A adoção de práticas ESG contribui para a diminuição de restrições financeiras e para a melhoria de performance financeira?
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2023
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O tema ESG tem se tornado cada vez mais relevante na literatura e nas
considerações feitas pelo mercado. O objetivo deste estudo é relacionar adoção
de práticas ESG pelas empresas com medidas de restrição financeira (índice
KZ) e performance financeira (Tobin Q). Para isso, foram analisadas empresas
brasileiras listadas na bolsa de valores durante o período de 2002 e 2021. A
metodologia aplicada utilizou modelos de regressão painel dinâmico e logit.
Assim como previsto pelo referencial teórico, os resultados sugerem que
empresas mais restritas apresentam menores scores ESG, que empresas com
melhores scores ESG reduzem o problema de restrição financeira e apresentam
melhores performances financeiras e, que empresas com melhores
performances financeiras reduzem restrição financeira. Portanto, evidências
foram encontradas, porém sem contundências nas análises de robustez. Este
estudo contribui para ampliar a quantidade de pesquisas relacionadas ao tema
ESG, restrição financeira e performance financeira.
The ESG theme has become increasingly relevant in the literature and at the financial market. The aim of this study is to relate the adoption of ESG practices by companies with measures of financial constraint (KZ index) and financial performance (Tobin Q). For the study, Brazilian companies listed on the stock exchange were analyzed between 2002 and 2021. The methodology applied regression models (dynamic panel and logit). As predicted by the theoretical framework, the results suggested that more constrained companies have lower ESG scores, that companies with better ESG scores reduce financial constraint and have better financial performance, and that companies with better financial performance reduce financial constraint. Therefore, evidence was found, but without strength in the robustness tests. This study contributes by expanding the number of studies related to ESG, financial constraints and financial performance.
The ESG theme has become increasingly relevant in the literature and at the financial market. The aim of this study is to relate the adoption of ESG practices by companies with measures of financial constraint (KZ index) and financial performance (Tobin Q). For the study, Brazilian companies listed on the stock exchange were analyzed between 2002 and 2021. The methodology applied regression models (dynamic panel and logit). As predicted by the theoretical framework, the results suggested that more constrained companies have lower ESG scores, that companies with better ESG scores reduce financial constraint and have better financial performance, and that companies with better financial performance reduce financial constraint. Therefore, evidence was found, but without strength in the robustness tests. This study contributes by expanding the number of studies related to ESG, financial constraints and financial performance.
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CIENCIAS SOCIAIS APLICADAS
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CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO