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

Julio Hernández Pajares; Macarena Mansilla Mahmud; Kiara Chau Miyakawa

doi:10.36105/theanahuacjour.2025v25n1.2845

Autores/as

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

DOI:

https://doi.org/10.36105/theanahuacjour.2025v25n1.2845

Palabras clave:

puntuaciones ESG, composición de directorio, gobierno corporativo, comité de sostenibilidad, mercado MILA

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.

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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.

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