Banca de DEFESA: ANA MAYRA GONÇALVES LOSARDO

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : ANA MAYRA GONÇALVES LOSARDO
DATE: 17/03/2025
TIME: 14:30
LOCAL: VIDEOCONFERÊNCIA
TITLE:

The Influence of ESG Ratings on Analysts' Accuracy in Emerging Countries

KEY WORDS:

ESG; Analysts; Earnings Forecast Accuracy.

PAGES: 52
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

The objective of this dissertation was to analyze the impact of ESG (Environmental, Social, and Governance) ratings on the accuracy of financial analysts' earnings forecasts in emerging markets. The study aimed to address the research hypothesis: there is a significant and negative relationship between ESG ratings and the accuracy of financial analysts' forecasts for companies in emerging markets. The study utilized a sample of 550 companies from eight emerging countries (Brazil, South Korea, Malaysia, Mexico, South Africa, Thailand, Turkey, and the United Arab Emirates) that adopt IFRS and have ESG data available for the period from 2014 to 2023. The data were collected from the Refinitiv Eikon platform, excluding the financial sector due to its specific characteristics. The results revealed that ESG as a whole did not have a significant impact on the accuracy of analysts' earnings forecasts. The environmental dimension was the only one that supported the initial hypothesis, demonstrating that superior performance in this area can reduce analysts' average forecast errors. However, the increase in forecast dispersion suggests that issues such as greenwashing may negatively influence confidence in the information. The social pillar stood out with the highest average among the ESG dimensions, reflecting relative progress in social practices among companies in emerging markets. However, this dimension did not significantly influence analysts' forecast accuracy, possibly due to the complexity and subjectivity of social metrics. Governance, despite showing reasonable performance, also did not significantly impact forecast accuracy but indicated a tendency toward greater dispersion in forecasts for companies with better governance practices. The complexity of ESG metrics, the lack of standardization in disclosures, and the heterogeneity of emerging markets help explain these findings. The results highlight the importance of considering the quality and consistency of ESG information disclosed, especially in emerging countries where regulations may be less stringent.

COMMITTEE MEMBERS:
Externo à Instituição - FELIPE LUIZ LIMA DE PAULO - UFRPE
Presidente - 2864355 - ISRAEL JOSÉ DOS SANTOS FELIPE
Externo ao Programa - 2814007 - RENATO HENRIQUE GURGEL MOTA - nullExterno à Instituição - WENNER GLAUCIO LOPES LUCENA