IDEAS home Printed from https://ideas.repec.org/a/col/000129/020567.html

La influencia del conflicto social y la licencia social para operar sobre el valor de la empresa

Author

Listed:
  • Nancy Matos Reyes
  • Robert McDonald
  • Jaime Rivera Camino

Abstract

A partir de información empírica del sector minero del Perú, se propone un modelo que relaciona el conflicto social, la licencia social para operar, y el valor de las empresas extractivas para contribuir a la comprensión de la dinámica socioempresarial del sector extractivo. Las variables que se utiliza en el modelo son el precio de las acciones mineras, el registro oficial de los conflictos, y las licencias sociales. Por medio de una regresión lineal multivariada, se encuentra que el incremento de los conflictos sociales disminuye el valor de las empresas, y que la licencia social para operar tiene un efecto positivo sobre esta variable; además, modera el impacto del conflicto en el valor de la empresa. El estudio confirma empíricamente las relaciones sociales y económicas entre empresas extractivas y comunidades, y orienta a directivos, políticos y autoridades sobre acciones para prevenir conflictos. También contribuye a cerrar la brecha de estudios empíricos en países con menor nivel de desarrollo.

Suggested Citation

  • Nancy Matos Reyes & Robert McDonald & Jaime Rivera Camino, 2022. "La influencia del conflicto social y la licencia social para operar sobre el valor de la empresa," Estudios Gerenciales, Universidad Icesi, vol. 38(165), pages 406-423.
    • Handle: RePEc:col:000129:020567
    DOI: 10.18046/j.estger.2022.165.5136
    as

