Publication: La igualdad corporativa como vector estratégico en la sostenibilidad empresarial : evidencia del Euro Stoxx 300
Authors
Pérez Escámez, Pilar
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Escuelas::Escuela Internacional de Doctorado
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Martínez Conesa, Isabel ; Santos Jaén, José Manuel
Publisher
Universidad de Murca
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DOI
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info:eu-repo/semantics/doctoralThesis
Description
Abstract
Esta investigación tiene como objetivo analizar la relación entre las características del consejo de administración, la igualdad corporativa y las prácticas de sostenibilidad empresarial (ESG) en empresas europeas del índice Euro Stoxx 300 durante el período 2012-2023. La tesis se estructura en tres grandes ejes: el efecto de las características del consejo de administración en las prácticas ESG, el impacto de esas mismas características en la igualdad corporativa, y la influencia de la igualdad corporativa en las prácticas ESG.
En primer lugar, se plantea identificar qué rasgos del consejo influyen en la adopción y calidad de las prácticas ESG, tanto en su conjunto como en las dimensiones ambiental, social y de gobernanza. En segundo lugar, se desarrolla el concepto de “igualdad corporativa”, entendido como un constructo que integra inclusión, diversidad y desarrollo de personas, analizando cómo los consejos inciden en su fortalecimiento. Finalmente, se evalúa cómo la igualdad corporativa repercute en la implementación de políticas ESG.
Metodológicamente, el trabajo emplea regresiones de Mínimos Cuadrados Ordinarios (OLS), así como modelos de efectos fijos y aleatorios, seleccionados según la significación estadística y pruebas como el test de Hausman. También se aplicaron criterios de información AIC y BIC para elegir los modelos más ajustados. La base de datos utilizada fue Thomson Reuters Eikon, que proporciona información financiera, de gobierno corporativo y desempeño ESG. El análisis de más de una década permite captar tanto las dinámicas temporales como las diferencias estructurales entre empresas.
Los principales hallazgos se agrupan en tres bloques. Respecto al impacto del consejo de administración en las prácticas ESG, se observa que la presencia de mujeres y consejeros independientes favorece la adopción de políticas sostenibles. La frecuencia de reuniones y los sistemas de compensación vinculados a objetivos ESG también generan efectos positivos. En contraste, un mayor tamaño del consejo se relaciona negativamente con la calidad de la gobernanza ESG, y la antigüedad excesiva de los miembros tiende a disminuir la innovación en sostenibilidad. La diversidad cultural presenta un efecto ambivalente: puede enriquecer la visión global, pero también generar conflictos si no se gestiona de manera adecuada.
En relación con la igualdad corporativa, se confirma el papel positivo de la presencia femenina y de los consejeros no ejecutivos en el consejo. Asimismo, la diversidad cultural y la participación en reuniones impulsan la inclusión y el desarrollo de talento. Sin embargo, se evidencia que la antigüedad de los consejeros puede ser un obstáculo y que estructuras retributivas centradas exclusivamente en objetivos financieros limitan los avances en equidad. Interesantemente, a diferencia de lo observado en las prácticas ESG, un mayor tamaño del consejo se asocia en este caso con efectos positivos en igualdad corporativa, al propiciar una mayor variedad de opiniones y enfoques.
Por último, el análisis del vínculo entre igualdad corporativa y prácticas ESG muestra que la gestión sostenible del capital humano es clave. Empresas que promueven la participación de sus empleados, desarrollan programas de formación integral y fomentan valores de inclusión logran un mejor desempeño en sostenibilidad. La incorporación de colectivos vulnerables no solo mejora el clima laboral, sino que impacta directamente en dimensiones ambientales y de gobernanza. En suma, la igualdad corporativa actúa como vector estratégico para potenciar la sostenibilidad empresarial.
Conclusión: El consejo de administración desempeña un rol determinante en la orientación estratégica hacia la sostenibilidad, y que la igualdad corporativa no solo es un fin en sí misma, sino también un medio para consolidar prácticas ESG más sólidas. Estos resultados ofrecen implicaciones relevantes para académicos, responsables de políticas públicas y empresas interesadas en integrar de manera coherente los principios de gobierno corporativo, equidad y sostenibilidad en su gestión.
