O Impacto do ESG no Valor e Custo de Capital das Empresas

Paula de Souza Macedo; Pedro Serezani Rocha; Edgard Teixeira  Rocha; Gabriel Frias Tavares; Michele Nascimento Jucá

doi:10.51341/cgg.v25i2.2802

Autores/as

Paula de Souza Macedo Universidade Presbiteriana Mackenzie https://orcid.org/0000-0001-9618-6388
Pedro Serezani Rocha Universidade Presbiteriana Mackenzie https://orcid.org/0000-0002-2774-2421
Edgard Teixeira Rocha Universidade Presbiteriana Mackenzie https://orcid.org/0000-0003-0478-8440
Gabriel Frias Tavares Universidade Presbiteriana Mackenzie https://orcid.org/0000-0003-2485-4775
Michele Nascimento Jucá Universidade Presbiteriana Mackenzie https://orcid.org/0000-0002-8610-6193

DOI:

https://doi.org/10.51341/cgg.v25i2.2802

Palabras clave:

ESG, Valor, Costo de capital, Riesgo país, Brasil

Resumen

Objetivo: Este estudio tiene como objetivo verificar si la adopción de prácticas ambientales, sociales y de gobernanza (ESG) - por parte de las empresas - crea más valor y reduce su costo de capital.

Método: Las hipótesis se verifican mediante estadística descriptiva, análisis de correlación y modelos de regresión con datos de panel.

Resultados: Se confirma la relación positiva entre la puntuación ESG y el valor de la empresa. Sin embargo, contrariamente a lo esperado, parece que la mejora en los puntajes ESG también aumenta el costo de capital de las empresas.

Originalidad / Relevancia: Este estudio destaca por analizar no solo la relación entre la adopción de prácticas ASG y la creación de valor de mercado, sino también por verificar si este hecho implica una reducción en el costo de capital de estas empresas.

Aportes teóricos / metodológicos: Uso de diferentes métricas para calcular el costo del capital social, midiendo el costo del capital a través de dos índices de riesgo país y recolectando datos manualmente para calcular la beta.

Contribuciones sociales / de gestión: La implicación práctica de esta investigación se refiere a la necesidad de que las empresas brasileñas continúen analizando los impactos financieros de las inversiones realizadas en acciones ASG, a largo plazo. Además, los formuladores de políticas públicas y corporativas pueden mejorar los marcos regulatorios corporativos y gubernamentales al incorporar los factores ASG en las actividades de inversión, para la creación de valor, y el financiamiento, para reducir el costo de capital de las instituciones.

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