Environmental, Social and Governance (ESG) impacta o desempenho financeiro? uma análise de dados em painel

Abstract

This research analyzes the relationship between companies ESG classification and financial performance. ESG is a way of establishing whether an organization has socially responsible and sustainable practices. In this sense, the present study aimed to analyze whether Brazilian companies that have a better ESG rating have better financial performance, measured by ROE, ROA, LPA and the ESG Score. The research used a mixed methodology, combining descriptive inferential methods. Panel data analysis was carried out for 85 companies listed on B3 and present in the MERCO table, covering different sectors in the period from 2019 to 2022. The Gretl statistical program was used to perform panel linear regression, based on the method of generalized least squares (GLS) and the selected model is the fixed effect model using the Breusch-Pagan (LM) test. The results of the empirical study indicated that there is no statistically significant relationship between the ESG classification and companies financial performance indicators. This may indicate that the relationship between ESG and financial performance may be complex and multifaceted, and therefore, depends on several factors. Among these factors are that the relationship between ESG and financial performance can vary significantly between different sectors of the economy.