Impacto del desempeño ASG en la rentabilidad de las empresas del mercado MILA: el rol moderador de la composición del directorio

Barra lateral del artículo

The Anáhuac Journal
PDF (Inglés) XML (Inglés)
Publicado: 2025-06-05
DOI: https://doi.org/10.36105/theanahuacjour.2025v25n1.2845
Palabras clave:
puntuaciones ESG, composición de directorio, gobierno corporativo, comité de sostenibilidad, mercado MILA

Contenido principal del artículo

Julio Hernández Pajares
Universidad de Piura, Campus Lima, Perú
https://orcid.org/0000-0002-7481-2912
Macarena Mansilla Mahmud
Universidad de Piura, Campus Lima, Perú
https://orcid.org/0000-0003-4345-6254
Kiara Chau Miyakawa
Universidad de Piura, Campus Lima, Perú
https://orcid.org/0009-0008-7191-9483

Resumen

El estudio examina la relación entre las puntuaciones ESG y la rentabilidad empresarial, centrándose en los efectos moderadores de la composición del directorio y la presencia de un comité de sostenibilidad. Para el estudio se utilizó un análisis de regresión de datos de panel, basado en datos del Dow Jones Sustainability Index MILA Pacific Alliance y los informes anuales de 56 empresas «Best in Class» de 2020 a 2022. Los resultados revelan un impacto positivo y significativo de las puntuaciones ambientales y sociales ESG en el ROA y de las puntuaciones ambientales y de gobernanza en el ROE. Además, la presencia de mujeres en los consejos modera significativamente la relación entre las puntuaciones ESG y el ROA y el ROE. El tamaño del consejo y la independencia moderan de forma significativa la relación entre la puntuación ESG de gobernanza y el ROE. Asimismo, el comité de sostenibilidad también modera positivamente la relación entre las puntuaciones ESG medioambientales y el ROE. Este estudio contribuye a la literatura sobre la relación entre criterios ASG y rentabilidad, destacando el papel moderador del gobierno corporativo, como aporte para las empresas latinoamericanas en su involucramiento con el desarrollo sostenible.

Downloads

Download data is not yet available.

Detalles del artículo

Número

Vol. 25 Núm. 1 (2025): The Anáhuac Journal Vol. 25, núm. 1, 2025, Primer Semestre

Sección

Artículos
Creative Commons License

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.

The Anáhuac Journal se distribuye bajo Licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional.

 

Biografía del autor/a

Julio Hernández Pajares, Universidad de Piura, Campus Lima, Perú

Julio César Hernández Pajares holds a PhD in Accounting and Finance and a master’s in international business management from the Universidad de Zaragoza. He is a certified public accountant from the Pontificia Universidad Católica del Perú. He is professor, researcher, and author of publications in indexed scientific journals in financial accounting and IFRS, corporate governance, social responsibility, and sustainability at the Universidad de Piura. Hernández Pajares is visiting professor at foreign universities. He is former Director of the Accounting and Auditing Program and Vice-Dean of the School of Economics and Business Administration at the Universidad de Piura.

Macarena Mansilla Mahmud, Universidad de Piura, Campus Lima, Perú

Kiara Melissa Chau Miyakawa is professor and researcher at Universidad de Piura pursuing a PhD in Accounting and Corporate Finance at Universidad de Valencia, Spain. She holds a Master’s Degree in Accounting, Auditing, and Management Control from the Universidad de Valencia, Spain, and a bachelor’s in accounting and auditing from the Universidad de Piura. She is professor of international financial reporting standards (IFRS) and accounting research.

Kiara Chau Miyakawa, Universidad de Piura, Campus Lima, Perú

Macarena Ayleen Mansilla Mahmud holds a bachelor’s in economics from the Universidad de Piura. She is research and teaching assistant at the Lima Campus of Universidad de Piura. Her research interests encompass organizational behavior, human talent management, and corporate sustainability. Her undergraduate thesis focused on the impact of student malnutrition on academic performance in Peruvian children. She has co-authored peer-reviewed articles on employee engagement, generational loyalty, and corporate social responsibility, published in indexed international journals. At the Universidad de Piura, she contributes to the undergraduate course personnel management, which focuses on human talent management.