    Download full text from publisher

    File URL: https://doi.org/10.18046/j.estger.2022.165.5136
    Download Restriction: no
    File URL: https://libkey.io/10.18046/j.estger.2022.165.5136?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bebbington, Anthony & Humphreys Bebbington, Denise & Bury, Jeffrey & Lingan, Jeannet & Muñoz, Juan Pablo & Scurrah, Martin, 2008. "Mining and Social Movements: Struggles Over Livelihood and Rural Territorial Development in the Andes," World Development, Elsevier, vol. 36(12), pages 2888-2905, December.
    2. Witold J. Henisz & Sinziana Dorobantu & Lite J. Nartey, 2014. "Spinning gold: The financial returns to stakeholder engagement," Strategic Management Journal, Wiley Blackwell, vol. 35(12), pages 1727-1748, December.
    3. Prno, Jason & Scott Slocombe, D., 2012. "Exploring the origins of ‘social license to operate’ in the mining sector: Perspectives from governance and sustainability theories," Resources Policy, Elsevier, vol. 37(3), pages 346-357.
    4. Richard M. Auty, 2002. "Natural Resources and Development: Comparison of Bangladesh and South Korea," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 93(3), pages 242-253, August.
    5. Massimo Guidolin & Eliana La Ferrara, 2010. "The economic effects of violent conflict: Evidence from asset market reactions," Journal of Peace Research, Peace Research Institute Oslo, vol. 47(6), pages 671-684, November.
    6. Castellares, Renzo & Fouché, Morgane, 2017. "Determinantes de los Conflictos Sociales en Zonas de Producción Minera," Working Papers 2017-005, Banco Central de Reserva del Perú.
    7. David P. Baron, 1997. "Integrated Strategy and International Trade Disputes: The Kodak‐Fujifilm Case," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 6(1), pages 291-346, June.
    8. Anthony Bebbington & Jeffrey Bury & Denise Humphreys Bebbington & Jeannet Lingan & Juan Pablo Muñoz & Martin Scurrah, 2008. "Mining and social movements: struggles over Mining and social movements: struggles over livelihood and rural territorial development in the Andes," Global Development Institute Working Paper Series 3308, GDI, The University of Manchester.
    9. Engel, Stefanie & López, Ramón, 2008. "Exploiting common resources with capital-intensive technologies: the role of external forces," Environment and Development Economics, Cambridge University Press, vol. 13(5), pages 565-589, October.
    10. Groenewold, Nicolaas & Fraser, Patricia, 1999. "Time-varying estimates of CAPM betas," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 48(4), pages 531-539.
    11. Boothe, Paul & Glassman, Debra, 1987. "Off the Mark: Lessons for Exchange Rate Modelling," Oxford Economic Papers, Oxford University Press, vol. 39(3), pages 443-457, September.
    12. Geert Demuijnck & Björn Fasterling, 2016. "The Social License to Operate," Journal of Business Ethics, Springer, vol. 136(4), pages 675-685, July.
    13. Judy Brown & Michael Fraser, 2006. "Approaches and perspectives in social and environmental accounting: an overview of the conceptual landscape," Business Strategy and the Environment, Wiley Blackwell, vol. 15(2), pages 103-117, March.
    14. Alesina, Alberto & Perotti, Roberto, 1996. "Income distribution, political instability, and investment," European Economic Review, Elsevier, vol. 40(6), pages 1203-1228, June.
    15. repec:idn:journl:v:16:y:2013:i:2f:p:1-22 is not listed on IDEAS
    16. Mehrdad Vahabi, 2010. "Integrating social conflict into economic theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(4), pages 687-708.
    17. Zivot, Eric & Andrews, Donald W K, 2002. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 25-44, January.
    18. Grossman, Herschel I & Kim, Minseong, 1996. "Predation and Accumulation," Journal of Economic Growth, Springer, vol. 1(3), pages 333-350, September.
    19. Chen, Nai-Fu & Roll, Richard & Ross, Stephen A, 1986. "Economic Forces and the Stock Market," The Journal of Business, University of Chicago Press, vol. 59(3), pages 383-403, July.
    20. Rajdeep Grewal & Joseph A. Cote & Hans Baumgartner, 2004. "Multicollinearity and Measurement Error in Structural Equation Models: Implications for Theory Testing," Marketing Science, INFORMS, vol. 23(4), pages 519-529, June.
    21. Christiano, Lawrence J, 1992. "Searching for a Break in GNP," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 237-250, July.
    22. Chirinos, Raymundo, 2015. "Conflicto social e inversión minera en el Perú," Revista Moneda, Banco Central de Reserva del Perú, issue 162, pages 38-44.
    23. Jegadeesh, Narasimhan & Livnat, Joshua, 2006. "Revenue surprises and stock returns," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 147-171, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chang Hoon Oh & Jiyoung Shin & Shuna Shu Ham Ho, 2023. "Conflicts between mining companies and communities: Institutional environments and conflict resolution approaches," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(2), pages 638-656, April.
    2. Haslam, Paul Alexander, 2021. "The micro-politics of corporate responsibility: How companies shape protest in communities affected by mining," World Development, Elsevier, vol. 139(C).
    3. Daniel M. Shapiro & Carlos Vecino & Jing Li, 2018. "Exploring China’s state-led FDI model: Evidence from the extractive sectors in Latin America," Asia Pacific Journal of Management, Springer, vol. 35(1), pages 11-37, March.
    4. Cunado, Juncal & Perez de Gracia, Fernando, 2014. "Oil price shocks and stock market returns: Evidence for some European countries," Energy Economics, Elsevier, vol. 42(C), pages 365-377.
    5. Rajiv Maher, 2019. "Squeezing Psychological Freedom in Corporate–Community Engagement," Journal of Business Ethics, Springer, vol. 160(4), pages 1047-1066, December.
    6. Arango-Aramburo, Santiago & Jaramillo, Patricia & Olaya, Yris & Smith, Ricardo & Restrepo, Oscar J. & Saldarriaga-Isaza, Adrián & Arias-Gaviria, Jessica & Parra, Juan F. & Larsen, Erik R. & Gomez-Rios, 2017. "Simulating mining policies in developing countries: The case of Colombia," Socio-Economic Planning Sciences, Elsevier, vol. 60(C), pages 99-113.
    7. Haslam, Paul Alexander & Ary Tanimoune, Nasser & Razeq, Zarlasht M., 2019. "Is “being foreign” a liability for mining companies? Locational liabilities and social conflict in Latin America," Resources Policy, Elsevier, vol. 63(C), pages 1-1.
    8. Costanza, Jennifer Noel, 2016. "Mining Conflict and the Politics of Obtaining a Social License: Insight from Guatemala," World Development, Elsevier, vol. 79(C), pages 97-113.
    9. Dhaoui, Abderrazak & Saidi, Youssef, 2015. "Oil supply and demand shocks and stock price: Evidence for some OECD countries," MPRA Paper 63556, University Library of Munich, Germany.
    10. Abdul–Wadood Moomen & Ashraf Dewan, 2017. "Probing the Perspectives of Stakeholder Engagement and Resistance Against Large‐Scale Surface Mining in Developing Countries," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 24(2), pages 85-95, March.
    11. Kemp, Deanna & Owen, John R., 2013. "Community relations and mining: Core to business but not “core business”," Resources Policy, Elsevier, vol. 38(4), pages 523-531.
    12. Ştefănescu, Lucrina & Alexandrescu, Filip, 2020. "Environmental protection or subversion in mining? Planning challenges, perspectives and actors at the largest gold deposit in Europe," Land Use Policy, Elsevier, vol. 95(C).
    13. Dumbrell, Nikki P. & Adamson, David & Wheeler, Sarah Ann, 2020. "Is social licence a response to government and market failures? Evidence from the literature," Resources Policy, Elsevier, vol. 69(C).
    14. Cem Iskender Aydin & Begum Ozkaynak & Beatriz Rodríguez-Labajos & Taylan Yenilmez, 2017. "Network effects in environmental justice struggles: An investigation of conflicts between mining companies and civil society organizations from a network perspective," PLOS ONE, Public Library of Science, vol. 12(7), pages 1-20, July.
    15. Kutuk, Yasin, 2022. "Inequality convergence: A world-systems theory approach," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 150-165.
    16. Anne-Maree Dowd & Michelle Rodriguez & Talia Jeanneret, 2015. "Social Science Insights for the BioCCS Industry," Energies, MDPI, vol. 8(5), pages 1-19, May.
    17. Christian Urom & Gideon Ndubuisi & Jude Ozor, 2021. "Economic activity, and financial and commodity markets’ shocks: An analysis of implied volatility indexes," International Economics, CEPII research center, issue 165, pages 51-66.
    18. Brittle, Shane, 2009. "Ricardian Equivalence and the Efficacy of Fiscal Policy in Australia," Economics Working Papers wp09-10, School of Economics, University of Wollongong, NSW, Australia.
    19. Philip Barrett & Mariia Bondar & Sophia Chen & Mali Chivakul & Deniz Igan, 2024. "Pricing protest: the response of financial markets to social unrest," Review of Finance, European Finance Association, vol. 28(4), pages 1419-1450.
    20. Xiaojuan He & Dervis Kirikkaleli & Melike Torun & Zecheng Li, 2021. "Modeling Economic Risk in the QISMUT Countries: Evidence From Nonlinear Cointegration Tests," SAGE Open, , vol. 11(4), pages 21582440211, October.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000129:020567. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Coordinador ICESI (email available below). General contact details of provider: https://edirc.repec.org/data/fciceco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.