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The automotive industry is widely considered to be crucial for the economy, as it reflects economic development in general. Despite interest in financial performance, few studies have considered paying attention to the ownership structure among stockholders. Hence, the study aims to find out how the degree of ownership concentration, measured through the independence indicator of the Bureau van Dijk, is reflected in the financial management of companies in the automotive industry among selected European countries. The generalized method of moments (GMM) technique is widely used while investigating panel data with a short estimating period, i.e. nine years annually in this case. However, this study reveals that, without deploying techniques, subsequently introduced a modified version of GMM estimators with panel data by providing an implementation using Stata statistical software. Otherwise, these particular econometric tools to analyze a dynamic panel can often give false significant estimates. Overall, liquidity seems to be significant in the case of firms with less concentrated ownership, whereas companies with a major owner are affected more by selected macroeconomic variables. [ABSTRACT FROM AUTHOR]

The research aims to analyze and determine the influence of profitability, leverage, company size, ownership structure, and board of commissioners on risk management disclosure. This research was conducted using an associative quantitative research method with data analysis tools using multiple linear regression using SPSS 20 software with a population of 18 companies and a sample of 10 companies engaged in the oil and gas energy sector listed on the Indonesia Stock Exchange for the period 2018-2022. The results of this study show that leverage and company size partially have a significant effect on risk disclosure, while profitability, ownership structure, and board of commissioners partially have a non-significant effect on risk management disclosure. The results of the smear test showed that the results of profitability, leverage, company size, ownership structure, and board of commissioners together affected risk disclosure by 54%. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between corporate social responsibility (CSR), ownership structure, and investment efficiency in the Saudi stock market. Analyzing data from non-financial companies listed on the Saudi Stock Exchange (Tadawul) from 2016 to 2021, the findings revealed that higher CSR disclosures were positively associated with investment efficiency. Additionally, the study found that firms with higher levels of institutional, family, or foreign ownership demonstrated more efficient investment practices. However, the study did not support the moderation effect of ownership structure on the CSR–investment efficiency nexus. These results remain robust across different alternative measures and methods. This research fills a gap in the literature by examining these relationships in an emerging market with unique governance and ownership structures. Specifically, it extends the understanding of the CSR–investment efficiency nexus beyond developed economies to include the developing context of Saudi Arabia. Furthermore, the study highlights the varying effects of different ownership structures on investment efficiency and provides a detailed analysis of how investor types respond to CSR disclosures, revealing differences from established CSR frameworks in developed markets. The study's results offer new insights for investors, policymakers, and regulators, and open avenues for further research for academics and business professionals. [ABSTRACT FROM AUTHOR]

The study aims to examine the relationship between corporate ownership structure and capital structure of BSE listed manufacturing firms in India. The study has included the sample of 357 companies which covers 16 major sectors during the period of 2006–2015. Considering the dynamic panel nature of the data relating to the capital structure and the ownership structure variables. The analysis undertakes a novel approach of examining the determinants both single equation and reduced equation models. In order to determine the most appropriate model, based on the F test, the Breusch Pagan LM test and finally the Hausman Test is conducted. The Hausman test result has been estimated by the fixed effect model is better than the other two models such as pooled OLS and random effect estimation. Based on the fixed effects results, size, risk and profitability have a highly significant relationship with leverage. Meanwhile, the growth opportunities and tangibility represent insignificant values. The study found that the explanatory variables of the promoters' ownership and the institutional ownership have a negative impact on leverage, while the corporate ownership has a positive influence on the capital structure decision. The individual or public ownership has a negative and significantly related to the capital structure, whereas the effect of the foreign ownership inversely related to the firm's leverage. [ABSTRACT FROM AUTHOR]

Purpose – This research is designed to analyze the effectiveness of the audit committee, nomination and remuneration committee, and ownership structure on company performance and how COVID-19 moderates the influence of these governance mechanisms on company performance. Design/methodology/approach – 437 annual reports of Indonesian manufacturing companies from 2018 to 2021 were used as research samples using multiple regression analysis and moderated regression analysis. Findings – Good corporate governance plays a role in improving company performance. The presence of COVID-19 affects corporate governance, thereby reducing performance, but good corporate governance can limit this impact. Practical implications – This research helps companies understand the effectiveness of the supervisory function in improving company performance. This research provides input for companies, regulators, and policymakers to pay attention to good corporate governance, especially when facing a crisis. Originality/value – To my knowledge, research that examines corporate governance mechanisms and company performance related to COVID-19 and investigates whether COVID-19 moderates the influence of corporate governance mechanisms on company performance has never been conducted.

