Influência das práticas ESG no ganho de relevância da informação contábil
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Data
2024-12-18
Autores
Maria, Michele Monteiro Lirio
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Universidade Federal do Espírito Santo
Resumo
This thesis is part of the Environmental, Social and Governance (ESG) theme and aims to verify whether there is a gain in relevance in accounting information from the disclosure of ESG practices in publicly traded companies. The study aims to analyze whether the disclosure of these practices impacts Market Value, Earnings Persistence and Sustainable Growth Rate, in a temporal perspective (reflecting in a gain in relevance of the information disclosed over time). The research stands out by exploring the direct relationship between the disclosure of ESG practices (overall score and by factors E, S and G) and the gain in relevance of accounting information, through two perspectives of analysis of companies: internal and external. The internal perspective that portrays the operational result of organizational activities and the external perspective portrays the perception of investors in relation to companies. Institutional Theory is used as the central axis of the theoretical foundation, since it observes elements that support the reasons why companies practice and disclose their sustainability actions. The sample consists of 2,546 companies located in 23 countries, analyzed from 2013 to 2023, with data collected from the Refinitiv Eikon ® database. The results show that the ESG score did not show any gain in relevance in the long term with Market Value and Earnings Persistence, but showed a positive relationship when analyzed in the short and medium term with the Sustainable Growth Rate, both from an internal and external perspective. These findings reveal that, although the disclosure of ESG practices has the potential to generate a positive impact on organizational sustainability, the effect of these practices on accounting information and financial indicators depends on the maturity of the integration of ESG practices in companies and their capacity for institutionalization in the long term. In the analysis by factors, the E score showed a loss of relevance in accounting information when analyzed with Market Value and Earnings Persistence. The S score did not show statistical significance. The G score showed a gain in relevance in accounting information when analyzed with Earnings Persistence. These results suggest that, individually, the factors have distinct relationships with the variables analyzed in relation to the gain in relevance of accounting information. The analysis by factors with the Sustainable Growth Rate was positively related to the E score, but showed distinct relationships with the S and G scores. The results revealed that the disclosure of environmental practices has a greater impact in the short and medium term for stakeholders. Given the results, it can be inferred that the disclosure of ESG practices has a positive relationship with the variables, but without evidencing the existence of a gradual growth in this relationship over time indicating a gain in relevance of accounting information, where only the G score showed a positive relationship. These findings reveal important implications for the field of studies indicating that the adoption, relevance and disclosure of ESG practices depend not only on the implementation of the practices themselves, but on the way in which they are institutionalized and integrated into the culture and strategic management of organizations.
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Relevância da informação contábil , Valor de mercado , Persistência dos lucros , Taxa de crescimento sustentável