Banca de DEFESA: Erico Negrini

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Erico Negrini
DATE: 16/03/2023
TIME: 14:00
LOCAL: Ambiente Virtual Teams
TITLE:

ESG INDICES AND CORPORATE FINANCIAL PERFORMANCE: AN ANALYSIS IN THE LIGHT OF THE BIAS OF ENDOGENEITY

KEY WORDS:

Endogeneity; ESG indices; Econometric models; Accounting; Sustainability.

PAGES: 107
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

With the expansion of the concept of sustainability, one of the questions is how to explain why the same company is evaluated differently by the Environmental, Social and Corporate Governance (ESG) indicators. Different factors explain the divergences in these ESG indices, as they do not have a regulation that standardizes them. This leads to biased decision-making and the elaboration of econometric models laden with endogeneity bias. This study aims to analyze how the composition and metric of a reference ESG index, under a theoretical influence, can lead to biased infere nces. To this end, a sample of 191 publicly traded Brazilian companies was collected, with an ESG score assigned in the last five years available, in addition to financial indicators. Data were paneled and static and dynamic estimators were used in quantitative models to compare the ability of each to minimize the occurrence of endogeneity. The results demonstrate that the large number of data points in the index can contribute to biased conclusions. There is a prevalence of higher scores in indicators related to the institutionalist theoretical approach, in relation to the contractualist approach. The GMM-Sys estimator presented the least biased estimates. These results help to have a better understanding of how information is evidenced and used in the development of ESG index metrics, reducing information asymmetry for users of accounting information.

BANKING MEMBERS:
Externa à Instituição - ELISE SOERGER ZARO - UFGD
Interno - 2726278 - BRUNO VINICIUS RAMOS FERNANDES
Presidente - 1451168 - DUCINELI REGIS BOTELHO
Interno - 1363469 - PAULO ROBERTO BARBOSA LUSTOSA