A relação entre endividamento e práticas ESG: uma análise das empresas listadas na B3.

Abstract

ESG practices have gained prominence in global financial markets as determinants of trust and access to corporate credit. This study aims to analyze the influence of ESG practices on credit acquisition by companies listed on the B3 stock exchange. The research is based on classical capital structure theories, such as Durand (1952), Modigliani & Miller (1958), and Myers & Majluf, 1984. It also contextualizes Corporate Social Responsibility (CSR) and ESG practices as strategic factors that influence financial decisions. The study is descriptive, documentary, and quantitative, using secondary data from non-financial companies listed on the B3 between 2019 and 2024. The final sample includes 111 companies with ESG scores, totaling 558 observations. Descriptive statistics, correlation, and simple linear regression were applied via SPSS. The results indicate positive, but weak, correlations between ESG and debt. The regression revealed a negative relationship between overall ESG and long-term debt, suggesting a preference for equity in sustainable companies. The findings suggest that, in Brazil, ESG practices are not yet widely rewarded by the financial market, which leads sustainable companies to avoid long-term debt, reinforcing the Pecking Order theory. The study contributes by demonstrating that, although ESG influences capital structure, its effects vary depending on the dimension analyzed.