A governança ambiental, social e corporativa e seu efeito no valor de mercado das entidades

• Autor(a) principal: Citty, Amanda Gaspar
• Data de Publicação: 2023
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da Universidade Federal do Espírito Santo (riUfes)
• Texto Completo: http://repositorio.ufes.br/handle/10/16965
• topic: Ciências Contábeis; Valor de mercado; ESG; Setor; Meio Ambiente; Social; Governança; subject.br-rjbn

ESG can be understood as the way entities and investors integrate environmental, social, and governance precautions into their business and stakeholder relationships. Thus, the study aims to analyze the effect of environmental, social, and corporate governance (ESG) on the market value of entities in different sectors listed on B3. In order to address the study hypotheses, statistical techniques with panel data regression were used. The dependent variable, entity market value, was measured through three proxies: Tobin's Q, Market to Book ratio, and Value. The chosen independent variables were ESG, company sectors, and the interaction between them, along with control variables. The sample included 94 entities listed on B3 between 2011 and 2021. The results demonstrate that the adoption of ESG practices has a positive impact on the market value of companies listed on B3, and that the relationship between ESG practice and market value varies among the sectors of B3, confirming the first and second hypotheses of the study. It can be concluded that the relationship between ESG and the market value of companies listed on B3 is influenced by the sectors in which the companies operate, and that the adoption of ESG practices does not guarantee an automatic increase in market value. Furthermore, it was observed that specific sectors, such as Cyclical Consumer Goods, Information Technology, and Utilities, exhibit a significant negative relationship with ESG and market value, as indicated by the three dependent variables, highlighting the sensitivity of these sectors to environmental, social, and governance aspects in all three models. The results of this research provide a significant contribution to companies and investors, who can benefit from incorporating ESG practices into their business and investment strategies. Moreover, society as a whole can also benefit, as companies that adopt ESG practices promote positive impacts on environmental, social, and governance issues, contributing to the creation of a more sustainable and equitable world.