Corporate governance and sustainability: Analysis and theoretical implications
DOI:
https://doi.org/10.61347/psa.v4i1.164Keywords:
Agency theory, corporate governance, organizational performance, stakeholders, sustainabilityAbstract
Corporate governance and sustainability have become central pillars of contemporary academic and business debates. The aim of this article is to systematically analyze the theoretical, empirical, and conceptual implications of the relationship between corporate governance and sustainability, examining its conceptual evolution, normative foundations, and the main analytical frameworks developed in the specialized literature between 2000 and 2026. Using a systematic literature review methodology, studies published in high-impact indexed journals were identified and analyzed, covering theories such as agency theory, stakeholder theory, institutional theory, and resource-based theory. The results show that the integration of environmental, social, and governance (ESG) criteria into corporate governance structures is associated with improvements in long-term financial performance, reduced reputational risks, and strengthened organizational legitimacy, although these effects depend on the institutional and sectoral context. Likewise, relevant theoretical gaps are identified, particularly regarding the inverse causality between governance and sustainability, as well as the moderating effects of the institutional environment. The article concludes that there is a structural interdependence between the quality of corporate governance and organizations’ sustainability commitment, and proposes a future research agenda aimed at deepening the causal mechanisms that explain this relationship.
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