Prácticas de Sostenibilidad y Creación de Valor en el Sector Energético Bursátil Colombiano: Un Análisis Empírico con Python (2020–2024)

Yudith Cristina Caicedo Dominguez; Manuel Alejandro Josa de la Cruz; Luis Angel Meneses Cerón; Albano Alexander  Rojas Britto

doi:10.22490/ECACEN.10274

No. 1 (2026): Working Papers 2026-I

Published 2026-07-30

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Artículos

Sustainability Practices and Value Creation in the Colombian Listed Energy Sector: An Empirical Analysis Using Python (2020–2024)

DOI: https://doi.org/10.22490/ECACEN.10274

Yudith Cristina Caicedo Dominguez Universidad Nacional Abierta y a Distancia

Manuel Alejandro Josa de la Cruz University of Cauca

Luis Angel Meneses Cerón Universidad Nacional Abierta y a Distancia

Albano Alexander Rojas Britto Cooperative University of Colombia

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Abstract
References

This study analyzes the relationship between corporate sustainability prac-tices and value creation in companies in the energy sector listed on the Colombian Stock Exchange during the period 2020–2024. From a corporate finance perspective, it addresses an ongoing academic debate: is sustainabi-lity a strategic cost or a true driver of economic value in emerging markets?. Methodologically, a quantitative and empirical approach is adopted, using data analysis tools in Python for the construction, cleaning, and modeling of a panel dataset comprising financial and non-financial variables. Sustainability practices are proxied through publicly available ESG indicators, while value creation is assessed using traditional financial metrics such as stock returns, ROA, and Economic Value Added (EVA). The econometric analysis employs pa-nel regression models with controls for firm size, leverage, and macroeconomic conditions. The results reveal a positive, albeit heterogeneous, relationship between the adoption of sustainable practices and value creation, suggesting that sustainability functions as a strategic rather than merely reputational factor in the Colombian energy sector. This study contributes to the literature by providing empirical evidence from a Latin American emerging market and by demonstrating the usefulness of computational tools such as Python in analyzing sustainable and financial performance.

keywords: Sustainability (ESG), Value Creation, Energy Sector, Predictive Model, Python, Stock Market

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How to Cite

Caicedo Dominguez, Y. C., Josa de la Cruz, M. A., Meneses Cerón, L. A., & Rojas Britto, A. A. (2026). Sustainability Practices and Value Creation in the Colombian Listed Energy Sector: An Empirical Analysis Using Python (2020–2024). Documentos De Trabajo ECACEN, 1, 52-68. https://doi.org/10.22490/ECACEN.10274

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