Agregação de valor em ofertas públicas iniciais (IPO) considerando fatores socioambientais ESG

Abstract

The debate over the purpose of companies is divided between wealth maximization and social responsibility. Some argue that profit should be the priority, while others believe that companies should also promote socially responsible actions. Even from a financial perspective, value creation goes beyond profit and includes choosing the best funding sources. In this context, going public through an Initial Public Offering (IPO) becomes an alternative for raising funds and creating value. From a social standpoint, a commitment to ESG (Environmental, Social, Governance) practices allows companies to demonstrate social and environmental responsibility, enhancing their positive impact. This research, therefore, aimed to investigate: what is the relationship between value creation and ESG practices in companies conducting IPOs? The main objective was to analyze how ESG practices influence the added value for these companies, using Economic Value Added (EVA) as a financial metric. To address this question, three specific objectives were set, each explored in a separate thesis article. The first article presents a bibliometric analysis of IPOs and value creation. The results indicated a significant amount of research on IPOs, but few studies focus on the relationship between IPOs and added value. The second article conducted a literature review on the role of ESG practices as a competitive advantage for companies. The results showed that the topic is widely explored globally, with a consistent increase in publications over time, highlighting the importance of ESG practices for business performance. The third article used a linear regression analysis to examine how ESG practices influence EVA in companies that have gone public. The study identified a significant negative relationship between increased ESG practices and economic value added. In other words, companies investing more in socially responsible actions tend to show a reduction in EVA. This finding suggests that improved ESG performance may, paradoxically, be associated with a reduction in economic value. The results provide insights for informed decision-making regarding the impact of ESG on value creation in IPO firms. Although ESG is widely promoted as positive, the findings indicate a more complex scenario where increased ESG practices do not always lead to direct financial gains. Thus, this research contributes to the literature by incorporating ESG into the study of IPOs and value, offering practical and theoretical insights into corporate finance, sustainability, and social responsibility.