Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática

Detalhes bibliográficos
Autor(a) principal: Mizusaki, Victor Kaneo
Data de Publicação: 2024
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/35789
Resumo: Em 2023, os 5.372 signatários dos Principles for Responsible Investment (PRI) administravam US$ 121 trilhões em ativos de terceiros, o que ressalta a relevância do tema ESG. A literatura aponta não haver consenso quanto ao impacto do ESG nos preços dos ativos. Os estudos disponíveis utilizam dados agregados de mercado e históricos financeiros, o que pode limitar a captura do impacto das mudanças nas expectativas do mercado em relação ao crescimento de receita, lucro e ROE em função do ESG. Esta pesquisa exploratória e básica aplica conceitos de finanças corporativas para analisar os múltiplos preço/lucro de mercado e o valor justo de três empresas do Índice de Sustentabilidade Empresarial (ISE) da B3: WEG, Lojas Renner e Banco Santander Brasil, durante o período de 2020 a 2022. Esta janela temporal corresponde ao período da pandemia da COVID-19 e ao crescimento acelerado do ESG no Brasil e no exterior. Os resultados obtidos foram confrontados com uma pesquisa realizada junto a investidores institucionais brasileiros, visando verificar a coerência dos dados, além de serem comparados com a literatura existente.
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spelling Mizusaki, Victor KaneoEscolas::EAESPMonzoni Neto, Mario PrestesHourneaux Junior, FlávioFelsberg, Annelise Vendramini2024-08-27T17:16:42Z2024-08-27T17:16:42Z2024-06-28https://hdl.handle.net/10438/35789Em 2023, os 5.372 signatários dos Principles for Responsible Investment (PRI) administravam US$ 121 trilhões em ativos de terceiros, o que ressalta a relevância do tema ESG. A literatura aponta não haver consenso quanto ao impacto do ESG nos preços dos ativos. Os estudos disponíveis utilizam dados agregados de mercado e históricos financeiros, o que pode limitar a captura do impacto das mudanças nas expectativas do mercado em relação ao crescimento de receita, lucro e ROE em função do ESG. Esta pesquisa exploratória e básica aplica conceitos de finanças corporativas para analisar os múltiplos preço/lucro de mercado e o valor justo de três empresas do Índice de Sustentabilidade Empresarial (ISE) da B3: WEG, Lojas Renner e Banco Santander Brasil, durante o período de 2020 a 2022. Esta janela temporal corresponde ao período da pandemia da COVID-19 e ao crescimento acelerado do ESG no Brasil e no exterior. Os resultados obtidos foram confrontados com uma pesquisa realizada junto a investidores institucionais brasileiros, visando verificar a coerência dos dados, além de serem comparados com a literatura existente.In 2023, the 5,372 signatories of the Principles for Responsible Investment (PRI) managed $121 trillion in third-party assets, highlighting the relevance of the ESG theme. The literature indicates that there is no consensus on the impact of ESG on asset prices. The available studies use aggregated market data and financial histories, which may limit the ability to capture the impact of changes in market expectations regarding revenue growth, profit, and ROE due to ESG factors. This exploratory and basic research applies corporate finance concepts to analyze the market price/earnings multiples and the fair value of three companies from the B3 Corporate Sustainability Index (ISE): WEG, Lojas Renner, and Banco Santander Brasil, during the period from 2020 to 2022. This time window corresponds to the period of the COVID-19 pandemic and the accelerated growth of ESG in Brazil and abroad. The results obtained were compared with a survey conducted among Brazilian institutional investors to verify data consistency, in addition to being compared with existing literature.porESGExpectativasPrêmioGovernança corporativaInvestidores institucionaisInvestimentosExpectationsValuationPremiumCorporate governanceInstitutional investorsInvestingAdministração de empresasSustentabilidadeInvestimentos - Aspectos ambientaisGovernança corporativaSociedades comerciais - FinançasPesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e práticainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; charset=utf-85112https://repositorio.fgv.br/bitstreams/d67c28d9-1402-4e70-9302-ef182ddffdc6/download2a4b67231f701c416a809246e7a10077MD52ORIGINAL26859162_Victor Mizusaki - Versao 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dc.title.por.fl_str_mv Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
title Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
spellingShingle Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
Mizusaki, Victor Kaneo
ESG
Expectativas
Prêmio
Governança corporativa
Investidores institucionais
Investimentos
Expectations
Valuation
Premium
Corporate governance
Institutional investors
Investing
Administração de empresas
Sustentabilidade
Investimentos - Aspectos ambientais
Governança corporativa
Sociedades comerciais - Finanças
title_short Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
title_full Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
title_fullStr Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
title_full_unstemmed Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
title_sort Pesquisa exploratória do prêmio de valuation ESG no Brasil: teoria e prática
author Mizusaki, Victor Kaneo
author_facet Mizusaki, Victor Kaneo
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EAESP
dc.contributor.member.none.fl_str_mv Monzoni Neto, Mario Prestes
Hourneaux Junior, Flávio
dc.contributor.author.fl_str_mv Mizusaki, Victor Kaneo
dc.contributor.advisor1.fl_str_mv Felsberg, Annelise Vendramini
contributor_str_mv Felsberg, Annelise Vendramini
dc.subject.por.fl_str_mv ESG
Expectativas
Prêmio
Governança corporativa
Investidores institucionais
Investimentos
topic ESG
Expectativas
Prêmio
Governança corporativa
Investidores institucionais
Investimentos
Expectations
Valuation
Premium
Corporate governance
Institutional investors
Investing
Administração de empresas
Sustentabilidade
Investimentos - Aspectos ambientais
Governança corporativa
Sociedades comerciais - Finanças
dc.subject.eng.fl_str_mv Expectations
Valuation
Premium
Corporate governance
Institutional investors
Investing
dc.subject.area.por.fl_str_mv Administração de empresas
dc.subject.bibliodata.por.fl_str_mv Sustentabilidade
Investimentos - Aspectos ambientais
Governança corporativa
Sociedades comerciais - Finanças
description Em 2023, os 5.372 signatários dos Principles for Responsible Investment (PRI) administravam US$ 121 trilhões em ativos de terceiros, o que ressalta a relevância do tema ESG. A literatura aponta não haver consenso quanto ao impacto do ESG nos preços dos ativos. Os estudos disponíveis utilizam dados agregados de mercado e históricos financeiros, o que pode limitar a captura do impacto das mudanças nas expectativas do mercado em relação ao crescimento de receita, lucro e ROE em função do ESG. Esta pesquisa exploratória e básica aplica conceitos de finanças corporativas para analisar os múltiplos preço/lucro de mercado e o valor justo de três empresas do Índice de Sustentabilidade Empresarial (ISE) da B3: WEG, Lojas Renner e Banco Santander Brasil, durante o período de 2020 a 2022. Esta janela temporal corresponde ao período da pandemia da COVID-19 e ao crescimento acelerado do ESG no Brasil e no exterior. Os resultados obtidos foram confrontados com uma pesquisa realizada junto a investidores institucionais brasileiros, visando verificar a coerência dos dados, além de serem comparados com a literatura existente.
publishDate 2024
dc.date.accessioned.fl_str_mv 2024-08-27T17:16:42Z
dc.date.available.fl_str_mv 2024-08-27T17:16:42Z
dc.date.issued.fl_str_mv 2024-06-28
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://hdl.handle.net/10438/35789
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