Os pilares da sustentabilidade e a distribuição: uma análise de empresas listadas na B3 em 2022

Abstract

The main objective of this study was to analyze the relationship between the score of social, environmental and governance practices presented with the payment of dividends of the companies involved in B3. To measure the level of engagement with these practices, the Environmental, Social and Governance (ESG) score was used. The data were analyzed quantitatively, adopting the ordinary least squares (OLS) method to estimate the regression parameters. The collection was carried out by the Eikon Refinitiv® database platform and used as a search parameter for publicly traded companies headquartered in Brazil that are traded on B3. In this sense, the sample was composed of 99 companies in the year 2022. Regarding regression analyses, it was initially estimated for the entire sample, and in a second moment the sample was segregated into two parts, to analyze separately such as 30 companies with the highest dividend distribution and the 30 companies with the lowest dividend distribution. Thus, it was noted that for companies participating in the group with lower payouts, the ESG score was able to explain the increase in dividend distribution. On the other hand, in companies with higher payouts, the ESG score did not show statistical significance in explaining variations in dividend payouts.