Impacto do ESG nos custos de capital de empresas em países emergentes: uma análise do BRICS

Abstract

The adoption of ESG practices has gained global relevance, often being linked to reducing companies’ capital costs. This study investigates this relationship in the context of BRICS countries, analyzing the impact of ESG on the cost of equity (Ke), the cost of debt (Ki), and the weighted average cost of capital (WACC). The research utilizes financial data and ESG disclosures from non-financial companies, drawn from the Refinitiv Eikon (LSEG) database, covering the 2014–2023 period, with a sample of 1,708 companies and 6,099 observations. Employing econometric regression models and using Stakeholder and Shareholder Theories as interpretive frameworks, the findings do not confirm the expectation that ESG reduces capital costs. For Ke, no statistically significant association was observed. For Ki, evidence showed a positive relationship, but this effect disappears when controlling for fixed effects. In the case of WACC, although the initial correlation is negative, the regression models indicate a positive effect, suggesting that ESG-oriented companies may face a slightly higher weighted average cost of capital. These results highlight the need for further maturation of emerging markets with regard to ESG pricing and indicate that traditional factors, such as leverage, liquidity, and governance structure, still prevail in determining capital costs in BRICS. The main conclusions of this study were: (a) ESG does not significantly reduce the cost of equity; (b) the impact on the cost of debt is inconsistent; and (c) the weighted average cost of capital may be influenced by structural characteristics of both companies and the market, thereby diluting or reversing the potential benefits of ESG practices.