Evidências sobre práticas ambientais, sociais e de governança associadas ao custo de capital no mercado de capitais nos países do G20
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Este estudo investiga a relação entre as práticas ambiental, social e governança (environmental, social, and governance, ESG) e os custos de capital próprio e de terceiros em 19 países do G20, excluindo a União Europeia. Utilizando dados em painel de 3.651 empresas entre 2005 e 2021, foram aplicados os scores de ESG da Refinitiv (desempenho ESG) e Bloomberg (disclosure ESG). Os resultados indicam uma relação negativa e significativa entre as práticas ESG e os custos de capital das empresas, sugerindo que o engajamento em práticas ESG reduz o custo de financiamento. Além disso, não há correlação perfeita entre desempenho e
disclosure ESG, demonstrando que essas métricas capturam aspectos distintos das práticas empresariais. Este estudo contribui ao reforçar a relevância das práticas ESG como um fator estratégico que pode influenciar o custo de capital e, ao mesmo tempo, evidencia a importância de utilizar métricas distintas para avaliar as diferentes dimensões da sustentabilidade corporativa.
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