Prácticas ambientales, sociales y de gobernanza y su incidencia en el costo de capital y riesgo de insolvencia en el sector energético brasilero
Palabras clave:
Prácticas ESG, sostenibilidad, costo de capital, Z-score, mercados emergentes
Resumen
Las prácticas ESG (Ambientales, Sociales y de Gobernanza) han surgido como medidas implementadas a nivel corporativo que buscan garantizar la sostenibilidad y creación de valor a largo plazo. El objetivo del estudio es examinar la relación entre las prácticas ESG, el costo de capital y el riesgo de insolvencia en mercados emergentes, centrándose en las compañías del sector energético de Brasil. La metodología es cuantitativa; los datos financieros provienen de Bloomberg Finance y EMIS University Global. Las variables utilizadas en el estudio abarcan aspectos de desempeño, riesgo, sostenibilidad y controles de tamaño y rentabilidad. Se emplearon tres modelos econométricos: Mínimos Cuadrados Ordinarios, Modelo VAR en datos panel y Mínimos Cuadrados Completamente Modificados. Los resultados sugieren que, en el largo plazo, las prácticas ESG de alta calidad pueden impactar positivamente el costo de capital y mitigar el riesgo de insolvencia de una empresa, brindando ventajas estratégicas y resistencia en mercados volátiles. El estudio demuestra que adoptar y fortalecer las prácticas ESG puede ser una estrategia empresarial efectiva para mejorar el desempeño financiero, la competitividad y la sostenibilidad a largo plazo.
Citas
Altman, E. I. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609. Scopus. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Altman, E. I., Iwanicz-Drozdowska, M., Laitinen, E. K., & Suvas, A. (2014). Distressed Firm and Bankruptcy Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model (SSRN Scholarly Paper No. ID 2536340). Social Science Research Network. https://doi.org/10.2139/ssrn.2536340
Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112. https://doi.org/10.1016/j.eneco.2022.106186
Becchetti, L., Cucinelli, D., Ielasi, F., & Rossolini, M. (2023). Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity. International Review of Financial Analysis, 89, 102833. https://doi.org/10.1016/j.irfa.2023.102833
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate Confusion: The Divergence of ESG Ratings*. Review of Finance, 26(6), 1315-1344. https://doi.org/10.1093/rof/rfac033
Bonacorsi, L., Cerasi, V., Galfrascoli, P., & Manera, M. (2024). ESG Factors and Firms’ Credit Risk. Journal of Climate Finance, 100032. https://doi.org/10.1016/j.jclimf.2024.100032
Chen, Y., Li, T., Zeng, Q., & Zhu, B. (2023). Effect of ESG performance on the cost of equity capital: Evidence from China. International Review of Economics & Finance, 83, 348-364. https://doi.org/10.1016/j.iref.2022.09.001
Corrales, L. F., & Gómez, J. D. (2023). ¿Sostenibilidad ambiental o indicadores económicos? Una revisión exploratoria sobre sus relaciones. Revista En-contexto, 11(20), Article 20. https://doi.org/10.53995/23463279.1450
Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financial Analysts Journal, 61(2), 51-63. https://www.jstor.org/stable/4480656
Du, H., & Wang, Z. (2022). Financial Risk Measurement Based on Asymmetric Laplace Distribution. Chinese Journal of Management Science, 30(5), 31-40. https://doi.org/10.16381/j.cnki.issn1003-207x.2019.1681
Ekeli, A. R. (2020). Focus on sustainability in the oil and gas industry – increasing investors’ risk-adjusted return, or harmful to their wealth? [Master thesis, University of Stavanger, Norway]. https://uis.brage.unit.no/uis-xmlui/handle/11250/2678872
Elie, K., Alexander, S., & Tanlak, S. U. (2023). ESG Integration in REITs: Exploring Financial Performance and WACC Implications. https://doi.org/10.13140/RG.2.2.13011.96807
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. California Management Review, 36(2), 90-100. https://doi.org/10.2307/411657
Engle, R. F., Giglio, S., Kelly, B., Lee, H., & Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216. https://doi.org/10.1093/rfs/hhz072
