ESG: um paradigma tecno-econômico em percurso de irrupção?

Abstract

This study offers a novel perspective by identifying the adoption of ESG practices within the theoretical-conceptual context of an emerging techno-economic paradigm. As a result, it seeks empirical evidence of the influence of ESG engagement levels on the economic and financial performance metrics of companies operating in regions that have historically guided and consolidated techno-economic paradigms (G7 countries). Using three sample sets covering observations of 1,218 to 2,447 companies over an eight-year period (2016-2023) and classifying ESG engagement levels into quartiles within the sector cluster by country, tests for differences in means show that the group of companies in the fourth quartile outperforms the group at the opposite extreme. However, in a mixed-effects regression analysis that considers other influential variables, a higher level of ESG engagement did not show distinctly different effects on company performance. Therefore, it is not possible to assert that the adoption of ESG practices implies compensatory differences for companies (bonuses for the best or penalties for the worst) within the space and timeframe of this study. Nevertheless, indications of differences in company profiles (size and financial leverage) across the quartile scale of ESG adoption indicate preparation for an imminent period of impact of ESG engagement levels on business value drivers. This observation aligns with the thesis of this study and encourages continued debate and analysis on compensatory differences related to the paradigmatic evolution of ESG adoption.