Corporate Governance and Sustainability in Latin America


  • Leydy Tatiana Quintero García Universidad Pedagógica y Tecnológica de Colombia
  • Sandra C. Gaitán Riaño Universidad EAFIT
  • Rodrigo Alfonso Saavedra Najar Universidad de La Salle



Corporate sustainability, Corporate governance, Business organization, Corporate social responsibility, Board of directors


Purpose: Examine the relationship between corporate governance (CG) and corporate sustainability (SC), measured though Environmental, Social, and Governance (ESG) variables.

Methodology: The study is explanatory in scope, and we used the feasible generalized least squares (FGLS) methodology to analyze the results.

Findings: The results show that some aspects of the board of directors such as size, committees and gender diversity significantly explain corporate sustainability, while CEO duality, independence, and tenure on the board do not.

Practical implications: to offer a perspective for institutions to promote companies to advance in matters pertaining corporate governance and sustainability to guarantee long-term viability of organizations, society, and the environment.

Value: The results contribute to academic knowledge about the relationship between CG and SC in Latin America by offering a better understanding of the topic and enabling new areas of research in the region. Most studies have focused on the relationship between ESG and performance, portfolio analysis, corporate disclosure, or asymmetric information. Unlike these studies, this work extends the field of research in CG by identifying the variables of the board of directors that are related to corporate sustainability.

Limitations: One of the limitations of the study lies in possible selection, information, and reporting biases as the ESG metrics may not fully reflect corporate sustainability. It is essential to address this gap through better adaptation of the measures and deeper theoretical exploration to better understand corporate sustainability in Latin America.


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How to Cite

Quintero García, L. T., Gaitán Riaño, S. C., & Saavedra Najar, R. A. (2024). Corporate Governance and Sustainability in Latin America. RAN - Revista Academia & Negocios, 10(2), 313-331.



Research Article

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