Inovação verde e ESG: analisando práticas de sustentabilidade e desempenho empresarial nas firmas de capital aberto do Brasil

Abstract

The research aims to investigate the impact of Green Innovation - measured by the number of green patents - and ESG indicators on the financial performance of Brazilian publicly traded companies. The analysis uses data from 41 companies, from 2012 to 2022, applying linear and quantile regressions to examine this relationship. The independent variables include the ESG score and the number of green patents (proxy for Green Innovation), while financial performance is measured by Return on Assets (ROA). The results indicate that the disclosure of ESG information, especially in the Environmental and Social pillars, has a positive impact on financial performance, especially for smaller and medium-sized companies. Larger, more leveraged companies with greater cash availability also show superior financial results. However, the interaction between Green Innovation and ESG shows a diluted effect on performance, suggesting that the combination of these practices may have high costs or tradeoffs. In addition, companies with green patents showed a positive impact on financial performance only in specific situations, the benefits of which are more likely to be perceived in companies with low performance. Corporate governance practices, on the other hand, had no statistically significant effect on ROA for the sample analyzed. The research contributes to the literature by highlighting the relevance of sustainability practices in the context of emerging markets and suggests that companies at different performance levels can benefit in different ways from adopting green practices and ESG disclosure.