Análise de uma carteira teórica composta por empresas do agronegócio listadas no Novo Mercado da B3 e com práticas ASG (Ambiental, Social e Governança)

Resumo

Agribusiness was responsible for 20.4% of Brazil's GDP in 2019 (CEPEA 2023) and 15.1 million Brazilians had jobs in agricultural establishments in 2017, (IBGE 2017), which demonstrates its relevance for the generation of wealth, employment and income. Brazil stands out globally as the largest exporter of soy and beef, largest producer of sugar and coffee and ranks third in the production of corn and beans (Embrapa 2022), which consolidates it as one of the most important food suppliers in the world. There are enormous opportunities to seize when we look at the prospect of global population growth and concern for the environment. To be able to capture the opportunities presented, agribusiness companies will need financial resources to implement the necessary actions. Therefore, it is important to develop and expand methods of raising funds for agribusiness. Investors rationally seek to maximize returns while minimizing risks, but they still do not have a consensus on the relevance and effectiveness of Environmental, Social and Governance - ESG practices in making investment decisions. Therefore, the objective of this dissertation is to understand whether agribusiness companies that have ESG practices generate financial value for investors and mitigate the level of risk. To achieve this, the study uses Markowitz's theory to define a theoretical portfolio composed of agribusiness companies listed on the Novo Mercado B3 and which publish a sustainability report, and compare the performance (return) and volatility (risk) of this portfolio to the Ibovespa and the ISE B3. The study is part of the rich and growing literature that analyzes the relationship between good ESG practices and company performance. Therefore, the study is part of the rich and growing literature that analyzes the relationship between good ESG practices and company performance, demonstrating that this theoretical portfolio presented an accumulated return of 198.62% in the period from 09/03/2018 to 09/01/2023 and with a risk of 1.413%, which suggests the sector's strong growth potential in the Brazilian capital market.

Ficha do documento

Tipo

Dissertação

Ano

2023

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/34686

Temas

EconomiaGovernançaMeio Ambiente

Palavras-chave

AgronegócioASGFinanças verdesMarkowitzMercado de capitaisAgribusinessCapital marketsESGGreen financeEconomiaAgroindústriaFinanças - Aspectos ambientaisMercado de capitais - BrasilInvestimentos - AdministraçãoMarkowitz, H. (Harry), 1927-