Governança corporativa, sustentabilidade empresarial e valor de mercado: uma análise das empresas brasileiras listadas na B3

Abstract

The growing integration of environmental, social, and governance (ESG) criteria into corporate strategies has redefined asset valuation standards and risk perception in the global financial market. In this context, the present study aims to analyze the relationship between ESG factors—represented by corporate governance practices and participation in the Corporate Sustainability Index (ISE)—and the market value of Brazilian companies listed on B3. This research is quantitative and descriptive in nature, using panel data comprising 1,739 observations from 306 companies over the period from 2020 to 2024. This time frame is justified by the greater availability of ESG and governance data, especially in the post-pandemic period, marked by increased attention to risk management and corporate sustainability. The econometric model was estimated using multiple linear regression. The results indicate that participation in the Corporate Sustainability Index (ISE) has a positive and statistically significant relationship with market value, suggesting that companies with structured sustainability practices tend to be more highly valued by the market, possibly due to reduced risks, enhanced corporate reputation, and increased investor confidence. Regarding corporate governance indicators, the results are heterogeneous: some variables show no statistical significance, while others exhibit a negative association with firm value, indicating the complexity of this relationship in the Brazilian context. Overall, the findings suggest that corporate sustainability is a relevant factor in value creation, while the effects of corporate governance depend on the mechanisms analyzed and their effectiveness.