Anais
Resumo do trabalho
Gestão Socioambiental · Sustentabilidade e Desempenho das Organizações
Título
DIVERSITY, EQUITY AND INCLUSION AS MEDIATORS BETWEEN ESG AND PERFORMANCE IN PUBLICLY LISTED COMPANIES IN BRAZIL
Palavras-chave
ESG
Diversity, Equity and Inclusion
Organizational Performance
Autores
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Antonio Renato Rafael da SilvaUNIVERSIDADE DE FORTALEZA (UNIFOR)
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Sergio Henrique Arruda Cavalcante ForteUNIVERSIDADE DE FORTALEZA (UNIFOR)
Resumo
Introdução
The relationship between ESG, diversity, and organizational performance remains underexplored empirically, particularly in integrated models. While DI is often treated as a component of the “Social” pillar, emerging literature points to its potential strategic autonomy. Given the increasing regulatory pressure and visibility of companies listed on B3 — including the adoption of indicators such as IDIVERSA B3 — the Brazilian capital market provides a unique setting to examine how inclusion and sustainability intersect within performance dynamics.
Problema de Pesquisa e Objetivo
This study addresses the following question: Do DI practices mediate the relationship between ESG and organizational performance in companies listed on B3? To answer it, the objective is to evaluate the mediating role of DI in the relationship between ESG and performance in publicly listed companies in Brazil.
Fundamentação Teórica
The conceptual model was structured around four hypotheses: H1+: ESG positively affects organizational performance (Iazzolino et al., 2023; Liang et al., 2022); H2+: ESG positively influences DI practices (Deloitte, 2023; Lee & Suh, 2022); H3+: DI positively affects performance (Gomes Filho et al., 2024; McKinsey, 2020); H4+: DI mediates the relationship between ESG and performance (Hu et al., 2023; Manita et al., 2018; Tumewang et al., 2024).
Metodologia
A survey was conducted with 70 executives from B3-listed companies, using validated scales for ESG (Liang et al., 2022), DI (Sakr et al., 2022), and performance (Prieto & Pilar, 2012). Data analysis was performed using structural equation modeling (SmartPLS 4). Validity, reliability, and common method bias were assessed following Hair et al. (2019) and Podsakoff et al. (2003).
Análise dos Resultados
H1+ was not supported, indicating that ESG does not directly affect performance. H2+ was confirmed, showing a significant effect of ESG on DI (β = 0.53; p < 0.001). H3+ was also confirmed, with DI strongly influencing performance (β = 0.54; p < 0.001). H4+ revealed full mediation of DI between ESG and performance (β = 0.29), in line with Hu et al. (2023), Manita et al. (2018), and Tumewang et al. (2024).
Conclusão
The study revealed a full mediation of DI between ESG and performance, suggesting that ESG practices alone do not lead to superior outcomes. DI acts as a strategic channel that transforms sustainability into performance, enhancing innovation, legitimacy, and organizational value. The findings underscore the importance of well-structured inclusive policies and position DI as a key driver of sustainable competitive advantage.
Contribuição / Impacto
The research advances theory by positioning DI as a mediator between ESG and performance, reinforcing its strategic relevance. Practically, it shows that structured inclusion is critical for translating sustainability commitments into organizational outcomes. The findings elevate DI as a competitive differentiator and a central element in corporate strategy.
Referências Bibliográficas
Hu, Z., Ma, L., & Xu, X. (2023). The impact path of executive team heterogeneity and environmental-social-governance on corporate performance. Technology and Investment, 14(4), 279–292.
Manita, R., Bruna, M. G., Dang, R., & Houanti, L. H. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224.
Tumewang, Y. K., Ayunda, K. P., Azzahra, M. R., & Hassan, M. K. (2024). The effects of diversity and inclusion on ESG performance: A comparison between Islamic and conventional banks. Borsa Istanbul Review, 24(4), 1101–1110.
Manita, R., Bruna, M. G., Dang, R., & Houanti, L. H. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224.
Tumewang, Y. K., Ayunda, K. P., Azzahra, M. R., & Hassan, M. K. (2024). The effects of diversity and inclusion on ESG performance: A comparison between Islamic and conventional banks. Borsa Istanbul Review, 24(4), 1101–1110.