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Impacto de la tarea supervisora de las consejeras en la remuneración del CA en empresas europeas sostenibles. Relevancia de la orientación financiera del país

  • Bel Oms, Inmaculada [1] ; Grau Grau, Alfredo [1]
    1. [1] Universitat de València

      Universitat de València

      Valencia, España

  • Localización: Revista de contabilidad = Spanish accounting review: [RC-SAR], ISSN 1138-4891, Vol. 28, Nº 2, 2025, págs. 313-328
  • Idioma: español
  • DOI: 10.6018/rcsar.597931
  • Títulos paralelos:
    • Impact of female directors' supervisory role on CEO remuneration in sustainable European companies. Relevance of the country's financial orientation
  • Enlaces
  • Resumen
    • español

      El principal objetivo de este trabajo es analizar el papel supervisor de las consejeras del Consejo de Administración (de aquí en adelante, CA) en la relación existente entre las competencias específicas, la independencia y la diversidad cultural del CA en la remuneración del consejo. Además, para avanzar más en la literatura sobre gobierno corporativo se ha dividido la muestra de empresas europeas sostenibles, según se orienten financieramente al mercado y a la banca. El marco teórico utilizado en esta investigación se basa en la teoría de la agencia y la teoría de la administración. Utilizando una muestra de empresas cotizadas en el índice Euronext Vigeo Europe 120 desde 2012 hasta 2021, los resultados han evidenciado que la tarea de supervisión que realizan las consejeras cuando gestionan actividades junto con los consejeros independientes, tiende a reducir la remuneración del CA de las empresas sostenibles europeas. Por otra parte, los resultados han revelado que la orientación financiera es una característica importante a la hora de establecer estrategias de buen gobierno, para establecer protocolos de vigilancia en el establecimiento de las remuneraciones de los miembros del CA. Destaca la relevancia de la tarea supervisora de las consejeras, pero no para todos los países europeos analizados, sino solo para aquellos que acudan a la banca para financiar su actividad económica. Este estudio presenta importantes implicaciones teóricas y prácticas para el campo del gobierno corporativo y la diversidad de género.

    • English

      The main objective of this study is to analyze the supervisory role of female directors on Board of Directors (hereinafter, BODs) in the relationship between the specific board characteristics, independence, and cultural diversity of the BOD in board remuneration. Furthermore, to extend past research based on corporate governance, the sample of sustainable European companies depending on whether the country is bank- or market-oriented. The theoretical framework used in this research is based on agency theory and stewardship theory. Using a sample of companies listed on the Euronext Vigeo Europe 120 index from 2012 to 2021, the results have shown that the moderate role of female directors on corporate boards reduce the relationship between independent directors and the remuneration on corporate boards in European sustainable companies. Furthermore, the importance of the supervisory role of female directors is highlighted, but not in all the European countries analyzed, but only in those depends on banking-oriented countries. This study presents important theoretical and practical implications for the field of corporate governance and gender diversity.

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