Relationship between financial performance and corporative governance of mining, oil and gas companies

Relação entre desempenho financeiro e governança corporativa de empresas de mineração, petróleo e gás

Abstract

Abstract  Sustainability in global business has been recognized as a fundamental element for the competitiveness of organizations. However, studies that relate governance and sustainability criteria to the financial performance of such organizations appear ambiguous, inconclusive, or contradictory. This research aims to assess the relationship between the incorporation of ESG criteria and the financial performance of companies in the mining, oil, and gas sector. To achieve this, a systematic literature review was conducted, followed by content analysis. The results obtained show that the social component increases the company's value, and the environmental and governance components do not decrease it. This study represents a contribution by filling a gap in the literature on the relationship between the adoption of ESG criteria by sector companies and their financial performance. Additionally, it serves as a starting point for future research in related areas, providing information and evidence on these relationships and paving the way for a better understanding of the impacts of ESG practices on corporate finance.

Keywords:
Financial performance; ESG; Corporate governance; Mining; Oil and gas

Resumo

Resumo  A sustentabilidade nos negócios globais tem sido reconhecida como um elemento basilar para a competitividade das organizações. No entanto, estudos que relacionam critérios de governança e sustentabilidade ao desempenho financeiro de tais organizações se mostram ambíguos, inconclusivos ou contraditórios. Essa pesquisa tem como objetivo avaliar a relação entre a incorporação dos critérios ESG e o desempenho financeiro das empresas mineradoras, de petróleo e de gás. Para isso, foi realizada uma revisão sistemática da literatura em conjunto com análise de conteúdo. Os resultados obtidos mostram que a componente social aumenta o valor da empresa, e as componentes ambiental e governança não o diminuem. Este estudo representa uma contribuição ao preencher uma lacuna na literatura sobre a relação entre a adoção de critérios ESG por empresas do setor e seu desempenho financeiro. Além disso, serve como ponto de partida para pesquisas futuras em áreas relacionadas, fornecendo informações e evidências sobre essas relações e abrindo caminho para uma maior compreensão dos impactos das práticas ESG nas finanças corporativas.

Palavras-chave:
Desempenho financeiro; ESG; Governança corporativa; Mineração; Petróleo e gás

1 Introduction

The importance of sustainability in global business has been increasingly recognized by companies (Araujo & Pertel, 2023; Johann & Silva, 2023). Companies only achieve success by adhering to solid principles of corporate governance and environmental practices, as well as maintaining strong ties with society and the community (Mattera & Soto, 2023; Foote et al., 2010). Therefore, companies worldwide are concerned not only with their financial performance but also with the environmental and social impacts of their operational activities.

The challenges and opportunities related to the social transition for sustainable development are increasingly integrated into the transformation and development of companies (Calabres et al., 2019). Environmental (E), social (S), and governance (G) issues (hereafter referred to as ESG) have gained more relevance in the science and practice of management in recent decades (Garcia & Orsato, 2020), along with empirical studies on the relationship between ESG practices and the financial performance of companies (Dumitrescu & Zakriya, 2021; Velte, 2016).

The compatibility between ESG criteria and the financial performance of companies remains a central point of academic debates (Friede et al., 2015). Despite several positive examples of this relationship, research results in the field remain ambiguous, inconclusive, or contradictory (Brooks & Oikonomou, 2018; DasGupta & Roy, 2023; Martiningo et al., 2023). Therefore, it can be asserted that there is an ongoing debate on the role and impact of the financial sector in social and environmental sustainability issues (Friede et al., 2015; Weber, 2014).

Empirical studies related to the effects of adopting ESG criteria in companies found in the literature outline incomplete or missing data results; for example, measurement of impacts and their durability (Borgers et al., 2013; Daugaard et al., 2023; Devinney, 2009; Orlitzky, 2013; Wood, 2010). Furthermore, most of these studies are considered outdated and may be obsolete, presenting insufficient evidence to draw satisfactory conclusions (Friede et al., 2015).

The analysis of the issues raised indicates that there is a connection between the incorporation of ESG criteria and the financial performance of companies (Fatemi et al., 2018; Flammer & Luo, 2017). The present study aims to evaluate the relationship between the incorporation of ESG criteria and the financial performance of companies in the mining, oil and gas sector.

The operations of the aforementioned sectors are often associated with environmental damage, including floods, landslides, global warming, decreased water quality and loss of biodiversity, which has become a global problem (Agung et al., 2023; Borghesi et al., 2015). To address the issue of corporate sustainability comprehensively, companies need to focus on both social and environmental perspectives, which involves integrating practices that contribute positively to society and minimize environmental impact (UNDP, 2021).

