El comportamiento medioambiental como impulsor estratégico de los resultados financieros: Un análisis de enfoque mixto
DOI:
https://doi.org/10.36517/contextus.2025.95603Palabras clave:
desempeño ambiental; desempeño financiero; índice de sostenibilidad empresarial; cambio climático; Brasil.Resumen
Contextualización: Este estudio surge de la necesidad de profundizar en el conocimiento del impacto del desempeño ambiental en el desempeño financiero de las empresas del mercado de capitales brasileño.
Objetivo: El objetivo general de este estudio fue analizar la influencia de las dimensiones Medio Ambiente y Cambio Climático en el desempeño financiero de las empresas que cotizan en el Índice de Sostenibilidad Empresarial (ISE).
Método: El estudio se dividió en dos fases metodológicas, de naturaleza descriptiva y enfoque cuantitativo y cualitativo, respectivamente. En la fase cuantitativa del estudio se utilizaron las técnicas de correlación de Pearson y regresión lineal múltiple. En la fase cualitativa, se realizó un análisis de contenido de los resultados de las entrevistas semiestructuradas.
Resultados: Los resultados de la primera fase de la investigación mostraron que el desempeño de la dimensión Medio Ambiente tiene una influencia positiva y estadísticamente significativa, pero con una magnitud baja del tamaño del efecto, sobre los indicadores de rentabilidad ROA y ROE de las empresas cotizadas. En la segunda fase de la investigación, se identificó que los gestores reconocen el impacto de las prácticas de gestión ambiental sobre los resultados financieros, destacando los riesgos y oportunidades relacionados, la imagen organizacional, la reputación y la competitividad, así como las barreras que aún existen para implementar prácticas más respetuosas con el medio ambiente e integradas con los aspectos financieros.
Conclusiones: Destaca el carácter innovador del estudio al proponer la realización de un estudio de enfoque mixto con vistas a comprender la relación entre el desempeño ambiental y el financiero, iniciativa poco identificada en estudios anteriores. Además, la muestra de empresas analizadas pertenecía al ISE, uno de los principales índices de referencia del mercado de capitales brasileño.
Descargas
Citas
Ahmed, S. K. (2025). Sample size for saturation in qualitative research: Debates, definitions, and strategies. Journal of Medicine, Surgery, and Public Health, 5, 1-6. https://doi.org/10.1016/j.glmedi.2024.100171
Almada, L., & Borges, R. (2018). Sustainable competitive advantage needs green human resource practices: A framework for environmental management. Revista de Administração Contemporânea, 22(3), 424-442. https://doi.org/10.1590/1982-7849rac2018170345
Almada, L., Borges, R. S. G., & Ferreira, B. P. (2022). As estratégias da visão baseada em recursos naturais são lucrativas? um estudo longitudinal do índice de sustentabilidade empresarial brasileiro. Revista Brasileira de Gestão de Negócios, 24(3), 533-555. https://doi.org/10.7819/rbgn.v24i3.4185
Amarasuriya, S., Burke, G., & Hsu, T. K. (2024). Operational competitiveness and the relationship between corporate environmental and financial performance. Journal of Risk and Financial Management, 17(364), 1–17. https://doi.org/10.3390/jrfm17080364
Arteaga, E., Nalau, J., Biesbroek, R., & Howes, M. (2023). Unpacking the theory-practice gap in climate adaptation. Climate Risk Management, 42, 1–16. https://doi.org/10.1016/j.crm.2023.100567
B3 S.A. – Brasil, Bolsa, Balcão. (2022). ISE B3 2022 (Carteira 2023). https://esgworkspace.b3.com.br/dashboard
B3 S.A. – Brasil, Bolsa, Balcão. (n.d.). Índice de Sustentabilidade Empresarial (ISE B3). https://www.b3.com.br/pt_br/market-data-e-indices/indices/indices-de-sustentabilidade/indice-de-sustentabilidade-empresarial-ise-b3.htm
Baah, C., Opoku-Agyeman, D., Acquah, I. S. K., Agyabeng-Mensah, Y., Afum, E., Faibil, D., & Abdoulaye, F. A. M. (2021). Examining the correlations between stakeholder pressures, green production practices, firm reputation, environmental and financial performance: Evidence from manufacturing SMEs. Sustainable Production and Consumption, 27, 100–114. https://doi.org/10.1016/j.spc.2020.10.015
Bodgan, V., Rus, L., Gherai, D. S., Florea, A. G., & Bugnar, N. G. (2023). A streamline sustainable business performance reporting model by an integrated FinESG approach. Sustainability, 15, 1–25. https://doi.org/10.3390/su152416860
Braunerhjelm, P., & Hepburn, C. (2023). Climate change, complexity, and policy design. Oxford Review of Economic Policy, 39, 667–679. https://doi.org/10.1093/oxrep/grad047
Cassepp-Borges, V., Balbinotti, M. A. A., & Teodoro, M. L. M. (2010). Tradução e validação de conteúdo: Uma proposta para a adaptação de instrumentos. In L. Pasquali (Org.), Instrumentação psicológica: Fundamentos e práticas (pp. 506-520). Artmed.
