A relação da divulgação das práticas ESG com o valor de mercado das empresas brasileiras de capital aberto

Abstract

This study investigated the association between the disclosure of ESG (environmental, social, and corporate governance) sustainability factors and the market value of publicly traded Brazilian companies. The analysis was based on data from 106 companies listed on the B3 stock exchange between 2012 and 2020, obtained from the Bloomberg ESG Disclosure Scores Brazil and Thomson Reuters databases. Using descriptive statistics and multivariate panel regressions, controlling for sectors and years, the study examined the relationships between ESG factors and the Tobin’s Q and Market-to-Book metrics. The results indicated that, in general, ESG factors did not show statistical significance concerning market value, except for the social criterion, whichdemonstrated amarginally positive association with Tobin’s Q. The sectoral analysis revealed distinct impacts, with greater emphasis on the Non-Cyclical Consumer and Financial sectors. The findings contribute to the literature on emerging markets by highlighting the limited relevance of the social factor in Brazil and suggest further investigations to deepen the understanding of ESG criteria and their effects on the capital market.