Desempenho, endividamento e financiamento sustentável no contexto ESG: evidências para empresas brasileiras regionais

Abstract

Contextualization: International studies point to the growth in the issuance of bonds related to sustainable themes as an alternative for raising funds for companies, and profitability for investors. This growth meets society's demand for greater participation by companies in improving people's quality of life. In this context, this thesis carried out an analysis between the themes of company performance and debt and the issuance of private bonds for investments in projects that meet assumptions considered sustainable, within the theme known as ESG (Environmental, Social and Governance). Objective: The objective of the work was to investigate the relationship between performance and debt and the option for sustainable financing in internationalized Brazilian companies, with subsidiaries or branches in the Triângulo Mineiro and Alto Paranaíba region, in Brazil. For this, company data extracted from the ERM NINT® and LSEG® databases were used, respectively, for the values of securities issued by Brazilian companies, and the classification of companies according to the disclosure of ESG information. As companies operate in adverse economic circumstances, investment projects and the country in which securities are issued would be affected by the economic context surrounding the companies. Method: Statistical analyzes were carried out using linear regression with pooled data, with financial information from companies between 2015 and 2023. Results: The regression results indicated a negative statistical relationship between performance (ROE) and the issuance of securities; positive relationship between the 3 performance variables and macroeconomic growth, and a positive relationship between the ROE performance variable and internationalization. For the debt variable, there was a positive relationship with the issuance of ESG bonds, indicating that this form of fundraising, despite being proportionally small in relation to the total value, can influence financial indicators regarding third-party resources within the firm. For the other independent or control variables, including regionality, which would verify the presence of large companies in the interior of the country, no statistical significance was indicated. Regarding the regional aspect, it was not possible to empirically confirm the relationship between performance and the presence of companies in the Triangulo Mineiro and Alto Paranaiba region. Compliance of the research with the PPGAdm concentration area (Regionality and Management) and with the line of research: This thesis used financial information from Brazilian companies to analyze the debt and performance of companies that issued sustainable bonds. For the development of this study, a variable was used to verify the relationship between financial variables and the presence of these companies in the Triângulo Mineiro and Alto Paranaíba region, characterizing the area of concentration of Regionality and Management, and the theme of Finance. Impact and innovative character in intellectual production: This thesis used values in national currency of sustainable bonds issued in Brazil and abroad by Brazilian companies operating on B3 to analyze the relationship between the bonds and the performance and debt of these companies. In addition, databases were used to collect information on companies' titles and scores, which have not yet been used in the literature. Economic, social and regional impact: This thesis seeks to verify the relationship between financial indicators of Brazilian companies, seeking to empirically confirm the benefits that investors receive when choosing to allocate resources in companies that adopt sustainable practices. At the same time, when these practices are adopted, there would be an improvement in the firm's internal management, and an improvement in the quality of life of the population in general. Also, an analysis was made of these financial indicators and the presence of these companies in the region covered by the Triângulo Mineiro and Alto Paranaíba, using the concept of productive deconcentration in Brazil, with the aim of indicating that operations in the region would bring gains to the company, investors and society. Regional implications: The development of this thesis aims to analyze whether the productive deconcentration for the region where the FAGEN/UFU Postgraduate Program operates would be related to the performance and debt of large Brazilian companies. Furthermore, the work contributes by encouraging the production of research on the migration of the productive sector to the Triângulo Mineiro and Alto Paranaíba region. Sustainable Development Goals met in the research: This work is aligned with purpose number 12 of the Sustainable Development Goal (ODS-12), by encouraging business practices and supporting more sustainable consumption patterns by consumers.