La inversión de impacto como medio de impulso al desarrollo sostenible: una aproximación multicaso a nivel de empresa en Colombia
DOI:
https://doi.org/10.1016/j.estger.2017.02.002Keywords:
Inversiones de impacto, Desarrollo sostenible, Emprendimiento sostenible, Desempeño empresarial sostenibleAbstract
En el presente trabajo se formula un planteamiento conceptual que expone el fenómeno de las inversiones de impacto como promotoras del desarrollo sostenible desde la perspectiva de la dinámica de creación y gestión de empresas sostenibles. Para ello se parte de una metodología inductiva que emplea 3 casos de estudio del entorno colombiano y que expone la participación del emprendimiento sostenible y del desempeno empresarial sostenible como constructos mediadores en la relación propuesta. Con lo anterior ˜ se contribuye a ilustrar el tópico emergente de las inversiones de impacto desde un enfoque teórico y práctico, enlazándolo con las temáticas de emprendimiento y gestión de empresas sostenibles, y se cimienta el terreno para la comprobación empírica del modelo sugerido.Downloads
Download data is not yet available.
References
Alonso-Almeida, M., Marimon, F. y Llach, J. (2015). Difusión de las memorias de sostenibilidad en Latinoamérica: análisis territorial y sectorial. Estudios Gerenciales, 31(135), 139–149.
Alvarado, A., Bigné, E. y Curras, R. (2011). Perspectivas teóricas usadas para el estudio de la responsabilidad social empresarial: una clasificación con base en su racionalidad. Estudios Gerenciales, 27(118), 115–137.
Antoncic, B. y Hisrich, R. D. (2003). Clarifying the intrapreneurship concept. Journal of Small Business and Enterprise Development, 10(1), 7–24.
Arredondo, F., Vázquez, J. C. y de la Garza, J. (2016). Factores de innovación para la competitividad en la Alianza del Pacífico. Una aproximación desde el Foro Económico Mundial. Estudios Gerenciales, 32(141), 299–308.
Arteaga, M. (2014). Emprendimiento. al natural. Colombia: Universidad de Los Andes [consultado 12 Dic 2015]. Disponible en: http://www.uniandes.edu.co/noticias/administracion/naturalmente
Atkinson, G. (2000). Measuring corporate sustainability. Journal of Environmental Planning and Management, 43(2), 235–252.
Berry, R. H. y Yeung, F. (2013). Are investors willing to sacrifice cash for morality? Journal of Business Ethics, 117, 477–492.
Blázquez, M. y Peretti, M. F. (2012). Modelo para gestionar la sustentabilidad de las organizaciones a través de la rentabilidad, adaptabilidad e imagen. Estudios Gerenciales, 28(125), 40–50.
Bocken, N. M. P. (2015). Sustainable venture capital–Catalyst for sustainable start-up success? Journal of Cleaner Production, 108, 647–658.
Bolsa de Valores de Colombia (2016). Fondo de Capital Privado Inversor [consultado 13 Nov 2016]. Disponible en: https://www.bvc.com.co/pps/tibco/portalbvc/Home/AcercaBVC/Sostenibilidad/Inversor?action=dummy
Brundtland Commission. (1987). Report of the World Commission on Environment and Development: Our common future. Washington, D. C.: UN Documents.
Bugg-Levine, A. y Emerson, J. (2011). Impact investing: Transforming how we make money while making a difference. Innovations, 6(3), 9–18.
Burckart, W. (2015). Bringing impact investing down to Earth: Insights for making Sense, managing outcomes, and meeting client demand. Washington, D. C.: Money Management Institute.
Calvo, C., Ivorra, C. y Liern, V. (2015). Finding socially responsible portfolios close to conventional ones. International Review of Financial Analysis, 40, 52–63.
Clarkin, J. E. y Cangioni, C. (2016). Impact investing: A primer and review of the literature. Entrepreneurship Research Journal, 6(2), 135–173.
Cohen, R. (Ed.). (2014). Impact investment: The invisible heart of markets [consultado 8 Nov 2016]. Disponible en: http://www.socialimpactinvestment.org/reports/Impact Investment Report FINAL[3.pdf]
Cohen, B., Smith, B. y Mitchell, R. (2008). Toward a sustainable conceptualization of dependent variables in entrepreneurship research. Business Strategy and the Environment, 17(2), 107–119.