Fiaschi, D., Giuliani, E., Nieri, F., & Salvati, N. (2020). How bad is your company? Measuring corporate wrongdoing beyond the magic of ESG metrics. Business Horizons, 63(3), 287-299. https://doi.org/10.1016/j.bushor.2019.09.004
Hawn, O., & Ioannou, I. (2016). Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic Management Journal, 37(13), 2569-2588. https://doi.org/10.1002/smj.2464
Hoyos, O., Duque, M. C., León, N. T., Salazar, D. T., Montoya-Restrepo, L. A., Montoya-Restrepo, I. A., & Duque, P. (2023). Gobierno corporativo y desarrollo sostenible: Un análisis bibliométrico. Revista CEA, 9(19), Article 19. https://doi.org/10.22430/24223182.2190
Hu, Z., Ranganathan, S., Shao, Y., & Deng, X. (2025). Neighborhood VAR: Efficient estimation of multivariate timeseries with neighborhood information. Journal of Statistical Planning and Inference, 239. https://doi.org/10.1016/j.jspi.2025.106277
Jain, G. (2023). Is ESG Driving Debt Costs Higher for Oil and Gas Companies? - Center on Global Energy Policy at Columbia University SIPA | CGEP %. Center on Global Energy Policy at Columbia University SIPA | CGEP. https://www.energypolicy.columbia.edu/is-esg-driving-debt-costs-higher-for-oil-and-gas-companies/
Khan, M. A., Hassan, M. K., Maraghini, M. P., Paolo, B., & Valentinuz, G. (2024). Valuation effect of ESG and its impact on capital structure: Evidence from Europe. International Review of Economics & Finance, 91, 19-35. https://doi.org/10.1016/j.iref.2024.01.002
Khodzhimatov, R. (2018). XTCOINTREG: Stata module for panel data generalization of cointegration regression using fully modified ordinary least squares, dynamic ordinary least squares, and canonical correlation regression methods. Statistical Software Components. https://ideas.repec.org//c/boc/bocode/s458447.html
Li, C., Wu, M., & Huang, W. (2023). Environmental, Social, and Governance Performance and Enterprise Dynamic Financial Behavior: Evidence from Panel Vector Autoregression. Emerging Markets Finance and Trade, 59(2), 281-295. https://doi.org/10.1080/1540496X.2022.2096435
Lioui, A. (2018). Is ESG Risk Priced? (SSRN Scholarly Paper No. 3285091). https://doi.org/10.2139/ssrn.3285091
Luo, D., Yan, J., & Yan, Q. (2023). The duality of ESG: Impact of ratings and disagreement on stock crash risk in China. Finance Research Letters, 58, 104479. https://doi.org/10.1016/j.frl.2023.104479
Meneses, L. Á., Carabalí, J. A., & Pérez, C. A. (2021). La relación entre el gobierno corporativo y la valoración, apalancamiento y desempeño financiero en Colombia. Revista de Métodos Cuantitativos para la Economía y la Empresa, 32, 324-340. https://doi.org/10.46661/revmetodoscuanteconempresa.4517
Meneses, L., Carabalí, J. A., Pérez, C. A., & Caracas, A. F. (2021). Sostenibilidad y su incidencia en el desempeño financiero corporativo: Evidencia empírica en el mercado bursátil colombiano. ECONÓMICAS CUC, 42(2), Article 2. https://doi.org/10.17981/econcuc.42.2.2021.Econ.3
Meneses, L., Orozco, J. E., Muñoz, D., & Pareja, A. (2022). Las prácticas ESG y su efecto en el desempeño financiero corporativo: Análisis empírico en el mercado de valores brasileño. Dictamen Libre, 31, Article 31. https://doi.org/10.18041/2619-4244/dl.31.10195
Moraga, H. (2019). Gobierno corporativo y riesgo de quiebra en las empresas chilenas.
Nicolas, M. L. D., Desroziers, A., Caccioli, F., & Aste, T. (2024). ESG reputation risk matters: An event study based on social media data. Finance Research Letters, 59, 104712. https://doi.org/10.1016/j.frl.2023.104712
Ode Omenka, L. C., Osabuohien, E. S., Urhie, E., Ode, G. O., Eric, K. N., & Al-Faryan, A. S. (2025). Impact of climate dynamics on food security in Burkina Faso and Nigeria using FMOLS and geospatial analysis. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01518-w
Ortas, E., Moneva, J. M., Burritt, R., & Tingey-Holyoak, J. (2014). Does Sustainability Investment Provide Adaptive Resilience to Ethical Investors? Evidence from Spain. Journal of Business Ethics, 124(2), 297-309.
