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Informação não financeira e o desempenho das empresas: A realidade ibérica
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Abstract(s)
Nos últimos anos, a divulgação de informação não financeira, que abrange as dimensões ambiental, social e de governação (ESG - environmental, social, and governance), tem assumido uma relevância crescente, impulsionada por exigências regulatórias e pela pressão dos stakeholders por maior transparência. Contudo, a relação entre a divulgação de práticas ESG e o desempenho financeiro das empresas, permanece inconclusiva e pouco explorada em determinados contextos, como o ibérico.
O presente estudo tem como objetivo analisar o impacto do ESG no desempenho financeiro das empresas. Para tal é estudada uma amostra de empresas portuguesas e espanholas, ao longo de um período de onze anos (2014-2024). São usadas quatro medidas de desempenho: duas de rendibilidade e duas de margens, e o ESG é avaliado através do índice ESG geral, bem como das suas subcomponentes. Foram ainda incluídas variáveis de controlo.
Os resultados evidenciam que os índices ESG têm aumentado ao longo dos anos, sugerindo que as empresas mostram mais preocupações com as áreas ambiental, social e de governação. Adicionalmente, as empresas espanholas apresentam índices de divulgação ESG mais altos do que as empresas portuguesas. As diferenças encontradas entre empresas portuguesas e espanholas são consistentes com a teoria da legitimidade, uma vez que a maior divulgação ESG em Espanha reflete pressões institucionais e sociais mais intensas, devido à dimensão do mercado.
Verifica-se ainda que as práticas ESG, de modo global, não têm impacto no desempenho financeiro das empresas. Porém, numa análise desagregada, os resultados evidenciam que a subcomponente ambiental tem impacto positivo e significativo na rendibilidade das empresas, enquanto a área social tem o impacto oposto. À luz da teoria dos stakeholders, o impacto positivo da dimensão ambiental pode ser explicado pelo facto da empresa responder às expectativas de diferentes grupos de interesse relativamente às preocupações ambientais com vista a promover a sustentabilidade ambiental. Já o impacto negativo associado à dimensão social pode ser compreendido com base na teoria da agência, uma vez que certos investimentos sociais podem ser vistos como custos que não maximizam a rendibilidade dos acionistas, pelo menos numa perspetiva de curto prazo. Os resultados ainda mostram que as variáveis de controlo: endividamento e crescimento das vendas são as mais relevantes para explicar o desempenho financeiro das empresas da amostra.
A lógica do triple bottom line sustenta os resultados obtidos, ao salientar que o desempenho empresarial deve ser avaliado considerando de forma integrada as dimensões económica, ambiental e social, mesmo que estas apresentem efeitos distintos sobre a rendibilidade.
In recent years, the disclosure of non-financial information, which encompasses environmental, social, and governance (ESG) dimensions, has gained increasing relevance, driven by regulatory requirements and stakeholder pressure for greater transparency. However, the relationship between the disclosure of ESG practices and companies’ financial performance remains inconclusive and underexplored in certain contexts, such as the Iberian market. The present study aims to analyze the impact of ESG on companies’ financial performance. To this end, a sample of Portuguese and Spanish companies is examined over an eleven-year period (2014–2024). Four measures of performance are used: two profitability indicators and two margin indicators, while ESG is assessed through the overall ESG index as well as its subcomponents. Control variables are also included. The results show that ESG scores have increased over the years, suggesting that companies are showing greater concern for environmental, social, and governance issues. Additionally, Spanish companies exhibit higher ESG disclosure levels than Portuguese companies. The differences found between Portuguese and Spanish companies are consistent with legitimacy theory, as greater ESG disclosure in Spain reflects stronger institutional and social pressures due to the market’s larger size. It is also observed that ESG practices, as a whole, do not impact companies’ financial performance. However, in a disaggregated analysis, results show that the environmental subcomponent has a positive and significant impact on companies’ profitability, while the social dimension has the opposite effect. In light of stakeholder theory, the positive impact of the environmental dimension can be explained by companies’ responses to the expectations of different stakeholder groups regarding environmental concerns, aimed at promoting environmental sustainability. In contrast, the negative impact associated with the social dimension can be understood through agency theory, as certain social investments may be perceived as costs that do not maximize shareholder profitability, at least in the short term. The results further reveal that the control variables — leverage and sales growth — are the most relevant in explaining the financial performance of the sampled companies. The logic of the triple bottom line supports the results obtained, by emphasizing that corporate performance should be evaluated by integrating economic, environmental, and social dimensions, even if these have distinct effects on profitability.
In recent years, the disclosure of non-financial information, which encompasses environmental, social, and governance (ESG) dimensions, has gained increasing relevance, driven by regulatory requirements and stakeholder pressure for greater transparency. However, the relationship between the disclosure of ESG practices and companies’ financial performance remains inconclusive and underexplored in certain contexts, such as the Iberian market. The present study aims to analyze the impact of ESG on companies’ financial performance. To this end, a sample of Portuguese and Spanish companies is examined over an eleven-year period (2014–2024). Four measures of performance are used: two profitability indicators and two margin indicators, while ESG is assessed through the overall ESG index as well as its subcomponents. Control variables are also included. The results show that ESG scores have increased over the years, suggesting that companies are showing greater concern for environmental, social, and governance issues. Additionally, Spanish companies exhibit higher ESG disclosure levels than Portuguese companies. The differences found between Portuguese and Spanish companies are consistent with legitimacy theory, as greater ESG disclosure in Spain reflects stronger institutional and social pressures due to the market’s larger size. It is also observed that ESG practices, as a whole, do not impact companies’ financial performance. However, in a disaggregated analysis, results show that the environmental subcomponent has a positive and significant impact on companies’ profitability, while the social dimension has the opposite effect. In light of stakeholder theory, the positive impact of the environmental dimension can be explained by companies’ responses to the expectations of different stakeholder groups regarding environmental concerns, aimed at promoting environmental sustainability. In contrast, the negative impact associated with the social dimension can be understood through agency theory, as certain social investments may be perceived as costs that do not maximize shareholder profitability, at least in the short term. The results further reveal that the control variables — leverage and sales growth — are the most relevant in explaining the financial performance of the sampled companies. The logic of the triple bottom line supports the results obtained, by emphasizing that corporate performance should be evaluated by integrating economic, environmental, and social dimensions, even if these have distinct effects on profitability.
Description
Keywords
Informação não financeira ESG Desempenho financeiro Empresas ibéricas