Impacto das práticas Esg no preço das ações
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Autores
Orientador
Minardi, Andrea Maria Accioly Fonseca
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Citações na Scopus
Tipo de documento
Trabalho de Conclusão de Curso
Data
2023
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Iniciativas ESG têm suas origens traçadas até a década de 60,
período durante o qual investidores começaram a descartar títulos
ou mesmo segmentos inteiros de suas carteiras, sustentando-se
em práticas virtuosas de ordem ambiental, social e de governança
(Environmental, Social and Governance). Em consequência,
áreas como fabricação de tabaco ou armamentos bélicos viram
um decréscimo em financiamentos. Atualmente, ponderações
éticas e a correspondência de princípios ainda são inspirações
usuais de diversos investidores ESG, contudo, o campo se
amplificou na procura por absorver tais hábitos na concretude
financeira. Os aspectos ESG, agora, são integrados ao método de
investimento, aliados à avaliação financeira convencional. Dado
tal cenário, o propósito deste artigo é verificar se, de fato, os
parâmetros ligados a preocupações ecológicas, à promoção da
diversidade empresarial, e à valorização dos interesses dos
clientes em detrimento dos acionistas, estão sendo assimilados
na avaliação financeira realizada pelos investidores. Essa
incorporação deveria refletir-se em uma apreciação mais
acentuada das corporações que cumprem esses critérios, e, por
consequência, um rendimento superior de seus títulos. Para isso,
será estruturado um painel com dados dos títulos que compõem o
Ibovespa, na busca de encontrar correlação entre o progresso
das iniciativas ESG ao longo dos anos e o avanço do retorno
desses ativos no mesmo intervalo temporal. O pressuposto
fundamental a ser verificado é o de que, dada a crescente
relevância do tema na sociedade, a adoção de medidas ESG
realçaria a apreciação da qualidade dos ativos pelos investidores,
o que subsequentemente elevaria o valor de mercado da
empresa
ESG initiatives can be traced back to the 1960s, a period during which investors began to discard stocks or even entire sectors from their portfolios, relying on virtuous environmental, social, and governance (ESG) practices. As a result, areas such as tobacco manufacturing or military weaponry saw a decrease in funding. Nowadays, ethical considerations and the alignment of principles are still common inspirations for many ESG investors, however, the field has expanded in search of absorbing such habits into financial tangibility. ESG aspects are now integrated into the investment method, allied to conventional financial evaluation. Given this scenario, the purpose of this article is to verify whether, in fact, parameters related to ecological concerns, the promotion of corporate diversity, and the prioritization of customer interests over shareholders, are being assimilated into the financial evaluation performed by investors. This incorporation should be reflected in a higher appreciation of corporations that fulfill these criteria, and consequently, a higher return on their stocks. For this, a panel will be structured with data from the stocks that make up the Ibovespa, in search of finding a correlation between the progress of ESG initiatives over the years and the advance of the return of these assets in the same time span. The fundamental assumption to be verified is that, given the growing relevance of the theme in society, the adoption of ESG measures would enhance the appreciation of the quality of assets by investors, which would subsequently raise the market value of the company
ESG initiatives can be traced back to the 1960s, a period during which investors began to discard stocks or even entire sectors from their portfolios, relying on virtuous environmental, social, and governance (ESG) practices. As a result, areas such as tobacco manufacturing or military weaponry saw a decrease in funding. Nowadays, ethical considerations and the alignment of principles are still common inspirations for many ESG investors, however, the field has expanded in search of absorbing such habits into financial tangibility. ESG aspects are now integrated into the investment method, allied to conventional financial evaluation. Given this scenario, the purpose of this article is to verify whether, in fact, parameters related to ecological concerns, the promotion of corporate diversity, and the prioritization of customer interests over shareholders, are being assimilated into the financial evaluation performed by investors. This incorporation should be reflected in a higher appreciation of corporations that fulfill these criteria, and consequently, a higher return on their stocks. For this, a panel will be structured with data from the stocks that make up the Ibovespa, in search of finding a correlation between the progress of ESG initiatives over the years and the advance of the return of these assets in the same time span. The fundamental assumption to be verified is that, given the growing relevance of the theme in society, the adoption of ESG measures would enhance the appreciation of the quality of assets by investors, which would subsequently raise the market value of the company
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