<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2683-2690</journal-id>
<journal-title><![CDATA[The Anáhuac journal]]></journal-title>
<abbrev-journal-title><![CDATA[The Anáhuac j.]]></abbrev-journal-title>
<issn>2683-2690</issn>
<publisher>
<publisher-name><![CDATA[Universidad Anáhuac del Sur S.C., Facultad de Economía y Negocios]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2683-26902025000200105</article-id>
<article-id pub-id-type="doi">10.36105/theanahuacjour.2025v25n2.3019</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Sustainability Practices in Latin America: Does ESG Reduce the Cost of Capital?]]></article-title>
<article-title xml:lang="es"><![CDATA[Prácticas de sostenibilidad en América Latina. ¿Reducen los factores ASG el costo de capital?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez Arocha]]></surname>
<given-names><![CDATA[Martha]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vargas]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Panamericana  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>25</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2683-26902025000200105&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2683-26902025000200105&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2683-26902025000200105&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article examines the relationship between Environmental, Social, and Governance (ESG) performance and the cost of capital in a sample of public companies from Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The panel data regressions focus on 181 entities from 2015 to 2023. Moreover, an analysis that includes the combined and pillar scores as independent variables explores the dynamics of the ESG dimensions across different capital sources. The regression estimations with economic sector and year fixed effects highlight that ESG performance reduces the cost of capital and its stock component. Specifically, environmental and social categories drive a lower cost for both. The findings confirm that ESG practices are drivers of a lower cost of capital and cost of equity, creating long-term value in the Latin American region.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo estudia la interacción del costo de capital con el desempeño de los factores de la dimensión Ambiental, Social y Gobernanza (ASG) en una muestra de empresas públicas argentinas, brasileñas, chilenas, colombianas, mexicanas y peruanas. Las regresiones de datos panel concentran 181 entidades de 2015 a 2023. Además, se efectuó un análisis que incluye el puntaje combinado y por pilares para explorar las dinámicas de las dimensiones ASG con las diferentes fuentes de capital. Las estimaciones de las regresiones con efectos fijos por sector económico y año indican que el desempeño ASG reduce el costo de capital y su componente accionario. Específicamente, las categorías ambiental y social impulsan un menor costo en ambos. Estos hallazgos confirman las prácticas ASG como impulsoras de un menor costo de capital y de su componente accionario, creando valor en el largo plazo en la región de Latinoamérica.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[ESG performance]]></kwd>
<kwd lng="en"><![CDATA[cost of capital]]></kwd>
<kwd lng="en"><![CDATA[Latin America]]></kwd>
<kwd lng="en"><![CDATA[ESG pillars]]></kwd>
<kwd lng="en"><![CDATA[sustainability]]></kwd>
<kwd lng="en"><![CDATA[C33]]></kwd>
<kwd lng="en"><![CDATA[C58]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[G41]]></kwd>
<kwd lng="es"><![CDATA[Desempeño ASG]]></kwd>
<kwd lng="es"><![CDATA[costo del capital]]></kwd>
<kwd lng="es"><![CDATA[América Latina]]></kwd>
<kwd lng="es"><![CDATA[factores ASG]]></kwd>
<kwd lng="es"><![CDATA[sostenibilidad]]></kwd>
<kwd lng="es"><![CDATA[C33]]></kwd>
<kwd lng="es"><![CDATA[C58]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[G41]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arévalo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[González]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Guzmán]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Trujillo]]></surname>
<given-names><![CDATA[M.-A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Value Effect of Sustainability: Evidence from Latin American ESG Bond Market]]></article-title>
<source><![CDATA[Journal of Sustainable Finance &amp; Investment]]></source>
<year>2024</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>516-37</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Atan]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Alam]]></surname>
<given-names><![CDATA[Md. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Said]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zamri]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Impacts of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies]]></article-title>
<source><![CDATA[Management of Environmental Quality: An International Journal]]></source>
<year>2018</year>
<volume>29</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>182-94</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berg]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Kölbel]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Rigobon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Aggregate Confusion: The Divergence of ESG Ratings]]></article-title>
<source><![CDATA[Review of Finance]]></source>
<year>2022</year>
<volume>26</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1315-44</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boccaletti]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Gucciardi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG Performance, Institutional Factors, and the Cost of Debt]]></article-title>
<source><![CDATA[Journal of Sustainable Finance &amp; Investment]]></source>
<year>2025</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>523-51</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cornell]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG Preferences, Risk and Return]]></article-title>
<source><![CDATA[European Financial Management]]></source>
<year>2021</year>
<volume>27</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>12-9</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[De Souza]]></surname>
<given-names><![CDATA[P. V. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Dalcero]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferreira]]></surname>
