Ecotechnology in Mexican households: Hipoteca Verde’s program and its implications in real estate companies’ profitability
Keywords:
Green mortgage, Sustainable Development, Corporate Social Responsibility (CSR), Buyer Tax, ProfitabilityAbstract
The Hipoteca Verde program (HV) of the Institute of the NationalHousing Fund for Workers (Infonavit for its acronym in Spanish)of Mexico, is an additional compulsory credit -since 2011- lookingto install eco-technologies in housing for the benefit of familiesand environment. Its main results and evaluations are favorable inthe areas of loans placed, savings achieved, customer satisfactionand national and international recognition; however, there is noevidence of its impact on the profitability of the companies involvedas their suppliers. This paper, based on microeconomic theory,studies linking corporate social responsibility (CSR) and financialperformance, analyzes such impact on a deterministic sample ofsix companies listed on the Mexican Stock Exchange (BMV for itsacronym in Spanish). The results show that there is a negative relationshipbetween HV and the profitability ratios (RUN, ROA andROE), which is explained because, theoretically, the HV behaves inthe same way as does a buyer tax in the housing market.
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