Mujeres en el consejo de administración: divulgación y desempeño ambiental en empresas latinoamericanas
Barra lateral del artículo
Contenido principal del artículo
Resumen
La literatura actual ha examinado el papel de la composición de género de los órganos de gobierno corporativo. Respecto al tema Ambiental, Social y de Gobernanza (ESG), la literatura se ha enfocado en calificaciones de divulgación, sin distinguir la divulgación ambiental del desempeño ambiental. Este estudio analiza el efecto de la presencia de mujeres sobre ambas dimensiones. Se utilizó un panel de empresas públicas latinoamericanas que divulgaron información ambiental entre 2017-2024. Se utilizó un enfoque de función control para corregir la endogeneidad y un análisis de robustez con un modelo de ecuaciones estructurales. Los resultados muestran que la incorporación de mujeres se relaciona con mejores calificaciones de divulgación ambiental y ESG con efectos visibles desde la primera consejera y generalizados a partir de dos. Los efectos de la presencia de mujeres sobre el desempeño ambiental, medido a través de indicadores de intensidad de emisiones y uso de recursos, varían según el sector. Los efectos significativos ocurren a partir de dos o más mujeres en el consejo. Estos hallazgos evidencian que la presencia de mujeres en el consejo mejora progresivamente la divulgación, mientras que el efecto sobre el desempeño ambiental requiere una masa crítica de representación femenina, particularmente en sectores menos intensivos en el uso de recursos.
Detalles del artículo
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Autoría: La lista de autores firmantes debe incluir únicamente a aquellas personas que hayan contribuido intelectualmente al desarrollo del trabajo. La colaboración en la recogida de datos no es, por sí misma, criterio suficiente de autoría. "Retos" declina toda responsabilidad por posibles conflictos derivados de la autoría de los trabajos que se publiquen.
Derechos de autor: La Universidad Politécnica Salesiana preserva los derechos de autor de los artículos publicados, y favorece y permite su reutilización bajo la licencia Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Ecuador. Pueden ser copiados, utilizados, difundidos, transmitidos y expuestos públicamente, siempre y cuando: i) se cite la autoría y la fuente original de su publicación (revista, editorial y URL del trabajo); (Ii) no se utilicen con fines comerciales; Iii) se mencione la existencia y especificaciones de esta licencia.
Referencias
Adams, R. (2016). Women on boards: The superheroes of tomorrow? The Leadership Quarterly, 27(3), 371-386. https://doi.org/10.1016/j.leaqua.2015.11.001
Aladwan, M., Samara, H., Alsinglawi, O., Elamer, A. A., Moustafa, M. W. (2025). Do Women on Boards Drive Corporate Sustainability? Evidence From the European Union. Corporate Social Responsibility and Environmental Management, 32(6), 1-17. https://doi.org/10.1002/csr.70106
Al-Najjar, B., Salama, A. y Abed, A. (2025). Gender and cultural diversity on boards: their impact on internationalisation. The International Journal of Human Resource Management, 36(13), 2305-2341. https://doi.org/10.1080/09585192.2025.2550765
Amorelli, M.F., García-Sánchez. I.M. (2020). Critical mass of female directors, human capital, and stakeholder engagement by corporate social reporting. Corp Soc Resp Env Ma, 27(1), 204-221. https://doi.org/10.1002/csr.1793
Archer, M. (2024) Unsustainable: Measurement, Reporting, and the Limits of Corporate Sustainability. New York University Press.
Ardito, L., Dangelico, R. M. y Petruzzelli, A. M. (2021). The link between female representation in the boards of directors and corporate social responsibility: Evidence from B corps. Corporate Social Responsability and Evironmental Management, 28, 704-720. https://doi.org/10.1002/csr.2082
Arévalo, G., González, M., Guzmán, A. y Trujillo, M. (2024). The value effect of sustainability: evidence from Latin American ESG bond market. Journal of Sustainable Finance & Investment, 14(3), 516-537. https://doi.org/10.1080/20430795.2024.2344527
Banco Mundial (2025) Proporción de mujeres con empleo en puestos gerenciales de nivel alto y medio. https://datos.bancomundial.org/indicador/SL.EMP.SMGT.FE.ZS
Bastidas, C. R., Turrent G. C. B. y Rodríguez Ariza, L. (2025). Disclosure Information on Environmental, Social and Governance (ESG) Criteria in Latin America. Sustainable Development, 1–21. https://doi.org/10.1002/sd.70324
Bota-Avram, C. y Tiron-Tudor, A. (2025). Women on Corporate Boards and Sustainability Reporting: A Proposed Integrated Framework of Determinants and Impacts. Corporate Social Responsability and Environmental Management, 32(5) 7180-7212. https://doi.org/10.1002/csr.70084
Briano Turrent, G., Poletti-Hughes, J. y Williams, J. (2023). Transparency on Corporate Governance and board of directors’ strategies. Revista Mexicana de Economía y Finanzas Nueva Época REMEF, 18(2), e684. https://doi.org/10.21919/remef.v18i2.684
Cameron, A. C., and Trivedi, P. K. (2022). Microeconometrics Using Stata (2a ed., Vol. 2). Stata Press.
Campbell, K. y Minguez-Vera, A. (2008). Gender diversity in the boardroom and financial performance. Journal of Business Ethics, 83, 435-451. https://doi.org/10.1007/s10551-007-9630-y
Christensen, D. M., Serafeim, G. y Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175. https://doi.org/10.2308/TAR-2019-0506
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L. y Colle S. (2010). Stakeholder Theory. The State of Art. Cambridge University Press.