This research aims to analyze the relationship between board characteristics, corporate equality, and Environmental, Social, and Governance (ESG) practices in European companies listed on the Euro Stoxx 300 index over the period 2012–2023. The thesis is structured around three main objectives: to examine the effect of board characteristics on ESG practices, to evaluate the impact of board characteristics on corporate equality, and to explore the influence of corporate equality on ESG practices. First, the study seeks to identify which board attributes determine the adoption and quality of ESG practices, both overall and across the environmental, social, and governance dimensions. Second, it develops the concept of corporate equality, conceived as a construct that integrates inclusion, diversity, and people development, and investigates how boards influence its advancement. Finally, it assesses how corporate equality contributes to strengthening ESG policies. Methodologically, the research employs Ordinary Least Squares (OLS) regressions, as well as fixed-effects and random-effects models, selected based on statistical significance and tests such as the Hausman test. Akaike (AIC) and Bayesian (BIC) information criteria were also applied to select the best-fitting models. The study uses the Thomson Reuters Eikon database, which provides comprehensive information on financials, corporate governance, and ESG performance. By covering more than a decade, the analysis captures both temporal dynamics and structural differences across firms. The main findings are presented in three blocks. Regarding the impact of board characteristics on ESG practices, results show that female representation and the presence of independent directors positively influence sustainability adoption. Frequent board meetings and compensation systems tied to ESG objectives also enhance outcomes. Conversely, larger board size is negatively associated with ESG governance quality, and longer director tenure tends to reduce innovative approaches to sustainability. Cultural diversity within boards produces ambivalent effects: while it enriches global perspectives, it may also generate conflicts if not properly managed. With respect to corporate equality, the study confirms the positive role of female directors and non-executive members in strengthening inclusion and diversity. Cultural diversity and active participation in meetings also foster the development of talent and equitable practices. However, excessive director tenure proves to be a barrier, and compensation schemes focused exclusively on financial objectives hinder progress in equality. Interestingly, unlike ESG practices, larger boards show a positive effect on corporate equality, as they enable greater diversity of opinions and approaches. Finally, the link between corporate equality and ESG practices highlights the crucial role of sustainable human capital management. Companies that promote employee participation in decision-making, implement comprehensive training programs, and cultivate inclusive values achieve higher ESG performance. Furthermore, the effective inclusion of vulnerable or historically excluded groups not only improves organizational climate but also generates tangible positive impacts on environmental and governance dimensions. In this sense, corporate equality emerges not only as a social imperative but also as a strategic driver of sustainability. The thesis concludes that boards of directors play a pivotal role in shaping corporate strategies toward sustainability, and that corporate equality acts as both an end in itself and a means to strengthen ESG practices. These findings offer valuable implications for academics, policymakers, and business leaders seeking to integrate corporate governance, equality, and sustainability into a coherent and long-term strategic vision.
This research aims to analyze the relationship between board characteristics, corporate equality, and Environmental, Social, and Governance (ESG) practices in European companies listed on the Euro Stoxx 300 index over the period 2012–2023. The thesis is structured around three main objectives: to examine the effect of board characteristics on ESG practices, to evaluate the impact of board characteristics on corporate equality, and to explore the influence of corporate equality on ESG practices. First, the study seeks to identify which board attributes determine the adoption and quality of ESG practices, both overall and across the environmental, social, and governance dimensions. Second, it develops the concept of corporate equality, conceived as a construct that integrates inclusion, diversity, and people development, and investigates how boards influence its advancement. Finally, it assesses how corporate equality contributes to strengthening ESG policies. Methodologically, the research employs Ordinary Least Squares (OLS) regressions, as well as fixed-effects and random-effects models, selected based on statistical significance and tests such as the Hausman test. Akaike (AIC) and Bayesian (BIC) information criteria were also applied to select the best-fitting models. The study uses the Thomson Reuters Eikon database, which provides comprehensive information on financials, corporate governance, and ESG performance. By covering more than a decade, the analysis captures both temporal dynamics and structural differences across firms. The main findings are presented in three blocks. Regarding the impact of board characteristics on ESG practices, results show that female representation and the presence of independent directors positively influence sustainability adoption. Frequent board meetings and compensation systems tied to ESG objectives also enhance outcomes. Conversely, larger board size is negatively associated with ESG governance quality, and longer director tenure tends to reduce innovative approaches to sustainability. Cultural diversity within boards produces ambivalent effects: while it enriches global perspectives, it may also generate conflicts if not properly managed. With respect to corporate equality, the study confirms the positive role of female directors and non-executive members in strengthening inclusion and diversity. Cultural diversity and active participation in meetings also foster the development of talent and equitable practices. However, excessive director tenure proves to be a barrier, and compensation schemes focused exclusively on financial objectives hinder progress in equality. Interestingly, unlike ESG practices, larger boards show a positive effect on corporate equality, as they enable greater diversity of opinions and approaches. Finally, the link between corporate equality and ESG practices highlights the crucial role of sustainable human capital management. Companies that promote employee participation in decision-making, implement comprehensive training programs, and cultivate inclusive values achieve higher ESG performance. Furthermore, the effective inclusion of vulnerable or historically excluded groups not only improves organizational climate but also generates tangible positive impacts on environmental and governance dimensions. In this sense, corporate equality emerges not only as a social imperative but also as a strategic driver of sustainability. The thesis concludes that boards of directors play a pivotal role in shaping corporate strategies toward sustainability, and that corporate equality acts as both an end in itself and a means to strengthen ESG practices. These findings offer valuable implications for academics, policymakers, and business leaders seeking to integrate corporate governance, equality, and sustainability into a coherent and long-term strategic vision.
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