ESG: uma análise das práticas ESG de empresas privadas presentes na bolsa de valores brasileira e sua relevância para investimentos

Abstract

This study analyzed the influence of ESG (Environmental, Social, and Governance) practices as an attractiveness factor in private companies listed on the Brazilian Stock Exchange (B3). The research adopted a qualitative, documentary, exploratory, and comparative approach, using sustainability reports from companies that are participants and non-participants of the Corporate Sustainability Index (ISE B3). Lojas Renner and Engie Brasil (ISE) and Lojas Marisa and Energisa (non-ISE) were selected, allowing for comparison between similar sectors. The results show that companies with more structured ESG practices demonstrate greater transparency, external assurance, internationally validated targets, and strategic integration of the environmental, social, and governance pillars, reinforcing their credibility and attractiveness in the market. In contrast, companies outside the ISE show punctual advances but still lack robust indicators and consistency in their practices, which limits their competitiveness. It is concluded that ESG is not restricted to an ethical tool but represents a competitive differentiator in Brazil, capable of generating sustainable value and attracting investors. As a limitation, the study highlights the temporal scope and the reduced number of companies analyzed. Future research is recommended to expand the sample, integrate different sectors, and use long-term comparative metrics to deepen the relationship between ESG and corporate attractiveness.