| Abstract [eng] |
Signatories to the UN Principles for Responsible Investment (PRI), launched in 2006, commit to incorporate ESG issues into their investment analysis and ownership policies and practices. As a further sign of the institutionalization of ESG data, Bloomberg terminals integrated ESG data in 2010, dramatically increasing the diffusion of ESG information. As of 2016, more than 100 rating agencies provided ESG data, including large data providers such as Thomson Reuters and MSCI. Using CSR, annual and financial reports of the 50 largest global companies of 2018 year, representing four different sectors, this research aims to find the impact of ESG information disclosure on financial results. The findings show that greater environmental and social disclosures lead to better financial results – income, gross profit and EBITDA, while governance information does not impact any financial results. Investments in CSR have also a positive impact on financial results. Correlation analysis show that disclosing more environmental and governance indicators would improve financial performance, while regression reveal that the disclosure of the number of ESG indicators and investment in CRS activities contribute to revenue growth. |
