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Board Composition, Sustainability Strategies, and Financial Performance of Mexican and Colombian Companies

In: Corporate Governance, Organizational Ethics, and Prevention Strategies Against Financial Crime

Author

Listed:
  • Guadalupe del Carmen Briano Turrent

    (Universidad Autónoma de San Luis Potosí)

  • Carolina Reyes Bastidas

    (Universidad Mariana)

  • Salvador Marín-Hernández

    (University of Murcia)

  • Esther Ortiz-Martínez

    (University of Murcia)

Abstract

Based on the resource dependence theory and the agency theory, this paper aims to analyze whether the board characteristics influence the adoption of Sustainable Development Goals (SDGs) strategies on Colombian and Mexican firms. Through a study sample composed of 135 observations of Mexican and Colombian firms, the results show that the board size, board independence, and the women participation on the board favor the adoption of sustainable strategies aligned with the SDGs. Companies that adopt sustainable strategies reach higher profitability, liquidity, and sales growth levels. The results suggest strengthening corporate governance mechanisms and adopting sustainable strategies in the business sector.

Suggested Citation

  • Guadalupe del Carmen Briano Turrent & Carolina Reyes Bastidas & Salvador Marín-Hernández & Esther Ortiz-Martínez, 2025. "Board Composition, Sustainability Strategies, and Financial Performance of Mexican and Colombian Companies," CSR, Sustainability, Ethics & Governance, in: Hyacinthe Yirlier Somé & Narjess Boubakri & Omrane Guedhami (ed.), Corporate Governance, Organizational Ethics, and Prevention Strategies Against Financial Crime, pages 65-83, Springer.
    • Handle: RePEc:spr:csrchp:978-3-031-74523-2_4
    DOI: 10.1007/978-3-031-74523-2_4
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