Effect of ESG practices on the financial performance of companies listed on B3

Marciano da Silveira Piazzetini, Fernando Maciel Ramos, Priscila Cembranel () and Cleonice Witt
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Marciano da Silveira Piazzetini: Universidade do Contestado - UNC, Santa Catarina
Fernando Maciel Ramos: Instituto de Inteligência em Pesquisa e Consultoria Científica
Priscila Cembranel: Educational Society of Santa Catarina (UNISOCIESC – Jaraguá do Sul)
Cleonice Witt: Instituto de Inteligência em Pesquisa e Consultoria Científica

DECISION: Official Journal of the Indian Institute of Management Calcutta, 2025, vol. 52, issue 4, No 4, 479-497

Abstract: Abstract This article aims to evaluate the effects of ESG practices on the financial performance of companies with shares traded on the Brasil, Bolsa, and Balcão (B3), emphasizing the enrichment and expansion of the ESG agenda within organizations. The methodology was based on a quantitative, descriptive approach and a documentary procedure. The study analyzed ESG scores published by S&P Global and their effects on organizational performance, employing a linear regression test. In this context, by examining economic and financial indicators—specifically current liquidity, general liquidity, and EBITDA—the study assessed the correlation between the independent variable (ESG practices) and the dependent variables (current liquidity, general liquidity, and EBITDA). ESG practices showed significant positive effects on the general liquidity and EBITDA indicators. Thus, it is possible to conclude that ESG practices contribute to organizational performance and reinforce the applicability of sustainability principles in corporate management.

Keywords: Governance; ESG; Performance (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s40622-025-00443-1

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