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The objective of this paper is to analyze in an international setting the relationship between environmental disclosures, carbon emissions and gender equality on the board of directors with the cost of equity (CoE) in the food and beverage sector.

The study sample includes 142 listed firms and 1,562 firm-observations from 35 developed and developing countries between 2009 and 2019. The authors implement a fixed-effects regression model to contrast the impact of the three sustainable variables of interest on the CoE.

The results of this study indicate that firms in the food and beverage industry benefit from a lower CoE due to better environmental disclosures and gender equality. On the other hand, carbon intensive firms are penalized with higher equity costs.

This study expands prior research on the effects of sustainable behavior on the CoE in the food and beverage industry by taking into account additional sustainability variables and a greater number of observations, both from developed and from developing countries.

Corporate social responsibility (CSR) actions are expected to reduce information asymmetries and increase legitimacy among the stakeholders of the company, which consequently should have a positive impact on the financial conditions of the firm. Hence, the objective of this paper is to find empirical evidence on the negative relationship between sustainable behavior and the cost of equity, in the specific context of Latin America. To address this issue, some proxies and moderating variables for sustainability are used in our study.

The regression model considers a sample with 252 publicly trading firms and 2,772 firm-year observations, from 2008 to 2018. The generalized method of moments is used to avoid endogeneity problems.

The study finds evidence that firms with higher environmental, social and governance activities disclosed by sustainability reports and assured by external providers decrease their cost of equity, especially if they are in an integrated market as MILA. This finding confirms that agency conflicts between firm's management and stakeholders diminish with higher CSR transparency, leading to a lower cost of capital.

Our research is unique and valuable as, to our knowledge, it is the first study to analyze the impact of sustainable behavior and the cost of equity from companies operating in Latin America.

Las actividades de Responsabilidad Social Empresarial permiten disminuir asimetrías de información e incrementar la legitimidad ante los stakeholders de una empresa, generando impactos positivos financieros para la misma. De hecho, el objetivo del artículo es medir la relación entre el comportamiento sostenible y el Costo de Capital en el contexto empresarial latinoamericano. Para ello, consideramos algunas variables proxy y moderadoras sustentables en nuestro estudio.

El modelo considera una muestra de 252 empresas cotizadas y 2772 observaciones que abarcan el período de 2008 a 2018. Se implementa el Modelo Generalizado de Momentos para evitar problemas de endogeneidad.

Los autores evidencian que empresas con altos niveles de divulgación ambiental, social y gobernanza corporativa a través de reportes de sostenibilidad y asegurados por proveedores externos disminuyen el Costo de Capital, especialmente si cotizan en un mercado integrado como el MILA. Estos hallazgos confirman que se reduce la asimetría de información entre la gerencia y los stakeholders, dado que incrementa la transparencia mediante la Responsabilidad Social Corporativa y ello conduce a un menor Costo de Capital.

Nuestro estudio es único dado que, hasta la fecha, es el primer estudio que analiza el impacto de la divulgación voluntaria de RSE y Costo de Capital de empresas que operan en Latinoamérica.

This study aims to analyze the responsible consumption of Generation Z and millennials in the Latin American market, with special emphasis on the Peruvian case, to identify their differences with consumers born in 1980 and earlier and to evaluate their contribution to Sustainable Development Goal 12.

The study was conducted on a sample of 309 persons living in Lima. After developing and validating an instrument, an online questionnaire was used to collect data. These data were analyzed descriptively and inferentially, using chi-square tests to validate the relationship between variables.

The study identifies and explains the new trend of responsible consumption among Generation Z and millennials in emerging markets, where end consumers interact with and prefer products and services from companies that demonstrate responsible behavior and offer trust. It identifies new consumption variables that go beyond the traditional ones.

The study reveals a trend in the responsible consumption of Generation Z and millennials in Peru. However, it is necessary to complement the study in other countries in the region, as well as to study the new generations, such as the alpha generation and their consumption patterns.

The new trend of responsible consumption among Generation Z and millennials is forcing companies to implement strategies and develop corporate social responsibility programs. These companies must demonstrate ethical, environmental, socially responsible and sustainable behaviors in their daily operations to satisfy their stakeholders.

The study reveals a new trend in Peru, a developing country, where the market – the end consumer – is more informed and therefore demands better corporate performance from companies, including care for the environment and a contribution to society that includes a good relationship with its stakeholders.

Analizar el consumo responsable de la Generación Z y Millennials en el mercado latinoamericano, con especial énfasis en el caso peruano, con el fin de identificar sus diferencias con los consumidores nacidos en 1980 y antes y evaluar su contribución al Objetivo de Desarrollo Sostenible (ODS) 12.

El estudio se realizó sobre una muestra de 309 personas residentes en Lima. Después de desarrollar y validar un instrumento, se utilizó un cuestionario en línea para recopilar datos. Estos datos fueron analizados de forma descriptiva e inferencial, utilizando pruebas de chi-cuadrado para validar la relación entre variables.

El estudio identifica y explica la nueva tendencia de consumo responsable entre los Millennials y la Generación Z en los mercados emergentes, donde los consumidores finales interactúan y prefieren productos y servicios de empresas que demuestran un comportamiento responsable y ofrecen confianza. Identifica nuevas variables de consumo que van más allá de las tradicionales.

El estudio revela una nueva tendencia en Perú, un país en desarrollo, donde el mercado -el consumidor final- está más informado y por tanto exige a las empresas un mejor desempeño corporativo, incluido el cuidado del medio ambiente y un aporte a la sociedad que incluye una buena relación con sus clientes y partes interesadas.

El estudio revela una tendencia en el consumo responsable en la Generacion Z y Millennials en el Perú. Sin embargo, es necesario complementar el estudio en otros países de la región, así como estudiar las nuevas generaciones, como la generación alfa, y sus patrones de consumo.

La nueva tendencia de consumo responsable entre la Generación Z y Millennials y obligando a las empresas a implementar estrategias y desarrollar programas de responsabilidad social corporativa. Estas empresas deben demostrar comportamientos éticos, ambientales, socialmente responsables y sostenibles en sus operaciones diarias para satisfacer a sus grupos de interés.