<given-names><![CDATA[D. D. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Paulo]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Impact of Environmental Innovation and National Culture on ESG Practices: A Study of Latin American Companies]]></article-title>
<source><![CDATA[Academia. Revista Latinoamericana de Administración]]></source>
<year>2024</year>
<volume>37</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>246-64</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Drempetic]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Klein]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Zwergel]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review]]></article-title>
<source><![CDATA[Journal of Business Ethics]]></source>
<year>2020</year>
<volume>167</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>333-60</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dua]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sharma]]></surname>
<given-names><![CDATA[A. K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate Sustainability and Capital Costs: A Panel Evidence from BRICS Countries]]></article-title>
<source><![CDATA[Indian Journal of Corporate Governance]]></source>
<year>2024</year>
<volume>17</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>77-101</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ellili]]></surname>
<given-names><![CDATA[N. O. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Environmental, Social, and Governance Disclosure, Ownership Structure and Cost of Capital: Evidence from the UAE]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2020</year>
<volume>12</volume>
<numero>18</numero>
<issue>18</issue>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<collab>European Commission</collab>
<collab>Directorate-General for Employment, Social Affairs and Inclusion</collab>
<article-title xml:lang=""><![CDATA[Green Paper. Office for Official Publication of the European Communities, COM (2001) 366 final]]></article-title>
<source><![CDATA[Green paper-Promoting a European Framework for Corporate Social Responsibility]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freeman]]></surname>
<given-names><![CDATA[R. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Stakeholder Approach Revisited]]></article-title>
<source><![CDATA[Zfwu Zeitschrift Für Wirtschafts- Und Unternehmensethik]]></source>
<year>2004</year>
<volume>5</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>228-41</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Friedman]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Zimmerli]]></surname>
<given-names><![CDATA[W.C.]]></given-names>
</name>
<name>
<surname><![CDATA[Holzinger]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Richter]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Social Responsibility of Business Is to Increase Its Profits]]></source>
<year>2007</year>
<publisher-name><![CDATA[Corporate Ethics and Corporate Governance]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garzón Jiménez]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zorio-Grima]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sustainability Engagement in Latin America Firms and Cost of Equity. Academia]]></article-title>
<source><![CDATA[Revista Latinoamericana de Administración]]></source>
<year>2021</year>
<volume>34</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>224-43</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gjergji]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Vena]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Sciascia]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Cortesi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effects of Environmental, Social and Governance Disclosure on the Cost of Capital in Small and Medium Enterprises: The Role of Family Business Status]]></article-title>
<source><![CDATA[Business Strategy and the Environment]]></source>
<year>2021</year>
<volume>30</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>683-93</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gupta]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Aggarwal]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Shrinking the Capital Costs and Beta Risk Impediments through ESG: Study of an Emerging Market]]></article-title>
<source><![CDATA[Asian Review of Accounting]]></source>
<year>2023</year>
<volume>32</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>249-77</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hang]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Geyer-Klingeberg]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rathgeber]]></surname>
<given-names><![CDATA[A. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Stöckl]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measurement matters-A Meta-Study of the Determinants of Corporate Capital Structure]]></article-title>
<source><![CDATA[The Quarterly Review of Economics and Finance]]></source>
<year>2018</year>
<volume>68</volume>
<page-range>211-25</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Henry]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Jiang]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Rozario]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Environmental Discourse and Firm Value: Evidence from Conference Calls]]></article-title>
<source><![CDATA[Journal of Accounting, Auditing &amp; Finance]]></source>
<year>2024</year>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hluszko]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Barros]]></surname>
<given-names><![CDATA[M. V.]]></given-names>
</name>
<name>
<surname><![CDATA[Souza]]></surname>
<given-names><![CDATA[A. M. de]]></given-names>
</name>
<name>
<surname><![CDATA[Ramos Huarachi]]></surname>
<given-names><![CDATA[D. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Castillo Ulloa]]></surname>
<given-names><![CDATA[M. I.]]></given-names>
</name>
<name>
<surname><![CDATA[Moretti]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Puglieri]]></surname>
<given-names><![CDATA[F. N.]]></given-names>
</name>
<name>
<surname><![CDATA[de Francisco]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sustainability in Practice: Analyzing Environmental, Social and Governance Practices in Leading Latin American Organizations&#8217; Reports]]></article-title>
<source><![CDATA[Cleaner Production Letters]]></source>
<year>2024</year>
<volume>7</volume>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huang]]></surname>
<given-names><![CDATA[D. Z. X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Environmental, Social and Governance (ESG) Activity and Firm Performance: A Review and Consolidation]]></article-title>
