Desempeño en environmental, social y governance (ESG) y gestión de resultados: evidencias en el mercado accionario brasileño
DOI:
https://doi.org/10.21680/2176-9036.2026v18n1ID38451Palabras clave:
ESG, Gerenciamento de resultados, Mercado acionário brasileiroResumen
Objetivo: El objetivo de este estudio es analizar la influencia del desempeño en Environmental, Social y Governance (ESG) sobre la gestión de resultados en el mercado accionario brasileño.
Metodología: Con una muestra de 717 observaciones de 96 empresas listadas en la Bolsa, Brasil, Balcão (B3) entre 2010 y 2022, la gestión de resultados se estimó mediante dos métodos: basado en acumulaciones contables (GR-A) y basado en actividades reales (GR-R). El desempeño ESG se midió a través del puntaje de la plataforma LSEG Data & Analytics, que emplea una metodología propia para clasificar a las empresas en una escala de 0 a 100. El análisis econométrico se realizó mediante Mínimos Cuadrados Ordinarios (MCO) con corrección de errores estándar robusta y efectos fijos de año y sector.
Resultados: Los resultados muestran que el desempeño ESG no afecta la gestión de resultados de las empresas en general. Sin embargo, al descomponer los componentes del ESG, se observa que la gobernanza tiene un efecto negativo significativo sobre el GR-A, lo que indica que una mejor gobernanza corporativa disminuye los incentivos para manipular los resultados contables. Además, el desempeño social tiene un impacto negativo y significativo sobre el GR-R, señalando que una mayor responsabilidad social empresarial reduce la manipulación de los resultados a través de actividades reales.
Contribuciones del Estudio: Así, el estudio busca ofrecer insumos para que los gobiernos desarrollen políticas públicas y mecanismos regulatorios orientados a la transparencia y la sostenibilidad; para que las empresas mejoren sus sistemas de gobernanza y cumplimiento; y para que los inversionistas incorporen criterios ESG en sus decisiones, contribuyendo a la mitigación de conflictos de interés en el mercado.
Descargas
Citas
Almeida, J. E. F. D., & Almeida, J. C. G. D. (2009). Auditoria e earnings management: estudo empírico nas empresas abertas auditadas pelas big four e demais firmas de auditoria. Revista Contabilidade & Finanças, 20, 62-74. https://doi.org/10.1590/S1519-70772009000200005
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial analysts journal, 74(3), 87-103. https://doi.org/10.2469/faj.v74.n3.2
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2022.11.006
Ben Amar, A., & Chakroun, S. (2018). “Do dimensions of corporate social responsibility affect earnings management? Evidence from France", Journal of Financial Reporting and Accounting, 16 (2), 348-370. https://doi.org/10.1108/JFRA-05-2017-0033
Benkraiem, R., Hamrouni, A., Lakhal, F., & Toumi, N. Board independence, gender diversity and CEO compensation. (2017). Corporate Governance: The International Journal of Business in Society, 17(5), 845-860. https://doi.org/10.1108/CG-02-2017-0027
Bozzolan, S., Fabrizi, M., Mallin, C. A., & Michelon, G. (2015). Corporate social responsibility and earnings quality: International evidence. The International Journal of Accounting, 50(4), 361-396. https://doi.org/10.1016/j.intacc.2015.10.003
Broadstock, D. C., Matousek, R., Meyer, M., & Tzeremes, N. G. (2021). Does corporate social responsibility impact firms’ innovation capacity? The indirect link between environmental & social governance implementation and innovation performance. Journal of Business Research, 119, 99-110. https://doi.org/10.1016/j.jbusres.2019.07.014
CHEN, Roger CY; HUNG, Shih‐Wei. Exploring the impact of corporate social responsibility on real earning management and discretionary Accruals. Corporate Social Responsibility and Environmental Management, v. 28, n. 1, p. 333-351, 2021. https://doi.org/10.1002/csr.2052
Cheng, C. L., & Kung, F. H. (2016). The effects of mandatory corporate social responsibility policy on accounting conservatism. Review of Accounting and Finance, 15(1), 2-20. https://doi.org/10.1108/RAF-12-2014-0135
Cheng, R., Kim, H., & Ryu, D. (2023). ESG performance and firm value in the Chinese market. Investment Analysts Journal, 1-15. https://doi.org/10.1080/10293523.2023.2218124