This paper investigates whether and how ownership concentration, as an intearnal mechanism of corporate governance, and market competition, as an external mechanism of corporate governance, interact to influence bank performance. In other words, we test whether ownership concentration and competition are complementary or substitutes. To do so, we use a unique hand-collected database covering commercial banks based in 17 Western European countries from 2006 to 2019. Consistent with previous studies, we find that ownership concentration and market concentration increase the profitability and risk-taking behaviour of banks. Furthermore, no evidence of non-linearity of competition is found for our sample of European banks. Regarding the interaction effect, our results indicate that market competition seems to foster the profitability of banks with concentrated ownership. In addition, we find that risk-taking behaviour of banks with controlling shareholders increases when they operate in competitive markets. These results suggest that ownership concentration and market competition are complementary, and hence banks may benefit differently from these corporate governance mechanisms to improve their performance. [ABSTRACT FROM AUTHOR]

The trend that increasingly places importance on environmental protection, ethical behavior towards all relevant stakeholders, and community involvement puts the business practices of large companies and the consequences that business has on society as a whole under the public’s supervision. For this reason, corporate social responsibility disclosures are constantly gaining importance and attracting the attention of the professional and academic public. The aim of the study is to examine the influence of corporate characteristics (ownership structure, age, and size) on CSR reporting on a sample of corporations whose shares are listed on the Belgrade Stock Exchange in the regulated part of the market in the time period from 2017 to 2021. Panel regression analysis was used to test the hypotheses. The results of the survey indicate that the concentration of ownership and the age of corporations have a statistically significant negative impact, while the size of the corporation has a statistically significant positive impact on reporting on corporate social responsibility in the Republic of Serbia.

Purpose: The purpose of this study is to explore how governance-related determinants affect carbon emission disclosure; if yes, whether government ownership, board diversity, and firm size mediates the relation between these determinants and carbon emission disclosure. We test ownership structure and firm-specific characteristics (board diversity, audit reputation, firm size, audit quality, leverage, and return on asset) towards carbon emission disclosure. Design/methodology/approach: Panel data analysis is used on a final sample of 120 firm-year observations of state-owned enterprises, having published sustainability reports with CED within the last 10 years (2012 - 2021). The direct and mediating effects were tested based on two econometric models and Sobel-Goodman test was conducted to check for the robustness. Findings: Results find that government ownership and board diversity can be employed as a corporate governance mechanism to facilitate public, institutional ownership and audit reputation respectively, towards improved accountability and transparency of CED. Smaller firms with lower financial performance tend to be more motivated to participate in CED in order to attract investment. Research limitations/implications: Several implications arise for various stakeholders including policymakers, and regulatory bodies interested in enhancing sustainability disclosure of firms through good CG mechanism, especially for firms with high government ownership. The findings of this research have wide implications in formulating an efficient CG mechanism for developing countries as SOEs are still prevalent. Originality/value: This study proposes the role of government ownership and board diversity as a CG mechanism and contributes to the voluntary literature, in particular, the link between CG determinants and practices underlying CED.

Purpose – This study aims to see the moderating effect of board diversity on the relationship between ownership structure and real earnings management. Design/methodology/approach – This study uses unbalanced panel data of 75 listed energy firms (346 firm-year observations) from three South Asian emerging economies (Bangladesh, India, and Pakistan) from 2015 to 2019. The two-step system GMM estimation is used for data analysis. This study also uses fixed effect regression to obtain robust findings. Findings – The findings show that firms with a greater ownership concentration and managerial ownership significantly reduce real earnings management. In contrast, the data refute the idea that institutional and foreign ownership affect real earnings management. We also find that board diversity interacts significantly with ownership concentration and managerial ownership, meaning that board diversity moderates the negative link of the primary relationship that reduces real earnings management. On the other hand, board diversity has no interaction with institutional and foreign ownership, implying no moderating effect exists on the primary relationship. Originality/value – To the best of the authors’ knowledge, this is unique research investigating how different ownership structures affect real earnings management in the emerging nations’ energy sector, which the earlier studies overlook. More specifically, this research focuses on how board diversity moderates the relationships between ownership structure and real earnings management, which could be helpful for future investors.