Combs, K. (2014). More than just a trend: The importance of impact investing. Corporate Finance Review, 18(6), 12–18.
Contreras, O., Muñoz, J. A. y Hernández, J. P. (2015). Crezcamos: ¿Un paso adelante hacia el crecimiento? (Crezcamos: A step forward to growth?). TEC Empresarial, 9(3), 39–49.
Contreras, O. E., Pedraza, A. C. y Herrera, C. (2015). La inclusión social de la fuerza laboral en Colombia. ¿En contravía de lo sostenible? Apuntes del CENES, 34(60), 15–27.
Crezcamos. (2016). Institución de microfinanzas Crezcamos [consultado 7 Ago 2016]. Disponible en: http://www.crezcamos.com/
Dahlström, K., Howes, C., Leinster, P. y Skea, J. (2003). Environmental management systems and company performance: Assessing the case for extending risk-based regulation. European Environment, 13, 187–203.
De Cannière, L. (2016). INCOFIN IM: Putting resposible investment principles into practice. Social performance report 2015. Antwerp: Incofin IM.
Dean, T. J. y McMullen, J. S. (2007). Toward a theory of sustainable entrepreneurship: Reducing environmental degradation through entrepreneurial action. Journal of Business Venturing, 22(1), 50–76.
Dôcekalová, M. P. y Kocmanová, A. (2016). Composite indicator for measuring corporate sustainability. Ecological Indicators, 61, 612–623.
Dyllick, T. y Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11(2), 130–141.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
Eisenhardt, K. M. y Graebner, M. E. (2007). Theory building from cases: Opportunities and challenges. Academy of Management Journal, 50(1), 25–32.
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100.
Epstein, M. J. y Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. San Francisco: Berrett-Koehler Publishers.
Epstein, M. J., Buhovac, A. R. y Yuthas, K. (2015). Managing social, environmental and financial performance simultaneously. Long Range Planning, 48(1), 35–45.
European Venture Philanthropy Association. (2014). EVPA Yearly Survey 2012/2013 – European Venture Philanthropy and Social Investment: An introduction [consultado 12 Dic 2015]. Disponible en: http://evpa.eu.com/knowledgecentre/publications/evpa-yearly-survey-2012-2013-european-venturephilanthropy-and-social-investment.
Figge, F., Hahn, T., Schaltegger, S. y Wagner, M. (2002). The sustainability balanced scorecard–Linking sustainability management to business strategy. Business Strategy and the Environment, 11(5), 269–284.
Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549–2568.
Fontrodona, J., Levy, D., Sanz, P. y Casas, M. (2015). La apuesta del impact investing. Invertir contribuyendo a la mejora de la sociedad. Corporate dissertation. IESE Business School [Abstract] [consultado 7 Ene 2016]. Disponible en: http://diverinvest.es/wp-content/uploads/2015/09/ST-380.compressed.pdf
Global Entrepreneurship Monitor Colombia. (2014). Informe GEM Colombia, 2014. Barranquilla: Editorial Universidad del Norte.
Geobey, S., Westley, F. R. y Weber, O. (2012). Enabling social innovation through developmental social finance. Journal of Social Entrepreneurship, 3(2), 151–165. Global Impact Investing Network. (2016) [consultado 10 Oct 2015]. Disponible en: https://thegiin.org/impact-investing/
Guzmán, A. y Trujillo, M. (2008). Emprendimiento social–Revisión de literatura. Estudios Gerenciales, 24(109), 105–125.
Höchstädter, A. K. y Scheck, B. (2015). What's in a name: An analysis of impact investing - Understandings by academics and practitioners. Journal of Business Ethics, 132(2), 449–475.
Hockerts, K. (1999). The sustainability radar. Greener Management International, 25, 29.
Hockerts, K. (2015). The Social Entrepreneurial Antecedents Scale (SEAS): A validation study. Social Enterprise Journal, 11(3), 260–280.
Hotel Waya Guajira. (2016). Waya sostenible [consultado 7 Ago 2016]. Disponible en: http://www.hotelwayaguajira.com/
Hubbard, G. (2009). Measuring organizational performance: Beyond the triple bottom line. Business Strategy and the Environment, 18(3), 177–191.
