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Abstract(s)
Em uma realidade na qual as empresas ganham cada vez mais destaque no impacto que geram sobre a sociedade e o meio ambiente, seu comportamento passou a ser questionado. Neste sentido, tendo como foco as questões ambientais, social e de governo (Environmental – Social – Governance – ESG), o presente trabalho tem como objetivo avaliar a relação entre o ESG e a performance financeira, tendo a presença feminina em cargos de decisão como fator de moderação daquela relação. Os resultados às empresas cotadas do S&P500 evidenciam a importância do gerenciamento do ESG, bem como das especificidades associadas às questões ambientais e sociais, nomeadamente quando utilizado o Tobin Q. Este trabalho destaca ainda o papel das mulheres nas decisões das empresas, sendo que quando ocupam uma posição de diretora executiva enquanto efeito moderador, é verificado um efeito positivo do risco ESG e do risco de
Environmental no Tobin Q, e do risco de Governança no ROA. Também, o indicador de risco Social evidenciou ser significativamente negativo nas empresas americanas. Os resultados são consistentes com a teoria dos stakeholders e da legitimidade, visto que o gerenciamento de riscos ESG demonstra equilibrar as expectativas de shareholders e stakeholders, ao mesmo tempo em que reforça o compromisso das organizações perante a sociedade, legitimando-as.
In a reality in which companies are gaining increasing prominence for the impact they have on society and the environment, their behaviour is being questioned. In this sense, focusing on Environmental, Social and Governance (ESG) issues, this study aims to assess the relationship between ESG and financial performance, with the presence of women in decision-making positions. The results for companies listed on the S&P500 show the importance of ESG management, as well as the specificities associated with Environmental and social issues, particularly when Tobin's Q is used. This study also highlights the role of women in company decisions, with a positive effect of ESG risk and Environmental risk on Tobin Q and Governance risk on ROA when they occupy a position of executive director as a moderating effect. The Social risk indicator was also found to be significantly negative in American companies. The results are consistent with stakeholder and legitimacy theory, as ESG risk management is shown to balance the expectations of shareholders and stakeholders, while at the same time reinforcing organisations' commitment to society and legitimising them.
In a reality in which companies are gaining increasing prominence for the impact they have on society and the environment, their behaviour is being questioned. In this sense, focusing on Environmental, Social and Governance (ESG) issues, this study aims to assess the relationship between ESG and financial performance, with the presence of women in decision-making positions. The results for companies listed on the S&P500 show the importance of ESG management, as well as the specificities associated with Environmental and social issues, particularly when Tobin's Q is used. This study also highlights the role of women in company decisions, with a positive effect of ESG risk and Environmental risk on Tobin Q and Governance risk on ROA when they occupy a position of executive director as a moderating effect. The Social risk indicator was also found to be significantly negative in American companies. The results are consistent with stakeholder and legitimacy theory, as ESG risk management is shown to balance the expectations of shareholders and stakeholders, while at the same time reinforcing organisations' commitment to society and legitimising them.
Description
Mestrado em IPB-ESTG e ASSOCIAÇÃO DE POLITÉCNICOS DO NORTE (APNOR): Instituto Politécnico do Cávado e do Ave, P. Porto, Instituto Politécnico de Viana do Castelo
Keywords
ESG risk score Teoria dos stakeholders Teoria da legitimidade Presença feminina Performance financeira