Performance de carteiras compostas por empresas sustentáveis

Abstract

The objective of this study was to compare the performance of portfolios composed of shares of sustainable companies and shares of other companies. For the study, the sample included 243 Brazilian companies listed on B3, with data available in the Economatica database, during the five-year period between 2019 and 2023, with fifty-seven companies classified as sustainable and 186 companies as non-sustainable. A total of fifty-four portfolios composed of shares of sustainable companies and 183 portfolios with shares from non-sustainable companies were constructed. For the analysis, descriptive statistics, and the t-test of difference of means were used for comparison between the groups of portfolios. The results indicated that the average return of non-sustainable portfolios is significantly higher than the average return of sustainable portfolios. Therefore, it is concluded that portfolios composed of non-sustainable companies obtain better performance compared to sustainable portfolios. The findings of this study contribute to academia by expanding the discussion on the performance of sustainable portfolios, demystifying the idea that sustainable investments do not always offer advantages over other investments. For investors, the study provides an analysis of the behavior of sustainable portfolios over the period analyzed.