Castilho, A. R. B., & Barakat, S. R. (2022). The relationship between climate change mitigation strategies and the financial performance of Brazilian companies. Journal of Industrial Ecology, 26, 1294-1305. https://doi.org/10.1111/jiec.13265
Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323-3338. https://doi.org/10.1080/00036846.2014.927572
Chowdhury, S. B., Dasgupta, R., Chowdhury, B. K., & Sen, N. (2023). Evolving alliance between corporate environmental performance and financial performance: A bibliometric analysis and systematic literature review. Business and Society Review, 128(1), 95-131. https://doi.org/10.1111/basr.12301
Cornellissen, T., & Mukwarami, S. (2024). Examining the relationship between environmental management accounting practices and return on equity in the South African chemical industry. Environmental Economics, 15(1), 190–202. https://doi.org/10.21511/ee.15(1).2024.14
Creswell, J. W. (2007). Qualitative inquiry and research design: Choosing among five approaches. 2 ed. Sage Publications.
Diez, N. R., Cuervo, C. M., & Parra, M. A. (2023). Exploring the asymmetric impact of sustainability reporting on financial performance in the utilities sector: A longitudinal comparative analysis. Utilities Policy, 84, 1–12. https://doi.org/10.1016/j.jup.2023.101650
Donohue, W. O., & Torugsa, N. A. (2016). The moderating effect of ‘green’ HRM on the association between proactive environmental management and financial performance in small firms. The International Journal of Human Resource Management, 27(2), 239-261. https://doi.org/10.1080/09585192.2015.1063078
Endrikat, J., Guenther, E., & Hoppe, H. (2014). Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance. European Management Journal, 32, 735-751. https://doi.org/10.1016/j.emj.2013.12.004
Feng, M., Yu, W., Wang, X., Wong, C. Y., Xu, M., & Xiao, Z. (2018). Green supply chain management and financial performance: The mediating roles of operational and environmental performance. Business Strategy and the Environment, 27, 811–824. https://doi.org/10.1002/bse.2033
Garcia, M. P. R., Manrique, A. F. G., Alejandro, K. A. C., & Saenz, A. B. M. (2022). Eco-efficiency and financial performance in Latin American countries: An environmental intensity approach. Research in International Business and Finance, 59, 1–10. https://doi.org/10.1016/j.ribaf.2021.101547
Gasbarro, F., Iraldo, F., & Daddi, T. (2017). The drivers of multinational enterprises’ climate change strategies: A quantitative study on climate-related risks and opportunities. Journal of Cleaner Production, 160, 8–26. https://doi.org/10.1016/j.jclepro.2017.03.018
Gholami, A., Murray, P. A., & Sands, J. (2022). Environmental, social, governance & financial performance disclosure for large firms: Is this different for SME firms? Sustainability, 14(10), 6019, 2–21. https://doi.org/10.3390/su14106019
Grisales, E. D., & Caracuel, J. A. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168, 315–334. https://doi.org/10.1007/s10551-019-04177-w
Guirk, P. M., Downling, R., & Carr, C. (2019). The material politics of smart building energy management: A view from Sydney's commercial office space. Political Geography, 74, 1–10. https://doi.org/10.1016/j.polgeo.2019.102034
Harif, A., & Natasha, P. (2024). A review on green accounting practices and sustainable financial performance. Journal of Business Management and Information Systems, 11, 82–88. https://doi.org/10.48001/jbmis.2024.si1015
Haukos, J. S., & Lewis, R. J. (2005). Advanced statistics: Bootstrapping confidence intervals for statistics with “difficult” distributions. Academic Emergency Medicine, 12(4), 360-365. https://doi.org/10.1197/j.aem.2004.11.018
Hristov, I., Appolloni, A., & Chirico, A. (2022). The adoption of the key performance indicators to integrate sustainability in the business strategy: A novel five-dimensional framework. Business Strategy and the Environment, 31, 3216–3230. https://doi.org/10.1002/bse.3072
