Banca de QUALIFICAÇÃO: GELYEL ESTEVAN DOS SANTOS

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
STUDENT : GELYEL ESTEVAN DOS SANTOS
DATE: 23/12/2025
TIME: 16:00
LOCAL: VIDEOCONFERÊNCIA
TITLE:

The Moderating Effect of National Culture on the Relationship Between ESG and Cost of Capital: Evidence from BRICS Countries

KEY WORDS:

ESG; Cost of capital; National culture; BRICS.

PAGES: 28
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

This study analyzes how national culture moderates the relationship between environmental, social, and governance (ESG) practices and the cost of capital of firms in BRICS countries, considering that cultural values influence risk perception and the legitimacy attributed to corporate actions. The research is grounded in Stakeholder Theory and Hofstede’s cultural model, assuming that dimensions such as power distance, individualism versus collectivism, masculinity versus femininity, uncertainty avoidance, long-term versus short-term orientation, and indulgence versus restraint may strengthen or weaken the effect of ESG practices on investors’ perceived risk, integrating literature on ESG and cost of capital to support hypothesis development. The sample will consist of non-financial firms from Brazil, Russia, China, and South Africa, with data from 2015 to 2024 obtained from the Refinitiv Eikon® database. The methodology employs panel data regressions, including Pooled OLS, Fixed Effects, and Random Effects models, as well as Chow, Breusch–Pagan, and Hausman tests to determine the most appropriate specification, with robust standard errors. The study seeks to identify whether cultural dimensions intensify or reduce the impact of ESG practices on the cost of capital, contributing to the understanding of institutional differences among the analyzed countries.

 

COMMITTEE MEMBERS:
Presidente - 1561014 - ADILSON DE LIMA TAVARES
Externa à Instituição - CARITSA SCARTATY MOREIRA
Interno - 2814007 - RENATO HENRIQUE GURGEL MOTA