Cómo citar

Impacto del desempeño ASG en la rentabilidad de las empresas del mercado MILA: el rol moderador de la composición del directorio. (2025). The Anáhuac Journal, 25(1), 1-33. https://doi.org/10.36105/theanahuacjour.2025v25n1.2845

Referencias

Ademi, B., & Klungseth, N. J. (2022). Does it Pay to Deliver Superior ESG Performance? Evidence from US S&P 500 Companies. Journal of Global Responsibility, 17(4), 421– 449. https://doi.org/10.1108/jgr-01-2022-0006

Ahmad, S., Mohti, W., Khan, M., Irfan, M., & Bhatti, O. K. (2024). Creating a Bridge Between ESG and Firm’s Financial Performance in Asian Emerging Markets: Catalytic Role of Managerial Ability and Institutional Quality. Journal of Economic and Administrative Sciences. Vol. ahead-of-print. https://doi.org/10.1108/JEAS-01-2024-0004

Alahdal, W. M., Hashim, H. A., Almaqtari, F. A., Salleh, Z., & Pandey, D. K. (2024). The Moderating Role of Board Gender Diversity in ESG and Firm Performance: Empirical Evidence from Gulf Countries. Business Strategy & Development, 7(3), e70004. https://doi.org/10.1002/bsd2.70004

Alareeni, B. A., & Hamdan, A. (2020). ESG Impact on Performance of US S&P 500-Listed Firms. Corporate Governance, 20(7), 1409-1428. https://doi.org/10.1108/cg-06-2020-0258

Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG Disclosure and Firm Performance before and after IR: The Moderating Role of Governance Mechanisms. International Journal of Accounting & Information Management, 28(3), 429-444. https://doi.org/10.1108/ijaim-09-2019-0108

Alfalih, A. A. (2022). ESG Disclosure Practices and Financial Performance: a General and Sector Analysis of SP-500 Non-Financial Companies and the Moderating Effect of Economic Conditions. Journal of Sustainable Finance & Investment, 13(4), 1506-1533. https://doi.org/10.1080/20430795.2022.2150511

Alodat, A. Y., Salleh, Z., Nobanee, H., & Hashim, H. A. (2023). Board Gender Diversity and Firm Performance: The Mediating Role of Sustainability Disclosure. Corporate Social Responsibility and Environmental Management, 30(4), 2053-2065. https://doi.org/10.1002/csr.2473

Alodat, A. Y., & Hao, Y. (2025). Environmental, Social and Governance (ESG) Disclosure and Firm Performance: Moderating Role of Board Gender Diversity and Sustainability Committee. Sustainable Development, 33(1), 636-651. https://doi.org/10.1002/sd.3126

Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure. Sustainability, 12(9), 3910. https://doi.org/10.3390/su12093910

Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The Impacts of Environmental, Social, and Governance Factors on Firm Performance: Panel Study of Malaysian Companies. Management of Environmental Quality: An International Journal, 29(2), 182-194. https://doi.org/10.1108/meq-03-2017-0033

Ayuso, S., Rodríguez, M. A., García-Castro, R., & Ariño, M. A. (2014). Maximizing Stakeholders’ Interests: An Empirical Analysis of the Stakeholder Approach to Corporate Governance. Business & Society, 53(3), 414–439. https://doi.org/10.1177/0007650311433122

Baraibar-Diez, E., & D. Odriozola, M. (2019). CSR Committees and Their Effect on ESG Performance in UK, France, Germany, and Spain. Sustainability, 11(18), 5077. https://doi.org/10.3390/su11185077

Bollaín Parra, L., de la Torre Torres, O. V., & Martínez Torre-Enciso, M. I. (2022). Demostración del beneficio de una mayor participación de la mujer en el consejo de administración y la alta dirección de las empresas mexicanas que cotizan en bolsa. Contaduría y Administración, 67(4), 229-254. https://doi.org/10.22201/fca.24488410e.2022.4813

Bruna, M. G., Loprevite, S., Raucci, D., Ricca, B., & Rupo, D. (2022). Investigating the Marginal Impact of ESG Results on Corporate Financial Performance. Finance Research Letters, 47, 102828. https://doi.org/10.1016/j.frl.2022.102828

Buallay, A. (2019). Is Sustainability Reporting (ESG) Associated with Performance? Evidence from the European Banking Sector. Management of Environmental Quality: An International Journal, 30(1), 98-115. https://doi.org/10.1108/MEQ-12-2017-0149

Chahuán-Jiménez, K. (2020). Correlation between the DJSI Chile and the Financial Indices of Chilean Companies. International Journal of Financial Studies, 8(4), 74. https://doi.org/10.3390/ijfs8040074

Chen, S., Song, Y., & Gao, P. (2023). Environmental, Social, and Governance (ESG) Performance and Financial Outcomes: Analyzing the Impact of ESG on Financial Performance. Journal of Environmental Management, 345, 118829. https://doi.org/10.1016/j.jenvman.2023.118829

Cherian, S. & Seranmadevi, R. (2024). Does ESG Integration Enhance Financial Performance in Emerging Economies? A Systematic Review of Brics. In: Hamdan, A. (ed.), Achieving Sustainable Business through AI, Technology Education and Computer Science. Springer. https://doi.org/10.1007/978-3-031-70855-8_33