Hu, J., & Zhao, Y. (2024). Improving corporate profitability from the inside out with environmental performance: An empirical analysis based on Chinese listed company data. Frontiers in Environmental Science, 12, 1–18. https://doi.org/10.3389/fenvs.2024.1489896
Ismail, A. M., & Azman, K. B. B. (2024). The impact of environmental, social, and governance performance on financial performance: Evidence from Japanese companies. Edelweiss Applied Science and Technology, 8(3), 236–258. https://doi.org/10.55214/25768484.v8i3.950
Kouloukoui, D., Sant’anna, A. M. O., Gomes, S. M. S., Marinho, M. M. O., Jong, P., Kiperstok, A., & Torres, E. A. (2019). Factors influencing the level of environmental disclosures in sustainability reports: Case of climate risk disclosure by Brazilian companies. Corporate Social Responsability and Environmental Management, 26, 791-804. https://doi.org/10.1002/csr.1721
Lee, M. T., & Raschke, R. L. (2023). Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations? Journal of Business Research, 155, 1–11. https://doi.org/10.1016/j.jbusres.2022.113393
Li, D., Cao, C., Zhang, L., Chen, X., Ren, S., & Zhao, Y. (2017). Effects of corporate environmental responsibility on financial performance: the moderating role of government regulation and organizational slack. Journal of Cleaner Production, 166, 1323-1334. https://doi.org/10.1016/j.jclepro.2017.08.129
Lima, C. R. M., Barbosa, S. B., Sobrosa, R. C., Neto, Bazil, D. G., & Guerra, J. B. S. O. A. (2022). Corporate financial performance: A study based on the Carbon Efficient Index (ICO₂) of Brazil Stock Exchange. Environment, Development and Sustainability, 24, 4323–4354. https://doi.org/10.1007/s10668-021-01617-4
Liu, G., Yang, J., Hao, Y., & Zhang, Y. (2018). Big data-informed energy efficiency assessment of China industry sectors based on K-means clustering. Journal of Cleaner Production, 183, 304–314. https://doi.org/10.1016/j.jclepro.2018.02.129
Lucas, E. C., Yoshikuni, A. C., & Agustini, C. A. (2022). Relação de causalidade entre os índices de sustentabilidade empresarial e Ibovespa no Brasil. Reunir: Revista de Administração, Contabilidade e Sustentabilidade, 12(3), 30-42. https://doi.org/10.18696/reunir.v12i3.1476
Lucato, W. C., Costa, E. M., & Oliveira, G. C., Neto. (2017). The environmental performance of SMEs in the Brazilian textile industry and the relationship with their financial performance. Journal of Environmental Management, 203, 550–556. https://doi.org/10.1016/j.jenvman.2017.06.028
Lüdecke, D., Ben-Shachar, M., Patil, I., & Makowski, D. (2020). Extracting, computing and exploring the parameters of statistical models using R. Journal of Open Source Software, 5(53), 2445. https://doi.org/10.21105/joss.02445
Lutzer, A. V. B., Britto, L. P. S., Nascimento, I. J. B. M. F., Moraes, L. C. N., Carvalho, A. P., Moraes, A. S., Marques, F. R. V., Amaral, R. A., & Marques, I. C. (2024). Business management and environmental, social and corporate governance: The tripod of sustainability in organizations. Revista de Gestão Social e Ambiental, 18(8), 1–12. https://doi.org/10.24857/rgsa.v18n8-200
McCarthy, M. A., Thompson, C. J., Hauser, C., Burgman, M. A., Possingham, H. P., Moir, M. L., Tiensin, T., & Gilbert, M. (2010). Resource allocation for efficient environmental management. Ecology Letters, 13, 1280–1289. https://doi.org/10.1111/j.1461-0248.2010.01522.x
Moçato, E., Melo, M. F. S., Campos, W. L., & Polo, E. F. (2019). The business of the business is not just the business: business sustainability as strategic element. Revista de Administração da UFSM, 12(1), 41–53. https://doi.org/10.5902/1983465917339
Moraes, R. (1999). Análise de conteúdo. Revista Educação, 22(37), 7-32.