Huizing, A. y Dekker, H. C. (1992). Helping to pull our planet out of the red: An environmental report of BSO/Origin. Accounting, Organizations and Society, 17(5), 449–458.
Incofin IM. (2016). Acerca de Incofin IM [consultado 13 Nov 2016]. Disponible en: https://www.incofin.com/es/content/acerca-de-incofin-im
Inversor. (2016). Inicio [consultado 13 Nov 2016]. Disponible en: http://www.inversor.org.co/#
Isaksson, R. y Steimle, U. (2009). What does GRI-reporting tell us about corporate sustainability? The TQM Journal, 21(2), 168–181.
Johnson, K. y Lee, H. (2013). Impact investing: A framework for decision making. Boston: Cambridge Associates LLC.
Liechtenstein Global Trust Venture Philanthropy (LGT VP) (Ed.). (2014). Mapeo de las inversiones de impacto en Colombia (Rep. N.o 2). [consultado 9 Dic 2016]. Disponible en: https://www.lgtiv.com/.content/downloads/knowledge/6005_Downloads_Impact-Investing-Map-Colombia-2014.pdf.
Liechtenstein Global Trust Venture Philanthropy (LGT VP). (2016). LGT Impact Report 2015 [consultado 9 Dic 2016]. Disponible en: https://www.lgt.com/shared/.content/publikationen/geschaeftsberichte/160919_IV_Impact_Report_en.pdf.
Mitchell, J. C. (1983). Case and situation analysis. The Sociological Review, 31(2), 187–211.
Morioka, S. y de Carvalho, M. (2016). A systematic literature review towards a conceptual framework for integrating sustainability performance into business. Journal of Cleaner Production, 136, 134–146.
Mukatri. (2016). Origen de vida natural [consultado 7 Ago 2016]. Disponible en: http://www.mukatri.com/
Muñoz, P. y Dimov, D. (2015). The call of the whole in understanding the development of sustainable ventures. Journal of Business Venturing, 30(4), 632–654.
Nicolâescu, E., Alpopi, C. y Zaharia, C. (2015). Measuring corporate sustainability performance. Sustainability, 7(1), 851–865.
Orlitzky, M., Schmidt, F. L. y Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.
Oxohotel. (2016). Oxohotel Operador Hotelero [consultado 7 Ago 2016]. Disponible en: http://www.oxohotel.com/
Peloza, J. (2009). The challenge of measuring financial impacts from investments in corporate social performance. Journal of Management, 35(6), 1518–1541.
Peloza, J. y Papania, L. (2008). The missing link between corporate social responsibility and financial performance: Stakeholder salience and identification. Corporate Reputation Review, 11(2), 169–181.
Pérez-Gladish, B., Benson, K. y Faff, R. (2012). Profiling socially responsible investors: Australian evidence. Australian Journal of Management, 37(2), 189–209.
Pinillos, A. A. y Fernández, J. L. (2011). De la RSC a la sostenibilidad corporativa: una evolución necesaria para la creación de valor. Harvard-Deusto Business Review, 207, 5–21.
Polanco, J., Ramírez, F. y Orozco, M. (2016). Incidencia de estándares internacionales en la sostenibilidad corporativa: una perspectiva de la alta dirección. Estudios Gerenciales, 32(139), 181–192.
Porter, M. E. y Kramer, M. R. (2011). La creación de valor compartido: cómo reinventar el capitalismo y liberar una oleada de innovación y crecimiento. Harvard Business Review, 89(1), 32–49.
Ranganathan, J. (1998). Sustainability rulers: Measuring corporate environmental and social performance. Sustainable enterprise perspectives [consultado 11 Nov 2016]. Disponible en: http://www.wri.org/publication/sustainability-rulers.
Ruiz de Munain, J. y Cavanna, J. (2012). Mapa de las inversiones de impacto en España. Madrid: Fundación Compromiso y Transparencia.
Saltuk, Y., Bouri, A. y Leung, G. (2011). Insight into the impact investment market. Social Finance Research.
Sauvé, L. (1996). Environmental education and sustainable development: A further appraisal. Canadian Journal of Environmental Education, 1, 7–34.