Da Silva, F. E., & Mascena, K. M. C. de. (2024). The Relationship Between ESG and Financial Performance in Brazilian Companies. Revista De Administração Da UFSM, 17(4), e3. https://doi.org/10.5902/1983465986555

Delgado-Ceballos, J., Ortiz-De-Mandojana, N., Antolín-López, R., & Montiel, I. (2022). Connecting the Sustainable Development Goals to Firm-Level Sustainability and ESG Factors: The Need for Double Materiality. BRQ Business Research Quarterly, 26(1), 2-10. https://doi.org/10.1177/23409444221140919

Díaz-Becerra, Ó., Castañeda-Moreano, R., & Rodríguez-Cairo, V. (2024). Dow Jones Sustainability MILA Pacific Alliance Index and Financial Performance of Latin America Integrated Market. Journal of Financial Reporting and Accounting, Vol. ahead-of-print. https://doi.org/10.1108/JFRA-09-2023-0524

Disli, M., Yilmaz, M. K., & Mohamed, F. F. M. (2022). Board Characteristics and Sustainability Performance: Empirical Evidence from Emerging Markets. Sustainability Accounting, Management and Policy Journal, 13(4), 929-952. https://doi.org/10.1108/SAMPJ-09-2020-0313

Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168, 315–334. https://doi.org/10.1007/s10551-019-04177-w

Elmghaamez, I. K., Nwachukwu, J., & Ntim, C. G. (2024). ESG Disclosure and Financial Performance of Multinational Enterprises: The Moderating Effect of Board Standing Committees. International Journal of Finance & Economics, 29(3), 3593-3638. https://doi.org/10.1002/ijfe.2846

Galbreath, J. (2018a). Do Boards of Directors Influence Corporate Sustainable Development? An Attention-Based Analysis. Business Strategy and the Environment, 27(6), 742-756. https://doi.org/10.1002/bse.2028

Galbreath, J. (2018b). Is Board Gender Diversity Linked to Financial Performance? The Mediating Mechanism Of CSR. Business & Society, 57(5), 863–889. https://doi.org/10.1177/0007650316647967

Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889

Huang, D.Z.X., 2021. Environmental, Social and Governance (ESG) Activity and Firm Performance: A Review and Consolidation. Accounting & Finance, 61, 335–360. https://doi.org/10.1111/acfi.12569

Hussain, M. A., Alsayegh, M. F., & Boshnak, H. A. (2024). The Impact of Environmental, Social, and Governance Disclosure on the Performance of Saudi Arabian Companies: Evidence from the Top 100 Non-Financial Companies Listed on Tadawul. Sustainability, 16(17), 7660. https://doi.org/10.3390/su16177660

Jensen, M. C. (2002). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly, (12)2, 235-256. https://doi.org/10.2307/3857812

Jung, H. (2024). The Moderating Effect of Board Characteristics in The Relationship Between ESG and Corporate Financial Performance. Studies in Business and Economics,19(2), 110-119. https://doi.org/10.2478/sbe-2024-0028

Kahloul, I., Sbai, H., & Grira, J. (2022). Does Corporate Social Responsibility Reporting Improve Financial Performance? The Moderating Role of Board Diversity and Gender Composition. The Quarterly Review of Economics and Finance, 84, 305–314. https://doi.org/10.1016/j.qref.2022.03.001

Keter, C. K. S., Cheboi, J. Y., Kosgei, D., & Chepsergon, A. K. (2023). Financial Performance and Firm Value of Listed Companies: Financial Performance Measure ROA versus ROE. Journal of Business, Economics and Management Research Studies, 1(4), 1-11. https://blueprintacademicpublishers.com/index.php/JOBEMRS/article/view/78

Khan, A., Afeef, M., Ilyas, M., & Jan, S. (2024). Does CSR Committee Drive the Association between Corporate Social Responsibility and Firm Performance? International Evidence. Managerial Finance, 50 (1), 50-74. https://doi.org/10.1108/MF-10-2022-0508

Larrinaga, C. (2023). Sustainability Accounting: ESG Approaches Are Not Enough. Revista Contabilidade & Finanças, 34(91), e9042. https://doi.org/10.1590/1808-057x20239042.en

Li, H., & Chen, P. (2018). Board Gender Diversity and Firm Performance: The Moderating Role of Firm Size. Business Ethics: A European Review, 27(4), 294-308. https://doi.org/10.1111/beer.12188

Mastella, M., Vancin, D., Perlin, M., & Kirch, G. (2021). Board Gender Diversity: Performance and Risk of Brazilian Firms. Gender in Management, 36(4), 498-518. https://doi.org/10.1108/GM-06-2019-0088

Naciti, V., Cesaroni, F. & Pulejo, L. (2022). Corporate Governance and Sustainability: A Review of the Existing Literature. Journal of Management and Governance, 26, 55–74. https://doi.org/10.1007/s10997-020-09554-6

