Engagement of Companies Listed on the Brazilian Stock Market with the Sustainable Development Goals
DOI:
https://doi.org/10.17524/repec.v18i2.3331Keywords:
Estrutura de propriedade, ASG, Adoção dos ODSAbstract
Objective: To analyze the influence of ownership structure characteristics and performance in environmental, social, and corporate governance (ESG) practices on the engagement of publicly held companies listed in the Brazilian stock market with Sustainable Development Goals (SDGs).
Method: Quantitative study addressing 1,123 observations of companies listed in Brazil, Bolsa, Balcão [B]3 from 2016 to 2021. Data was collected on Economatica®, [B]3, CSRHub®, Global Compact, and the companies’ websites. The primary techniques used to validate the results were univariate, bivariate, and multivariate statistics and logistic regression.
Results: The findings show a consistent impact of ESG aspects on engagement with the SDGs. Other factors such as company size, external verification of sustainability reports, participation in the Corporate Sustainability Index, and adherence to the Global Compact are preponderant for adherence to SDGs. Companies with a higher number of institutional investors are less involved with the SDGs; however, these companies have high performance in ESG when they intensify their engagement with SDGs. Contributions: ESG intensifies engagement with sustainable development, even in companies with an ownership structure that is little concerned with other stakeholders’ interests. ESG practices seem to make private companies more likely to adopt strategies aligned with global sustainable development.
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