><![CDATA[Documentos de Proyectos Cepal]]></source>
<year>2007</year>
<volume>148</volume>
<page-range>1-221</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Newey]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Stouli]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Control variables, discrete instruments, and identification of structural functions]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ortas]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Álvarez]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Garayar]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The environmental, social, governance, and financial performance effects on companies that adopt the United Nations Global Compact]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2015</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1932-56</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Penrose]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<source><![CDATA[The theory of the growth of the firm]]></source>
<year>1959</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Porter]]></surname>
<given-names><![CDATA[M. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Kramer]]></surname>
<given-names><![CDATA[M. R]]></given-names>
</name>
</person-group>
<source><![CDATA[La creación de valor compartido]]></source>
<year>2011</year>
<volume>89</volume>
<page-range>3-18</page-range><publisher-name><![CDATA[Harvard Business Review. América Latina]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pulido]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Teoría de los recursos y capacidades el foco estratégico centrado en el interior de la organización]]></article-title>
<source><![CDATA[Sotavento MBA]]></source>
<year>2010</year>
<volume>15</volume>
<page-range>54-60</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodríguez-Fernández]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Social responsibility and financial performance: the role of good corporate governance]]></article-title>
<source><![CDATA[BRQ Business Research Quarterly]]></source>
<year>2016</year>
<volume>19</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>137-51</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rupley]]></surname>
<given-names><![CDATA[K. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Brown]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Marshall]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evolution of corporate reporting: from stand-alone corporate social responsibility reporting to integrated reporting]]></article-title>
<source><![CDATA[Research in Accounting Regulation]]></source>
<year>2017</year>
<volume>29</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>172-6</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Saeidi]]></surname>
<given-names><![CDATA[S. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Sofian]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Saeidi]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Saeidi]]></surname>
<given-names><![CDATA[S. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Saaeidi]]></surname>
<given-names><![CDATA[S. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>2015</year>
<volume>68</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>341-50</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Saini]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Singhania]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance relevance of environmental and social disclosures. The role of foreign ownership]]></article-title>
<source><![CDATA[Benchmarking: An International Journal]]></source>
<year>2019</year>
<volume>26</volume>
<numero>6</numero>
<issue>6</issue>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sanches-Garcia]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendes-Da-Silva]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Orsato]]></surname>
<given-names><![CDATA[R. J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sensitive industries produce better ESG performance: evidence from emerging markets]]></article-title>
<source><![CDATA[Journal of Cleaner Production]]></source>
<year>2017</year>
<volume>150</volume>
<page-range>135-47</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sánchez-Peñaflor]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Herrera-Avilés]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los recursos humanos bajo el enfoque de la teoría de los recursos y capacidades]]></article-title>
<source><![CDATA[Revista Facultad de Ciencias Económicas]]></source>
<year>2016</year>
<volume>24</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>133-46</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Seixas-Pinto]]></surname>
<given-names><![CDATA[L. J.]]></given-names>
</name>
<name>
<surname><![CDATA[De Souza-Freire]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Costa dos Santos]]></surname>
<given-names><![CDATA[M. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Retorno das ações com status de reputação corporativa no Brasil : um estudo comparativo entre empresas ranqueadas no Merco e empresas listadas no ISE BM &amp; F Bovespa]]></article-title>
<source><![CDATA[Revista de Auditoria Governanca e Contabilidade]]></source>
<year>2016</year>
<volume>4</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>57-75</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sikacz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Wolczek]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[ESG analysis of companies included in the Respect Index based on Thomson Reuters Eikon database]]></source>
<year>2019</year>
<volume>520</volume>
<page-range>115-27</page-range><publisher-name><![CDATA[Prace Naukowe Uniwersytetu Ekonomicznego We Wrodawiu]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Velte]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Does ESG performance have an impact on financial performance? Evidence from Germany]]></article-title>
<source><![CDATA[Journal of Global Responsibility]]></source>
<year>2017</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>169-78</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Venturelli]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cosma]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Leopizzi]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Stakeholder engagement: an evaluation of european banks]]></source>
<year>2018</year>
<publisher-name><![CDATA[Corporate Social Responsibility and Environmental Management]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<collab>World Business Council for Sustainable Development [WBCSD ]</collab>
<article-title xml:lang=""><![CDATA[Reporting matters]]></article-title>
<source><![CDATA[Navigating the landscape: a path forward for sustainability reporting]]></source>
<year>2019</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