García-López, M. J., Pacheco-Olivares, M. R. y Hamoudi, H. (2024). Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies. Administrative Sciences, 14(12) https://doi.org/10.3390/admsci14010012
Haque, F., Adjei-Mensah, G., Nguyen, T. H. H. y Ntim, C. G. (2026). Does gender diversity in corporate boards and executive management teams influence carbon performance? Evidence from Europe. Accounting Forum, 50(2), 215-244. https://doi.org/10.1080/01559982.2024.2423989
Hollindale, J., Kent, P., Routledge, J. y Chapple, L. (2019). Women on boards and greenhouse gas emission disclosures. Accounting & Finance, 59(1), 277–308. https://doi.org/10.1111/acfi.12258
Huang, X., Song, X. y Yang, L. (2025). Sustainability through inclusion: how board gender diversity lowers transition risk. Applied Economics Letters, 1-7. https://doi.org/10.1080/13504851.2025.2532839
Kanter, R. M. (1977). Men and women of the corporation. Basic Books.
Kato Vidal, E. L., Rosas Rodríguez, B. y Sotomayor, M. (2025). Gender diversity and water scarcity: Estimating water use in large companies. Revista de Economía, 42(195). https://doi.org/10.33937/reveco.2025.467
Khan, M. A. (2022). ESG disclosure and Firm performance: A bibliometric and meta analysis. Research in International Business and Finance. 61. https://doi.org/10.1016/j.ribaf.2022.101668
Kyaw, K., Treepongkaruna, S., Jiraporn, P. (2022). Board gender diversity and environmental emissions. Business Strategy and the Environment, 31(7), 2871-2881. https://doi.org/10.1002/bse.3052
Lefley, F. y Janecek, V. (2025). Board gender diversity: Why a critical mass of female directors may be ineffective. Corporate Communications: An International Journal, (head-of-print). https://doi.org/10.1108/CCIJ-01-2025-0014
Lin, C. B., Qi, Z., Chen, Y. W. y Sun, Y. (2025). Board gender diversity and organization capital. Finance Research Letters, 79, 107254. https://doi.org/10.1016/j.frl.2025.107254
LSEG. (2025). LSEG Workspace Database, available at https://www.lseg.com/en/data-analytics/products/workspace
Manita, R., Bruna, M. G., Dang, R. y Houanti, L. (2018). Board Gender Diversity and ESG Disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19, 206-224. https://doi.org/10.1108/JAAR-01-2017-0024
Mastrandrea, R., ter Burg, R., Shan, Y., Hubacek, K. y Ruzzenenti, F. (2024). Assessments of the environmental performance of global companies need to account for company size. Communications Earth & Environment, 5(42). https://doi.org/10.1038/s43247-024-01200-5
Nuber, C. y Velte, P. (2020). Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment, 30(4), 1958-1992. https://doi.org/10.1002/bse.2727
OECD (2019). Equity Market Development in Latin America: Enhancing Access to Corporate Finance, OECD Publishing, Paris, https://doi.org/10.1787/6e67cc60-en
OECD (2025). Behind ESG ratings: Unpacking sustainability metrics, OECD Publishing, Paris, https://doi.org/10.1787/3f055f0c-en
Omenihu, C. M., Abdrakhmanova, M. y Koufopoulos, D. N. (2025). Board Gender Diversity and Environmental, Social, and Governance (ESG) Disclosure in Developed Countries. Administrative Sciences, 14(4), 141. https://doi.org/10.3390/admsci15040141
Post, C., Rahman, N. y Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business & Society, 50(1), 189-223. https://doi.org/10.1177/0007650310394642
Pucheta‐Martínez, M. C., Bel‐Oms, I. y Olcina‐Sempere, G. (2019). Commitment of independent and institutional women directors to corporate social responsibility reporting. Business Ethics: A European Review, 28(3), 290-304. https://doi.org/10.1111/beer.12218
Pucheta-Martínez, M. C., Gallego-Álvarez, I. y Bel-Oms, I. (2021). Corporate social and environmental disclosure as a sustainable development tool provided by board sub-committees: Do women directors play a relevant moderating role? Business Strategy and the Environment, 30(8), 3485-3501. https://doi.org/10.1002/bse.2815
Rahman, H. U., Zahid, M., Jan, A., Al-Faryan, M. A. S. y Hussainey, K. (2023). Is it the mere female directors or their attributes that matter for the quality of corporate sustainability disclosures? Business Strategy and the Environment, 1–18. https://doi.org/10.1002/bse.3501
Rosas-Rodríguez, B. y Kato-Vidal, E. (2025). Environmental disclosure: Mitigation and adaptation using ESG statistics from Latin American public companies. Revista Galega De Economía, 34(2), 10344. https://doi.org/10.15304/rge.34.2.10344
Sandretto, D., Rizzi, A. y Esposito, G. (2025). Gender Diversity Leadership and ESG Performance: The Influence of Women on Boards and in Management. Business Strategy and the Environment, 34, 5075-5094. https://doi.org/10.1002/bse.4241
Valls Martínez, M.C., Santos-Jaén, J.M., Soriano Román, R. y Martín-Cervantes, P.A. (2022). Are gender and cultural diversities on board related to corporate CO2 emissions? Journal of Cleaner Production, 363, 132638. https://doi.org/10.1016/j.jclepro.2022.132638
Wooldridge, J.M. (2015). Control Function Methods in Applied Ecnometrics. The Journal of Human Resources, 50(2), 420-455. https://www.jstor.org/stable/24735991
Yadav, P. y Prashar, A. (2023). Board gender diversity: Implications for environment, social, and governance (ESG) performance of Indian firms. International Journal of Productivity and Performance Management, 72(9), 2654-2673. https://doi.org/10.1108/IJPPM-12-2021-0689
Zagorchev, A. (2024). An international study of board gender diversity and corporate governance. Journal of Economics and Finance, 48, 1053–1077. https://doi.org/10.1007/s12197-024-09687-6