Banca de QUALIFICAÇÃO: MARIANA PORTO FERNANDES

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
STUDENT : MARIANA PORTO FERNANDES
DATE: 19/03/2026
TIME: 16:00
LOCAL: Plataforma teams - https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZmYxZmFhZTctNjc4MS00YjBhLW
TITLE:

ESG DISCLOSURE AND SYMBOLIC SIGNALING: EVIDENCE ON MARKET VALUE, RISK, AND PERFORMANCE OF BRAZILIAN COMPANIES

KEY WORDS:

ESG, Disclosure, Market value, Risk, Corporate performance.

PAGES: 67
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

The increasing integration of environmental, social, and governance (ESG) factors into risk assessment and asset pricing processes has transformed the informational dynamics of capital markets. While regulatory advancements and expanded disclosure practices have solidified ESG as a key element of corporate communication, empirical evidence regarding its impact on firm value, performance, and risk remains inconclusive. This uncertainty arises partly from the possibility that disclosures may either reflect genuine engagement or serve as symbolic signaling strategies linked to greenwashing. In emerging economies like Brazil, which are characterized by informational asymmetries and the recent adoption of ISSB standards (CVM Resolution No. 193/23), it is essential to investigate whether the market distinguishes between the quality of disclosure and mere formal compliance when valuing firms. This research proposal aims to examine whether the Brazilian capital market differentiates between levels of ESG disclosure quality among companies listed on B3. It assesses the informational relevance of ESG disclosures for market value, measured by Market-to-Book ratios and, as a robustness check, Tobin’s Q. Additionally, risk (beta and leverage) and performance (Return on Assets, or ROA) are considered as supplementary dimensions. A quantitative approach using panel data from 2005 to 2025 will be employed. ESG disclosure will be operationalized through an original indicator based on objective documentary evidence (including GRI, TCFD, SASB, CDP, Integrated Reporting, and ISE membership), which will be aggregated into a score designed to differentiate substantial disclosure from symbolic communication. The study aims to identify statistically robust and economically meaningful associations within the Brazilian context.

COMMITTEE MEMBERS:
Interno - 6404897 - CESAR AUGUSTO TIBURCIO SILVA
Interna - 1804227 - DANIELLE MONTENEGRO SALAMONE NUNES
Externo à Instituição - MARCELO BOTELHO DA COSTA MORAES - USP
Presidente - 1122873 - SERGIO RICARDO MIRANDA NAZARE