Resumo
Objetivo – O objetivo deste estudo é analisar o papel moderador das práticas ESG na relação entre controvérsias corporativas e o desempenho market-to-book das empresas.
Referencial Teórico – Efeito ESG, de controvérsias ESG e desempenho de mercado.
Metodologia – Investigamos 3.267 empresas de 20 países com o maior produto interno bruto em 2021. As classificações ESG e outras variáveis foram coletadas do banco de dados Refinitiv. A análise entre países considerou regressão de dados em painel com efeitos fixos por ano, setor e país, de 2016 a 2020.
Resultados – Os resultados mostraram que as controvérsias corporativas têm um efeito negativo no desempenho de mercado das empresas, enquanto o envolvimento em práticas ESG tem um efeito positivo. No entanto, ao analisar a relação entre controvérsias corporativas e desempenho de mercado em empresas com classificações ESG elevadas, o efeito negativo das controvérsias não é significativo.
Implicações Práticas e Sociais da Pesquisa – Esta pesquisa contribui ao indicar as consequências negativas das controvérsias corporativas em termos de desempenho de mercado e sinalizar que as práticas ESG são importantes para atender às necessidades dos stakeholders, mas não são suficientes para mitigar o efeito das controvérsias ESG em termos de desempenho de mercado.
Contribuições – Até onde sabemos, este é o primeiro artigo a demonstrar que as práticas ESG não são suficientemente fortes para mitigar os efeitos negativos das controvérsias ESG no desempenho do mercado numa grande amostra.
Palavras-chave – Controvérsias Corporativas, ESG, Market-to-Book.
Referências
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442-458. http://dx.doi. org/10.1108/JAEE-08-2017-0079.
Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836-863. http://dx.doi.org/10.5465/amr.2007.25275678.
Alakent, E., & Ozer, M. (2014). Can companies buy legitimacy? Using corporate political strategies to offset negative corporate social responsibility records. Journal of Strategy and Management, 7(4), 318-336. http://dx.doi. org/10.1108/JSMA-04-2013-0028.
Antoncic, M., Bekaert, G., Rothenberg, R. V., & Noguer, M. (2020). Sustainable Investment-Exploring the Linkage between Alpha, ESG, and SDGs. (August 2020). http:// dx.doi.org/10.2139/ssrn.3623459.
Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322. http://dx.doi.org/10.1016/j. jbankfin.2021.106322.
Brinette, S., Sonmez, F. D., & Tournus, P. S. (2023). ESG controversies and firm value: Moderating role of board gender diversity and board independence. In IEEE Transactions on Engineering Management (pp. 4298-4307) Piscataway: IEEE.
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in 15 R. Bras. Gest. Neg., São Paulo, v.26, n.1, e20230115, 2024 Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices accounting and finance. The British Accounting Review, 50(1), 1-15. http://dx.doi.org/10.1016/j.bar.2017.11.005.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505. http://dx.doi.org/10.2307/257850.
Chantziaras, A., Dedoulis, E., Grougiou, V., & Leventis, S. (2020). The impact of religiosity and corruption on CSR reporting: The case of US banks. Journal of Business Research, 109, 362-374. http://dx.doi.org/10.1016/j. jbusres.2019.12.025.
Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829. http://dx.doi.org/10.1016/j.jenvman.2023.118829. PMid:37688968.
Chollet, P., & Sandwidi, B. W. (2018). CSR engagement and financial risk: A virtuous circle? International evidence. Global Finance Journal, 38, 65-81. http://dx.doi. org/10.1016/j.gfj.2018.03.004.
DasGupta, R., & Roy, A. (2023). Moderation impact of national culture on international firm’s environmental, social, governance and financial performance. International Journal of Intercultural Relations, 92, 101749. http:// dx.doi.org/10.1016/j.ijintrel.2022.101749.
De La Fuente, G., Ortiz, M., & Velasco, P. (2022). The value of a firm’s engagement in ESG practices: Are we looking at the right side? Long Range Planning, 55(4), 102143. http://dx.doi.org/10.1016/j.lrp.2021.102143.
Dorfleitner, G., Pons, D., & Renier, N. (2023). 14. An investor’s perspective on measuring and managing social performance and impact. In V. Hartarska and R. J. Cull (Eds.), Handbook of microfinance, financial inclusion and development (pp. 248–270). Cheltenham: Edward Elgar Publishing. http://dx.doi.org/10.4337/978178990387 4.00022.
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. http://dx.doi. org/10.1016/j.cpa.2019.102097.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. http:// dx.doi.org/10.1016/j.gfj.2017.03.001.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.. http://dx.doi. org/10.1017/CBO9781139192675.
Freeman, R. E., & McVea, J. (2001). A stakeholder approach to strategic management. In M. A. Hitt, R. E. Freeman, J. S. Harrison (Eds.), The blackwell handbook of strategic management (pp. 183-201). Oxford: Blackwell. Gangi, F., Mustilli, M., & Varrone, N. (2019). The impact of corporate social responsibility (CSR) knowledge on corporate financial performance: Evidence from the European banking industry. Journal of Knowledge Management, 23(1), 110-134. http://dx.doi.org/10.1108/ JKM-04-2018-0267.
