Efeito do reconhecimento de provisões no desempenho ESG em companhias listadas brasileiras

Abstract

The objective of this study is to relate the recognition of provisions and environmental, social and governance performance in Brazilian public companies listed on B3 that have an ESG score in the Refinitiv database, from 2014 to 2022. The ESG score reflects environmental performance, social and corporate governance. The methodology adopted is descriptive, with a quantitative approach and use of secondary data, from databases. The sample consists of 97 companies. It was found that 94.5% of the companies in the sample recognized provisions in the period in question. Provision recognition had a positive effect on overall ESG performance. When individually evaluating the aspects that make up ESG performance, it is clear that there was also a positive relationship in the recognition of provisions for the environmental and governance score. However, through the results obtained, it was not possible to verify any type of relationship between the recognition of provisions and social performance. When considering an analysis of the provisions in light of the environmental and social pillars, it is clear that social provisions (social security, civil and employee benefits) showed a positive relationship with the social score. On the other hand, when considering environmental provisions, when measured at their gross value, they showed a negative relationship with the environmental score. On the other hand, when measured by the dummy, the relationship found was positive. The analysis of ESG coefficients and provision behavior shows a duality in relation to the motivations for environmental, social and governance disclosure. This reveals that when there is a positive relationship there is a tendency on the part of the company to be more transparent and seek self-legitimation in the face of adverse situations. The results confirm studies related to the Disclosure Theory, demonstrating that larger, more profitable and indebted companies and listed at a higher level of Corporate Governance tend to disclose more voluntary information, which, in this study, reflects better ESG, environmental, social and of governance. The main contribution of the study lies in filling a gap in related literature, by focusing on how information considered voluntary reflects financial information (mandatory), from the perspective of provisions. In practical terms, it can enable users of accounting information to consider the financial, environmental, social and governance performance of companies, in order to obtain better capital allocation decisions.