Sustentabilidade e Performance Financeira: uma comparação entre empresas do Índice de Sustentabilidade Empresarial (ISE) e não ISE

Abstract

The growing importance of sustainable factors in the financial market has led investors and managers to consider ESG criteria in their investment decisions. In Brazil, the ISE B3 was created to promote sustainable practices in the corporate environment. This study analyzes the influence of environmental, social, and governance (ESG) practices on the profitability of Brazilian companies by comparing those listed in the Corporate Sustainability Index (ISE B3) with companies that are not part of this index, over the period from 2020 to 2023. The research sample comprises seven sectors of the Brazilian stock exchange, including companies that remained in the ISE throughout the sample period. To assess profitability and economic performance, financial indicators such as ROE, ROA, Tobin’s Q, and Market Value/Book Value were used. To evaluate the statistical significance of differences in financial indicators between the analyzed groups, the student’s t-test for independent samples was applied. This test quantifies the probability that the observed differences occur by chance, allowing us to infer whether there is statistical evidence of distinction between ISE and Non-ISE companies. The results revealed a positive and significant relationship between ESG practices and Market Value and Tobin's Q. Thus, the existence of an association between corporate sustainability and organizational performance in the Brazilian context is conjectured, which contributes to the debate on sustainable investments and their application in the financial market.