Garcia, A., Mendes-da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135-147. http://dx.doi.org/10.1016/j. jclepro.2017.02.180.
Gillan, S. L. (2006). Recent developments in corporate governance: An overview. Journal of Corporate Finance, 12(1), 381-402. http://dx.doi.org/10.1016/j.jcorpfin.2005.11.002.
Grassmann, M. (2021). The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting. Journal of Cleaner Production, 285, 124840. http://dx.doi.org/10.1016/j. jclepro.2020.124840.
Hyz, A. B., & Sahinidis, A. (2018). Stakeholder prioritizing in the midst of an economic crisis: A multi-firm, multi-sector study. Central European Review of Economics & Finance, 26(4), 5-24. http://dx.doi.org/10.24136/ceref.2017.005.
Janney, J. J., & Gove, S. (2011). Reputation and corporate social responsibility aberrations, trends, and hypocrisy: Reactions to firm choices in the stock option backdating scandal. Journal of Management Studies, 48(7), 1562-1585. http://dx.doi.org/10.1111/j.1467-6486.2010.00984.x.
Jasinenko, A., Christandl, F., & Meynhardt, T. (2020). Justified by ideology: Why conservatives care less about corporate social irresponsibility. Journal of Business Research, 114, 290-303. http://dx.doi.org/10.1016/j. jbusres.2020.04.006.
R. Bras. Gest. Neg., São Paulo, v.26, n.1, e20230115, 2024 Caroline Keidann Soschinski / Sady Mazzioni / Cristian Baú Dal Magro / Maurício Leite Kang, J., & Kim, Y. H. (2014). The impact of media on corporate social responsibility (December 26, 2014). http://dx.doi.org/10.2139/ssrn.2287002.
Kim, K. H., Kim, M., & Qian, C. (2018). Effects of corporate social responsibility on corporate financial performance: A competitive-action perspective. Journal of Management, 44(3), 1097-1118. http://dx.doi. org/10.1177/0149206315602530.
Klein, J., & Dawar, N. (2004). Corporate social responsibility and consumers’ attributions and brand evaluations in a product–harm crisis. International Journal of Research in Marketing, 21(3), 203-217. http://dx.doi.org/10.1016/j. ijresmar.2003.12.003.
Kraus, S., Rehman, S. U., & García, F. J. S. (2020). Corporate social responsibility and environmental performance: The mediating role of environmental strategy and green innovation. Technological Forecasting and Social Change, 160, 120262. http://dx.doi.org/10.1016/j. techfore.2020.120262.
Krüger, P. (2014). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329. http://dx.doi.org/10.1016/j.jfineco.2014.09.008.
La Rosa, F., & Bernini, F. (2022). ESG controversies and the cost of equity capital of European listed companies: The moderating effects of ESG performance and market securities regulation. International Journal of Accounting & Information Management, 30(5), 641-663. http://dx.doi. org/10.1108/IJAIM-03-2022-0047.
Li, J., Haider, Z. A., Jin, X., & Yuan, W. (2019). Corporate controversy, social responsibility and market performance: International evidence. Journal of International Financial Markets, Institutions and Money, 60, 1-18. http://dx.doi. org/10.1016/j.intfin.2018.11.013.
Liu, M. T., Wong, I. A., Shi, G., Chu, R., & L. Brock, J. ((2014). The impact of corporate social responsibility (CSR) performance and perceived brand quality on customer-based brand preference. Journal of Services Marketing, 28(3), 181-194. http://dx.doi.org/10.1108/ JSM-09-2012-0171.
Luo, W., Guo, X., Zhong, S., & Wang, J. (2019). Environmental information disclosure quality, media attention and debt financing costs: Evidence from Chinese heavy polluting listed companies. Journal of Cleaner Production, 231, 268-277. http://dx.doi.org/10.1016/j. jclepro.2019.05.237.
Martín-de Castro, G. (2021). Exploring the market side of corporate environmentalism: Reputation, legitimacy and stakeholders’ engagement. Industrial Marketing Management, 92(1), 289-294. http://dx.doi.org/10.1016/j. indmarman.2020.05.010.
Mascena, K. M. C. D., Fischmann, A. A., & Boaventura, J. M. G. (2018). Stakeholder prioritization in Brazilian companies disclosing GRI reports. BBR. Brazilian Business Review, 15(1), 17-32. http://dx.doi.org/10.15728/ bbr.2018.15.1.2.
Melinda, A., & Wardhani, R. (2020). The effect of environmental, social, governance, and controversies on firms’ value: Evidence from Asia. In International Symposia in Economic Theory and Econometrics (pp. 147-173). Leeds: Emerald Publishing. Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: The “virtuous circle” revisited. Review of Quantitative Finance and Accounting, 32(2), 197-209. http://dx.doi.org/10.1007/ s11156-008-0090-y.
Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company’s financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. http://dx.doi.org/10.1016/j.techfore.2020.120341.
