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

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

Palavras-chave:

ESG, Valor, Custo de capital, Risco país, Brasil

Resumo

Objetivo: Este estudo tem por objetivo verificar se a adoção de práticas ambientais, sociais e de governança (ESG) - pelas empresas - cria mais valor e reduz seu custo de capital.

Método: As hipóteses são verificadas por meio de estatística descritiva, análise de correlação e modelos de regressão com dados em painel.

Resultados: Confirma-se a relação positiva entre o score de ESG e o valor da empresa. Entretanto, ao contrário do esperado, verifica-se que a melhoria dos scores do ESG também eleva o custo de capital das empresas.

Originalidade/Relevância: Este estudo destaca-se por analisar não apenas a relação entre a adoção de práticas de ESG e a criação de valor de mercado, mas também por verificar se esse fato implica na redução do custo de capital dessas empresas.

Contribuições teóricas/metodológicas: Uso de métricas distintas para cálculo do custo de capital próprio, mensuração do custo do capital por meio de dois índices de risco país e coleta manual de dados para cálculo do beta.

Contribuições sociais/para a gestão: A implicação prática dessa pesquisa refere-se à necessidade de as companhias brasileiras seguirem analisando os impactos financeiros dos investimentos realizados nas ações de ESG - no longo prazo. Além disso, os formuladores de políticas corporativas e públicas podem aprimorar as estruturas regulatórias das empresas e do governo na incorporação do ESG em atividades de investimento - para criação de valor - e de financiamento – para redução do custo de capital das instituições.

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