This study aims to analyze the influence of board characteristics, ownership structure, and public attention on the disclosure of information related to climate change in the banking industry. This study uses panel data from financial reports and corporate sustainability in the banking sector. The data is processed using the Eviews application, using a sample of 348 companies from 2018 to 2021. The results show that the presence of women on the board, foreign board members, foreign ownership, and public attention all have a positive and significant effect influence. In contrast, board size and institutional ownership have a negative influence on the disclosure of climate change information by banking companies in different countries. Statistical tests also show that although the level of climate change information disclosure by banking companies is relatively good, there is still room for improvement to be in line with evolving standards. The study also looks at public attention through media coverage, as measured through Google Trends, which has the potential to impact climate change information disclosure, especially in sectors that are sensitive to the issue. Furthermore, the study conducted additional tests by categorizing the sample based on companies located in countries with high and medium rankings in the climate change performance index, as well as grouping them by region (Asia, Americas, and Europe). This research has important practical and theoretical contributions, advancing the understanding of the application of legitimacy and stakeholder theories to climate change and the factors that influence climate change disclosure strategies. [ABSTRACT FROM AUTHOR]

The objective of this research paper is to investigate the association between internal Corporate Governance (CG) mechanisms and stock price volatility in Egypt as an emerging market. The paper investigates the impact of ownership structure and board structure as internal CG mechanisms on stock price volatility. Data are analyzed using a two-way fixed effects model, a one-step dynamic panel data model, and a panel weighted least squares model. The study concluded that ownership concentration has a negative influence on volatility. Interestingly, an inverted U-shaped relationship between the percentage of ownership by the greatest shareholder and volatility is evidenced. Managerial ownership also showed a negative influence on volatility. As for board structure mechanisms, the findings show that both board size and frequency of board meetings negatively influence volatility, whereas board independence has a positive impact. [ABSTRACT FROM AUTHOR]

This study explored the impacts of ownership structure (OS) on intellectual capital (IC) and its components. Data were gathered from 31 Dhaka Stock Exchange-listed banks for five years, from 2017 to 2021, consisting of 155 observations as balanced panel data. The study used the modified value-added intellectual coefficient (MVAIC) model to track the IC efficiency. The robust fixed effects model was employed for regression analysis to test the hypotheses. The research found that sponsor director ownership is negatively associated with the MVAIC, human capital efficiency (HCE), and structural capital efficiency (SCE) but positively with relational capital efficiency (RCE). High institutional and public ownership are positively linked with SCE but negatively with RCE. Foreign ownership is only positively associated with banks' MVAIC and HCE. The regression results showed that high institutional ownership (IO) significantly enhanced the MVAIC and HCE. Foreign and public ownership positively influenced banks' MVAIC, HCE, and capital employed efficiency (CEE) but negatively impacted RCE. The findings of this study will help banks' policymakers with ownership mixes for the optimum utilization of banks' resources. Management may assess IC's efficiency level for proper supervision and use of knowledge resources to boost bank profitability. Also, the findings will help investors make prudent investment decisions. This is the first study to focus on OS and IC with diverse elements in Southeast Asia, especially Bangladesh, an emerging market. [ABSTRACT FROM AUTHOR]

This study examines the effects of the political connecitons on corporate performance, and whether the anti-corruption campaign moderates the relation between political connection and corporate performance. Using a sample of firms listed on the Shanghai and Shenzhen Stock Exchanges in China over the period of 2008 to 2018, we find that political connections have a positive effect on corporate performance and the anti-corruption campaign could improve corporate performances. Moreover, the anti-corruption campaign moderates the relation between political connection and corporate performance. After the campaign, the advantages of political connections are mitigated, and firms rely more on their operations. There is a negative effect of political connections on corporate performance after the campaign, especially in firms with low level of information asymmetry. As far as ownership structure is concerned, this study observes that political connections decrease performances in state-owned enterprises and domestic legal persons under the anti-corruption clauses. Moreover, these negative moderating effects only work in firms with low level of information asymmetry. Our results are not biased by endogeneity problems after a battery of robustness checks. The findings of this paper contribute to corporate governance and management practices in emerging markets. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the present study is to conduct a comprehensive analysis of the importance of pension funds in the most important corporate governance mechanisms of listed companies in Poland. Design/methodology/approach: Due to the complexity of the subject, four research approaches have been applied. These include: the importance of pension funds in the capital market, their share in the shareholding structure of listed companies, the activity of open pension funds (OFE) at general meetings of shareholders, the formal and effective participation of OFE at general meetings of shareholders. Fourteen indicators were used that measure the share of pension funds in corporate governance. Findings: Pension funds have about 4.5 times bigger market capitalisation share than the investment funds. They are shareholders of 50% of the companies listed on the Warsaw Stock Exchange. The largest OFE are very active in proposing resolutions, candidates for supervisory boards and taking action aimed to protect the interests of minority shareholders. The effectiveness of supervision exercised by pension funds depends, inter alia, on their formal and effective participation in control structures at general meetings of shareholders. In the companies studied, the effective participation of OFE at general meetings of shareholders was on average 1.5 times higher than their formal participation. The possibilities of influence of OFE are therefore much greater than their formal shares in the control structure. Research limitations/implications: The formal and effective OFE participation at general meetings of shareholders has been studied on the example of 47 companies, in which the total OFE share in the shareholding structure was around 25% and more. Further research should include all companies with OFE share. Practical implications: The results of the research may be important for further directions of development of the capital market and pension system in Poland. Originality/value: The added value of this study lies in both the methodological aspects and the empirical findings. An important element of novelty is that a methodology has been proposed to explore different aspects of this complex problem. This has enabled a multithreaded but coherent analysis of the importance of pension funds in corporate governance. [ABSTRACT FROM AUTHOR]

Drawing upon institutional theory, we investigate how companies react to coercive pressures which impose anti-corruption disclosure practices. We adopt the concept of change in the institutionalized field and investigate the impact of the natural experiment of the Non-Financial Reporting Directive (NFRD) implementation on a company's choice for disclosing its anti-corruption policy. We examine the relationship between firm linkages with the external environment, proxied by board independence and ownership dispersion, and anti-corruption disclosure. We use a sample of 72 companies listed on the Warsaw Stock Exchange over the period of 2015–2019 that were subject to the NFRD legislation. The evidence from the Tobit model shows that the linkages with the external environment differentiate company reactions to the implementation of the mandatory reporting legislation. In particular, greater company linkages via interdependent directors and ownership dispersion increase the scope of the anti-corruption disclosure in the post-NFRD period. Our study offers policy implications suggesting that corporate scrutiny and exposure to external constituencies may improve implementation of legislation into company practice and enhance anti-corruption disclosure. [ABSTRACT FROM AUTHOR]

This study intends to examine the influence of ownership structure and political connections on tax avoidance using the Book Tax Differences (BTD) method. The data used is industrial entities registered on the IDX for the 2018-2022 period. By utilizing the proportional sampling method, the study sample that fulfilled the criteria was only 40 companies so that 200 observational data were obtained which were used as the study sample. Panel data regression analysis is the chosen analytical method in this research which includes the Chow test, Hausman test, and hypothesis testing using Eviews as a data analytics tool. The test results imply that (i) government ownership negatively impacts tax avoidance, (ii) institutional ownership positively impacts tax avoidance, (iii) family ownership positively impacts tax avoidance, (iv) foreign ownership shows a non-significant positive impact on tax avoidance, and (v) political connections exhibit a non-significant negative impact on tax avoidance. [ABSTRACT FROM AUTHOR]

Earnings quality is crucial to provide investors and lenders with accurate information about the economic health of the firm and to help them make the right decisions. This paper examines whether the pooling of financial resources and internal funds allocation in corporate groups has a positive effect on earnings quality through reduced earnings management practices in affiliated firms. It is hypothesized that the funding benefits of pooling financial resources in corporate groups allow affiliated firms to reduce solvency problems arising from higher leverage, which in turn reduces incentives for earnings management. The study is based on a balanced panel data set of 95 non-financial firms traded on Borsa Istanbul covering the period between 2015 and 2022 (8 years) with a total of 760 observations. Using management's discretionary accruals as a proxy variable to measure management's flexibility to engage in earnings management, this study finds that being affiliated to a business group reduces earnings management incentives in group affiliates when firm's leverage increases. The business group's support on the debt-leveraged firm alleviates the motivation for earnings management practices. [ABSTRACT FROM AUTHOR]

Understanding how firms cope with economic crises is of great importance, particularly in this period of rising interest rates coupled with a severe pandemic crisis. This study conducts an empirical analysis of firms in distress based on a large firm-level panel dataset containing detailed micro-level information on Chinese manufacturing firms. We study economic distress rather than financial distress. Moreover, we identify survival tactics adopted by distressed firms and the factors driving their choice of tactics. We show that three particular survival tactics help distressed firms recover, namely, reliance on fixed assets, reliance on intangible assets, and cost reduction. Furthermore, we show the critical role of institutional development in emerging economies, where institutions include product markets, financial markets, and legal institutions. [ABSTRACT FROM AUTHOR]

Introduction: Historically, the corporate governance (CG) framework was designed primarily to safeguard the economic interests of shareholders, as a result of political and legal interventions, developing into an effective instrument for stakeholders and society in general. Purpose: The core objectives of the study include: identifying journals/publications responsible for publishing CG studies in India, key CG issues covered by CG researchers, the amount of high-impact CG literature across different time periods, sectors/industries covered by CG researchers and different research instruments (quantitative or qualitative) used in CG studies in India. Design/methodology: The chapter used a sample of 130 corporate governance studies that fulfil the selection criteria, drawn from the repository of over 100 reputed journals that are either recognised by the Australian Business Deans Council (ABDC) or indexed by SCOPUS. A systematic literature review has been carried out pertaining to CG issues in India, based on various statistical tools, data, industries, research outlets & citations, etc. Findings: The results show an overwhelming number of studies have assessed the relationship between CG variables and firm performance, which could be measured through a variety of performance metrics such as ROA and ROI. Apart from empirical analysis, many conceptual studies use repetitive basic statistical tools like descriptive statistics or regression analysis. The chapter offers insights into current achievements and future development. Originality/value: This bibliometric study is a useful guide for policymakers, corporate leaders, research organisations and management faculty to draw insights from work produced by eminent researchers in GC in India. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the determinants of the dividend distribution policy in a banking setting. Design/methodology/approach: Using a sample of 48 Islamic banks and 94 conventional banks from 15 Islamic countries over a period spanning from 2012 to 2019, we document the effect of board gender diversity, executive director profile and governance mechanisms on dividend payment decisions. We also analyze the moderating effect of Islamic banks on the relationship between gender diversity and dividend policy. Findings: We find new evidence on the role of women directors in determining dividend distribution policy and confirm the risk aversion hypothesis, hence contributing to the ongoing debate on gender diversity literature. Our results show that the moderating role of Islamic banks is effective only for small banks. Practical implications: Our findings have practical implications for shareholders, managers and financial analysts as they suggest rationalizing dividend distribution strategies. Originality/value: Our study contributes to the growing body of knowledge on dividend policy, gender diversity and Islamic banks. [ABSTRACT FROM AUTHOR]

This research assesses the impact of ownership structure on financial sustainability. Panel data from 102 Saudi non-financial listed firms covering 2013 to 2022 were analysed using OLS and fixed effects methods. Further, the GMM was employed to check for robustness. The research outcomes reveal the strong and positive effects of institutional ownership and family shareholding on financial sustainability. This positive impact implies that robust and stringent monitoring of family shareholding and institutional investors may neutralise managerial entrenchment, reduce agency costs and pave the way for financial sustainability. However, government ownership appears insignificant, while managerial ownership exerts a strong negative influence on financial sustainability. The negative effect suggests that managerial shareholding may be counterproductive to organisational efficiency. Importantly, the outcomes look consistent using several econometric models. Therefore, the research findings may further shape policymakers' understanding of how the diverse monitoring strategies of ownership structure influence financial sustainability. Also, the results may serve as an incentive for managers and standard setters to support firms in embracing institutional and family shareholding. The presence of these shareholders may minimise agency conflicts and maximise firm value for sustainable profitability. [ABSTRACT FROM AUTHOR]

This study investigates the influence of Islamic law on the value of cash holdings. The empirical analysis was conducted using Indonesian-listed companies from 2012 to 2020 as the research sample. It is hypothesized that companies adhering to Islamic law will increase the value of cash holdings. Considering the ownership structure, it is hypothesized that higher ownership by institutions and corporate insiders in Islamic-compliant companies will lead to higher value of cash holdings. The empirical results of this study reveal that companies adhering to Islamic principles do indeed increase the value of cash holdings. Additionally, higher institutional and insider ownership in Islamic-compliant companies increase the value of cash holdings. The empirical implications of this study suggest that religious beliefs influence managerial decision-making, leading to more cautious control over cash. Both religion and ownership structure play important roles in the efficient use of cash by managers. [ABSTRACT FROM AUTHOR]

This paper analyzes strategic environmental policy when polluting firms engage in overlapping ownership arrangements (OOAs) under differentiated duopoly with quantity competition. Specifically, we focus on two pollution control instruments: emission taxes and standards. The key findings are as follows: (i) Compared to the case without ownership, the optimal environmental tax rate and absolute standard are higher (lower) when the polluting firms' products are complements (substitutes). (ii) Both the tax and standard policies are equally efficient in their effects on the firms' output and abatement decisions, consumer surplus, environmental quality, and social welfare, regardless of whether the differentiated products are complements or substitutes. (iii) If the government sets equity share and emission tax (or standard) simultaneously to maximize social welfare, the optimal equity share may exceed 50% for OOA firms producing two complements and is inversely related to the degree of product complementarity. Our results have welfare implications for the choice of environmental regulation between taxes and standards, when equity share is exogenous, or when the government determines an optimal mix of equity share and emission tax (or standard). [ABSTRACT FROM AUTHOR]

Stock price garners considerable attention from internal (financial and executive managers) and external (creditors and shareholders) users. Shareholders invest in the company's stock to gain profitable returns. Cash holding level is among the most important determinants of firm value (stock price). Managers might invest the excess cash in non-profitable projects and reduce the firm value. However, studying corporate governance mechanisms and ownership structure can control such managerial behaviors. Therefore, this study investigates the impact of corporate governance, ownership structure, and cash holding on firm value. The sample comprises 35 companies listed on the Iraq Stock Exchange via a systematic sampling method. Multiple regression models and panel data analyzed the data. Findings show that corporate governance and cash holding affect the value of Iraqi companies, but ownership structure does not significantly affect firm value. To the extent of our knowledge, this is the first study investigating the impact of corporate governance, ownership structure, and cash flow on the value of Iraqi companies. Despite earlier studies, this study uses the composite index to evaluate corporate governance. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the impact of equity ownership structure (i.e. CEO ownership, board chair ownership and institutional ownership) on internationalization of firms. The moderating role of international experience of board chairs is also examined. Design/methodology/approach: This study uses Compustat-Capital IQ data from Standard &Poor's. The sample of this study includes 309 US multinational corporations representing different sectors. The parameters were estimated by using the ordinary least squares regression with the SPSS statistical package. Findings: The finding of this study suggests that CEO ownership and board chair ownership have a significant, positive impact on the degree of internationalization of firms, whereas institutional ownership has a negative impact. The predicted moderating role of international experience of board chairs has found mixed results. Originality/value: This study contributes to the literature by taking a holistic approach to examine the impact of equity ownership types (i.e. CEO ownership, board chair ownership and institutional ownership) on firms' degree of internationalization. To the best of the authors' knowledge, this research is also the first to investigate the impact of independent board chairs' equity ownership and international experience on internationalization. [ABSTRACT FROM AUTHOR]

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Copyright of Estudios Gerenciales is the property of Universidad ICESI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective: To analyze the influence of ownership structure characteristics and performance in environmental, social, and corporate governance (ESG) practices on the engagement of publicly held companies listed in the Brazilian stock market with Sustainable Development Goals (SDGs). Method: Quantitative study addressing 1,123 observations of companies listed in Brazil, Bolsa, Balcão [B]³3 from 2016 to 2021. Data was collected on Economatica®, [B]³, CSRHub®, Global Compact, and the companies' websites. The primary techniques used to validate the results were univariate, bivariate, and multivariate statistics and logistic regression. Results: The findings show a consistent impact of ESG aspects on engagement with the SDGs. Other factors such as company size, external verification of sustainability reports, participation in the Corporate Sustainability Index, and adherence to the Global Compact are preponderant for adherence to SDGs. Companies with a higher number of institutional investors are less involved with the SDGs; however, these companies have high performance in ESG when they intensify their engagement with SDGs. Contributions: ESG intensifies engagement with sustainable development, even in companies with an ownership structure that is little concerned with other stakeholders' interests. ESG practices seem to make private companies more likely to adopt strategies aligned with global sustainable development. [ABSTRACT FROM AUTHOR]