Luiz Eduardo Gaio

Este estudo aborda o impacto da inclusão de empresas no Índice de Sustentabilidade Empresarial (ISE), da bolsa de valores do Brasil, sobre o valor de mercado de suas ações, num contexto de um foco crescente na sustentabilidade organizacional. O objetivo foi o de verificar se a inclusão no ISE contribui para a geração de retornos anormais aos acionistas, sinalizando uma possível alteração na percepção do valor das empresas pelo mercado. Utilizando séries históricas de cotações das ações que compuseram as carteiras teóricas do ISE nos anos de 2021 a 2023, e uma metodologia empírico-analítica, esta investigação aplicou a técnica do estudo de evento para comparar o comportamento das variações diárias das cotações das ações das empresas do ISE com as variações médias de mercado, representado pelo Índice Bovespa (IBOV). A análise indicou que, no curto prazo, a inclusão da empresa no ISE altera a percepção dos investidores sobre seu valor, resultando em um desempenho diferenciado das ações, o que reforça a hipótese de que práticas sustentáveis afetam a percepção de valor dos investidores sobre as ações, refletida na variação dos preços. O resultado inovador é que o desempenho diferenciado das ações destas empresas ingressantes no ISE se mostrou negativo no acumulado do período em questão e inferior ao do Ibovespa.

Purpose: This study examines whether the recent expansion of corn-based ethanol production in Brazil has altered the local cross-correlation dynamics between corn and ethanol prices. Design/methodology/approach: Weekly prices of hydrated ethanol and spot corn markets covering the 2015/16–2024/25 crop years were analyzed. The sample was divided into pre- and post-expansion periods to evaluate the changes associated with the growth of corn-based ethanol production. The analysis employs Multifractal Detrended Fluctuation Cross-Correlation Analysis (MF-X-DFA) to capture persistence and multifractal properties across different fluctuation regimes. Findings: The results indicate persistent long-term cross-correlations between corn and ethanol prices. However, the effects of the expansion of corn-based ethanol production are heterogeneous and vary by region. More pronounced integration was observed in Mato Grosso, where the cross-correlations became more homogeneous and persistent. At the state level, ethanol markets exhibited stronger multifractal dynamics in the post-expansion period, suggesting an increase in the complexity of domestic ethanol price formation. Research limitations/implications: The analysis is limited by the availability of ethanol price data in some producing regions and a relatively short post-expansion period. Practical implications: These findings suggest that market participants may need to adapt risk management strategies to increasingly complex and region-specific price interactions, while policymakers should account for regional heterogeneity in designing biofuel and agricultural market policies. Originality/value: This study provides the first multifractal cross-correlation analysis of regional corn and ethanol markets in Brazil, offering new evidence on how the expansion of corn-based ethanol production affects price dynamics in the emerging biofuel economy.

Este artigo compara os impactos da incerteza gerada pela pandemia da covid-19 na volatilidade dos mercados financeiros de dois grupos de países: emergentes (BRICS) e desenvolvidos (G7). Utilizou-se um índice de incerteza associado a doenças infecciosas (EMVID) para explicar variações na volatilidade. Os resultados indicam associação estatisticamente significativa entre aumentos de risco nos mercados e a incerteza da pandemia. Os países do BRICS apresentaram, em média, maiores níveis de volatilidade, embora sem diferença estatisticamente significativa. Observa-se heterogeneidade entre os países do BRICS, especialmente a China, que apresentou os menores níveis de volatilidade. Os resultados sugerem que análises individualizadas por país são mais informativas do que agrupamentos por blocos econômicos. As principais contribuições do estudo são: (i) teórica, ao evidenciar como crises sanitárias globais afetam a volatilidade dos mercados financeiros; (ii) empírica, ao mostrar que a volatilidade média entre G7 e BRICS não difere estatisticamente no modelo, reforçando a necessidade de análises individuais; e (iii) metodológica, ao aplicar o índice EMVID como proxy da incerteza associada a doenças infecciosas.

This study investigates the relationship between operational and financial efficiency and Environmental, Social, and Governance (ESG) performance in the Oil and Gas sector, a highly sensitive industry in environmental and social terms. A quantitative, descriptive-explanatory approach was adopted, analyzing data from 131 companies obtained from the Eikon database by the London Stock Exchange Group (LSEG). The analysis was conducted in two stages. First, efficiency scores were calculated using a two-stage Network Data Envelopment Analysis (DEA) model. In the second stage, non-parametric tests (Mann-Whitney and Wilcoxon) were applied to assess ESG performance differences between more and less efficient firms. Results indicate that more efficient companies tend to have significantly higher overall ESG scores and outperform in most components across the Environmental, Social, and Governance pillars. Notable exceptions include the Shareholders dimension, which showed no significant difference, and Controversies, where more efficient firms performed worse—possibly due to their greater exposure and visibility. To deepen the analysis, logistic regression was used to identify which indicators are most associated with superior efficiency. Five dimensions were statistically significant: Corporate Social Responsibility Strategy, Community Engagement, Management Practices, Product Responsibility, and Innovation. Corporate Social Responsibility Strategy had the highest marginal effect, increasing the likelihood of superior efficiency by 11.3%. These findings suggest a positive relationship between ESG performance and efficiency, reinforcing the strategic importance of integrating sustainability into core business practices for enhanced performance and competitiveness in the Oil and Gas industry.