Schaltegger, S. y Burritt, R. (2005). Corporate sustainability. En H. Folmer y T. Tietenberg (Eds.), The international yearbook of environmental and resource economics 2005/2006. Cheltenham: Edward Elgar.
Shepherd, D. A. y Patzelt, H. (2011). The new field of sustainable entrepreneurship: Studying entrepreneurial action linking ''what is to be sustained'' with ''what is to be developed''. Entrepreneurship Theory and Practice, 35(1), 137–163.
Snider, A. (2015). Impact investing: The performance realities. Merrill Lynch's Wealth Management Institute [consultado 23 Dic 2016]. Disponible en: https://mlaem.fs.ml.com/content/dam/ML/Articles/pdf/ml Impact-Investingthe-Performance-Realities-Whitepaper.pdf.
Stagars, M. (2015). Impact investment: Where are we now? En M. Stagars (Ed.), Impact investment funds for frontier markets in Southeast Asia (pp. 6–45). London: Palgrave Macmillan UK.
Stubbs, W. (2016). Sustainable entrepreneurship and B corps. Business Strategy and the Environment, http://dx.doi.org/10.1002/bse.1920
Suárez, J. (2016). Quiénes somos? IC Fundación [consultado 13 Nov 2016]. Disponible en: http://www.icfundacion.org/es/la-fundacion/quienes-somos
Szekely, F. y Knirsch, M. (2005). Responsible leadership and corporate social responsibility: Metrics for sustainable performance. European Management Journal, 23(6), 628–647.
Van Hoof, B. (2013). Inversión social rentable. En: Nuevas empresas, nuevas economías: empresas B en Sur América [consultado 20 Dic 2015]. Disponible en: http://academiab.org/wp-content/uploads/2015/01/NUEVAS_EMPRESASNUEVAS_ECONOMIAS_LAS_EMPRESAS_B_EN_SURAMERICA_2013.pdf
Van Marrewijk, M. (2003). Concepts and definitions of CSR and corporate sustainability: Between agency and communion. Journal of Business Ethics, 44(2-3), 95–105.
Vecchi, V., Casalini, F. y Caselli, S. (2016). Principles and practice of impact investing: A catalytic revolution. Sheffield: Greenleaf Publishing Limited.
Wilburn, K. y Wilburn, R. (2014). The double bottom line: Profit and social benefit. Business Horizons, 57(1), 11–20.
Yin, R. (1994). Case study research: Design and methods. London: Sage Publications.
Alvarado, A., Bigné, E. y Curras, R. (2011). Perspectivas teóricas usadas para el estudio de la responsabilidad social empresarial: una clasificación con base en su racionalidad. Estudios Gerenciales, 27(118), 115–137.
Antoncic, B. y Hisrich, R. D. (2003). Clarifying the intrapreneurship concept. Journal of Small Business and Enterprise Development, 10(1), 7–24.
Arredondo, F., Vázquez, J. C. y de la Garza, J. (2016). Factores de innovación para la competitividad en la Alianza del Pacífico. Una aproximación desde el Foro Económico Mundial. Estudios Gerenciales, 32(141), 299–308.
Arteaga, M. (2014). Emprendimiento. al natural. Colombia: Universidad de Los Andes [consultado 12 Dic 2015]. Disponible en: http://www.uniandes.edu.co/noticias/administracion/naturalmente
Atkinson, G. (2000). Measuring corporate sustainability. Journal of Environmental Planning and Management, 43(2), 235–252.
Berry, R. H. y Yeung, F. (2013). Are investors willing to sacrifice cash for morality? Journal of Business Ethics, 117, 477–492.
Blázquez, M. y Peretti, M. F. (2012). Modelo para gestionar la sustentabilidad de las organizaciones a través de la rentabilidad, adaptabilidad e imagen. Estudios Gerenciales, 28(125), 40–50.
Bocken, N. M. P. (2015). Sustainable venture capital–Catalyst for sustainable start-up success? Journal of Cleaner Production, 108, 647–658.
Bolsa de Valores de Colombia (2016). Fondo de Capital Privado Inversor [consultado 13 Nov 2016]. Disponible en: https://www.bvc.com.co/pps/tibco/portalbvc/Home/AcercaBVC/Sostenibilidad/Inversor?action=dummy
Brundtland Commission. (1987). Report of the World Commission on Environment and Development: Our common future. Washington, D. C.: UN Documents.
