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O score ESG e o underpricing das IPO´s: contexto europeu
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Orientador(es)
Resumo(s)
O underpricing é considerado o principal atributo das IPO. A literatura sustenta
que a assimetria de informação que consta nas IPO é o principal motivo para o
underpricing. Os investidores recorrem ao score ESG para tomarem decisões sobre os
seus investimentos, pois consideram que é uma informação fundamental. Portanto, a
informação disponibilizada pelo score ESG é relevante pois influencia o valor da
empresa, o que por sua vez, permite reduzir a assimetria de informação. A literatura
defende que as teorias de agência, stakeholders, legitimidade, sinalização e criação de
valor são capazes de explicar as práticas ESG, podendo estas ser mutuamente exclusivas
ou não. Neste contexto, o principal objetivo da presente dissertação é perceber a relação
que existe entre o score ESG e o underpricing.
Para a concretização do estudo estabeleceu-se uma amostra de 167 empresas não
financeiras europeias que realizaram uma IPO no período de 2008 a 2021. Foram
estabelecidos 4 modelos distintos para perceber como o score ESG e os seus pilares, de
forma individual, influenciam o underpricing. Os resultados mostram evidências que o
score ESG é significativo para explicar a diminuição do underpricing, dado que os
investidores estão conscientes da sua vantagem competitiva e da obtenção de lucros
sustentáveis a longo prazo. No entanto de forma individual apenas o pilar da governação
é significativo, uma vez que este pilar não é influenciado pela indústria e é essencial para
que exista um bom desempenho ESG.
Underpricing is considered the main attribute of IPOs. The literature argues that the asymmetry of information contained in IPOs is the main reason for underpricing. Investors use the ESG score to make decisions about their investments as they consider it to be fundamental information. Therefore, the information provided by the ESG score is relevant because it influences the value of the company which in turn reduces information asymmetry. The literature argues that the theories of agency, stakeholders, legitimacy, signaling and value creation can explain ESG practices which may or may not be mutually exclusive. In this context the main objective of this dissertation is to understand the relationship between underpricing and the ESG score. To carry out the study a sample of 167 European non-financial companies that carried out an IPO between 2008 and 2021 was established. Four different models were created to understand how the ESG score, and its pillars individually influence underpricing. The results show evidence that the ESG score is significant in explaining the decrease in underpricing once investors are aware of their competitive advantage and of obtaining sustainable profits in the long term. However only the governance pillar is significant individually since this pillar is not influenced by the industry and is essential for good ESG performance
Underpricing is considered the main attribute of IPOs. The literature argues that the asymmetry of information contained in IPOs is the main reason for underpricing. Investors use the ESG score to make decisions about their investments as they consider it to be fundamental information. Therefore, the information provided by the ESG score is relevant because it influences the value of the company which in turn reduces information asymmetry. The literature argues that the theories of agency, stakeholders, legitimacy, signaling and value creation can explain ESG practices which may or may not be mutually exclusive. In this context the main objective of this dissertation is to understand the relationship between underpricing and the ESG score. To carry out the study a sample of 167 European non-financial companies that carried out an IPO between 2008 and 2021 was established. Four different models were created to understand how the ESG score, and its pillars individually influence underpricing. The results show evidence that the ESG score is significant in explaining the decrease in underpricing once investors are aware of their competitive advantage and of obtaining sustainable profits in the long term. However only the governance pillar is significant individually since this pillar is not influenced by the industry and is essential for good ESG performance
Descrição
Mestrado Bolonha em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Underpricing IPO ESG score Assimetria de informação Information asymmetry
Contexto Educativo
Citação
Sanches, Kenza Fernandes (2023). "O score ESG e o underpricing das IPO´s: contexto europeu". Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão