Abstract Sustainable Corporate Finance is an important mechanism to address the climate crisis and its adverse effects on society and the environment. Environmental, Social and Governance (ESG) criteria have been proposed and implemented as a normative evaluation framework for companies in multiple sectors. However, ESG studies are not yet fully conclusive, but they serve to incorporate more than economic criteria to investment decisions in companies, and in this way, to focus on responsible investments. Among a variety of criteria, corporate responsibility and diversity in top management positions have gained significance today. Given this context, the aim of this study is to analyze the effect of including women in top leadership positions within high-cap companies and their impact on ESG indicators, with a particular focus on organizations in the industrial sector. A longitudinal study was conducted using balanced panel data of the companies that make up the Standard and Poor's 500, linear regression with random effects was estimated, as well as impact analysis using the Synthetic Difference in Difference (SDID). The results show a slight increase in the participation of women in top management (CEO), particularly in the last years (2020-2022). In addition, there is a statistically positive incidence between the participation of a female CEO in a better performance of the ESG indicators of the companies, with an impact of 0.2401 points, being the environmental criterion the most impacted with 0.6522 points.

Resumen Las finanzas corporativas sustentables son un mecanismo importante para hacer frente a la crisis climática y sus efectos adversos a la sociedad y el medio ambiente. Particularmente, se han propuesto e implementado los indicadores Ambiental, Social y Gobierno (ESG, por sus siglas en inglés) como un marco normativo de evaluación para las empresas de múltiples sectores. Los estudios realizados en materia de ESG aun no son concluyentes del todo, pero sirven para incorporar más que criterios económicos a las decisiones de inversión en las empresas y, de esta forma, orientarse en las inversiones responsables. Entre una variedad de criterios, la responsabilidad corporativa y la diversidad en posiciones de alta dirección ha cobrado relevancia en la actualidad. Dado lo anterior, el objetivo de este trabajo es analizar el efecto de la inclusión de mujeres en posiciones de liderazgo de alta dirección en las empresas de alta capitalización y su impacto en los indicadores ESG, realizando un especial énfasis en las organizaciones del sector industrial. Se realizó un estudio longitudinal a través de datos panel balanceados de las empresas que componen el índice Standard & Poor's 500, se estimó la regresión lineal con efectos aleatorios, así como del análisis de impacto mediante la Estimación Sintética de las Diferencias (SDID). Los resultados muestran un leve incremento en la participación de las mujeres en los altos mandos (CEO), particularmente en los últimos años (2020-2022). Además, existe una incidencia estadísticamente positiva entre la participación de una mujer CEO en un mejor desempeño de los indicadores ESG de las empresas, con un impacto de 0.2401 puntos, siendo el indicador ambiental el mayor impactado, con 0.6522 puntos.

Resumen: Esta investigación tuvo como objetivo presentar, a la luz de la teoría y la norma ABNT PR 2030, cómo la sostenibilidad y ESG están presentes en una casa de huéspedes en la Serra Gaúcha cuya principal demanda son los turistas de la tercera edad. Para ello, se realizó una investigación descriptiva con estudio de caso y un enfoque cualitativo. Los datos fueron recolectados a través de entrevistas semiestructuradas con el gerente de la posada en estudio. Como hallazgos de la investigación, se identificó que la posada busca constantemente recibir huéspedes e interactuar con la sociedad en la que actúa y que contempla (parcialmente) el trípode de sustentabilidad que los ESG describen en ABNT PR 2030 (2022). Algunas iniciativas que se alinean con el trípode de la sostenibilidad y los ESG son el cuidado con el origen de los insumos, la captación y reutilización del agua (parcialmente), la interacción económica con el comercio local y regional, la economía circular, los beneficios para los empleados, el rescate y la preservación de la cultura, entre otros. Hay criterios ESG que la posada señala su preocupación por buscar contemplar. Tal comprensión fue posible a través del detalle de los datos recolectados, desde la preparación de sus instalaciones hasta la recepción de huéspedes, con atención a los ancianos que representan el 70% de la ocupación durante la semana. Resumen presentar edad ello cualitativo parcialmente (parcialmente 203 2022. 2022 . (2022) insumos parcialmente, , regional circular empleados cultura otros contemplar 70 semana 20 202 (2022 7 2 (202 (20 (2 (

Abstract: This research aimed to present, in the light of the theory and the ABNT PR 2030 standard, how sustainability and ESG (Environmental, Social and Governance) are present in a Lodge in the Serra Gaúcha, which has as its predominant demand elderly tourists. To this end, descriptive research was carried out with a case study and a qualitative approach. Data were collected through semi-structured interviews with the manager of the Lodge under study. As research findings, it was identified that the Lodge constantly seeks to welcome guests and interact with the society in which it operates, and that it contemplates (partially) the tripod of sustainability or ESG described in ABNT PR 2030 (2022). Some initiatives that are aligned with the tripod of sustainability and ESG are the care with the origin of inputs, capture and reuse of water (partially), economic interaction with local and regional businesses, circular economy, benefits to employees, rescue and preservation of culture, among others. There are ESG criteria that the lodge points out its concern in seeking to contemplate. Such understanding was possible by detailing the data collected, from the preparation of its facilities to the reception of guests, with attention to the elderly, who represent 70% of the occupation during the week. Abstract 203 standard Environmental, Environmental (Environmental Governance Gaúcha tourists end approach semistructured semi structured findings operates partially (partially 2022. 2022 . (2022) inputs partially, , businesses economy employees culture others contemplate 70 week 20 202 (2022 7 2 (202 (20 (2 (

Resumo: Esta pesquisa teve como objetivo apresentar, à luz da teoria e da norma ABNT PR 2030, de que forma a sustentabilidade e o ESG (Environmental, Social and Governance) estão presentes, em uma pousada da serra gaúcha, que tem como demanda preponderante turistas da terceira idade. Para tal, foi realizada pesquisa descritiva com estudo de caso e abordagem qualitativa. Os dados foram coletados por meio de entrevista semiestruturada com a gestora da pousada em estudo. Como achados da pesquisa, identificou-se que a pousada busca constantemente o acolhimento aos hóspedes e a interação com a sociedade na qual está inserida e que contempla (de forma parcial) o tripé da sustentabilidade e o ESG, conforme descrito na ABNT PR 2030 (2022). Algumas iniciativas que se alinham ao tripé da sustentabilidade e ao ESG são o cuidado com a origem de insumos, captação e reutilização da água (de forma parcial), interação econômica com o comércio local e regional, economia circular, benefícios aos colaboradores, resgate e preservação da cultura, dentre outros. Existem critérios de ESG que a pousada aponta sua preocupação em buscar contemplar. Tal compreensão foi possível em virtude do detalhamento dos dados coletados, desde a preparação das suas instalações até o acolhimento aos hospedes, com atenção aos da terceira idade que representam 70% da ocupação durante a semana. Resumo apresentar Environmental, Environmental (Environmental Governance presentes gaúcha tal qualitativa identificouse identificou parcial 203 2022. 2022 . (2022) insumos parcial, , regional circular colaboradores cultura outros contemplar hospedes 70 semana 20 202 (2022 7 2 (202 (20 (2 (

Abstract Purpose This paper demonstrates that the effects of the presence of outside directors on the board of directors can be different across family vs. non-family firms, regarding the financial performance. We propose that the presence of outside directors in the board is relevant to explain the performance of family firms, because they better deal with mechanisms that reduce the type II agency conflicts. Theoretical framework Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value - This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms. vs nonfamily non conflicts derivatives Designmethodologyapproach Design methodology 37 Brazil Moreover methods criteria literature shortterm short term criterion studies Originalityvalue Originality value Also 3

Abstract The Sustainable Development Goals (SDG) established in the United Nations 2030 Agenda have motivated the business sector to measure non-financial performance from the environmental, social, and corporate governance perspectives (ESG indicators). This exploratory study proposes a matrix of ESG indicators to evaluate sustainable commitment in Latin American family firms. The matrix of indicators is composed of 30 elements divided into three dimensions: environmental (use of resources, reduction of emissions, process logistics, process, and product innovation), social (human rights, labor practices, stakeholders, and product responsibility), and corporate governance (corporate management, board structure, corporate social responsibility strategies). This paper contributes to the international literature in the sustainability and family firm fields by proposing a self-assessment instrument for the business sector committed to Sustainable Development Goals.

Resumen Los Objetivos de Desarrollo Sostenible (ODS) establecidos en la Agenda 2030 de las Naciones Unidas, ha motivado al sector empresarial a medir el desempeño no financiero en las perspectivas ambiental, social y de gobierno corporativo (indicadores ESG). Este trabajo de carácter exploratorio, tiene como objetivo proponer una matriz de indicadores ESG para valorar el compromiso sostenible en empresas familiares latinoamericanas. La matriz de indicadores se conforma de 30 elementos divididos en tres dimensiones: ambiental (uso de recursos, reducción de emisiones, logística de procesos, innovación de procesos y productos), social (derechos humanos, prácticas laborales, grupos de interés y responsabilidad del producto) y gobierno corporativo (gestión corporativa, estructura del consejo, estrategias de responsabilidad social empresarial). Este trabajo contribuye a la literatura internacional en el ámbito de la sustentabilidad y la empresa familiar, al proponer un instrumento de autoevaluación para el sector empresarial comprometido con los Objetivos de Desarrollo Sostenible.