As práticas ambientais, sociais e de governança (ESG) afetam as restrições financeiras e o desempenho? Evidências de empresas latino-americanas
DOI:
https://doi.org/10.1590/1808-057x20262372.enPalavras-chave:
Ambiental, Social e Governança (ESG), financial distress, performance da empresa, América LatinaResumo
Este estudo examina o impacto da performance ambiental, social e de governança (environmental, social, and governance
– ESG) e de seus três pilares na restrição financeira (financial distress – FD) em empresas latino-americanas no período de
2011 a 2022. Também investiga se a interação entre a performance ESG e FD afeta a performance da empresa (retorno sobre
ativos – ROA). A literatura existente mostra limitações importantes para o entendimento da relação entre práticas ESG e FD.
Entretanto, alguns estudos examinaram esses conceitos separadamente e a evidência empírica integrando ambos continua escassa,
particularmente em economias emergentes. Além disso, não foram identificados estudos que analisassem simultaneamente
esses efeitos no contexto latino-americano, revelando uma lacuna considerável que esta pesquisa visa preencher. Utilizamos um
modelo de regressão multinível estimado por máxima verossimilhança (MV), com uma amostra de 963 empresas, totalizando
11.724 observações de empresas-ano. Essa abordagem nos permite controlar os efeitos específicos da empresa, do país e do tempo,
fornecendo evidências robustas sobre a relação entre ESG, FD e performance. Os resultados indicam que a performance ESG
está positivamente associada ao FD em modelos que excluem a FD defasada, mas essa relação torna-se negativa quando a FD
defasada é incluída, um padrão consistente em todos os pilares ESG. Embora os critérios ESG afetem positivamente o ROA, essa
relação se inverte quando há interação com FD, o que reflete os custos de curto prazo e os benefícios de longo prazo da adoção
de critérios ESG. Esse estudo contribuiu para a literatura ao demonstrar que práticas ESG influenciam o FD e a performance
de empresas em mercados emergentes. O artigo oferece orientações valiosas para gestores, investidores, credores, reguladores
e outras partes interessadas, demonstrando que os investimentos ESG podem reduzir a vulnerabilidade financeira, ampliar o
acesso a financiamento mais barato e aprimorar a reputação corporativa. Os resultados reforçam o papel estratégico dos critérios
ESG como ferramenta para mitigar riscos e criar valor a longo prazo em empresas latino-americanas.
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