Bugg-Levine, A. y Emerson, J. (2011). Impact investing: Transforming how we make money while making a difference. Innovations, 6(3), 9–18.
Burckart, W. (2015). Bringing impact investing down to Earth: Insights for making Sense, managing outcomes, and meeting client demand. Washington, D. C.: Money Management Institute.
Calvo, C., Ivorra, C. y Liern, V. (2015). Finding socially responsible portfolios close to conventional ones. International Review of Financial Analysis, 40, 52–63.
Clarkin, J. E. y Cangioni, C. (2016). Impact investing: A primer and review of the literature. Entrepreneurship Research Journal, 6(2), 135–173.
Cohen, R. (Ed.). (2014). Impact investment: The invisible heart of markets [consultado 8 Nov 2016]. Disponible en: http://www.socialimpactinvestment.org/reports/Impact Investment Report FINAL[3.pdf]
Cohen, B., Smith, B. y Mitchell, R. (2008). Toward a sustainable conceptualization of dependent variables in entrepreneurship research. Business Strategy and the Environment, 17(2), 107–119.
Combs, K. (2014). More than just a trend: The importance of impact investing. Corporate Finance Review, 18(6), 12–18.
Contreras, O., Muñoz, J. A. y Hernández, J. P. (2015). Crezcamos: ¿Un paso adelante hacia el crecimiento? (Crezcamos: A step forward to growth?). TEC Empresarial, 9(3), 39–49.
Contreras, O. E., Pedraza, A. C. y Herrera, C. (2015). La inclusión social de la fuerza laboral en Colombia. ¿En contravía de lo sostenible? Apuntes del CENES, 34(60), 15–27.
Crezcamos. (2016). Institución de microfinanzas Crezcamos [consultado 7 Ago 2016]. Disponible en: http://www.crezcamos.com/
Dahlström, K., Howes, C., Leinster, P. y Skea, J. (2003). Environmental management systems and company performance: Assessing the case for extending risk-based regulation. European Environment, 13, 187–203.
De Cannière, L. (2016). INCOFIN IM: Putting resposible investment principles into practice. Social performance report 2015. Antwerp: Incofin IM.
Dean, T. J. y McMullen, J. S. (2007). Toward a theory of sustainable entrepreneurship: Reducing environmental degradation through entrepreneurial action. Journal of Business Venturing, 22(1), 50–76.
Dôcekalová, M. P. y Kocmanová, A. (2016). Composite indicator for measuring corporate sustainability. Ecological Indicators, 61, 612–623.
Dyllick, T. y Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11(2), 130–141.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
Eisenhardt, K. M. y Graebner, M. E. (2007). Theory building from cases: Opportunities and challenges. Academy of Management Journal, 50(1), 25–32.
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100.
Epstein, M. J. y Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. San Francisco: Berrett-Koehler Publishers.
Epstein, M. J., Buhovac, A. R. y Yuthas, K. (2015). Managing social, environmental and financial performance simultaneously. Long Range Planning, 48(1), 35–45.
European Venture Philanthropy Association. (2014). EVPA Yearly Survey 2012/2013 – European Venture Philanthropy and Social Investment: An introduction [consultado 12 Dic 2015]. Disponible en: http://evpa.eu.com/knowledgecentre/publications/evpa-yearly-survey-2012-2013-european-venturephilanthropy-and-social-investment.
Figge, F., Hahn, T., Schaltegger, S. y Wagner, M. (2002). The sustainability balanced scorecard–Linking sustainability management to business strategy. Business Strategy and the Environment, 11(5), 269–284.
Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549–2568.
Fontrodona, J., Levy, D., Sanz, P. y Casas, M. (2015). La apuesta del impact investing. Invertir contribuyendo a la mejora de la sociedad. Corporate dissertation. IESE Business School [Abstract] [consultado 7 Ene 2016]. Disponible en: http://diverinvest.es/wp-content/uploads/2015/09/ST-380.compressed.pdf
Global Entrepreneurship Monitor Colombia. (2014). Informe GEM Colombia, 2014. Barranquilla: Editorial Universidad del Norte.
