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