<source><![CDATA[Accounting &amp; Finance]]></source>
<year>2021</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>335-60</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="">
<collab>International Monetary Fund</collab>
<source><![CDATA[International Financial Statistics]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Javed]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rashid]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hussain]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Ali]]></surname>
<given-names><![CDATA[H. Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effects of Corporate Social Responsibility on Corporate Reputation and Firm Financial Performance: Moderating Role of Responsible Leadership]]></article-title>
<source><![CDATA[Corporate Social Responsibility and Environmental Management]]></source>
<year>2020</year>
<volume>27</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1395-409</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Meckling]]></surname>
<given-names><![CDATA[W. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1976</year>
<volume>3</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>305-60</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Khanchel]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Lassoued]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG Disclosure and the Cost of Capital: Is There a Ratcheting Effect over Time?]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2022</year>
<volume>14</volume>
<numero>15</numero>
<issue>15</issue>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="">
<collab>KPMG</collab>
<source><![CDATA[Grandes cambios, pequeños pasos: Reporte de sostenibilidad en Latinoamérica 2022: avances y retos sobre la gestión corporativa en asuntos ESG en Latinoamérica]]></source>
<year>2023</year>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lavin]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Montecinos-Pearce]]></surname>
<given-names><![CDATA[A. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Heterogeneous Firms and Benefits of ESG Disclosure: Cost of Debt Financing in an Emerging Market]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2022</year>
<volume>14</volume>
<numero>23</numero>
<issue>23</issue>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<collab>LSEG Data &amp; Analytics</collab>
<source><![CDATA[Environmental, Social and Governance Scores from LSEG]]></source>
<year>2024</year>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="">
<collab>LSEG Data &amp; Analytics</collab>
<source><![CDATA[LSEG Workspace]]></source>
<year></year>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mertzanis]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Marashdeh]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Nasrallah]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Islam]]></surname>
<given-names><![CDATA[A. R. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sustainable Investment Conditions and Firm Performance in the Middle East and North Africa: a Holistic Approach]]></article-title>
<source><![CDATA[Journal of Sustainable Finance &amp; Investment]]></source>
<year>2024</year>
<page-range>1-38</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ng]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Rezaee]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Business Sustainability Performance and Cost of Equity Capital]]></article-title>
<source><![CDATA[Journal of Corporate Finance]]></source>
<year>2015</year>
<volume>34</volume>
<page-range>128-49</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="book">
<collab>Organization for Economic Cooperation and Development</collab>
<source><![CDATA[Global Corporate Sustainability Report 2024]]></source>
<year>2024</year>
<publisher-name><![CDATA[OECD Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<collab>Organization for Economic Cooperation and Development</collab>
<collab>United Nations Economic Commission for Latin America and the Caribbea</collab>
<collab>Development Bank of Latin America and the Caribbean</collab>
<collab>European Commission</collab>
<source><![CDATA[Latin American Economic Outlook 2024: Financing Sustainable Development]]></source>
<year>2024</year>
<publisher-name><![CDATA[OECD Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Orlitzky]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmidt]]></surname>
<given-names><![CDATA[F. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Rynes]]></surname>
<given-names><![CDATA[S. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate Social and Financial Performance: A Meta-Analysis]]></article-title>
<source><![CDATA[Organization Studies]]></source>
<year>2003</year>
<volume>24</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>403-41</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pástor]]></surname>
<given-names><![CDATA[L&#8216;.]]></given-names>
</name>
<name>
<surname><![CDATA[Stambaugh]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dissecting Green Returns]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2022</year>
<volume>146</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>403-24</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Possebon]]></surname>
<given-names><![CDATA[E. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cippiciani]]></surname>
<given-names><![CDATA[F. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Savoia]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
<name>
<surname><![CDATA[de Mariz]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG Scores and Performance in Brazilian Public Companies]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2024</year>
<volume>16</volume>
<numero>13</numero>
<issue>13</issue>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Postiglione]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Carini]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Falini]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[ESG and Firm Value: A Hybrid Literature Review on Cost of Capital Implications from Scopus Database]]></article-title>
<source><![CDATA[Corporate Social Responsibility and Environmental Management]]></source>
<year>2024</year>
<volume>31</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>6457-80</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Priem]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Gabellone]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Impact of a Firm&#8217;s ESG Score on Its Cost of Capital: Can a High ESG Score Serve as a Substitute for a Weaker Legal Environment]]></article-title>
