<?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>0124-4639</journal-id>
<journal-title><![CDATA[Revista Universidad y Empresa]]></journal-title>
<abbrev-journal-title><![CDATA[rev.univ.empresa]]></abbrev-journal-title>
<issn>0124-4639</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Rosario]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-46392025000100005</article-id>
<article-id pub-id-type="doi">10.12804/revistas.urosario.edu.co/empresa/a.14241</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Relación entre criterios ESG y el costo de capital en empresas latinoamericanas pertenecientes a los Dow Jones Sustainability Index]]></article-title>
<article-title xml:lang="en"><![CDATA[Relationship Between ESG Criteria and the Cost of Capital in Latin American Companies Belonging to the Dow Jones Sustainability Index]]></article-title>
<article-title xml:lang="pt"><![CDATA[Relação entre critérios ESG e custo de capital em empresas latino-americanas pertencentes ao Índice Dow Jones de Sustentabilidade]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Agudelo Alzate]]></surname>
<given-names><![CDATA[Sara Manuela]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Díaz Cano]]></surname>
<given-names><![CDATA[María José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ocampo del Río]]></surname>
<given-names><![CDATA[Carolina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<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-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad de Antioquia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<volume>27</volume>
<numero>48</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-46392025000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-46392025000100005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-46392025000100005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Objetivo: identificar la relación existente entre la implementación de estándares de sostenibilidad ESG y el costo de capital (wAcc) de las empresas latinoamericanas.  Metodología: se tomó como muestra las empresas que formaron parte de los índices de sostenibilidad Dow Jones (DJSI) entre 2018 y 2022. Con los datos obtenidos se aplicó la metodología de panel de datos.  Resultados principales: se evidenció una relación positiva entre el desempeño ESG y el wAcc de las empresas latinoamericanas; además, de forma individual se indicó que la calificación del criterio gobernanza es el que mayor influencia tiene en el WACC.  Conclusiones: a partir de esto, se estableció que en Latinoamérica los proveedores de capital aún no consideran el desempeño sostenible de las empresas como una variable clave en la toma de decisiones, por lo que la inversión realizada por parte de las compañías en estas iniciativas no se refleja en una disminución del costo de capital.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Objective: To identify the relationship between the implementation of ESG sustainability standards and the cost of capital (WACC) of Latin American companies.  Methodology: The sample was taken from companies that were part of the Dow Jones Sustainability Indexes (DJSI) between 2018 and 2022. The obtained data wereused to apply the data panel methodology.  Key findings: A positive relationship is evident between ESG performance and the WACC of Latin American companies, also indicating that individually the rating of the governance criterion is the one that has the greatest influence on the WACC.  Conclusions: From this it was possible to establish that in Latin America capital providers still do not consider the sustainable performance of companies as a key variable in decision-making, so the investment made by companies in these initiatives is not reflected in the reduction of the cost of capital.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo  Objetivo: identificar a relação entre a implementação de padrões de sustentabilidade   environmental, social and governance (ESG) e o custo médio ponderado de capital (WACC, sigla em inglês) de empresas latino-americanas.  Metodologia: foi selecionada uma amostra de empresas incluídas nos Índices Dow Jones de Sustentabilidade (DJSI, sigla em inglês) entre 2018 e 2022. A metodologia de dados em painel foi aplicada aos dados obtidos.  Principais resultados: é evidenciada relação positiva entre o desempenho de ESG e o WACC das empresas latino-americanas, indicando também que, em uma base individual, a classificação do critério de governança tem a maior influência no WACC.  Conclusões: a partir disso, foi possível estabelecer que, na América Latina, os provedores de capital ainda não consideram o desempenho sustentável das empresas como uma variável-chave na tomada de decisões, de modo que o investimento feito pelas empresas nessas iniciativas não se reflete na redução do custo de capital.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[información no financiera]]></kwd>
<kwd lng="es"><![CDATA[estándares sostenibles]]></kwd>
<kwd lng="es"><![CDATA[ESG]]></kwd>
<kwd lng="es"><![CDATA[costo promedio ponderado de capital]]></kwd>
<kwd lng="es"><![CDATA[WACC]]></kwd>
<kwd lng="es"><![CDATA[sostenibilidad]]></kwd>
<kwd lng="es"><![CDATA[DJSI]]></kwd>
<kwd lng="en"><![CDATA[non-financial information]]></kwd>
<kwd lng="en"><![CDATA[sustainable standards]]></kwd>
<kwd lng="en"><![CDATA[ESG]]></kwd>
<kwd lng="en"><![CDATA[weighted average cost of capital]]></kwd>
<kwd lng="en"><![CDATA[WACC]]></kwd>
<kwd lng="en"><![CDATA[sustainability]]></kwd>
<kwd lng="en"><![CDATA[DJSI]]></kwd>
<kwd lng="pt"><![CDATA[relatórios não financeiros]]></kwd>
<kwd lng="pt"><![CDATA[padrões sustentáveis]]></kwd>
<kwd lng="pt"><![CDATA[ESG]]></kwd>
<kwd lng="pt"><![CDATA[custo médio ponderado de capital]]></kwd>
<kwd lng="pt"><![CDATA[WACC]]></kwd>
<kwd lng="pt"><![CDATA[sustentabilidade]]></kwd>
<kwd lng="pt"><![CDATA[DJSI]]></kwd>
</kwd-group>
</article-meta>
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