Sustainability has become a central concern for both academia and financial markets, particularly regarding the potential of Environmental, Social, and Governance (ESG) practices to mitigate corporate risk. This study addresses the limited empirical evidence from developing economies by examining whether ESG performance influences systematic risk among publicly traded firms in Brazil, an emerging market characterized by volatility and evolving sustainability practices. Using a quantitative approach, this research employs panel data regression models with fixed effects, based on 456 firm-year observations from 108 companies listed on B3 between 2015 and 2023. ESG indicators were obtained from Refinitiv Eikon™ (LSEG), one of the most widely used databases in the literature. Four regression models were constructed: one for the composite ESG score and three for the individual environmental, social, and governance pillars. The robustness of the analysis was verified through winsorization, variance inflation factor (VIF) tests, heteroskedasticity checks, and the Hausman specification test to ensure estimator reliability. The results indicate that only the environmental pillar exhibits a statistically significant negative relationship with systematic risk (β = –0.00032; p = 0.058), suggesting that better environmental performance is associated with lower exposure to market volatility. The composite ESG score and the social and governance dimensions did not show significant effects. These findings diverge from those in developed economies, where ESG performance is often linked to risk reduction.The study provides novel empirical evidence on the partial risk-mitigating role of ESG in emerging markets, highlighting the relevance of environmental practices as the only dimension currently priced by investors in Brazil. It advances the understanding of how institutional maturity and market structure influence the financial materiality of ESG factors, offering implications for policymakers, investors, and researchers interested in sustainable finance in developing contexts.

Sustainability has become a central concern for both academia and financial markets, particularly regarding the potential of Environmental, Social, and Governance (ESG) practices to mitigate corporate risk. This study addresses the limited empirical evidence from developing economies by examining whether ESG performance influences systematic risk among publicly traded firms in Brazil, an emerging market characterized by volatility and evolving sustainability practices. Using a quantitative approach, this research employs panel data regression models with fixed effects, based on 456 firm-year observations from 108 companies listed on B3 between 2015 and 2023. ESG indicators were obtained from Refinitiv Eikon™ (LSEG), one of the most widely used databases in the literature. Four regression models were constructed: one for the composite ESG score and three for the individual environmental, social, and governance pillars. The robustness of the analysis was verified through winsorization, variance inflation factor (VIF) tests, heteroskedasticity checks, and the Hausman specification test to ensure estimator reliability. The results indicate that only the environmental pillar exhibits a statistically significant negative relationship with systematic risk (β = –0.00032; p = 0.058), suggesting that better environmental performance is associated with lower exposure to market volatility. The composite ESG score and the social and governance dimensions did not show significant effects. These findings diverge from those in developed economies, where ESG performance is often linked to risk reduction.The study provides novel empirical evidence on the partial risk-mitigating role of ESG in emerging markets, highlighting the relevance of environmental practices as the only dimension currently priced by investors in Brazil. It advances the understanding of how institutional maturity and market structure influence the financial materiality of ESG factors, offering implications for policymakers, investors, and researchers interested in sustainable finance in developing contexts.

Purpose: This study examines the relationship between board gender diversity and the cost of equity among publicly traded Brazilian companies. Design/methodology/approach: The sample includes Brazilian firms listed on B3 from 2010 to 2023. This study estimated linear and nonlinear regression models using the two-step generalized method of moments (GMM). It measured gender diversity through board composition metrics and diversity indices, while it calculated the cost of equity using the Fama–French five-factor model. Findings: The results obtained suggest that increased board gender diversity is associated with a lower cost of equity, with a nonlinear effect indicating that progressive diversity improvements yield more significant reductions in capital costs. Originality/value: This study better provides a comprehension of gender diversity and financial performance in a Latin American emerging market, addressing a gap in research predominantly focused on developed economies. It is the first to use the Fama–French five-factor model to explore this relationship in emerging markets.

Com o objetivo de analisar a qualidade de formação trazida pelas instituições de ensino, o Governo Brasileiro instituiu o Exame Nacional de Desempenho dos Estudantes (ENADE) que é um dos pilares da avaliação do Sistema Nacional de Avaliação da Educação Superior (SINAES) tendo como ênfase avaliar o desempenho dos alunos em função dos conhecimentos adquiridos ao longo da sua formação. Importante destacar, que nos últimos anos os números de alunos matriculados nos cursos à distância aumentaram em relação ao presencial. Esta pesquisa objetivou comparar os desempenhos dos cursos de Ciências Contábeis das modalidades presencial e a distância verificando se existe diferença significativa entre elas. A partir dos dados de 1.022 cursos de Ciências Contábeis relacionados, foram realizadas estatísticas descritivas, bem como o teste de regressão múltipla verificando se existe diferença significativa entre as notas dos alunos dos cursos de Ciências Contábeis das modalidades existentes no ENADE de 2018. Verificou- se que na nota do componente específico o desempenho no ensino presencial foi melhor e na nota geral não houve diferença significativa entre as modalidades. Em geral as notas das instituições públicas e universidades obtiveram melhor desempenho, tendo a região sudeste obtido melhor desempenho em relação às demais regiões.