Analysis of the Impact of ESG Controversies on the Valuation of Shares in the Mexican Market

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The Anáhuac Journal
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Published: Jun 26, 2024
DOI: https://doi.org/10.36105/theanahuacjour.2024v24n1.02
Keywords:
Investments, ESG, controversies, environmental, social, corporate governance

Main Article Content

Martha Angélica León Alvarado
EGADE Business School, Tecnológico de Monterrey, Mexico
https://orcid.org/0000-0001-5632-4512
Eric Osio Cerón
Grenoble École de Management, France
https://orcid.org/0009-0001-3218-0347
Anahi Montserrat Revilla Antonio
Universidad Nacional Autónoma de México (UNAM), Mexico
https://orcid.org/0009-0007-1416-4718

Abstract

There is extensive literature on the motivations of various investors to integrate environmental, social, and corporate governance (ESG) factors into their strategies. However, studies on this subject focus on developed markets. They do not explain with evidence whether these factors, if absent, significantly affect the valuation of financial instruments, such as stocks or bonds issued by companies. Thus, the study analyzes and demonstrates with statistical evidence that the controversies associated with ESG factors and related to shares in the Mexican market are yet to be integrated into the corresponding valuations.

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How to Cite
León Alvarado, M. A., Osio Cerón, E., & Revilla Antonio, A. M. (2024). Analysis of the Impact of ESG Controversies on the Valuation of Shares in the Mexican Market. The Anáhuac Journal, 24(1), Págs. 38–63. https://doi.org/10.36105/theanahuacjour.2024v24n1.02
Issue
Vol. 24 No. 1 (2024): The Anáhuac Journal, Vol. 24, num. 1, 2024, First Semester
Section
Artículos
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Author Biographies

Martha Angélica León Alvarado, EGADE Business School, Tecnológico de Monterrey, Mexico

Martha León has a PhD in Financial Sciences from Tecnológico de Monterrey, a Fintech certification from the University of Chicago, as well as a specialty in applied statistics at the Instituto de Investigación en Matemáticas Aplicadas y en Sistemas (IIMAS) from the Universidad Nacional Autónoma de México (UNAM). She also has a background in actuarial science at the UNAM. León is the current Financial Vice-president at the National Commission of the Retirement Savings System (CONSAR). She has 18 years of professional experience, focusing on financial institutions in the public sector. In the private sector, she has experience in finance institutions, insurance, financial risk management, and business intelligence. She is a professor at the EGADE Business School of the Tecnológico de Monterrey.

Eric Osio Cerón, Grenoble École de Management, France

Eric Osio serves as General Director of Risk Management at the National Commission of the Retirement Savings System (CONSAR), where he has actively participated, among many other projects and topics, in the migration of the Retirement Savings System to Target Date Funds to improve how pension resources are managed, as well as in the integration of ESG criteria within the regulations applicable to the investment and risk processes of the Retirement Fund Administrators (AFORES). Previously, Eric was part of the team responsible for providing attention to the investment and risk teams within the Mexican Association of Retirement Fund Administrators (AMAFORE), and before that, the Suspicious Activities Investigation team for the prevention of money laundering and financing of terrorism at HSBC. Eric is an Actuary from Anahuac University, has a master’s degree in finance from Grenoble École de Management in France, and has the CESGA certification issued by the European Federation of Financial Analysts Societies (EFFAS).

Anahi Montserrat Revilla Antonio, Universidad Nacional Autónoma de México (UNAM), Mexico

Anahi Revilla has a Bachelor’s degree in Economics from the Universidad Nacional Autónoma de México (UNAM) and currently serves as supervisor of the Retirement Savings System (SAR) in the General Directorate of Risk Management at the National Commission of the Retirement Savings System (CONSAR), where she is involved in monitoring and performing analysis on risk management related to the investment regime of the AFORES as well as the development of regulation and integration of ESG criteria. Anahi is involved in various courses in different financial areas and has language skills in English, French, and basic Korean.

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