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El Comportamiento Financiero De Las Empresas Socialmente Responsables / Financial Performance Of Socially Responsible Companies


  • Charlo Molina, M.J

    () (Universidad de Sevilla (España))

  • Moya Clemente, I.

    () (Universidad Politécnica de Valencia (España))


El objeto del presente trabajo es analizar determinadas variables de naturaleza financiera en las empresas consideradas socialmente responsables, las que forman parte del índice de sostenibilidad español FTSE4Good IBEX, y determinar si existen diferencias significativas en su comportamiento respecto a las del resto de índices de la familia IBEX. Los resultados muestran que las acciones de las empresas socialmente responsables obtienen una rentabilidad superior para el mismo nivel de riesgo sistemático y que su sensibilidad ante los cambios en el mercado es mayor. / This paper analyses financial performance of companies considered as highly socially responsible. For this purpose, companies that compose the Spanish sustainability index FTSE4Good IBEX (as well as other IBEX indices) are examined. Two basic results can be highlighted: first, stocks of companies that are socially responsible earn returns on excess over systematic risk, making them investment-attractive. Second, they have a higher systematic risk.

Suggested Citation

  • Charlo Molina, M.J & Moya Clemente, I., 2010. "El Comportamiento Financiero De Las Empresas Socialmente Responsables / Financial Performance Of Socially Responsible Companies," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 16(2), pages 15-25.
  • Handle: RePEc:idi:jiedee:v:16:y:2010:i:2:p:15-25

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