Desempenho environmental, social and governance (ESG) e gerenciamento de resultados: evidências no mercado acionário brasileiro
DOI:
https://doi.org/10.21680/2176-9036.2026v18n1ID38451Palavras-chave:
ESG, Gerenciamento de resultados, Mercado acionário brasileiroResumo
Objetivo: O objetivo deste estudo é analisar a influência do desempenho Environmental, Social and Governance (ESG) no gerenciamento de resultados no mercado acionário brasileiro.
Metodologia: Com uma amostra por 717 observações de 96 empresas listadas na Bolsa, Brasil, Balcão (B3) entre 2010 e 2022, estimou-se o gerenciamento de resultados por meio de dois métodos: o baseado em Accruals (GRA) e o baseado em atividades reais (GRR). O desempenho ESG é medido pelo score da plataforma LSEG Data & Analytics, que utiliza uma metodologia própria para classificar as empresas em uma escala de 0 a 100. A análise econométrica, realizada por Mínimos Quadrados Ordinários (MQO) com correção de erro padrão robusto e efeitos fixos de ano e setor.
Resultados: Os resultados mostram que o desempenho ESG não afeta o gerenciamento de resultados das empresas, no entanto, ao separar os componentes do ESG, observa-se que a governança tem um efeito negativo significativo sobre o GRA, indicando que uma melhor governança corporativa diminui os incentivos para manipular os lucros contábeis. Além disso, o desempenho social tem impacto negativo e significativo sobre o GRR, apontando que uma maior responsabilidade social das empresas reduz a manipulação dos lucros por meio de atividades reais.
Contribuições do Estudo: Assim, o estudo busca fornecer subsídios para que os governos desenvolvam políticas públicas e mecanismos regulatórios voltados à transparência e sustentabilidade; para que as empresas aprimorem seus sistemas de governança e compliance; e para que investidores incorporem critérios ESG em suas decisões, contribuindo para a mitigação de conflitos de interesse no mercado.
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