Geobey, S., Westley, F. R. y Weber, O. (2012). Enabling social innovation through developmental social finance. Journal of Social Entrepreneurship, 3(2), 151–165. Global Impact Investing Network. (2016) [consultado 10 Oct 2015]. Disponible en: https://thegiin.org/impact-investing/
Guzmán, A. y Trujillo, M. (2008). Emprendimiento social–Revisión de literatura. Estudios Gerenciales, 24(109), 105–125.
Höchstädter, A. K. y Scheck, B. (2015). What's in a name: An analysis of impact investing - Understandings by academics and practitioners. Journal of Business Ethics, 132(2), 449–475.
Hockerts, K. (1999). The sustainability radar. Greener Management International, 25, 29.
Hockerts, K. (2015). The Social Entrepreneurial Antecedents Scale (SEAS): A validation study. Social Enterprise Journal, 11(3), 260–280.
Hotel Waya Guajira. (2016). Waya sostenible [consultado 7 Ago 2016]. Disponible en: http://www.hotelwayaguajira.com/
Hubbard, G. (2009). Measuring organizational performance: Beyond the triple bottom line. Business Strategy and the Environment, 18(3), 177–191.
Huizing, A. y Dekker, H. C. (1992). Helping to pull our planet out of the red: An environmental report of BSO/Origin. Accounting, Organizations and Society, 17(5), 449–458.
Incofin IM. (2016). Acerca de Incofin IM [consultado 13 Nov 2016]. Disponible en: https://www.incofin.com/es/content/acerca-de-incofin-im
Inversor. (2016). Inicio [consultado 13 Nov 2016]. Disponible en: http://www.inversor.org.co/#
Isaksson, R. y Steimle, U. (2009). What does GRI-reporting tell us about corporate sustainability? The TQM Journal, 21(2), 168–181.
Johnson, K. y Lee, H. (2013). Impact investing: A framework for decision making. Boston: Cambridge Associates LLC.
Liechtenstein Global Trust Venture Philanthropy (LGT VP) (Ed.). (2014). Mapeo de las inversiones de impacto en Colombia (Rep. N.o 2). [consultado 9 Dic 2016]. Disponible en: https://www.lgtiv.com/.content/downloads/knowledge/6005_Downloads_Impact-Investing-Map-Colombia-2014.pdf.
Liechtenstein Global Trust Venture Philanthropy (LGT VP). (2016). LGT Impact Report 2015 [consultado 9 Dic 2016]. Disponible en: https://www.lgt.com/shared/.content/publikationen/geschaeftsberichte/160919_IV_Impact_Report_en.pdf.
Mitchell, J. C. (1983). Case and situation analysis. The Sociological Review, 31(2), 187–211.
Morioka, S. y de Carvalho, M. (2016). A systematic literature review towards a conceptual framework for integrating sustainability performance into business. Journal of Cleaner Production, 136, 134–146.
Mukatri. (2016). Origen de vida natural [consultado 7 Ago 2016]. Disponible en: http://www.mukatri.com/
Muñoz, P. y Dimov, D. (2015). The call of the whole in understanding the development of sustainable ventures. Journal of Business Venturing, 30(4), 632–654.
Nicolâescu, E., Alpopi, C. y Zaharia, C. (2015). Measuring corporate sustainability performance. Sustainability, 7(1), 851–865.
Orlitzky, M., Schmidt, F. L. y Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.
Oxohotel. (2016). Oxohotel Operador Hotelero [consultado 7 Ago 2016]. Disponible en: http://www.oxohotel.com/
Peloza, J. (2009). The challenge of measuring financial impacts from investments in corporate social performance. Journal of Management, 35(6), 1518–1541.
Peloza, J. y Papania, L. (2008). The missing link between corporate social responsibility and financial performance: Stakeholder salience and identification. Corporate Reputation Review, 11(2), 169–181.
Pérez-Gladish, B., Benson, K. y Faff, R. (2012). Profiling socially responsible investors: Australian evidence. Australian Journal of Management, 37(2), 189–209.
Pinillos, A. A. y Fernández, J. L. (2011). De la RSC a la sostenibilidad corporativa: una evolución necesaria para la creación de valor. Harvard-Deusto Business Review, 207, 5–21.
Polanco, J., Ramírez, F. y Orozco, M. (2016). Incidencia de estándares internacionales en la sostenibilidad corporativa: una perspectiva de la alta dirección. Estudios Gerenciales, 32(139), 181–192.
