Incidencia de las estrategias ambiental, social y de gobernanza en el desempeño financiero de las empresas del sector cementero
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Fecha
2025
Autores
Marín Tabares, Natalia
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Ediciones Universidad Simón Bolívar
Facultad de Administración y Negocios
Facultad de Administración y Negocios
Resumen
La presente tesis investigó la incidencia de las estrategias ambientales, sociales y de gobernanza en el desempeño financiero de ARGOS S.A., CEMEX Colombia S.A. y HOLCIM Colombia S.A. Para ello estudió la trayectoria de las estrategias ASG y sus rendimientos por ocho años (2014- 2021), vinculando las teorías del stakeholder y de recursos y capacidades como ejes fundamentales que desde la administración explican la incidencia de las variables en estudio.
La investigación utilizó técnicas cualitativas como el análisis documental y entrevistas en profundidad a stakeholders; y cuantitativas como la regresión lineal múltiple con método de panel de datos. La información se obtuvo desde sistemas de información financiera, informes de la superintendencia financiera y reportes integrados. Los hallazgos cualitativos generales muestran que Argos y Holcim muestran que la variable margen neto sí tuvo incidencia en el desempeño financiero medido por el ROE y ROA, casos para los cuales se aceptó la hipótesis alternativa.
En el caso del ROAE no se pudo establecer un modelo dado el valor obtenido en la prueba de bondad de ajuste. Para el caso el margen neto contribuyó a la rentabilidad general de la empresa Vía ventas o ingresos operacionales, reflejándose positivamente en el ROA Y ROE. Ambas cementeras generaron rentabilidad, está explicada por los resultados en la cuenta del margen neto, demostrando un buen manejo contable y financiero, lo cual fue más representativo que lo reflejado por los resultados ASG en la medición.
En cuanto a los resultados cuantitativos generales para Cemex Colombia, las pruebas de bondad de ajuste tuvieron valores inferiores a 0,09, por lo cual se infirió que el modelo no explicaba la relación entre las variables. Por otro lado, los p valores obtenidos permitieron aprobar aceptar la hipótesis nula, lo anterior obedece a limitaciones, eventualidades y posturas estratégicas de la empresa.
Dado lo anterior, el análisis cuantitativo infiere que las estrategias ASG no tienen incidencia en el desempeño financiero, ya que no fue posible evidenciar que la implementación de una estrategia ASG tuviera un impacto positivo en el corto plazo sobre el desempeño financiero. Los anteriores resultados se deben a que en el corto plazo prevalecen manejos contables y financieros, los cuales generan mayor impacto que las mismas estrategias, ASG.
The following research investigated the impact of impact of environmental, social and governance strategies on the financial development of ARGOS S.A., CEMEX Colombia S.A. and HOLCIM Colombia S.A. To this end, it studied the trajectory of the ESG strategies and their incomes for eight years (2014- 2021), linking the theories of the stakeholder and the theory of resources and capabilities as the fundamentals that from the administration explain the impact of the variables in the study. The investigation uses qualitative techniques such as documentary analysis and in-depth interviews with stakeholders; and as many as multiple linear regression with data panel method. The information is obtained from financial information systems, information from financial superintendence and integrated reports. The general qualitative analysis shows that Argos and Holcim presented a net margin that affects the average of financial performance measured by ROE and ROA, in which case the alternative assumption is accepted. In the case of the ROAE it was not possible to establish a model given the value obtained on the adjustment bond scale. In this case, the net margin contributed to the general profitability of the company through a positive operational income, reflected in the ROA and ROE. Both companies generated profitability, which was explained by the results in the net profit margin, demonstrating good accounting and financial management, which was more representative than the reflected in the ESG results. As for the general quantitative results for Cemex Colombia S.A., the adjustment bond tests turned out to be values lower than 0.09, which is why the model did not explain the relationship between the variables. On the other hand, the obtained values allow you to try to accept the current hypothesis, the previous one obeys to limitations, eventualities and strategic postures of the company. Given the above, the quantitative analysis states that ESG strategies have no impact on financial performance, and it was not possible to highlight that the implementation of an ESG strategy will have a positive impact on it. The previous results are explained by the fact that in the short term it prevails in companies accounting and financial decisions, which generates greater impact than the same ESG strategies.
The following research investigated the impact of impact of environmental, social and governance strategies on the financial development of ARGOS S.A., CEMEX Colombia S.A. and HOLCIM Colombia S.A. To this end, it studied the trajectory of the ESG strategies and their incomes for eight years (2014- 2021), linking the theories of the stakeholder and the theory of resources and capabilities as the fundamentals that from the administration explain the impact of the variables in the study. The investigation uses qualitative techniques such as documentary analysis and in-depth interviews with stakeholders; and as many as multiple linear regression with data panel method. The information is obtained from financial information systems, information from financial superintendence and integrated reports. The general qualitative analysis shows that Argos and Holcim presented a net margin that affects the average of financial performance measured by ROE and ROA, in which case the alternative assumption is accepted. In the case of the ROAE it was not possible to establish a model given the value obtained on the adjustment bond scale. In this case, the net margin contributed to the general profitability of the company through a positive operational income, reflected in the ROA and ROE. Both companies generated profitability, which was explained by the results in the net profit margin, demonstrating good accounting and financial management, which was more representative than the reflected in the ESG results. As for the general quantitative results for Cemex Colombia S.A., the adjustment bond tests turned out to be values lower than 0.09, which is why the model did not explain the relationship between the variables. On the other hand, the obtained values allow you to try to accept the current hypothesis, the previous one obeys to limitations, eventualities and strategic postures of the company. Given the above, the quantitative analysis states that ESG strategies have no impact on financial performance, and it was not possible to highlight that the implementation of an ESG strategy will have a positive impact on it. The previous results are explained by the fact that in the short term it prevails in companies accounting and financial decisions, which generates greater impact than the same ESG strategies.
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Palabras clave
Administración, Estrategias ASG, Sostenibilidad, Desempeño financiero, Cementeras, Colombia
