The conditions that a board composition and the media influence companies to invest in sustainability and boards invest in stakeholder-oriented value creation

This work is related to the value creation of the boards of directors of companies in relation to sustainable activities and prioritization of stakeholders and to study it, the work evaluates the impact of the characteristics of the board of directorsin the sustainable activities of companies, the impact of the media in the sustainability of companies and the relation of companies with stakeholders to create value for them. Boards of directors are a central internal mechanism of governance for companies. External mechanisms of governance (as the media) impact internal mechanisms of governance (as the boards) to make some decisions, as investments in sustainability. The theoretical gaps that this research studies are related to the composition of boards in terms of educational backgrounds, professional experiences and ages of their members and its relationship with investments in sustainability, the impact the media can cause to the sustainability of companies and how much attention boards are giving to prioritize the interests of stakeholders in their companies. This work uses qualitative methods (semistructured interviews and documental analysis). As results of these studies, the composition of boards, in terms of educational backgrounds, professional experiences and ages of their members makes them invest more in sustainable activities, the media (as an external mechanism of governance) impacts companies to invest more in sustainable activities and boards are changing their mentality and paying more attention on the objectives of their stakeholders to create value for them. Therefore, this research contributes to the literature of board of directors, the literature of corporate governance (external corporate governance – the media) and RDT (Resource Dependency Theory) in relation to the prioritization by boards of the objectives of the stakeholders of companies.