Resumo

PICHARDO VERA, Armando  e  CABALLERO GUENDULAIN, Karina. Sustainability as a driver of financial performance: analysis of stock market and business operation in Mexico (2011-2020). Estud. Econ. (México, D.F.) [online]. 2025, vol.40, n.2, e468.  Epub 12-Mar-2026. ISSN 0186-7202.  https://doi.org/10.24201/ee.v40i2.e468.

The growing attention to sustainable finance arises from the suggested positive correlation between the integration of sustainability factors and financial performance. This study provides evidence of this relationship in the Mexican market through two approaches. The first, a stock market analysis, examines the Price and Quotation Index (IPC) and the Sustainable IPC (IPC SUS) using GARCH models. The second, an operational business analysis, is based on the CAMELS model applied to the leading companies in the IPC SUS. The results confirm a positive relationship in the stock market analysis and partial evidence but non-statistical significant in the operational business analysis.

Palavras-chave : sostenibilidad; finanzas; econometría; C58; G10; G30; Q56..

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