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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.

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

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  • 发表日期：

    2025年

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  • Guadalupe del Carmen Briano Turrent,
  • Carolina Reyes Bastidas,
  • Salvador Marín-Hernández,
  • Esther Ortiz-Martínez

摘要

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.