ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) INDICATORS AND MARKET VOLATILITY OF COMPANIES LISTED ON THE [B]3

Authors

DOI:

https://doi.org/10.22277/rgo.v18i3.8787

Keywords:

ESG performance., Risk management., Sustainability.

Abstract

Objective: The study aimed to analyze the influence between performance in Environmental, Social and Governance (ESG) and market volatility of companies listed on the Brasil, Bolsa, Balcão [B]3 stock exchange.

Method/approach: The research is descriptive in nature, carried out through document analysis and a quantitative approach. The sample included 612 observations relating to 128 companies, from 2010 to 2023. The Refinitiv Eikon® database was used, which considers the ESG performance of companies through a set of indicators: 68 environmental, 62 social and 56 corporate governance. The analysis included Pearson correlation and evaluation of collinearity between variables and generalized least squares multiple linear regression applied using panel data.

Main Results: The results show, from the four models presented, the influence of the different ESG pillars on the market volatility of the companies in the sample. It was found that all ESG components, analyzed individually or in aggregate, maintain a negative and statistically significant relationship with market volatility.
Theoretical/practical/social contributions: The study contributes to discussions about the relationships between ESG performance and the market value of companies, which shows that ESG integration is strongly related to the reduction of market volatility; therefore, ESG performance amplifies the positive impact on the stability of companies. In general, it is highlighted that strengthening ESG practices contributes to reducing the risk perceived by investors and promotes greater stability in the value of companies.

Originality/relevance: There is a pressing need to understand how managers evaluate and conduct ESG decisions, as well as their influence on market volatility. Furthermore, corporate practices focused on ESG management play an important role in attracting investments, in the return on invested capital, and in stock volatility, also considering the satisfaction of shareholders and employees.

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Author Biographies

Antonio Zanin, Universidade Federal do Mato Grosso do Sul - UFMS

Itzhak David Simão Kaveski , Universidade Federal de Mato Grosso do Sul - UFMS

PhD in Accounting from the Federal University of Santa Catarina (2020), Master's degree in Accounting Sciences from the Regional University of Blumenau (2013), and Bachelor's degree in Accounting Sciences from the State University of Mato Grosso do Sul (2011). Since February 2014, he has been a Professor at the Federal University of Mato Grosso do Sul (UFMS)/Nova Andradina Campus (CPNA) and a Professor in the Postgraduate Program in Accounting Sciences at UFMS/ESAN.

Silvana Dalmutt Kruger, Universidade Federal de Mato Grosso do Sul - UFMS

Postdoctoral internship (ongoing) at the University of Málaga (Spain, 2025). PhD in Accounting from the Federal University of Santa Catarina (UFSC, 2017), Master's degree in Accounting from UFSC (2012), Specialist in Strategic Management Accounting (2010) and in Quality Management of Accounting Services (2002), Bachelor's degree in Accounting Sciences from Fundeste (2000). Professor in the Accounting Sciences course at the Federal University of Mato Grosso do Sul (UFMS/CPNA). Professor in the Master's Program in Accounting Sciences - PPGCC (UFMS/ESAN). Professor in the Professional Master's Program in Organizational Management, Leadership and Decision Making (PPGOLD) at the Federal University of Paraná (UFPR).

Edicreia Andrade Dos Santos, Universidade Federal do Paraná - UFPR

Doctor of Accounting from the Federal University of Santa Catarina (UFSC). Master of Accounting from the Federal University of Paraná (UFPR). Graduated in Accounting Sciences and History from the State University of the Midwest (Unicentro), Irati/Paraná campus. Professor in the Undergraduate Accounting Sciences program and the Postgraduate Program in Accounting (PPGCONT/UFPR) at the Federal University of Paraná (UFPR).

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Published

2025-12-30

How to Cite

Zanin, A., Kaveski , I. D. S., Kruger, S. D., & Dos Santos, E. A. (2025). ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) INDICATORS AND MARKET VOLATILITY OF COMPANIES LISTED ON THE [B]3. Revista Gestão Organizacional- RGO, 18(3), 29–47. https://doi.org/10.22277/rgo.v18i3.8787

Issue

Vol. 18 No. 3 (2025): Edição Comemorativa – Inovação e Controle de Gestão: 10 Anos do PPGCCA/Unochapecó

Section

Papers

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