Dr. Luis Jacob Escobar-Saldívar
Finanzas y Economía, EGADE Business School, San Pedro Garza García, Nuevo León, Mexico
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Academic Career Length
19Years (2008-Present)
(Calculated once Scilit publication data is synced: current year − year of first publication + 1)
Representative Publications
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Journal Article
Luis Jacob Escobar-Saldívar
Dacio Villarreal-SamaniegoRSRoberto Santillán-Salgado
Roberto Santillán-SalgadoThe impact of Environmental, Social, and Governance (ESG) scores on financial performance remains a subject of debate, as the literature reports mixed evidence regarding their effect on stock returns. This research aims to examine the relationship between ESG ratings and the change in ESG scores, or ESG Momentum, concerning both returns and risk of a large sample of stocks traded on U.S. exchanges. The study examined a sample of 3856 stocks traded on U.S. exchanges, considering 20 years of quarterly data from December 2002 to December 2022. We applied multi-factor models and tested them through pooled ordinary, fixed effects, and random effects panel regression methods. Our results show negative relationships between ESG scores and stock returns and between ESG Momentum and volatility. Contrarily, we find positive associations between ESG Momentum and returns and between ESG scores and volatility. Although high ESG scores are generally associated with lower long-term stock returns, an increase in a company’s ESG rating tends to translate into immediate positive returns and reduced risk. Accordingly, investors may benefit from strategies that focus on companies actively improving their ESG performance, while firms themselves stand to gain by signaling continuous advancement in ESG-related areas.
1 April 2008 in Computers & Industrial Engineering
Journal Article
Luis Jacob Escobar-SaldívarNSNeale R. Smith
Neale R. SmithJGJosé Luis González-Velarde
José Luis González-Velarde
1 September 2019 in Journal of Multinational Financial Management
Journal Article
RSRoberto Santillán-Salgado
Roberto Santillán-SalgadoJNJosé Antonio Núñez-Mora
José Antonio Núñez-Mora
RARaj Aggarwal
Raj Aggarwal
Luis Jacob Escobar-Saldívar11 October 2021 in Revista Mexicana de Economía y Finanzas
Journal Article
JSJesús Dacio Villarreal Samaniego
Jesús Dacio Villarreal Samaniego
RSRoberto Joaquín Santillán-Salgado
Roberto Joaquín Santillán-Salgado
Luis Jacob Escobar-SaldívarThis study analyzes the relationship of firm-level ESG scores and stock returns from a worldwide database for the automotive industry. It measures the significance of the ESG and CFP relationship during the last decade, and includes a comparison of those firms with different levels of ESG scores, as well as between firms with ESG scores and to firms that lack such scores. A quasi-experimental difference-in-differences (DID) design and a panel data are estimated to examine the impact of ESG scores and ESG combined scores on firms’ stock return before and during the COVID-19 pandemic period. The results suggest that sustainable actions during the pandemic lessened stock returns, as evidenced by the negative coefficients of the ESGC and ESG scores. The interaction terms with firm size, revealed that ESGC and ESG scores had a positive relationship with stock returns during the pandemic. Thus, larger firms’ returns benefited from higher ESG scores during the COVID-19 crisis. The performance of the stratified sample firms’ stock returns in the context of the COVID-19 sanitary emergency is an original contribution to the literature on the ESG-CFP relationship.
Journal Article
Luis Jacob Escobar-SaldívarDacio Villarreal-SamaniegoRSRoberto Santillán-Salgado
Roberto Santillán-SalgadoA longstanding debate in finance concerns the impact of social responsibility actions on firms’ long-term profitability. This study provides a broad analysis on the relationship between ESG, its components, and stock returns. Using a dataset that spans from December 2014 to December 2023, this research analyzes an annual average of around 2260 publicly traded companies from Europe and the United States. The findings consistently show a negative link between ESG ratings, their components, and stock returns, a result that is possibly explainable by the mixed effect of a reduction of risk (lower risk premium) from social responsibility, and lower profitability from associated costs. The coefficients for ESG and its pillars in explaining stock returns are generally consistent, with a few exceptions for the environmental and governance components. The environmental pillar has a stronger influence in Europe, across firm sizes, while in the US, the effect is limited to larger companies. For governance, variations align with differing ownership structures across regions and changing investor priorities as firms grow, with stronger influence in Midcaps of both regions and in U.S. Large Caps. The effects of overall ESG scores and individual pillars on stock returns across regions, firm sizes, and their interaction, provide a more comprehensive perspective on their relationship.
16 January 2020 in Economía Teoría y Práctica
Journal Article
RSRoberto Santillán-Salgado
Roberto Santillán-SalgadoLuis Jacob Escobar-SaldívarFLFrancisco López-Herrera
Francisco López-Herrera
About Me
Jacob Escobar holds a Mechatronics Engineering degree and an MSc in Quality & Productivity with specialization in Optimization from Tec de Monterrey. He has a Master of International Finance degree from Instituto Español de Analistas Financieros and a Certified European Financial Analyst diploma from the European Federation of Financial Analysts Societies. Jacob holds a PhD in Business Administration with a Finance major from EGADE Business School and a postgraduate degree in Data Analytics by the University of Texas in San Antonio.
Jacob’s work experience includes jobs at Auric Consulting, Ternium, FEMSA, MSCI, InverCap and Purpura Analytics, in areas related to portfolio and risk management, financial markets, quantitative research, data science, business intelligence, and strategic planning. Regarding his academic experience, Jacob Escobar has been a Finance Professor at both Tec and EGADE since 2015, teaching courses related to Financial Engineering, Econometrics, Business Analytics & Data Science, Risk & Portfolio Management, Derivatives, Financial Markets and Corporate Finance. He was also a guest professor at Trinity University in San Antonio in 2020. Jacob Escobar is currently the director of the Master in Business Analytics program at EGADE.
Some of the Awards that Jacob has received at Tec and EGADE are: Intellectual Vitality, Service & Leadership (2019), Circle of Distinguished Professors (2020) and Teaching Excellence & Inspiring Professor (2024).
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