Banca de QUALIFICAÇÃO: CARLOS EDUARDO HOLDER MARTINS

Uma banca de QUALIFICAÇÃO de DOUTORADO foi cadastrada pelo programa.
STUDENT : CARLOS EDUARDO HOLDER MARTINS
DATE: 16/12/2025
TIME: 14:00
LOCAL: VIDEOCONFERÊNCIA (link a ser publicado no Forum do Sigaa)
TITLE:

THE IMPACT OF ESG PRACTICES ON CORPORATE FINANCIAL PERFORMANCE

KEY WORDS:

ESG, Financial performance, Latent constructs, Factor analysis, Panel data regression.

PAGES: 165
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

This thesis examines the relationship between Environmental, Social, and Governance (ESG) practices and the financial performance of Brazilian companies, structured into three complementary studies. The first article presents a systematic literature review that identifies advances, inconsistencies, and methodological gaps regarding financial performance measurement and the heterogeneous empirical approaches used to assess ESG impacts. The review reveals that the absence of integrated financial performance measures and the predominant use of isolated accounting indicators contribute to the inconsistency of empirical findings reported in prior research.

The second article addresses these limitations by developing latent constructs of financial performance for firms listed on B3. Using Principal Component Analysis (PCA) and Exploratory Factor Analysis (EFA), the study processes a broad set of indicators related to liquidity, profitability, capital structure, efficiency, and value creation. The results identify latent dimensions that synthesize structural and operational aspects of financial performance, reducing statistical noise and enabling the creation of standardized factor scores. Validation procedures demonstrate internal consistency and conceptual alignment, providing a robust and integrated measure of corporate financial performance.

The third article evaluates the impact of ESG practices on the latent constructs developed in the previous study, using Refinitiv ESG data for Brazilian publicly traded firms. Panel data regressions with firm and year fixed effects are employed, controlling for size, industry, leverage, and economic cycles. The results show that ESG effects are heterogeneous: the governance pillar exhibits positive and statistically significant associations with constructs related to efficiency and financial soundness, whereas the environmental and social pillars display less consistent effects that vary according to industry characteristics and economic conditions.

The thesis contributes to the field by proposing an integrated model that combines theoretical review, latent construct development, and econometric analysis to examine the ESG–financial performance relationship in an emerging market context. The findings reinforce the importance of simultaneously considering the multidimensional nature of ESG practices and the complexity of financial performance, avoiding simplified interpretations. The evidence provided offers valuable insights for managers, investors, and regulators, while paving the way for future research employing integrated metrics and methodological approaches of greater statistical robustness.

COMMITTEE MEMBERS:
Presidente - 3220688 - ALEXANDRO BARBOSA
Externo à Instituição - FABRICIO STOCKER - FGV
Externo à Instituição - HELIO ARTHUR REIS IRIGARAY - FGV
Externo à Instituição - YURI GOMES PAIVA AZEVEDO - UFERSA