A influência das iniciativas ESG nas decisões de investidores qualificados
DOI:
https://doi.org/10.1590/1808-057x20252307.enPalavras-chave:
reputação, desempenho financeiro, iniciativas ESG, intenção de investimento em ações, investidores qualificadosResumo
O objetivo deste artigo é examinar a relação entre a percepção dos investidores sobre as iniciativas ambientais, sociais e de governança das empresas e a intenção de investimento em ações. Adicionalmente, testa-se a reputação e o desempenho financeiro como antecedentes das percepções dos investidores sobre as referidas iniciativas, bem como a moderação da aversão ao risco na relação entre estas e a intenção de investimento em ações de empresas consideradas ambientais, sociais e de governanca (Environmental, Social, and Governance – ESG). Ainda há carência de estudos que abordem, sob uma visão comportamental, a compreensão da relação entre as iniciativas ESG e as intenções de investimento em ações. As iniciativas SG têm despertado interesse crescente nas decisões de investimento e, portanto, no cenário de negócios. Os resultados oferecem insights para que gestores de instituições financeiras direcionem seus esforços à oferta de produtos com identidade ESG, orientando também as empresas a gerenciar sua reputação nas dimensões ESG. A abordagem é quantitativa e descritiva com modelagem de equações estruturais por mínimos quadrados parciais (PLS-SEM). Os dados primários provêm de um questionário estruturado respondido por investidores qualificados. As evidências revelam que a reputação tem um impacto positivo nas iniciativas ambientais, sociais e de governança. Já o desempenho financeiro tem uma relação positiva apenas com a governança. As iniciativas social e ambiental são positivamente relacionadas à intenção de investimento em ações ESG, mas o mesmo não ocorre com a dimensão de governança. Por fim, os efeitos moderadores da aversão ao risco não foram confirmados. Isso pode indicar que o ESG é um conjunto de ações integrado como o esperado, ao menos entre investidores qualificados. Isso constitui uma contribuição teórica para o estudo do comportamento dos investidores.
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