Parviziomran, E., & Bergqvist, R. (2023). A cost analysis of decarbonizing the heavy-duty road transport sector. Transportation Research Part D: Transport and Environment, 120, 103751. https://doi.org/10.1016/j.trd.2023.103751
Phung, M.-T., Dao, V.-T., & Mai, K.-T. (2024). Dataset for analysing the ESG-oriented technical efficiency of VNSI listed companies. Data in Brief, 52, 109832. https://doi.org/10.1016/j.dib.2023.109832
Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the Cost of Capital and Environmental, Social, and Governance Scores: Evidence from Latin America. Sustainability, 14(9), Article 9. https://doi.org/10.3390/su14095012
Ramírez-Orellana, A., Martínez-Victoria, Mc., García-Amate, A., & Rojo-Ramírez, A. A. (2023). Is the corporate financial strategy in the oil and gas sector affected by ESG dimensions? Resources Policy, 81, 103303. https://doi.org/10.1016/j.resourpol.2023.103303
Riaz, M. H., Alam, M., Ali, A., Ahmed, Z., & Raihan, A. (2025). The role of growth, energy, and resource utilization in ecological footprints: Navigating BRICS + environmental challenges. Letters in Spatial and Resource Sciences, 18(1). https://doi.org/10.1007/s12076-025-00403-4
Rojo-Suárez, J., Alonso-Conde, A. B., & Gonzalez-Ruiz, J. D. (2024). Does sustainability improve financial performance? An analysis of Latin American oil and gas firms. Resources Policy, 88, 104484. https://doi.org/10.1016/j.resourpol.2023.104484
Sassen, R., Hinze, A.-K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal of Business Economics, 86(8), 867–904. https://doi.org/10.1007/s11573-016-0819-3
Schimanski, T., Reding, A., Reding, N., Bingler, J., Kraus, M., & Leippold, M. (2024). Bridging the gap in ESG measurement: Using NLP to quantify environmental, social, and governance communication. Finance Research Letters, 61, 104979. https://doi.org/10.1016/j.frl.2024.104979
Shad, M. K., Lai, F.-W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, 415-425. https://doi.org/10.1016/j.jclepro.2018.10.120
Tron, A., Franceschi, L. F., Colantoni, F., & Paolone, F. (2025). ESG Dynamics: Assessing the Link Between Sustainability Practices and the Cost of Capital. Corporate Social Responsibility and Environmental Management, 32(4), 5038-5053. https://doi.org/10.1002/csr.3231
Vu, T. H., & Ngo, T. T. (2025). Unraveling dynamic interplay between diversification and bankruptcy risk in an emerging market: A GMM-PVAR approach. Risk Management, 27(4). https://doi.org/10.1057/s41283-025-00174-8
Wilberg, S., Kjellevoll, V., Holz, F., & Neumann, A. (2025). Impact of ESG performance on the cost of capital in the energy, utilities, and basic materials sectors. Utilities Policy, 97, 102016. https://doi.org/10.1016/j.jup.2025.102016
Zhang, R., Li, Y., & Liu, Y. (2021). Green bond issuance and corporate cost of capital. Pacific-Basin Finance Journal, 69, 101626. https://doi.org/10.1016/j.pacfin.2021.101626
Altman, E. I., Iwanicz-Drozdowska, M., Laitinen, E. K., & Suvas, A. (2014). Distressed Firm and Bankruptcy Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model (SSRN Scholarly Paper No. ID 2536340). Social Science Research Network. https://doi.org/10.2139/ssrn.2536340
Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112. https://doi.org/10.1016/j.eneco.2022.106186
Becchetti, L., Cucinelli, D., Ielasi, F., & Rossolini, M. (2023). Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity. International Review of Financial Analysis, 89, 102833. https://doi.org/10.1016/j.irfa.2023.102833
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate Confusion: The Divergence of ESG Ratings*. Review of Finance, 26(6), 1315-1344. https://doi.org/10.1093/rof/rfac033
Bonacorsi, L., Cerasi, V., Galfrascoli, P., & Manera, M. (2024). ESG Factors and Firms’ Credit Risk. Journal of Climate Finance, 100032. https://doi.org/10.1016/j.jclimf.2024.100032
Chen, Y., Li, T., Zeng, Q., & Zhu, B. (2023). Effect of ESG performance on the cost of equity capital: Evidence from China. International Review of Economics & Finance, 83, 348-364. https://doi.org/10.1016/j.iref.2022.09.001
Corrales, L. F., & Gómez, J. D. (2023). ¿Sostenibilidad ambiental o indicadores económicos? Una revisión exploratoria sobre sus relaciones. Revista En-contexto, 11(20), Article 20. https://doi.org/10.53995/23463279.1450
Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financial Analysts Journal, 61(2), 51-63. https://www.jstor.org/stable/4480656
Du, H., & Wang, Z. (2022). Financial Risk Measurement Based on Asymmetric Laplace Distribution. Chinese Journal of Management Science, 30(5), 31-40. https://doi.org/10.16381/j.cnki.issn1003-207x.2019.1681
Ekeli, A. R. (2020). Focus on sustainability in the oil and gas industry – increasing investors’ risk-adjusted return, or harmful to their wealth? [Master thesis, University of Stavanger, Norway]. https://uis.brage.unit.no/uis-xmlui/handle/11250/2678872
Elie, K., Alexander, S., & Tanlak, S. U. (2023). ESG Integration in REITs: Exploring Financial Performance and WACC Implications. https://doi.org/10.13140/RG.2.2.13011.96807
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. California Management Review, 36(2), 90-100. https://doi.org/10.2307/411657
Engle, R. F., Giglio, S., Kelly, B., Lee, H., & Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216. https://doi.org/10.1093/rfs/hhz072
Fiaschi, D., Giuliani, E., Nieri, F., & Salvati, N. (2020). How bad is your company? Measuring corporate wrongdoing beyond the magic of ESG metrics. Business Horizons, 63(3), 287-299. https://doi.org/10.1016/j.bushor.2019.09.004
Hawn, O., & Ioannou, I. (2016). Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic Management Journal, 37(13), 2569-2588. https://doi.org/10.1002/smj.2464
Hoyos, O., Duque, M. C., León, N. T., Salazar, D. T., Montoya-Restrepo, L. A., Montoya-Restrepo, I. A., & Duque, P. (2023). Gobierno corporativo y desarrollo sostenible: Un análisis bibliométrico. Revista CEA, 9(19), Article 19. https://doi.org/10.22430/24223182.2190
Hu, Z., Ranganathan, S., Shao, Y., & Deng, X. (2025). Neighborhood VAR: Efficient estimation of multivariate timeseries with neighborhood information. Journal of Statistical Planning and Inference, 239. https://doi.org/10.1016/j.jspi.2025.106277
Jain, G. (2023). Is ESG Driving Debt Costs Higher for Oil and Gas Companies? - Center on Global Energy Policy at Columbia University SIPA | CGEP %. Center on Global Energy Policy at Columbia University SIPA | CGEP. https://www.energypolicy.columbia.edu/is-esg-driving-debt-costs-higher-for-oil-and-gas-companies/
Khan, M. A., Hassan, M. K., Maraghini, M. P., Paolo, B., & Valentinuz, G. (2024). Valuation effect of ESG and its impact on capital structure: Evidence from Europe. International Review of Economics & Finance, 91, 19-35. https://doi.org/10.1016/j.iref.2024.01.002
Khodzhimatov, R. (2018). XTCOINTREG: Stata module for panel data generalization of cointegration regression using fully modified ordinary least squares, dynamic ordinary least squares, and canonical correlation regression methods. Statistical Software Components. https://ideas.repec.org//c/boc/bocode/s458447.html
Li, C., Wu, M., & Huang, W. (2023). Environmental, Social, and Governance Performance and Enterprise Dynamic Financial Behavior: Evidence from Panel Vector Autoregression. Emerging Markets Finance and Trade, 59(2), 281-295. https://doi.org/10.1080/1540496X.2022.2096435
Lioui, A. (2018). Is ESG Risk Priced? (SSRN Scholarly Paper No. 3285091). https://doi.org/10.2139/ssrn.3285091
Luo, D., Yan, J., & Yan, Q. (2023). The duality of ESG: Impact of ratings and disagreement on stock crash risk in China. Finance Research Letters, 58, 104479. https://doi.org/10.1016/j.frl.2023.104479
Meneses, L. Á., Carabalí, J. A., & Pérez, C. A. (2021). La relación entre el gobierno corporativo y la valoración, apalancamiento y desempeño financiero en Colombia. Revista de Métodos Cuantitativos para la Economía y la Empresa, 32, 324-340. https://doi.org/10.46661/revmetodoscuanteconempresa.4517
Meneses, L., Carabalí, J. A., Pérez, C. A., & Caracas, A. F. (2021). Sostenibilidad y su incidencia en el desempeño financiero corporativo: Evidencia empírica en el mercado bursátil colombiano. ECONÓMICAS CUC, 42(2), Article 2. https://doi.org/10.17981/econcuc.42.2.2021.Econ.3
Meneses, L., Orozco, J. E., Muñoz, D., & Pareja, A. (2022). Las prácticas ESG y su efecto en el desempeño financiero corporativo: Análisis empírico en el mercado de valores brasileño. Dictamen Libre, 31, Article 31. https://doi.org/10.18041/2619-4244/dl.31.10195
Moraga, H. (2019). Gobierno corporativo y riesgo de quiebra en las empresas chilenas.
