Efeitos do desempenho ambiental, social e de governança (ESG) nas políticas de dividendos de empresas brasileiras

Abstract

This research aimed to analyze the effects of environmental, social and governance (ESG) performance on dividend policies of Brazilian companies. To this end, a descriptive, documentary and quantitative research was carried out, from 2015 to 2020. The study population comprised 469 companies, of which 104 were part of the sample. Six dependent variables were used to measure dividend policies. As independent variables, ESG, environmental, social and governance performance, in addition to the control variables, stand out. The results revealed that ESG, environmental, social and corporate governance performance contributes to stability in the payment of dividends made by Brazilian companies from one year to the next. These results suggest that companies with greater ESG performance have a more stable dividend payout. Regarding the effects of ESG performance on the payment of dividends, the findings revealed that greater investments in general ESG and its pillars make companies distribute dividends to shareholders. With regard to the value of dividends paid, only the corporate governance pillar leverages this variable. Given these results, it was concluded that companies with higher ESG performance show better long-term alignment with shareholders and stakeholders due to a more stable profit sharing. This research contributes by revealing that involvement in ESG initiatives encourages companies to pay more dividends and maintain their stability, which generates greater investor motivation to invest in socially responsible companies.