A relação do score ESG com a demanda e o underpricing de IPOs nos EUA
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Dissertação
Data
2024
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Quando analisados os mercados em que os aspectos ESG ainda não são
diretamente padronizados e regulados, como ocorre no processo de abertura de
capital, as implicações operacionais e financeiras versus o valor gerado e percebido
pelos stakeholders podem ser menos evidentes e ainda potencializadas pela
assimetria de informação entre as partes envolvidas.
Por impactar a dinâmica de precificação do processo de emissão das ações, a
compreensão de tais implicações é crucial para empresas, investidores e reguladores
na busca de melhores práticas que alinhem retorno financeiro com a responsabilidade
social e ambiental.
Este estudo, portanto, busca investigar o impacto do desempenho ESG das
empresas na variação da demanda e no fenômeno de underpricing nos IPOs ocorridos
nas bolsas de valores dos Estados Unidos NYSE e Nasdaq no período entre 2015 e
2023. Para averiguar tal impacto, foi considerada a existência do score ESG
proveniente da LSEG Data & Analytics® seguida pela análise do seu desempenho
conforme a sua escala de avaliação (0-100 pontos).
Como principais achados, foi identificada uma relação positiva entre a
existência do score ESG e a variação da demanda no momento antecedente ao IPO.
Quando considerado o desempenho (score ESG), foi identificada uma relação positiva
com o underpricing quando analisada individualmente a dimensão Ambiental.
When analyzing markets where ESG aspects are not yet directly standardized and regulated, such as in the IPO process, the operational and financial implications versus the value generated and perceived by stakeholders may be less evident and further amplified by the information asymmetry between the involved parties. As these factors might impact the pricing dynamics of the stock issuance process, so understanding such implications is crucial for companies, investors, and regulators in seeking better practices that align financial return with social and environmental responsibility. This study, therefore, aims to investigate the impact of companies' ESG performance on the variation in demand and the phenomenon of underpricing in IPOs that occurred on the New York Stock Exchange (NYSE) and Nasdaq between 2015 and 2023. To ascertain this impact, the existence of the ESG score from LSEG Data & Analytics® was considered, followed by an analysis of its performance according to its rating scale (0-100 points). The main findings identified a positive relation between the existence of an ESG score and the variation in demand leading up to the IPO. When considering the quality of performance (ESG score), a positive relation with underpricing was identified when the Environmental dimension was analyzed individually.
When analyzing markets where ESG aspects are not yet directly standardized and regulated, such as in the IPO process, the operational and financial implications versus the value generated and perceived by stakeholders may be less evident and further amplified by the information asymmetry between the involved parties. As these factors might impact the pricing dynamics of the stock issuance process, so understanding such implications is crucial for companies, investors, and regulators in seeking better practices that align financial return with social and environmental responsibility. This study, therefore, aims to investigate the impact of companies' ESG performance on the variation in demand and the phenomenon of underpricing in IPOs that occurred on the New York Stock Exchange (NYSE) and Nasdaq between 2015 and 2023. To ascertain this impact, the existence of the ESG score from LSEG Data & Analytics® was considered, followed by an analysis of its performance according to its rating scale (0-100 points). The main findings identified a positive relation between the existence of an ESG score and the variation in demand leading up to the IPO. When considering the quality of performance (ESG score), a positive relation with underpricing was identified when the Environmental dimension was analyzed individually.
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Português
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Membros da banca
Área do Conhecimento CNPQ
CIENCIAS SOCIAIS APLICADAS
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO