Uma perspectiva austríaca do ESG
DOI:
https://doi.org/10.30800/mises.2021.v9.1416Palavras-chave:
ESG, Debate sobre o cálculo socialista, Agência, empreendedorismo, assimetria da informaçãoResumo
Esse artigo analisa o debate contemporâneo sobre ESG (Environment, Social, Governance), utilizando as ideias econômicas da Escola Austríaca de Economia; em particular, as teorias sobre empreendedorismo, agência e assimetria de informação. Essas ideias contrastam com conceitos similares da economia “dominante”, sugerindo que a visão austríaca vai além, em primeiro lugar, do foco em eficácia, além da eficiência e nas instituições, além da legalidade. Quando aplicado ao ESG, a visão austríaca o retrata como um caso específico do debate socialista, ou do cálculo econômico. O ESG provoca desajustes entre os objetivos inter e infraempresariais, exacerba os problemas de agência e padece de graves defeitos em termos de conceitualização e metodologia. No entanto, apoiar-se no empreendedorismo poderia fazer o ESG funcionar. Assim, esse artigo aplica a economia austríaca aos debates contemporâneos, afirmando que suas ideias proporcionam uma perspectiva única e, ao mesmo tempo, atualizamos seu programa de pesquisa.
Downloads
Métricas
Referências
Agudelo, Mauricio Andrés Latapí; Jóhannsdóttir, Lára; Davídsdóttir, Brynhildur. A literature review of the history and evolution of corporate social responsibility. International Journal of Corporate Social Responsibility, v. 4, n. 1, p. 1-23, 2019.
Aw, Edward N.W.; LaPerla, Stephen J.; Sivin, Gregory Y. A Morality Tale of ESG: Assessing Socially Responsible Investing. The Journal of Wealth Management, v. 19, n. 4, p. 14-23, 2017.
Bylund, Per L. The Problem of Production: A new theory of the firm. London: Routledge, 2015.
Chambers, Donald R.; Kazemi, Hossein B.; Black, Keith H. Alternative Investments: CAIA Level II. Hoboken: John Wiley & Sons, 2020.
CoquereT, Guillaume. Perspectives in ESG equity investing. Published by SSRN on March 10, 2021. Available at: https://ssrn.com/abstract=3715753. Accessed on: Jul 19 2021.
CornelL, Bradford. ESG Investing: Conceptual Issues. The Journal of Wealth Management, v. 23, n. 3, p. 61-69, 2020.
Cornell, Bradford. ESG preferences, risk and return. European Financial Management, v. 27, n. 1, p. 12-19, 2021.
Dimson, Elroy; Marsh Paul; Staunton Mike. Divergent ESG Ratings. The Journal of Portfolio Management, v. 47, n. 1, p. 75-87, 2020.
DILORENZO, Thomas. A Note on the Canard of "Asymmetric Information" as a source or Market Failure. The Quarterly Journal of Austrian Economics, v. 14, n. 2, 2011.
Eisenhardt, Kathleen M. Agency theory: An assessment and review. Academy of Management Review, v. 14, n. 1, 1989.
Fama, Eugene F. Contract costs, stakeholder capitalism, and ESG. European Financial Management, v. 27, n. 2, 2021.
Fernández-Temprano, Miguel A.; Tejerina-Gaite. Fernando. Types of director, board diversity and firm performance. Corporate Governance: The International Journal of Business in Society, v. 20, n. 2, 2020.
Foss, Nicolai J.; Klein, Peter G. (eds.). Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization. Chettelham: Edward Elgar Publishing, 2002.
Gunning, J. Parick. The Theory of Entrepreneurship in Austrian Economics. London: Routledge, 2018.
Hansmann, Ralph; Mieg, Harald A.; Frischknecht, Peter. Principal sustainability components: empirical analysis of synergies between the three pillars of sustainability. International Journal of Sustainable Development & World Ecology, v. 19, n. 5, 2012.
Hill, John. Environmental, Social, and Governance (ESG) Investing: A Balanced Review of Theoretical Backgrounds and Practical Implications. London: Academic Press, 2020.
Hillier, Brian. The Economics of Asymmetric Information. New York: Macmillan International Higher Education, 1997.
Kirzner, Israel M. (ed.) Method, Process, and Austrian Economics. Lexington: Lexington Books (1982).
Kotsantonis, Sakis; Serafeim, George. Four Things No One Will Tell You About ESG Data. Journal of Applied Corporate Finance, v. 31, n. 2, p. 50-58, 2019.
Landi, Giovanni; Sciarelli, Mauro. Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, v. 15, n. 1, p. 11-27, 2019.
Mises, Ludwig von. Economic Calculation in the Socialist Commonwealth. In Friedrich A. Hayek, ed. Collectivist Planning. Auburn: The Ludwig von Mises Institute, [1920/1935] 1990.
Mises, Ludwig von. Socialism. Indianapolis: Liberty Classics, [1936] 1981.
Mises, Ludwig von. Bureaucracy. Grove City: Libertarian Press, [1944] 1983.
Mises, Ludwig von. Human Action: A Treatise on Economics. Auburn: The Ludwig von Mises Institute, [1949] 1998.
Mitnick, Barry M. Agency Theory. Wiley Encyclopedia of Management, v. 2, p. 1-6, 2015.
Pedercini, Matteo et al. Harvesting synergy from sustainable development goal interactions. Proceedings of the National Academy of Sciences, v. 116, n. 46, 2019
Qureshi, Muhammad et al. Do ESG Endeavors Assist Firms in Achieving Superior Financial Performance? A Case of 100 Best Corporate Citizens. SAGE Open, v. 11, n. 2, p. 1-18, 2021.
Teece, David J.; Kay, Neil. The evolution of the theory of the firm. Chattelham: Edward Elgar Publishing, 2019.
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Copyright (c) 2021 MISES: Interdisciplinary Journal of Philosophy, Law and Economics
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Este periódico está licenciado sob uma Creative Commons Attribution 4.0 International License.