Nicolas, M. L. D., Desroziers, A., Caccioli, F., & Aste, T. (2024). ESG reputation risk matters: An event study based on social media data. Finance Research Letters, 59, 104712. https://doi.org/10.1016/j.frl.2023.104712
Ode Omenka, L. C., Osabuohien, E. S., Urhie, E., Ode, G. O., Eric, K. N., & Al-Faryan, A. S. (2025). Impact of climate dynamics on food security in Burkina Faso and Nigeria using FMOLS and geospatial analysis. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01518-w
Ortas, E., Moneva, J. M., Burritt, R., & Tingey-Holyoak, J. (2014). Does Sustainability Investment Provide Adaptive Resilience to Ethical Investors? Evidence from Spain. Journal of Business Ethics, 124(2), 297-309.
Parviziomran, E., & Bergqvist, R. (2023). A cost analysis of decarbonizing the heavy-duty road transport sector. Transportation Research Part D: Transport and Environment, 120, 103751. https://doi.org/10.1016/j.trd.2023.103751
Phung, M.-T., Dao, V.-T., & Mai, K.-T. (2024). Dataset for analysing the ESG-oriented technical efficiency of VNSI listed companies. Data in Brief, 52, 109832. https://doi.org/10.1016/j.dib.2023.109832
Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the Cost of Capital and Environmental, Social, and Governance Scores: Evidence from Latin America. Sustainability, 14(9), Article 9. https://doi.org/10.3390/su14095012
Ramírez-Orellana, A., Martínez-Victoria, Mc., García-Amate, A., & Rojo-Ramírez, A. A. (2023). Is the corporate financial strategy in the oil and gas sector affected by ESG dimensions? Resources Policy, 81, 103303. https://doi.org/10.1016/j.resourpol.2023.103303
Riaz, M. H., Alam, M., Ali, A., Ahmed, Z., & Raihan, A. (2025). The role of growth, energy, and resource utilization in ecological footprints: Navigating BRICS + environmental challenges. Letters in Spatial and Resource Sciences, 18(1). https://doi.org/10.1007/s12076-025-00403-4
Rojo-Suárez, J., Alonso-Conde, A. B., & Gonzalez-Ruiz, J. D. (2024). Does sustainability improve financial performance? An analysis of Latin American oil and gas firms. Resources Policy, 88, 104484. https://doi.org/10.1016/j.resourpol.2023.104484
Sassen, R., Hinze, A.-K., & Hardeck, I. (2016). Impact of ESG factors on firm risk in Europe. Journal of Business Economics, 86(8), 867–904. https://doi.org/10.1007/s11573-016-0819-3
Schimanski, T., Reding, A., Reding, N., Bingler, J., Kraus, M., & Leippold, M. (2024). Bridging the gap in ESG measurement: Using NLP to quantify environmental, social, and governance communication. Finance Research Letters, 61, 104979. https://doi.org/10.1016/j.frl.2024.104979
Shad, M. K., Lai, F.-W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, 415-425. https://doi.org/10.1016/j.jclepro.2018.10.120
Tron, A., Franceschi, L. F., Colantoni, F., & Paolone, F. (2025). ESG Dynamics: Assessing the Link Between Sustainability Practices and the Cost of Capital. Corporate Social Responsibility and Environmental Management, 32(4), 5038-5053. https://doi.org/10.1002/csr.3231
Vu, T. H., & Ngo, T. T. (2025). Unraveling dynamic interplay between diversification and bankruptcy risk in an emerging market: A GMM-PVAR approach. Risk Management, 27(4). https://doi.org/10.1057/s41283-025-00174-8
Wilberg, S., Kjellevoll, V., Holz, F., & Neumann, A. (2025). Impact of ESG performance on the cost of capital in the energy, utilities, and basic materials sectors. Utilities Policy, 97, 102016. https://doi.org/10.1016/j.jup.2025.102016
Zhang, R., Li, Y., & Liu, Y. (2021). Green bond issuance and corporate cost of capital. Pacific-Basin Finance Journal, 69, 101626. https://doi.org/10.1016/j.pacfin.2021.101626
Publicado
2026-04-29
Cómo citar
Orozco Álvarez, J. E., Meneses Cerón, L. Ángel, Astaiza Caicedo, J. E., & Wyttynghan Bolaños, W. M. (2026). Prácticas ambientales, sociales y de gobernanza y su incidencia en el costo de capital y riesgo de insolvencia en el sector energético brasilero. Revista Venezolana De Gerencia, 31(15), e31e1524. Recuperado a partir de https://produccioncientifica.luz.edu.ve/index.php/rvg/article/view/45496
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