Relação entre práticas ambientais, sociais e de governança (ESG) e desempenho empresarial: evidências empíricas para empresas do S&P 500
DOI:
https://doi.org/10.18800/360gestion.202510.011Palavras-chave:
ESG, Desempenho financeiro, Sustentabilidade corporativa, Responsabilidade social corporativaResumo
Este estudo analisa a relação entre as práticas ESG e o desempenho empresarial em empresas pertencentes ao índice S&P 500 durante o período 2015-2024, utilizando modelos de dados em painel com efeitos fixos. Observa-se um efeito negativo do ESG sobre a capitalização de mercado, enquanto não se identificam efeitos significativos sobre o retorno sobre os ativos. Ao realizar uma análise de heterogeneidade através de interações setoriais e segmentação por quintis, constata-se que o efeito não é uniforme. Esses resultados sugerem que os efeitos do ESG dependem da atividade principal e da capitalização de mercado, destacando benefícios em empresas tecnológicas e custos em empresas industriais. Da mesma forma, no caso de empresas com menor capitalização, o efeito acaba sendo positivo nas atividades mais representativas da amostra. Nossas recomendações enfatizam a necessidade de as empresas adotarem estratégias ESG diferenciadas, considerando seu contexto setorial e valor de mercado.
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