73626

Caritsa Scartaty Moreira
Jaqueline G. R. de Araújo
Gilson Rodrigues da Silva
Wenner Glaucio Lopes Lucena

Revista Contabilidade & Finanças

O estudo analisou a associação entre o environmental, social and governance (ESG) e os estágios de ciclo de vida das empresas brasileiras de capital aberto listadas na B3 S.A. – Brasil, Bolsa, Balcão (B3) no período de 2010 a 2020. Explora-se uma lacuna teórica sobre a relação dos estágios de ciclo de vida das empresas com iniciativas ESG no Brasil, um país emergente. As evidências são relevantes para a compreensão de como os estágios do ciclo de vida funcionam como sinalizadores do nível de ações ESG das companhias e para demonstrar como o mercado percebe essas ações e sua capacidade de geração de valor. A pesquisa traz insights de que os fundamentos da teoria dos estágios de ciclo de vida da firma funcionam como indicadores para diversas perspectivas organizacionais, até mesmo para as práticas ESG. A amostra foi composta por 109 empresas cujos dados foram coletados na Thomson Reuters® e analisados por meio de regressão múltipla. Para análise dos ciclos de vida, utilizou-se o modelo proposto por Dickinson (2011). Cabe destacar que os dados também foram analisados utilizando o efeito fixo como estimação do modelo econométrico, porém houve perda da significância estatística na relação encontrada, possivelmente devido à seleção da amostra realizada no painel desbalanceado. A partir da amostra analisada e dos modelos econométricos utilizados, os resultados indicam que as empresas em estágio de nascimento e turbulência apresentam menores níveis de práticas ESG, notadamente nos pilares ambiental e social, se comparadas às empresas em estágio de maturidade. Os achados também evidenciaram que as iniciativas ESG no mercado de capitais brasileiro estão associadas com medidas de rentabilidade, liquidez, endividamento, valor de mercado e número de analistas das organizações. A pesquisa contribui para a análise da associação entre a adoção de práticas ESG e os estágios de ciclo de vida das empresasem um mercado emergente, com reflexões aos stakeholders a respeito do direcionamento de recursos em ações sustentáveis.

MOREIRA, C. S.; ARAÚJO, J.; SILVA, G. R.; LUCENA, W. G. L. Environmental, social and governance e o ciclo de vida das firmas: evidências no mercado brasileiro. Revista Contabilidade & Finanças, v. 34, n. 92, p. 0-0, 2023.

Moreira, C. S., Araújo, J., Silva, G. R., & Lucena, W. G. L. (2023). Environmental, social and governance e o ciclo de vida das firmas: evidências no mercado brasileiro. Revista Contabilidade & Finanças, 34(92), 0-0.

10.1590/1808-057x20231729.en

https://www.spell.org.br/documentos/ver/73626/environmental--social-and-governance-e-o-ciclo-de-vida-das-firmas--evidencias-no-mercado-brasileiro/i/en

Artigo

Português

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