Corporate Sustainability Strategy and Financial Performance: A Typological Classification of Firms

Resumen

Building on the extensive body of research that examines the relationship between Corporate Social Responsibility (CSR) practices, environmental sustainability and financial performance, this study analyzes the sustainability strategies of a diverse group of high-performing companies in Colombia. By incorporating financial performance indicators, the study aims to shed light on how leading companies integrate sustainability into their strategic framework.

This research aims to identify and describe the sustainability strategies of Colombian companies from different economic sectors that have demonstrated strong financial performance.

Using a quantitative research approach, this study applies clustering techniques —specifically Ward's method with Euclidean distance— to analyze both the financial and sustainability-related dimensions of the 50 largest companies in Colombia as of 2023. Key financial indicators such as total sales, net income, profit margins and risk profiles were taken into account. The resulting clusters were characterized using descriptive statistics, including measures such as mean, standard deviation and extreme values.

The analysis identifies seven distinct clusters of companies with similar financial performance profiles. These clusters provide a nuanced understanding of CSR practices and sustainability strategies, allowing for the classification of leading Colombian companies according to their approach to sustainability.