Os efeitos das iniciativas ambientais, sociais e de governança no desempenho econômico e financeiro das empresas globais de alimentos e bebidas
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Data
2023-04-26
Autores
Lumasini, Rodolfo Nussio [UNESP]
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Universidade Estadual Paulista (Unesp)
Resumo
Objetivo O presente estudo parte do princípio de que existem diferentes níveis de adoção de práticas ambientais, sociais e de governança (ESG) nas empresas de alimentos e bebidas de países desenvolvidos e de países emergentes, bem como diferenças de legislação e níveis de exigência do consumidor. Diante disso, o objetivo deste estudo busca avaliar os possíveis efeitos das iniciativas ESG nos indicadores de desempenho econômico e financeiro de empresas globais de alimentos e bebidas em países desenvolvidos e emergentes. Metodologia / Procedimentos de Pesquisa Trata-se de uma pesquisa de natureza aplicada, com abordagem quantitativa, utilizando-se o método de regressão com dados em painel, com objetivo exploratório e finalidade aplicável, que visa gerar conhecimentos para aplicação prática, baseando-se em hipóteses construídas a partir de maior aprofundamento no tema em revisão de literatura. A amostra consiste em 159 empresas do setor de alimentos e bebidas, sediadas em 30 países, nos continentes: América, Europa e Ásia. A coleta de dados foi realizada a partir da base de dados da Bloomberg e o recorte temporal do foi entre os anos 2017 e 2021. Resultados e Discussões Os resultados obtidos confirmam o impacto positivo das práticas do âmbito social e de governança, no desempenho econômico e financeiro das empresas, identificado na literatura. Em relação ao âmbito ambiental, as evidências sugerem impacto negativo na maioria das variáveis financeiras e econômicas, o que valida o que foi encontrado por Nirino et al. (2020) sobre o setor de alimentos e bebidas, por outro lado, são distintas a outros estudos identificados na literatura. Os resultados sugerem que empresas localizadas em países desenvolvidos possuem melhores condições político-econômicas para desempenharem suas atividades no mercado e, com isso, tendem a performar melhor operacionalmente. Já as localizadas em países emergentes não apresentam significância para se obter o retorno sobre o investimento. Estes resultados validam o que foi identificado na literatura. Implicações Gerenciais Os resultados obtidos reforçam a importância de uma análise mais cuidadosa dos investimentos nas iniciativas do âmbito ambiental para promover respostas econômicas e financeiras adequadas, visto que os resultados do presente estudo indicaram impacto negativo nas variáveis financeiras e econômicas. Entretanto, são necessários os investimentos no desenvolvimento de tecnologias mais limpas e com menor custo, além de maior esforço na padronização da comunicação com o mercado. Além de ser importante que as empresas divulguem ao mercado as suas iniciativas em prol da sociedade e de âmbito de governança. Conclusões e Limitações da Pesquisa A partir dos resultados obtidos identificou-se que as iniciativas sociais e de governança têm relação positiva e significativa com o desempenho econômico e financeiro das empresas da amostra. Contudo, as iniciativas ambientais apresentaram efeito negativo significativo tanto nos indicadores econômicos quanto nos financeiros. Esses resultados corroboram com a relação ainda controversa dos efeitos das iniciativas ESG no desempenho financeiro e econômico, inclusive considerando um setor específico, cujos impactos dos seus processos ambientais e sociais são amplos e complexos e com stakeholders em diferentes posições e extratos sociais. Do ponto de vista de localização, os resultados do estudo sugerem que os efeitos das variáveis são diversos ou não significativos. A baixa disponibilidade de informações identificada na Bloomberg para ESG, pode ser uma característica atrelada ao setor de alimentos e bebidas, o que representa uma limitação deste trabalho. Originalidade Por ainda faltar maior nível de conformação teórica de variáveis, ao nível das empresas, que expressem práticas ESG, este estudo posiciona-se nesta lacuna teórico-empírica, ao avaliar essa relação ao nível das empresas e, por meio de amplo processo de divulgação nos seus relatórios financeiros e de sustentabilidade. Foi apresentado o método diferenciado de cálculo de score, o resultado obtido é distinto e específico para o setor em análise, além do fato de abordar o comparativo entre países desenvolvidos e emergentes nesta cadeia específica.
