Public Mexican Corporations’ Sustainability Indicators: Measuring the Profit Benefits of Protected Natural Areas Programs for Socially Responsible Investors

  • Irma Cristina Espitia-Moreno
  • Oscar Valdemar De la Torre-Torres
  • Dolores Guadalupe Martínez-Peña


In the present chapter, we conduct an event-driven test of the implementation of a Natural Protected Area Program (NPAP) and the status of being socially responsible either in the profits or in the stock price of public corporations traded in the Mexican Stock Exchange. By using a panel regression model with yearly data from 2014 to 2016 of 33 companies, we found that even though the socially responsible status and the benefits of implementing a NPAP in a company are not priced by investors, the adoption of a NPAP creates, on average, an extra 13.38% ROI. Following our results, we suggest the level of NPAP implementation in a country as a potential sustainability (environmental) indicator be measured in panel regressions in different countries and to use such indicator as a portfolio asset allocation factor.


Socially responsible investment Asset allocation Natural protected areas Environmental factors Portfolio multifactor models Panel data regression 


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© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Irma Cristina Espitia-Moreno
    • 1
  • Oscar Valdemar De la Torre-Torres
    • 1
  • Dolores Guadalupe Martínez-Peña
    • 1
  1. 1.Faculty of Accounting and Administrative SciencesSaint Nicholas for Hidalgo’s Michoacan State UniversityMoreliaMexico

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