Impacto das práticas ESG no desempenho econômico de empresas de capital aberto do setor de vestuário

Abstract

In the contemporary business landscape, the growing concern with environmental, social, and governance impacts has transcended the sphere of corporate responsibility, emerging as a strategic factor with the potential to directly influence organizations' economic performance. The increasing volume of financial resources made available with ESG (Environmental, Social and Governance) criteria, as well as new societal expectations for products and services offered by companies with higher levels of sustainability, have pressured companies to adopt ESG practices. The central question then arises: does the adoption of ESG practices lead to a significant improvement in companies' economic performance? In this sense, the present study aims to investigate the possible relationship between the adoption of ESG practices and companies' economic performance. To achieve the objective of this research, a sample composed of leading publicly traded companies in the apparel sector with a score on B3's Corporate Sustainability Index (ISE) was used. The sample period is from 2021 to 2024, covering the last four years. For data analysis, the statistical technique of multivariate linear regression with panel data was employed, and the fixed-effects model was selected based on the Hausman test. The selected dependent variable, representative of economic performance, was EVA®; the independent variables used were the ESG score (total), the individualized scores for the Environmental, Social, and Governance factors, and the control variables ROA, Cost of third-party capital, and Sales growth. The study results demonstrated a positive and significant relationship between the adoption of ESG practices and economic performance as measured by EVA®. The most significant ESG factors were Social and Corporate Governance; the Environmental factor, despite showing a positive relationship, was not significant for the analyzed sample. The findings reinforce the relevance of the EVA® indicator for evaluating the financial materiality of ESG practices