<source><![CDATA[Sustainability Accounting, Management and Policy Journal]]></source>
<year>2024</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>676-703</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramirez]]></surname>
<given-names><![CDATA[A. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Monsalve]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[González-Ruiz]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Almonacid]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Peña]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relationship between the Cost of Capital and Environmental, Social, and Governance Scores: Evidence from Latin America]]></article-title>
<source><![CDATA[Sustainability]]></source>
<year>2022</year>
<volume>14</volume>
<numero>9</numero>
<issue>9</issue>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rojo-Suárez]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Alonso-Conde]]></surname>
<given-names><![CDATA[A. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gonzalez-Ruiz]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Does Sustainability Improve Financial Performance? An Analysis of Latin American Oil and Gas Firms]]></article-title>
<source><![CDATA[Resources Policy]]></source>
<year>2024</year>
<volume>88</volume>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schoenmaker]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Schramade]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investing for Long-Term Value Creation]]></article-title>
<source><![CDATA[Journal of Sustainable Finance &amp; Investment]]></source>
<year>2019</year>
<volume>9</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>356-77</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stolper]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[O&#8217;Leary]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendes Correa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Seco]]></surname>
<given-names><![CDATA[M. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[A. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Llamazales]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Guide to Environmental, Social and Corporate Governance: Status and Pitfalls of ESG Standards in Latin America]]></source>
<year>2024</year>
<edition>2</edition>
<publisher-name><![CDATA[Latin Lawyer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tawfiq]]></surname>
<given-names><![CDATA[T. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Tawaha]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Tahtamouni]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Almasria]]></surname>
<given-names><![CDATA[N. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Influence of Environmental, Social, and Governance Disclosure on Capital Structure: An Investigation of Leverage and WACC]]></article-title>
<source><![CDATA[Journal of Risk and Financial Management]]></source>
<year>2024</year>
<volume>17</volume>
<numero>12</numero>
<issue>12</issue>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="book">
<collab>United Nations Global Compact</collab>
<source><![CDATA[Who Cares Wins: Connecting the Financial Markets to a Changing World: Recommendations by the Financial Industry to Better Integrate Environmental, Social and Governance Issues in Analysis, Asset Management and Securities Brokerage]]></source>
<year>2004</year>
<publisher-name><![CDATA[Swiss Federal Department of Foreign Affairs]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="book">
<collab>United Nations Department of Economic and Social Affairs</collab>
<source><![CDATA[]]></source>
<year></year>
<publisher-name><![CDATA[Sustainable Development Goals]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="book">
<collab>United Nations Development Programme</collab>
<source><![CDATA[Under Pressure: Recalibrating the Future of Development in Latin America and the Caribbean. (Regional Human Development Report 2025)]]></source>
<year>2025</year>
<publisher-name><![CDATA[United Nations Development Programme]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Van Holt]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Whelan]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Research Frontiers in the Era of Embedding Sustainability: Bringing Social and Environmental Systems to the Forefront]]></article-title>
<source><![CDATA[Journal of Sustainability Research]]></source>
<year>2021</year>
<volume>3</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Velte]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Meta-Analyses on Corporate Social Responsibility (CSR): A Literature Review]]></article-title>
<source><![CDATA[Management Review Quarterly]]></source>
<year>2022</year>
<volume>72</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>627-75</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wahl]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Charifzadeh]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Diefenbach]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Voluntary Adopters of Integrated Reporting - Evidence on Forecast Accuracy and Firm Value]]></article-title>
<source><![CDATA[Business Strategy and the Environment]]></source>
<year>2020</year>
<volume>29</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>2542-56</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wong]]></surname>
<given-names><![CDATA[W. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Batten]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ahmad]]></surname>
<given-names><![CDATA[A. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Mohamed-Arshad]]></surname>
<given-names><![CDATA[S. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Nordin]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Adzis]]></surname>
<given-names><![CDATA[A. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Does ESG Certification Add Firm Value?]]></article-title>
<source><![CDATA[Finance Research Letters]]></source>
<year>2021</year>
<volume>39</volume>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wooldridge]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introductory Econometrics: A Modern Approach]]></source>
<year>2013</year>
<edition>5</edition>
<publisher-name><![CDATA[Cengage Learning]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
