Adoção de indicadores ESG, folga financeira e restrição financeira: um estudo em empresas de capital aberto em países emergentes

Abstract

This dissertation aimed to investigate the relationship between the adoption of ESG practices and financial slack or financial constraints in publicly traded companies in emerging markets, specifically within the BRICS economic group. To achieve this, data covering the period from 2018 to 2022 were collected from the Refinitiv Eikon® database. Using a sample of publicly traded companies in these countries, selected based on their obligation to disclose detailed financial information, the unbalanced sample consisted of 1,341 companies between 2018 and 2022, totaling 4,335 observations. For data analysis, a quantitative approach and econometric techniques were employed, with panel data regression using a fixed effects model. The analysis considered both the overall ESG performance and each ESG pillar separately, in addition to examining controversies associated with these practices. The results indicated an interaction between financial variables and ESG scores in companies from BRICS countries. Financial slack was positively associated with overall ESG performance and the environmental pillar, suggesting that companies with more resources tend to invest more in sustainable practices. Conversely, financial constraints showed a negative and significant relationship with environmental performance, indicating that companies with greater financial difficulties tend to reduce their investments in environmental initiatives. Furthermore, company size was a relevant factor across all ESG pillars, with larger companies exhibiting better performance. The analysis of ESG controversies revealed that the companies in the study showed a high probability of being involved in controversial events, with those facing greater financial constraints tending to avoid controversial behavior to protect their reputation. Larger companies demonstrated lower exposure to controversies, possibly due to greater pressure for transparency and good practices. These findings underscore the importance of financial conditions in the adoption of ESG practices in companies in emerging markets.