O Desempenho Environmental Social And Governance (ESG) Varia De Acordo Com o Ciclo de vida da empresa?

Objective: To examine the relationship between ESG performance and the life cycle of companies in different countries during the COVID-19 pandemic. Method: The sample comprises 2,206 observations of Latin American companies between 2012 and 2023, with data collected on the LSEG® platform and processed using descriptive statistics and Generalized Least Squares (GLS) and Panel-Corrected Standard Errors (PCSE) regression models. Originality/Relevance: This study stands out for analyzing the relationship between ESG performance and the stages of the company lifecycle in the context of an exogenous shock, namely the COVID-19 pandemic. Furthermore, it disaggregates ESG into its environmental, social, and governance pillars and uses a multi-country sample of Latin American companies, thereby expanding the empirical evidence in a context that remains relatively unexplored. Results: ESG performance showed a significant association with ECV (Environmental, Social, and Governance) factors, particularly in the maturity phase, which exhibited the strongest ESG performance. Among the pillars, Environmental showed a positive relationship with maturity and differences between countries, indicating better performance at this stage. Social showed an inverse relationship in the decline phase, indicating lower company performance, while Governance did not show a statistically significant association with ECV factors. During the COVID-19 pandemic, there was a significant increase in the relationship between ESG performance and ECV factors, especially in the "E" and "S" pillars. Theoretical/Methodological Contributions: The study shows that ESG performance varies with a company's ECV (Environmental, Social, and Governance) value, allowing for an understanding of how ESG practices unfold at different stages of a company in the Latin American context.