Purpose This study assumes that there are different levels of adoption of environmental, social, and governance (ESG) practices in food and beverage companies in developed and developing countries, as well as differences in legislation and consumer demand levels. Therefore, the purpose of this study seeks to evaluate the possible effects of ESG initiatives on the economic and financial performance indicators of global food and beverage companies in developed and developing countries. Design/methodology This is an applied research with a quantitative approach, using the regression method with panel data, with an exploratory objective and applicable purpose, which aims to generate knowledge for practical application, based on hypotheses built from further study of the topic in the literature review. The sample consists of 159 companies in the food and beverage industry, based in 30 countries, on the continents: America, Europe and Asia. The data collection was conducted from Bloomberg database and the time frame was between the years 2017 and 2021. Findings and Discussions The results obtained confirm the positive impact of social and governance practices on the companies' economic and financial performance identified in the literature. As for the environmental aspect, the evidence suggests a negative impact on most financial and economic variables, which validates what was found by Nirino et al. (2020) about the food and beverage industry, on the other hand, they are distinct from other studies identified in the literature. The results suggest that companies located in developed countries have better political and economic conditions to perform their activities in the market, and thus tend to perform better operationally. Those located in emerging countries, on the other hand, are not significant in terms of return over investment. These results validate what has been identified in the literature. Management Implication The results obtained strengthen the importance of a more careful analysis of investments in environmental initiatives to promote appropriate economic and financial responses, since the results of this study indicated a negative impact on the financial and economic variables. However, investments are needed in the development of cleaner and lower cost technologies, in addition to a greater effort in the standardization of communication with the market. In addition, it is important that companies disclose to the market their initiatives on behalf of society and in terms of governance. Conclusion and Research limitations Based on the results obtained, it was identified that social and governance initiatives have a positive and significant relationship with the economic and financial performance of the companies in the sample. However, environmental initiatives had a significant negative effect on both economic and financial indicators. These results corroborate the still controversial relationship of the effects of ESG initiatives on financial and economic performance, even considering a specific industry, whose impacts of its environmental and social processes are broad and complex and with stakeholders in different positions and social layers. From a location perspective, the results of the study suggest that the effects of the variables are diverse or not significant. The low availability of information identified in Bloomberg for ESG, may be a characteristic tied to the food and beverage sector, which represents a limitation of this work. Originality Due to the fact that there is still a lack of a higher level of theoretical conformation of variables, at the company level, that express ESG practices, this study is positioned in this theoretical-empirical gap, by evaluating this relation at the company level and, through a wide process of disclosure in their financial and sustainability reports. It was presented the differentiated method of score calculation, the result obtained is distinct and specific for the sector analyzed, besides the fact of approaching the comparison between developed and emerging countries in this specific chain.
Purpose This study assumes that there are different levels of adoption of environmental, social, and governance (ESG) practices in food and beverage companies in developed and developing countries, as well as differences in legislation and consumer demand levels. Therefore, the purpose of this study seeks to evaluate the possible effects of ESG initiatives on the economic and financial performance indicators of global food and beverage companies in developed and developing countries. Design/methodology This is an applied research with a quantitative approach, using the regression method with panel data, with an exploratory objective and applicable purpose, which aims to generate knowledge for practical application, based on hypotheses built from further study of the topic in the literature review. The sample consists of 159 companies in the food and beverage industry, based in 30 countries, on the continents: America, Europe and Asia. The data collection was conducted from Bloomberg database and the time frame was between the years 2017 and 2021. Findings and Discussions The results obtained confirm the positive impact of social and governance practices on the companies' economic and financial performance identified in the literature. As for the environmental aspect, the evidence suggests a negative impact on most financial and economic variables, which validates what was found by Nirino et al. (2020) about the food and beverage industry, on the other hand, they are distinct from other studies identified in the literature. The results suggest that companies located in developed countries have better political and economic conditions to perform their activities in the market, and thus tend to perform better operationally. Those located in emerging countries, on the other hand, are not significant in terms of return over investment. These results validate what has been identified in the literature. Management Implication The results obtained strengthen the importance of a more careful analysis of investments in environmental initiatives to promote appropriate economic and financial responses, since the results of this study indicated a negative impact on the financial and economic variables. However, investments are needed in the development of cleaner and lower cost technologies, in addition to a greater effort in the standardization of communication with the market. In addition, it is important that companies disclose to the market their initiatives on behalf of society and in terms of governance. Conclusion and Research limitations Based on the results obtained, it was identified that social and governance initiatives have a positive and significant relationship with the economic and financial performance of the companies in the sample. However, environmental initiatives had a significant negative effect on both economic and financial indicators. These results corroborate the still controversial relationship of the effects of ESG initiatives on financial and economic performance, even considering a specific industry, whose impacts of its environmental and social processes are broad and complex and with stakeholders in different positions and social layers. From a location perspective, the results of the study suggest that the effects of the variables are diverse or not significant. The low availability of information identified in Bloomberg for ESG, may be a characteristic tied to the food and beverage sector, which represents a limitation of this work. Originality Due to the fact that there is still a lack of a higher level of theoretical conformation of variables, at the company level, that express ESG practices, this study is positioned in this theoretical-empirical gap, by evaluating this relation at the company level and, through a wide process of disclosure in their financial and sustainability reports. It was presented the differentiated method of score calculation, the result obtained is distinct and specific for the sector analyzed, besides the fact of approaching the comparison between developed and emerging countries in this specific chain.
Descrição
Palavras-chave
Agronegócio, Bloomberg, ESG, Países Emergentes, Sustentabilidade, Agribusiness, Emerging Countries, Sustainability, Administração