Divulgação de relatórios ESG e valor de mercado: evidências do mercado brasileiro

Abstract

This research aims to investigate the relationship between the disclosure of ESG practices and the market value of companies listed on the Brazilian stock exchange between 2010 and 2024. Growing concern with corporate responsibility has led companies to adopt ESG practices in recent years, bringing greater transparency to stakeholders and reporting their information to external users with other approaches. This study is based on the hypothesis that companies that periodically disclose their ESG practices tend to see an increase in their market value, considering the increase in investor confidence and the reduction in risks that the entity may be involved in environmental and social areas. To test the research hypothesis, a pooled regression with standard errors robust to heteroscedasticity was used. The database was taken from the Refinitiv Eikon financial analysis platform. The sample for the study of the variables includes 115 companies from different economic sectors, aiming to cover different sizes and operations for greater robustness in the tests. In the regression analysis, a positive and statistically significant relationship was identified between the disclosure of ESG reports and market value.