Orlitzky, M. (2013). Corporate social responsibility, noise, and stock market volatility. The Academy of Management Perspectives, 27(3), 238-254. http://dx.doi.org/10.5465/ amp.2012.0097.
Palupi, A. (2023). Does ESG affect the firm value? Accounting & Finance Review, 7(4), 19-26. http://dx.doi. org/10.35609/afr.2023.7.4(3).
Park, J., Lee, H., & Kim, C. (2014). Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers’ perspectives. Journal of Business Research, 67(3), 295-302. http://dx.doi.org/10.1016/j. jbusres.2013.05.016.
Passas, I., Ragazou, K., Zafeiriou, E., Garefalakis, A., & Zopounidis, C. (2022). ESG controversies: A quantitative and qualitative analysis for the sociopolitical determinants 17 R. Bras. Gest. Neg., São Paulo, v.26, n.1, e20230115, 2024 Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices in EU firms. Sustainability (Basel), 14(19), 12879. http:// dx.doi.org/10.3390/su141912879.
Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92, 163. PMid:17183795. Qureshi, M. A., Akbar, M., Akbar, A., & Poulova, P. (2021). Do ESG endeavors assist firms in achieving superior financial performance? A case of 100 best corporate citizens. SAGE Open, 11(2). http://dx.doi. org/10.1177/21582440211021598.
Refinitiv Eikon. (2022). ESG Scores. https://www.refinitiv. com/pt/sustainable-finance/esg-scores Rettab,
B., Brik, A. B., & Mellahi, K. (2009). A study of management perceptions of the impact of corporate social responsibility on organizational performance in emerging economies: The case of Dubai. Journal of Business Ethics, 89(3), 371-390. http://dx.doi.org/10.1007/s10551-008- 0005-9.
Sánchez-Infante Hernández, J. P., Yañez-Araque, B., & Moreno-García, J. (2020). Moderating effect of firm size on the influence of corporate social responsibility in the economic performance of micro-, small-and medium-sized enterprises. Technological Forecasting and Social Change, 151, 119774. http://dx.doi.org/10.1016/j. techfore.2019.119774.
Shin, J., Moon, J. J., & Kang, J. (2022). Where does ESG pay? The role of national culture in moderating the relationship between ESG performance and financial performance. International Business Review, 32(3), 102071. http://dx.doi.org/10.1016/j.ibusrev.2022.102071.
Shobhwani, K., & Lodha, S. (2023). Impact of ESG risk scores on firm performance: An empirical analysis of NSE-100 companies. Asia-Pacific Journal of Management Research and Innovation, 19(1), 7-18. http://dx.doi. org/10.1177/2319510X231170910.
Uyar, A., Karaman, A. S., & Kilic, M. (2020). Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistics sector. Journal of Cleaner Production, 253, 119997. http:// dx.doi.org/10.1016/j.jclepro.2020.119997.
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. http:// dx.doi.org/10.1108/JGR-11-2016-0029.
Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607-1616. http://dx.doi. org/10.1016/j.jclepro.2017.06.142.
Wong, J. B., & Zhang, Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. The British Accounting Review, 54(1), 101045. http://dx.doi. org/10.1016/j.bar.2021.101045.
Wu, C. M., & Hu, J. L. (2019). Can CSR reduce stock price crash risk? Evidence from China’s energy industry. Energy Policy, 128, 505-518. http://dx.doi.org/10.1016/j. enpol.2019.01.026.
Ye, L., & Hu, H. W. (2022). Investor reactions to corporate misconduct: The moderating role of firm reputation. Proceedings - Academy of Management, 22(1), 11899. http://dx.doi.org/10.5465/AMBPP.2022.11899abstract.
Yu, E. P. Y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004. http:// dx.doi.org/10.1002/bse.2047.
Yuan, X., Li, Z., Xu, J., & Shang, L. (2022). ESG disclosure and corporate financial irregularities: Evidence from Chinese listed firms. Journal of Cleaner Production, 332, 129992. http://dx.doi.org/10.1016/j.jclepro.2021.129992.
Em caso de aprovação do artigo para publicação, os direitos de copyright são cedidos pelo(s) autor(es) à Revista Brasileira de Gestão de Negócios – RBGN.
Nestes termos, é OBRIGATÓRIO que os autores enviem para RBGN o formulário de Cessão de Direitos Autorias devidamente preenchido e assinado. Conforme o modelo: [Direitosautorais]
As condições da Cessão de Direitos Autorais indicam que a Revista Brasileira de Gestão de Negócios – RBGN possui a título gratuito e em caráter definitivo os direitos autorais patrimoniais dos artigos por ela publicados. Não obstante a Cessão dos Direitos Autorais, a RBGN faculta aos autores o uso desses direitos sem restrições.
Os textos publicados na RBGN são de inteira responsabilidade de seus autores.
A revista adota o padrão de licença CC-BY Creative Commons Attribution 4.0 permitindo redistribuição e reutilização dos artigos sob a condição de que a autoria seja devidamente creditada.