03.1 - Graduação (UAST)
URI permanente desta comunidadehttps://arandu.ufrpe.br/handle/123456789/2926
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Item ESG (environmental, social and governance) e a estrutura de capital das empresas listadas na B3.(2022-05-25) Silva, Maria Rickaely de Andrade; Pontes, Tricia Thaíse e Silva; http://lattes.cnpq.br/0497598665441136http://lattes.cnpq.br/0497598665441136; http://lattes.cnpq.br/5734061211803496This work aims to investigate the relationships between ESG (Environmental, Social and Governance) indicators and capital structure indicators. The sample consists of all non-financial companies listed on B3 (Brasil, Bolsa, Balcão) with information available from 2016 to 2021. Five econometric models were estimated through regressions with panel data, with variables classified as: ESG , capital structure and control. The results showed that social practices and ESG practices, measured by the general ESG indicator, positively impact the capital structure. Indicating that social and ESG practices provide access to cheaper sources of finance through third-party capital. The control variables brought as much results for the Trade-off theory as for the Pecking Order. In the opposite direction, statistically significant results were found between the capital structure variable and the general ESG indicator. It is possible to infer that companies with a higher proportion of third-party capital in the capital structure tend to present better ESG practices. In addition, it was found that the years of the covid-19 pandemic led to greater indebtedness of Brazilian companies. Thus, it differs from previous works by analyzing the relationship between ESG and capital structure and by bringing results consistent with the Trade-off theory, for a country still in development. As well as the inclusion of the analysis of the influence of the pandemic years on the capital structure of Brazilian companies