Porter, M. E. y Kramer, M. R. (2011). La creación de valor compartido: cómo reinventar el capitalismo y liberar una oleada de innovación y crecimiento. Harvard Business Review, 89(1), 32–49.
Ranganathan, J. (1998). Sustainability rulers: Measuring corporate environmental and social performance. Sustainable enterprise perspectives [consultado 11 Nov 2016]. Disponible en: http://www.wri.org/publication/sustainability-rulers.
Ruiz de Munain, J. y Cavanna, J. (2012). Mapa de las inversiones de impacto en España. Madrid: Fundación Compromiso y Transparencia.
Saltuk, Y., Bouri, A. y Leung, G. (2011). Insight into the impact investment market. Social Finance Research.
Sauvé, L. (1996). Environmental education and sustainable development: A further appraisal. Canadian Journal of Environmental Education, 1, 7–34.
Schaltegger, S. y Burritt, R. (2005). Corporate sustainability. En H. Folmer y T. Tietenberg (Eds.), The international yearbook of environmental and resource economics 2005/2006. Cheltenham: Edward Elgar.
Shepherd, D. A. y Patzelt, H. (2011). The new field of sustainable entrepreneurship: Studying entrepreneurial action linking ''what is to be sustained'' with ''what is to be developed''. Entrepreneurship Theory and Practice, 35(1), 137–163.
Snider, A. (2015). Impact investing: The performance realities. Merrill Lynch's Wealth Management Institute [consultado 23 Dic 2016]. Disponible en: https://mlaem.fs.ml.com/content/dam/ML/Articles/pdf/ml Impact-Investingthe-Performance-Realities-Whitepaper.pdf.
Stagars, M. (2015). Impact investment: Where are we now? En M. Stagars (Ed.), Impact investment funds for frontier markets in Southeast Asia (pp. 6–45). London: Palgrave Macmillan UK.
Stubbs, W. (2016). Sustainable entrepreneurship and B corps. Business Strategy and the Environment, http://dx.doi.org/10.1002/bse.1920
Suárez, J. (2016). Quiénes somos? IC Fundación [consultado 13 Nov 2016]. Disponible en: http://www.icfundacion.org/es/la-fundacion/quienes-somos
Szekely, F. y Knirsch, M. (2005). Responsible leadership and corporate social responsibility: Metrics for sustainable performance. European Management Journal, 23(6), 628–647.
Van Hoof, B. (2013). Inversión social rentable. En: Nuevas empresas, nuevas economías: empresas B en Sur América [consultado 20 Dic 2015]. Disponible en: http://academiab.org/wp-content/uploads/2015/01/NUEVAS_EMPRESASNUEVAS_ECONOMIAS_LAS_EMPRESAS_B_EN_SURAMERICA_2013.pdf
Van Marrewijk, M. (2003). Concepts and definitions of CSR and corporate sustainability: Between agency and communion. Journal of Business Ethics, 44(2-3), 95–105.
Vecchi, V., Casalini, F. y Caselli, S. (2016). Principles and practice of impact investing: A catalytic revolution. Sheffield: Greenleaf Publishing Limited.
Wilburn, K. y Wilburn, R. (2014). The double bottom line: Profit and social benefit. Business Horizons, 57(1), 11–20.
Yin, R. (1994). Case study research: Design and methods. London: Sage Publications.
Downloads
Published
2017-03-24
Issue
Section
Research articles
License
Articles are the sole responsibility of their authors, and will not compromise Icesi’s University principles or policies nor those of the Editorial Board of the journal Estudios Gerenciales. Authors authorize and accept the transfer of all rights to the journal, both for its print and electronic publication. After an article is published, it may be reproduced without previous permission of the author or the journal but the author(s), year, title, volume, number and range of pages of the publication must be mentioned. In addition, Estudios Gerenciales must be mentioned as the source (please, refrain from using Revista Estudios Gerenciales).
How to Cite
La inversión de impacto como medio de impulso al desarrollo sostenible: una aproximación multicaso a nivel de empresa en Colombia. (2017). Estudios Gerenciales, 33(142), 13-23. https://doi.org/10.1016/j.estger.2017.02.002
