Banca de DEFESA: CARLOS EDUARDO HOLDER MARTINS

Uma banca de DEFESA de DOUTORADO foi cadastrada pelo programa.
STUDENT : CARLOS EDUARDO HOLDER MARTINS
DATE: 20/02/2026
TIME: 09:00
LOCAL: VIDEOCONFERÊNCIA (link a ser publicado no Forum do Sigaa)
TITLE:

ESG PRACTICES AND CORPORATE FINANCIAL PERFORMANCE: MULTIDIMENSIONAL EMPIRICAL EVIDENCE FROM BRAZILIAN FIRMS

KEY WORDS:

ESG; Corporate financial performance; Latent constructs; Panel data; Emerging markets; Sustainable finance.

PAGES: 139
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

This doctoral thesis investigates the relationship between environmental, social, and governance (ESG) practices and corporate financial performance among Brazilian firms listed on B3, adopting an integrated research design that combines a systematic literature review, the construction of composite financial performance measures, and econometric panel data analysis. First, a systematic literature review based on the PRISMA protocol is conducted to map the theoretical and empirical evolution of ESG–financial performance research, identify prevailing patterns, conceptual tensions, and methodological gaps. The review reveals a predominance of positive associations reported in the international literature, alongside substantial empirical heterogeneity driven by differences in financial performance measurement, institutional contexts, and methodological choices.

Next, the thesis proposes an alternative approach to measuring corporate financial performance through the estimation of multidimensional latent constructs. Using multivariate techniques, accounting and financial indicators are synthesized into four fundamental dimensions of firm performance: economic-operational efficiency, liquidity and financial structure, operating cash flow generation, and asset utilization efficiency. This stage contributes to overcoming the limitations associated with isolated financial metrics, enhancing analytical consistency and explanatory power.

Finally, the latent financial performance constructs are employed as dependent variables in panel data econometric models applied to a longitudinal dataset of Brazilian firms covering the period from 2013 to 2023, combined with disaggregated ESG scores across the environmental, social, and governance pillars. The empirical strategy relies on firm and year fixed-effects models, complemented by diagnostic analyses of temporal variability and robustness tests based on the Mundlak hybrid model. The results provide no robust evidence of short-term dynamic effects of changes in ESG scores on the latent financial performance constructs. Variance decomposition reveals strong temporal persistence in ESG indicators, with most variability explained by structural differences across firms. Consistently, robustness tests indicate that any association between ESG and financial performance is predominantly structural, reflecting persistent cross-firm differences rather than within-firm changes over time.

Overall, the findings suggest that, in the Brazilian context, ESG functions primarily as a cumulative and structural organizational attribute rather than a driver of immediate economic outcomes. This thesis contributes to the literature by integrating theoretical and empirical evidence, advancing a multidimensional approach to financial performance measurement, and offering a more nuanced and context-sensitive interpretation of the ESG–financial performance relationship in emerging markets.

COMMITTEE MEMBERS:
Externo à Instituição - FABIANO SIMÕES COELHO - FGV
Presidente - 3220688 - ALEXANDRO BARBOSA
Externo à Instituição - FABRICIO STOCKER - FGV
Externo à Instituição - HELIO ARTHUR REIS IRIGARAY - FGV
Interno - 1802347 - VINICIO DE SOUZA E ALMEIDA
Externo à Instituição - YURI GOMES PAIVA AZEVEDO - UFERSA