Chih, H. L., Shen, C. H., & Kang, F. C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of business ethics, 79, 179-198. https://doi.org/10.1080/10293523.2023.2218124
Cho, E., & Chun, S. (2016). Corporate social responsibility, real activities earnings management, and corporate governance: evidence from Korea. Asia-Pacific Journal of Accounting & Economics, 23(4), 400-431. https://doi.org/10.1080/16081625.2015.1047005
Chouaibi, Y., & Zouari, G. (2022). The effect of corporate social responsibility practices on real earnings management: evidence from a European ESG data. International Journal of Disclosure and Governance, 19(1), 11-30. https://doi.org/10.1057/s41310-021-00125-1
Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics, 50(1), 2-19. https://doi.org/10.1016/j.jacceco.2010.01.002
Conca, L., Manta, F., Morrone, D., & Toma, P. (2021). The impact of direct environmental, social, and governance reporting: Empirical evidence in European-listed companies in the agri-food sector. Business Strategy and the Environment, 30(2), 1080-1093. https://doi.org/10.1016/j.jacceco.2010.01.002
Cupertino, C. M., Martinez, A. L., & Costa Jr, N. C. A. D. (2016). Consequences for future return with earnings management through real operating activities. Revista Contabilidade & Finanças, 27, 232-242. https://doi.org/10.1590/1808-057x201602520
Dechow, P. M., & Skinner, D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators. Accounting horizons, 14(2), 235-250. https://doi.org/10.2308/acch.2000.14.2.235
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225. https://www.jstor.org/stable/248303
Du, X., Jian, W., Lai, S., Du, Y., & Pei, H. (2015). Does religion mitigate earnings management? Evidence from China. Journal of Business Ethics, 131, 699-749. https://doi.org/10.1007/s10551-014-2290-9
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315-334. https://doi.org/10.1007/s10551-019-04177-w
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge CB2 8RU, UK: Cambridge University Press. The Edinburgh Building.
García‐Sánchez, I. M., & García‐Meca, E. (2017). CSR engagement and earnings quality in banks. The moderating role of institutional factors. Corporate Social Responsibility and Environmental Management, 24(2), 145-158. https://doi.org/10.1002/csr.1405
Gargouri, R. M., Shabou, R., & Francoeur, C. (2010). The relation-ship between corporate social performance and earnings man-agement.Canadian Journal of Administrative Sciences, 27(4), 320–334. https://doi.org/10.1002/cjas.178
Gerged, A. M., Albitar, K., & Al-Haddad, L. (2023). Corporate environmental disclosure and earnings management—The moderating role of corporate governance structures. Int J Fin Econ, 28(3), 2789–2810. https://doi.org/10.1002/ijfe.2564
Giannopoulos, G., Kihle Fagernes, R. V., Elmarzouky, M., & Afzal Hossain, K. A. B. M. (2022). The ESG disclosure and the financial performance of Norwegian listed firms. Journal of Risk and Financial Management, 15(6), 237. https://doi.org/10.3390/jrfm15060237
Grimaldi, F., Caragnano, A., Zito, M., & Mariani, M. (2020). Sustainability engagement and earnings management: The Italian context. Sustainability, 12(12), 4881. https://doi.org/10.3390/su12124881
Habib, A. M. (2023). Do business strategies and environmental, social, and governance (ESG) performance mitigate the likelihood of financial distress? A multiple mediation model. Heliyon, 9(7), e17847. https://doi.org/10.1016/j.heliyon.2023.e17847
Harymawan, I., Putra, F. K. G., Fianto, B. A., & Wan Ismail, W. A. (2021). Financially distressed firms: Environmental, social, and governance reporting in Indonesia. Sustainability, 13(18), 10156. https://doi.org/10.3390/su131810156
Haunschild, P. R, & Beckman, C. M. (1998). When do interlocks matter?: alternate sources of information and interlock influence. Administrative Science Quartely, 43(4), 815-844. https://doi.org/10.2307/2393617
He, F., Du, H., & Yu, B. (2022). Corporate ESG performance and manager misconduct: Evidence from China. International Review of Financial Analysis, 82, 10220. https://doi.org/10.1016/j.irfa.2022.102201
Hochberg, Y. V. (2012). Venture capital and corporate governance in the newly public firm. Review of Finance, 16(2), 429-480. https://doi.org/10.1093/rof/rfr035
