| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 929.9 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Como consequência da globalização e da maior liberalização dos mercados internacionais, as empresas estão cada vez mais em busca de expandir-se no estrangeiro e para tanto é necessário mais capital. Nesse sentido, as empresas descobriram que uma das formas de conseguir financiamento estrangeiro é através da listagem em bolsas de valores fora do seu país de origem, isto é, através do cross-listing. Não obstante, essas empresas ao chegarem no mercado estrangeiro deparam-se com novos desafios e para sobreviver nesse novo ambiente utilizam-se de estratégias não financeiras como a melhora na performance ambiental, social e de governança corporativa para adequar-se aos requisitos dos novos investidores e mercados.
A presente dissertação tem como objetivo medir o impacto da realização de cross-listing na performance ambiental, social e de governança corporativa (ESG) das empresas brasileiras cotadas na New York Stock Exchange (NYSE). Parte-se das hipóteses de que o impacto é positivo tanto na performance geral de ESG quanto em cada performance separadamente, e negativo para a pontuação relacionada a controvérsias ESG.
Para testar essas hipóteses foi realizado um estudo empírico em que foram recolhidos dados de ESG e econômico-financeiros das empresas brasileiras e através de uma estatística descritiva e de uma análise de regressão foram encontrados os seguintes resultados: as hipóteses de que o impacto do cross-listing para a NYSE é positivo para a performance de governança corporativa, social e ESG geral foram confirmadas; contudo, a hipótese de que o impacto seria positivo também para a performance ambiental não foi validada e quanto à pontuação de controvérsias os resultados foram inconclusivos.
As a consequence of globalization and the further liberalization of international markets, companies are increasingly looking to expand abroad and to do so requires more capital. In this sense, companies have found that one of the ways to get foreign financing is through listing on stock exchanges outside their home country, that is, through cross-listing. However, when these companies reach the foreign market they are faced with new challenges, and to survive in this new environment they use non-financial strategies such as improving their environmental, social, and corporate governance performance to meet the requirements of new investors and markets. This paper aims to measure the impact of cross-listing on the environmental, social and corporate governance (ESG) performance of Brazilian companies listed on the New York Stock Exchange (NYSE). It is hypothesized that the impact is positive both on the overall ESG performance and on each performance separately, and negative for the ESG controversy-related score. To test these hypotheses an empirical study was conducted in which ESG and finantial-economic data of Brazilian companies were collected and through descriptive statistics and regression analysis the following results were found: the hypotheses that the impact of cross-listing to the NYSE is positive for corporate governance, social and overall ESG performance were confirmed; however, the hypothesis that the impact would be positive also for environmental performance was not validated and as for the scoring of controversies the results were inconclusive.
As a consequence of globalization and the further liberalization of international markets, companies are increasingly looking to expand abroad and to do so requires more capital. In this sense, companies have found that one of the ways to get foreign financing is through listing on stock exchanges outside their home country, that is, through cross-listing. However, when these companies reach the foreign market they are faced with new challenges, and to survive in this new environment they use non-financial strategies such as improving their environmental, social, and corporate governance performance to meet the requirements of new investors and markets. This paper aims to measure the impact of cross-listing on the environmental, social and corporate governance (ESG) performance of Brazilian companies listed on the New York Stock Exchange (NYSE). It is hypothesized that the impact is positive both on the overall ESG performance and on each performance separately, and negative for the ESG controversy-related score. To test these hypotheses an empirical study was conducted in which ESG and finantial-economic data of Brazilian companies were collected and through descriptive statistics and regression analysis the following results were found: the hypotheses that the impact of cross-listing to the NYSE is positive for corporate governance, social and overall ESG performance were confirmed; however, the hypothesis that the impact would be positive also for environmental performance was not validated and as for the scoring of controversies the results were inconclusive.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Cross-listing Performance ambiental Social e de governança corporativa (ESG) Responsabilidade social corporativa Empresas brasileiras NYSE Environmental Social and corporate governance perform