Métricas de la Teoría de Portafolio como indicadores de la sostenibilidad empresarial: Evidencia de resiliencia estratégica durante la crisis de la COVID-19
| Pages | 231-239 |
| Date | 01 May 2026 |
| Published date | 01 May 2026 |
| Author | Anibal Enrique Toscano-Hernández,Rafael Escalante-Cortina,Johana Fajardo-Pereira |
| Subject Matter | Social Sciences |
TELOS: Revista de Estudios Interdisciplinarios en Ciencias Sociales
ISSN 1317-0570 / ISSN (e) 2343-5763
Vol.
28
(2)
. Mayo-Agosto
2026
231
Universidad Privada Dr. Rafael Belloso Chacín, Venezuela
PORTFOLIO THEORY METRICS AS PROXIES FOR BUSINESS SUSTAINABILITY:
EVIDENCE OF STRATEGIC RESILIENCE DURING THE COVID-19 CRISIS
Anibal Enrique Toscano-Hernández
https://orcid.org/0000-0002-5064-4280
Rafael Escalante-Cortina
https://orcid.org/0009-0005-4854-6314
Johana Fajardo-Pereira
https://orcid.org/0000-0001-7963-9349
RECIBIDO: 15/07/2025 / ACEPTADO: 11/11/2026 / PUBLICADO: 18/05/2026
ABSTRACT
Large-scale social emergencies act as 'stress tests' that reveal the strategic resilience and real sustainability of business models. This
study analyzes this capacity across the S&P 500 economic sectors, utilizing risk-adjusted financial performance as a quantitative
measure. Through an Ex-Ante (2015-2020) and Ex-Post (2020-2023) comparative analysis of sector Exchange Traded Funds, Portfolio
Theory metrics are applied, including the Sharpe Ratio, Treynor Ratio, and Jensen's Alpha. The findings demonstrate a significant
divergence in resilience: sectors such as Energy and Healthcare capitalized on the crisis by improving their risk-adjusted performance,
while others, such as Consumer Discretionary and Communication Services, exhibited marked vulnerability. This study concludes that
business sustainability, as evidenced by its critical social role and robust value chains, is a fundamental predictor of financial resilience,
providing an empirical framework for validating key concepts in strategic management.
Keywords: Business sustainability, strategic resilience, crisis management, Portfolio Theory, COVI D-19, S&P 500.
Métricas de la Teoría de Portafolio como indicadores de la sostenibilidad empresarial: Evidencia de resiliencia estratégica
durante la crisis de la COVID-19
RESUMEN
Las emergencias sociales de gran escala actúan como 'pruebas de estrés' que revelan la resiliencia estratégica y la sostenibilidad real
de los modelos de negocio. Este estudio analiza dicha capacidad en los sectores económicos del S&P 500, proponiendo el desempeño
financiero ajustado al riesgo como un proxy cuantitativo para medirla. Mediante un análisis comparativo Ex-Ante (2015-2020) y Ex-Post
(2020-2023) de los fondos cotizados en bolsa sectoriales, se aplican las métricas de la Teoría de Portafolio: índ ice de Sharpe, índice
de Treynor y Alpha de Jensen. Los hallazgos demuestran una divergencia significativa en la resiliencia: sectores como Energía y Salud
capitalizaron la crisis mejorando su desempeño ajustado al riesgo, mientras que otros como Consumo Discrecional y Comunicación
exhibieron una marcada vulnerabilidad. Este estudio concluye que la sostenibilidad empresarial, manifestada en un rol social crítico y
cadenas de valor robustas, es un predictor fundamental de la resiliencia financiera, ofreciendo un marco empírico para validar conceptos
clave de la gestión estratégica.
Palabras clave: Sostenibilidad empresarial, resiliencia estratégica, gestión de crisis, Teoría de Port afolio, COVID-19, S&P 500.
Introduction
Social, economic, or health crises pose a fundamental dilemma for companies: the need for immediate survival versus the
imperative of long-term sustainability (Bachtiar et al., 2023). Historically, the response has been reactive, but recent scientific literature
shows that companies that proactively integrate sustainability into their strategy not only survive but also develop greater resilience to
crises (DesJardine et al., 2019; Miceli et al., 2021; Ortiz-de-Mandojana & Bansal, 2016; Settembr e-Blundo et al., 2021). This highlights
the need to reco gnize resilience as a fundamental pillar for innovation and growth in an increasingly volatile landscape (Linnenluecke
et al., 2012).
Faced with enormous global challenges such as the 2007-2008 financial crisis and the COVID-19 pandemic, companies have
become increasingly interested in recognizing resilience as a fundamental strategic initiative (Bachtiar et al., 2023 ). These crises have
exposed the vulnerabilities of traditional business models and highlight the need for a proactive approach to crisis management
(Linnenluecke et al., 2012; Miceli et al., 2021; Settembre-Blundo et al., 2021). In fact, companies that integrate resilience into their core
operations are not only better prepared to deal with crises, but also position themselves as sustainable leaders, contributin g to long-
term business success in changing environments (DesJardine et al., 2019; Ortiz-de-Mandojana & Bansal, 2016; Settembre-Blundo et
al., 2021).
Correspondence author. Research professor, Universidad del Sinú Elías Bechara Zainúm , Colombia. anibaltoscano@unisinu.edu.co
Professor, Universidad de Cartagena, Colombia. rescalantec@unicartagena.edu.co
Professor, Universidad Cooperativa de Colombia, Colombia. johana.fajardope @campusucc.edu.co
Cómo citar: Toscano-Hernández, A., Escalante-Cortina, R., Fajardo -Pereira, J. (2026). Portfolio theory metrics as proxies for business s ustainability:
evidence of st rategic resilience during the COVID-19 crisis. Telos: Revi sta de Estudios Interdisciplinarios en Ciencias Sociales, 28(2), 231-239.
www.doi.org/10.36390/telos282.01
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