Huynh, Q. L. (2020). A triple of corporate governance, social responsibility and earnings management. The Journal of Asian Finance, Economics and Business, 7(3), 29–40. https://doi.org/10.13106/jafeb.2020.vol7.no3.29
Ipino, E., & Parbonetti, A. (2017). Mandatory IFRS adoption: the trade-off between accrual-based and real earnings management. Accounting and business research, 47(1), 91-121. https://doi.org/10.1080/00014788.2016.1238293
Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Joia, R. M., & Nakao, S. H. (2014). Adopción de IFRS y gerenciamiento de resultado en las empresas brasileñas de capital abierto. Revista de Educação e Pesquisa em Contabilidade, 8(1), 22-38. https://doi.org/10.17524/repec.v8i1.1014
Kim, S. H., Udawatte, P., & Yin, J. (2019). The effects of corporate social responsibility on real and accrual‐based earnings management: Evidence from China. Australian Accounting Review, 29(3), 580-594. https://doi.org/10.1111/auar.12235
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. The accounting review, 87(3), 761-796. https://doi.org/10.2308/accr-10209
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002
Lai, L., & Tam, H. (2017). Corporate governance, ownership structure and managing earnings to meet critical thresholds among Chinese listed firms. Review of Quantitative Finance and Accounting, 48, 789-818. https://doi.org/10.1007/s11156-016-0568-y
Lee, D. (2017). Corporate social responsibility and management forecast accuracy. Journal of Business Ethics, 140, 353-367. https://doi.org/10.1007/s10551-015-2713-2
Mao, Z., Wang, S., & Lin, Y. E. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328-3347. https://doi.org/10.1002/csr.2748
Martínez-Ferrero, J., Banerjee, S., & Sánchez, I. (2016). Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices. Journal of Business Ethics, 133, 305-324. https://doi.org/10.1007/s10551-014-2399-x
Martínez‐Ferrero, J., Gallego‐Álvarez, I., & García‐Sánchez, I. M. (2015). A bidirectional analysis of earnings management and corporate social responsibility: the moderating effect of stakeholder and investor protection. Australian Accounting Review, 25(4), 359-371. https://doi.org/10.1111/auar.12075
Ntim, C. G., Opong, K. K, & Danbolt, J. (2015). Board size, corporate regulations and firm valuation in an emerging market: a simultaneous equation approach. International Review of Applied Economics, 29(2), 194-220. https://doi.org/10.1080/02692171.2014.983048
Oh, H. M., Park, S. B. , & Ma, H. Y. (2020). Corporate Sustainability Management, Earnings Transparency, and Chaebols. Sustainability, 12(10), 4222. https://doi.org/10.3390/su12104222
Palacios-Manzano, M., Gras-Gil, E., & Santos-Jaen, J. M. (2021). Corporate social responsibility and its effect on earnings management: an empirical research on Spanish firms. Total Quality Management & Business Excellence, 32(7-8), 921-937. https://doi.org/10.1080/14783363.2019.1652586
Park, B. I., Chidlow, A., & Choi, J. (2014). Corporate social responsibility: Stakeholders influence on MNEs’ activities. International Business Review, 23(5), 966-980. https://doi.org/10.1016/j.ibusrev.2014.02.008
Pathak, R., & Gupta, R. D. (2022). Environmental, social and governance performance and earnings management–The moderating role of law code and creditor's rights. Finance Research Letters, 47, 102849. https://doi.org/10.1016/j.frl.2022.102849
Prior, D., Surroca, J., & Tribo, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177. https://doi.org/10.1111/j.1467-8683.2008.00678.x
Pyo, G. & Lee, H-Y. (2013). The association between corporate social responsibility activities and earnings quality: Evidence from donations and voluntary issuance of CSR reports. Journal of Applied Business Research (JABR), 29(3), 945-962. https://doi.org/10.19030/jabr.v29i3.7793
LSEG. (2025). ESG scores, jun 2025. https://www.lseg.com/en/data-analytics/sustainable-finance/esg-scores
Ross, S.A. (1973), “The economic theory of agency”, The American Economic Review, Vol. 63, pp. 134-139. https://www.jstor.org/stable/1817064
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
Saleh, I., Afifa, M. A., & Alkhawaja, A. (2023). Internal corporate governance mechanisms and earnings manipulation practices in MENA countries. Economic research-Ekonomska istraživanja, 36(2). https://doi.org/10.1080/1331677X.2022.2134902
Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.
Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance, 17, 208-217. https://doi.org/10.1057/s41310-020-00085-y
Soeprajitno, R. R. W. N., Na’im, A., Kusuma, I. W., & Rakhman, F. (2024). Sustainability performance and earnings management: institutional and regulatory perspectives. Cogent Business & Management, 11(1), 2381663. https://doi.org/10.1080/23311975.2024.2381663
Stuart, T. E., & Yim, S. (2010). Board interlocks and the propensity to be targeted in private equity transactions. Journal of Financial Economics, 97(1), 174-189. https://doi.org/10.1016/j.jfineco.2010.03.012
Sun, W., Chen, S., Jiao, Y., & Feng, X. (2024). How does ESG constrain corporate earnings management? Evidence from China. Finance Research Letters, 61, 104983. https://doi.org/10.1016/j.frl.2024.104983.
Suteja, J., Gunardi, A., & Mirawati, A. (2016). Moderating effect of earnings management on the relationship between corporate social responsibility disclosure and profitability of banks in Indonesia. International Journal of Economics and Financial Issues, 6(4), 1360-1365.
Trimble, M. (2018). A reinvestigation into accounting quality following global IFRS adoption: Evidence via earnings distributions. Journal of International Accounting, Auditing and Taxation, 33, 18–39. https://doi.org/10.1016/j.intaccaudtax.2018.09.001
Velayutham, E. (2018). Sustainability disclosure and earnings management. Research handbook of finance and sustainability, 532-549. https://doi.org/10.4337/9781786432636.00037
Velte, P. (2019). The bidirectional relationship between ESG performance and earnings management–empirical evidence from Germany. Journal of Global Responsibility, 10(4), 322-338. ps://doi.org/10.1108/JGR-01-2019-0001
Viana, D. B. C., Lourenço, I. M. E. C., & Paulo, E. (2023). The effect of IFRS adoption on accrual-based and real earnings management: emerging markets' perspective. Journal of Accounting in Emerging Economies, 13(3), 485-508. https://doi.org/10.1108/JAEE-05-2021-01
Weber, O. Corporate Sustainability and Financial Performance of Chinese Banks. (2017). Sustainability Accounting, Management and Policy Journal, 8(3), 358-385. https://doi.org/10.1108/SAMPJ-09-2016-0066
Wu, P., Gao, L., & Li, X. (2016). Does the reputation mechanism of media coverage affect earnings management? Evidence from China. Chinese Management Studies, 10(4), 627-656. https://doi.org/10.1108/CMS-08-2016-0177
Yasser, Q. R., Mamun, A. A., & Suriya, A. R. (2014). CEO duality structure and firm performance in Pakistan. Asian Journal of Accounting and Governance, 5, 57-68. https://doi.org/10.17576/ajag-2014-5-6811
Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review, 87(2), 675–703. https://www.jstor.org/stable/23245619
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2026 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Autores que publican en esta revista concuerdan con los siguientes términos:
Los autores mantienen los derechos de autor y conceden a la revista el derecho de primera publicación, con la obra simultáneamente licenciada bajo Creative Commons que permite compartir el trabajo con reconocimiento de autoría de la obra y publicación inicial en esta revista.
Los autores tienen autorización para asumir contratos adicionales por separado para distribución no exclusiva de la versión del trabajo publicado en esta revista (por ejemplo: publicar en repositorio institucional o publicarlo como capítulo de un libro), con el reconocimiento de autoría y publicación inicial en esta revista.
Los autores tienen permiso y son estimulados a publicar y distribuir su trabajo on line (por ejemplo: en repositorios institucionales o en su página web), ya que esto puede generar alteraciones productivas, así como aumentar el impacto y la citación del trabajo publicado.
Creative Commons - Atribuição-NãoComercial-SemDerivações 4.0 Internacional.
Português (Brasil)
English
Español (España)