Murphy, R. (2024). What is undermining climate change mitigation? How fossil-fuelled practices challenge low-carbon transitions. Energy Research & Social Science, 108, 1–11. https://doi.org/10.1016/j.erss.2023.103390
Nações Unidas Brasil. (2021). É preciso refletir o 'verdadeiro valor' da natureza nas políticas e decisões econômicas, diz chefe da ONU. https://brasil.un.org/pt-br/114549-%C3%A9-preciso-refletir-o-verdadeiro-valor-da-natureza-nas-pol%C3%ADticas-e-decis%C3%B5es-econ%C3%B4micas-diz
Santos, M. I. C., Leite, P. A. M., Filho, & Santos, M. L. C. (2021). Sustentabilidade e Desempenho Econômico-Financeiro: análise de aderência ao Índice de Sustentabilidade Empresarial (ISE). Revista de Administração, Contabilidade e Economia da Fundace, 12(3), 39-55. https://doi.org/10.13059/racef.v12i3.737
Schmuller, J. (2019). Análise estatística com R. 2. ed. Alta Books.
Schober, P., Boer, C., & Schwarte, L. A. (2018). Correlation coefficients: Appropriate use and interpretation. Anesthesia & Analgesia, 126(5), 1763-1768. https://doi.org/10.1213/ANE.0000000000002864
Severo, E. A., Guimarães, J. C. F., & Dorion, E. C. H. (2017). Cleaner production and environmental management as sustainable product innovation antecedents: A survey in Brazilian industries. Journal of Cleaner Production, 142, 87-97. https://doi.org/10.1016/j.jclepro.2016.06.090
Silva, V. M., & Lucena, W. G. L. (2019). Contabilidade ambiental: análise da participação no índice de sustentabilidade empresarial (ISE) e a rentabilidade das empresas listadas na [B]3. Revista Gestão & Tecnologia, 19(2), 109-125. https://doi.org/10.20397/2177-6652/2019.v19i2.1563
Sim, J., Saunders, B., Waterfield, J., & Kingstone, T. (2018). Can sample size in qualitative research be determined a priori? International Journal of Social Research Methodology, 21(5), 619-634. https://doi.org/10.1080/13645579.2018.1454643
Sobrosa, R. C., Neto, Lima, C. R. M., Bazil, D. G., Veras, M. O., & Guerra, J. B. S. O. A. (2020). Sustainable development and corporate financial performance: A study based on the Brazilian Corporate Sustainability Index (ISE). Sustainable Development, 28, 960-977. https://doi.org/10.1002/sd.2049
Tan, K., Siddik, A. B., Sobhani, F. A., Hamayun, M., & Masukujjaman, M. (2022). Do environmental strategy and awareness improve firms’ environmental and financial performance? The role of competitive advantage. Sustainability, 14, 1–24. https://doi.org/10.3390/su141710600
Wang, S., Xing, L., Chen, X., & Song, M. (2024). Evaluating and enhancing natural resource asset management efficiency in China: A data envelopment analysis study. Resources Policy, 92, 1-12. https://doi.org/10.1016/j.resourpol.2024.105000
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28, 286–300. https://doi.org/10.1002/bse.2224
Zago, A. P. P., Jabbour, C. J. C., & Bruhn, N. C. P. (2018). Sustentabilidade corporativa e criação de valor: O caso “Dow Jones Sustainability Index”. Gestão & Produção, 25(3), 531–544. https://doi.org/10.1590/0104-530X2958-16
Zhang, K. Q., & Chen, H. H. (2017). Environmental performance and financing decisions impact on sustainable financial development of Chinese environmental protection enterprises. Sustainability, 9, 1–14. https://doi.org/10.3390/su9122260
Zhang, Y. (2021). Influence of resource mismatch between industries on environmental efficiency. Advances in Economics, Business and Management Research, 186, 1–8. https://doi.org/10.2991/aebmr.k.210809.007
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2025 Journal: only for the 1st publication
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.
The authors, while doing the submission, accept the notice below:
We authors hold the copyright related to our paper and transfer Contextus journal the right for the first publication with a Creative Commons’ international license of the modality Attribution – Non-commercial 4.0, which in turn allows the paper to be shared providing that both the authorship and the journal’s right for initial release are acknowledged.
Furthermore, we are aware of our permission to take part in additional contracts independently for non-exclusive distribution of the version of our work published in this journal (e.g. publishing it in an institutional repository or as a book chapter), while acknowledging both the authorship and the journal’s initial publication.
We also certify that the paper is original and up to this date has not been released in any other journal, Brazilian or of another nationality, either in Portuguese or another language, as well as it has not been sent for simultaneous publication in other journals.
Last, we not only know that plagiarism is not tolerated by Contextus but also certify the paper presents the sources of passages from cited works, including those authored by ourselves.
1.jpg)
1.jpg){kind=small}
1.jpg)
1.jpg)
.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
2.png)
2.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