Naeem, N., Cankaya, S., & Bildik, R. (2022). Does ESG Performance Affect the Financial Performance of Environmentally Sensitive Industries? A Comparison between Emerging and Developed Markets. Borsa Istanbul Review, 22, S128-S140. https://doi.org/10.1016/j.bir.2022.11.014

Narula, R., Rao, P., Kumar, S., & Matta, R. (2024). ESG Scores and Firm PerformanceEvidence from Emerging Market. International Review of Economics & Finance, 89, 1170-1184. https://doi.org/10.1016/j.iref.2023.08.024

Nicolò, G., Zampone, G., Sannino, G., & de Iorio, S. (2022). Sustainable Corporate Governance and Non-Financial Disclosure in Europe: Does the Gender Diversity Matter? Journal of Applied Accounting Research, 23(1), 227-249. https://doi.org/10.1108/JAAR-04-2021-0100

Orazalin, N., Kuzey, C., Uyar, A., & Karaman, A. S. (2024). Does CSR Contribute to the Financial Sector’s Financial Stability? The Moderating Role of a Sustainability Committee. Journal of Applied Accounting Research, 25(1), 105-125. https://doi.org/10.1108/JAAR-12-2022-0329

Ospina-Patiño, C., González-Ruiz, J. D., & Marín-Rodríguez, N. J. (2023). Sustainable Practices and Financial Performance in Latin America: An Analysis of Environmental Scores. Revista CEA, 9(21), 1-29. https://doi.org/10.22430/24223182.2792

Palacin-Bossa, G. D., Alvear-Montoya, L. G., & Macías-Jiménez, M. A. (2024). Exploring the Relationship between ESG, Financial Performance, and Corporate Reputation Using ANOVA: The Case of Colombian Companies. Procedia Computer Science, 241, 552-557. https://doi.org/10.1016/j.procs.2024.08.079

Porter M., & Kramer M. (2011). Creating Shared Value. Harvard Business Review, 89(1/2), 62-77. https://hbr.org/2011/01/the-big-idea-creating-shared-value

Possebon, E. A. G., Cippiciani, F. A., Savoia, J. R. F., & de Mariz, F. (2024). ESG Scores and Performance in Brazilian Public Companies. Sustainability, 16(13), 5650. https://doi.org/10.3390/su16135650

Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The Impact of Sustainability (Environmental, Social, and Governance) Disclosure and Board Diversity on Firm Value: The Moderating Role of Industry Sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427

Rossi, M., Chouaibi, J., Chouaibi, S., Jilani, W., & Chouaibi, Y. (2021). Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms. Journal of Risk and Financial Management, 14(8), 354. https://doi.org/10.3390/jrfm14080354

S&P Dow Jones Indices. (2017). S&P Dow Jones Indices, Robecosam, IFC y MILA lanzan el Índice Dow Jones Sustainability MILA Pacific Alliance. https://www.spglobal.com/spdji/es/documents/index-news-and-announcements-lls/20171018-djsimila-sp.pdf

S&P Dow Jones Indices. (2022). Dow Jones Best-in-Class MILA Pacific Alliance Index. March. Retrieved March, 2022. https://www.spglobal.com/spdji/en/indices/sustainability/dow-jones-best-in-class-mila-pacific-alliance-index/#data

Sanches Garcia, A., & Orsato, R. J. (2020). Testing the Institutional Difference Hypothesis: A Study about Environmental, Social, Governance, and Financial Performance. Business Strategy and the Environment, 29(8), 3261-3272. https://doi.org/10.1002/bse.2570

Șerban, R. A., Mihaiu, D. M., & Țichindelean, M. (2022). Environment, Social, and Governance Score and Value Added Impacts on Market Capitalization: A Sectoral-Based Approach. Sustainability, 14(4), 2069. https://doi.org/10.3390/su14042069

Sharawi, H., Al-Zahrani, H., & Al-Asmari, A. (2024). The Moderating Effect of Board Characteristics in the Relationship Between ESG Disclosure and Financial Performance: Evidence from KSA, Educational Administration: Theory and Practice, 30(7) 1055-1067. https://doi.org/10.53555/kuey.v30i7.6944

Uyar, A., Kuzey, C., Kilic, M., & Karaman, A. S. (2021). Board Structure, Financial Performance, Corporate Social Responsibility Performance, CSR Committee, and CEO Duality: Disentangling the Connection in Healthcare. Corporate Social Responsibility and Environmental Management, 28(6), 1730-1748. https://doi.org/10.1002/csr.2141

Velte, P. (2017). Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. https://doi.org/10.1108/JGR-11-2016-0029

Waddock, S.E. & Graves, S.B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303-319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4%3C303::AID-SMJ869%3E3.0.CO;2-G