Impactos do índice ESG no desempenho das empresas do setor da educação
DOI:
https://doi.org/10.5902/1983465986171Palavras-chave:
ESG, Desempenho financeiro, Desempenho de mercado, Instituições de ensino.Resumo
Objetivo: Este artigo procurou identificar o impacto das classificações ambientais, sociais e de governança (ESG) de empresas do ramo de educação, tais como: faculdades, universidades e escolas profissionais com fins lucrativos nos seus resultados financeiros.
Metodologia: Foram utilizados como amostra os dados de 50 empresas de todo o mundo, listadas em bolsa e com dados ESG disponíveis para o período de 2012 a 2021 contidos na base de dados REFINITIV-EIKON. Como variáveis dependentes, foram utilizados o Q de Tobin e o Market-to-Book (MTB), variáveis amplamente adotadas em estudos econômicos similares. Como variáveis de desempenho financeiro foram utilizadas a Rentabilidade do Ativo (ROA) e a Rentabilidade sobre o Capital Próprio (ROE). Como variáveis explicativas foram usados os índices ESG-combinado, Pilar-Social, Pilar-Ambiental e Pilar de Governança. O método de regressão utilizado foi o método de momentos generalizados (GMM).
Conclusões: Como resultado, foi encontrada uma relação significativa e positiva entre as pontuações do ESG-combinado e Pilar-Social com o desempenho financeiro, representado pelo ROE e ROA. Este resultado é semelhante aos de outros estudos que encontraram a mesma relação positiva. Por outro lado, verificou-se uma relação significativa e negativa entre as pontuações ESG-combinado e Pilar-Social com os indicadores de mercado Q de Tobin e MTB.
Implicações práticas: Os resultados indicam que, apesar de as pontuações do ESG-combinado e do Pilar-Social estarem positivamente relacionados com os resultados financeiros, o mercado não reconhece positivamente nem fixa o preço das ações devido a essas pontuações.
Originalidade: Estes resultados ainda não tinham sido observados para o sector de educação.
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