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Análise da associação entre adoção de energias renováveis e a performance económica e sustentável das organizações: um estudo quantitativo no contexto da União Europeia e Brasileiro
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Resumo(s)
A transição para fontes de energia renováveis tornou-se uma prioridade para as organizações a nível global, especialmente na União Europeia, onde políticas públicas e incentivos financeiros têm acelerado esse processo. No Brasil, o setor também apresenta avanços impulsionados por abundantes recursos naturais e estímulos governamentais. Porém, ainda persistem lacunas na compreensão da relação entre a adoção de energias renováveis e o desempenho económico e sustentável das organizações. Neste contexto, este estudo teve como objetivo analisar o impacto da adoção de energias renováveis no desempenho económico e sustentável das empresas, numa perspetiva comparativa entre organizações situadas na União Europeia e no Brasil, no ano de 2024. O Return on Assets (ROA), o Return on Equity (ROE) e a Margem de Lucro (ML) foram considerados como indicadores financeiros defasados. A adoção de energia renovável foi mensurada por meio da listagem no Índice de Sustentabilidade Empresarial (ISE), no caso brasileiro, e no Euronext ESG L80, no contexto europeu. A pesquisa combinou uma abordagem mista, aplicada a uma amostra de 325 empresas (165 do Brasil e 160 da União Europeia), listadas e não listadas nos respetivos índices de sustentabilidade. Os resultados indicaram maior transparência das empresas europeias no reporte de relatórios de sustentabilidade, evidenciando limitações na padronização e divulgação dessas informações no contexto brasileiro. Por outro lado, as empresas brasileiras apresentaram maior consumo de fontes de energia renovável. A aplicação dos testes não paramétricos revelou associações positivas entre a inclusão no Euronext ESG L80 e os indicadores ROE (p-value=0,002), ROA (p-value=0,040) e ML (p-value=0,003), sugerindo um impacto favorável das práticas de sustentabilidade nesse contexto, enquanto não foram observadas associações significativas no caso brasileiro com relação ao ISE. Também foram realizadas análises por regressão linear, as quais não apresentaram resultados satisfatórios. Apesar das limitações relacionadas à indisponibilidade de dados históricos completos em ambos os mercados, o estudo contribui para a literatura ao demonstrar que os efeitos económicos da adoção de energias renováveis são condicionados por fatores contextuais e estruturais, oferecendo subsídios relevantes para gestores e formuladores de políticas públicas.
The transition to renewable energy sources has become a priority for organizations at a global level, especially in the European Union, where public policies and financial incentives have accelerated this process. In Brazil, the sector has also shown progress driven by abundant natural resources and government incentives. However, gaps still persist in the understanding of the relationship between the adoption of renewable energy and the economic and sustainable performance of organisations. In this context, this study aimed to analyse the impact of the adoption of renewable energy on the economic and sustainable performance of companies, from a comparative perspective between organizations located in the European Union and Brazil, in the year 2024. Return on Assets (ROA), Return on Equity (ROE), and Profit Margin (PM) were considered as lagged financial indicators. The adoption of renewable energy was measured through listing on the Corporate Sustainability Index (ISE) in the Brazilian case and on the Euronext ESG L80 in the European context. The research combined qualitative and quantitative approaches, applied to a sample of 325 companies (165 from Brazil and 160 from the European Union), listed and not listed on the respective sustainability indexes. The results indicated greater transparency among European companies in the reporting of sustainability reports, underlining limitations in the standardisation and disclosure of this information in the Brazilian context. On the other hand, Brazilian companies showed higher consumption of renewable energy sources. The application of non-parametric tests revealed positive associations between inclusion in the Euronext ESG L80 and the indicators ROE (p-value=0.002), ROA (p-value=0.040), and PM (p-value=0.003), suggesting a favourable impact of sustainability practices in this context, while no significant associations were observed in the Brazilian case with respect to the ISE. Linear regression analyses were also conducted, which did not present satisfactory results. Despite the limitations related to the unavailability of complete historical data in both markets, the study contributes to the literature by demonstrating that the economic effects of the adoption of renewable energy are conditioned by contextual and structural factors, offering relevant support for managers and public policy makers.
The transition to renewable energy sources has become a priority for organizations at a global level, especially in the European Union, where public policies and financial incentives have accelerated this process. In Brazil, the sector has also shown progress driven by abundant natural resources and government incentives. However, gaps still persist in the understanding of the relationship between the adoption of renewable energy and the economic and sustainable performance of organisations. In this context, this study aimed to analyse the impact of the adoption of renewable energy on the economic and sustainable performance of companies, from a comparative perspective between organizations located in the European Union and Brazil, in the year 2024. Return on Assets (ROA), Return on Equity (ROE), and Profit Margin (PM) were considered as lagged financial indicators. The adoption of renewable energy was measured through listing on the Corporate Sustainability Index (ISE) in the Brazilian case and on the Euronext ESG L80 in the European context. The research combined qualitative and quantitative approaches, applied to a sample of 325 companies (165 from Brazil and 160 from the European Union), listed and not listed on the respective sustainability indexes. The results indicated greater transparency among European companies in the reporting of sustainability reports, underlining limitations in the standardisation and disclosure of this information in the Brazilian context. On the other hand, Brazilian companies showed higher consumption of renewable energy sources. The application of non-parametric tests revealed positive associations between inclusion in the Euronext ESG L80 and the indicators ROE (p-value=0.002), ROA (p-value=0.040), and PM (p-value=0.003), suggesting a favourable impact of sustainability practices in this context, while no significant associations were observed in the Brazilian case with respect to the ISE. Linear regression analyses were also conducted, which did not present satisfactory results. Despite the limitations related to the unavailability of complete historical data in both markets, the study contributes to the literature by demonstrating that the economic effects of the adoption of renewable energy are conditioned by contextual and structural factors, offering relevant support for managers and public policy makers.
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Palavras-chave
Índices de sustentabilidade Desempenho organizacional Indicadores financeiros Análise comparativa