In contemporary society, mining, oil, and gas companies often face a negative public perception, leading to calls for business transformation and environmental impact reduction. In this sense, sustainability reporting is viewed as a crucial tool to enhance communication between these companies and the community (Agung et al., 2023).

Therefore, to achieve the previously cited goals, a systematic literature review was conducted on scientific databases. This was followed by a content analysis, where the materials found were evaluated for their quality, relevance, and reliability according to the framework proposed by Okoli (2015). From the articles found, very few were deemed relevant for this research, indicating an opportunity for exploring an overlooked area. The results indicate that investment in social issues has a significant impact on increasing the company's value. Additionally, it was found that investment in environmental and governance issues does not decrease this value.

2 Theoretical background

2.1 Sustainability

The concept of sustainability is based on the responsible use of environmental and socio-economic resources, aiming to meet the needs of the current generation without compromising the needs of future generations (Brundtland et al., 1987; Vieira, 2019).

It is noteworthy that companies are facing increasing pressure to address the consequences of sustainability issues, such as environmental and social degradation, as they play a crucial role in seeking solutions to these global challenges (Hermundsdottir & Aspelund, 2021; Tettamanzi et al., 2022). Discussions on corporate sustainability represent an opportunity for companies, not only for cost reduction and process optimization but also to meet the demands of their customers (Pereira & Cândido, 2020).

Consequently, the focus on sustainable values has become increasingly popular among these organizations, considered a factor influencing their competitiveness (Chu et al., 2018). However, a significant portion of corporations views investment in sustainability as a cost without immediate returns, given the high initial investment required and an extended payback period (Cai & Li, 2018; Dey et al., 2020; Hojnik & Ruzzier, 2016).

Recent studies indicate a positive relationship between corporate competitiveness and investment in environmental and social sustainability issues (Hermundsdottir & Aspelund, 2021). However, many of the findings remain inconclusive and even contradictory, suggesting a complex relationship between these themes that requires more detailed and in-depth studies (Cai & Li, 2018; Rezende et al., 2019).

The popularization of sustainability indicators reflects the growing public concern about global and local environmental trends (Silva & Azevedo, 2019; Vieira, 2019). Since sustainable development depends on the balance between the environment, society, and the economy, sustainability assessment requires the analysis of a set of indicators that consider these three aspects (Mariosa et al., 2019; Veiga, 2009).

2.2 ESG indicators

ESG is a set of standards and practices aimed at assessing organizations and classifying them as comparatively better or worse concerning environmental, social, and governance issues (Clément et al., 2022; Tamimi & Sebastianelli, 2017; Tavares & Lisboa, 2022).

The term was first coined in 2006 in the publication 'Who Cares Wins,' released by the United Nations in collaboration with the World Bank, and in the Freshfield report of UNEP-FI, emphasizing the importance of integrating ESG into capital markets (Gao et al., 2021; Vieira, 2022). In the same year, the Environmental Policy of the Goldman Sachs financial group was introduced, formally juxtaposing the previously unrelated terms E, S, and G (Cruz et al., 2022).

The letter E in the term ESG refers to the environmental component and is related to environmental management and aspects of controlling and preventing environmental impacts. The letter S represents social issues, such as the company's impact on communities and local suppliers, as well as employee working conditions.

Finally, the letter G is related to corporate governance practices, encompassing interconnected practices to establish efficient control mechanisms and encourage ethical and transparent behavior by all involved parties. This ensures that their actions align with current legislation and the company's internal rules (Clément et al., 2022; Cruz et al., 2022; Issa & Mazon, 2022).

ESG criteria emerged from the global need to establish methods ensuring that economic development does not negatively interfere with the environment (Cristófalo et al., 2016). These criteria are compiled to generate a score used to assess companies according to each pillar, serving as a metric to represent how well a particular company performs based on the considered requirements (Clément et al., 2022).

It is common for companies in the process of receiving or updating their ESG score to use predetermined metrics, which are subsequently audited by independent firms to prevent the dissemination of misleading information (Stacchezzini et al., 2016).

The main advantages of using ESG in companies include: improvement of the business's reputation in the eyes of stakeholders, enhancement of corporate and financial performance, attraction of customers interested in investing in socially and environmentally responsible companies, and the growth of potential medium- to long-term investments (Lisin et al., 2022; Whelan & Atz, 2021).

Companies should implement practices harmonious with ESG in their operations as quickly as possible, as this demonstrates the organization's commitment to sustainable practices in the eyes of investors, resulting in financial benefits (Prorokowski, 2016). Assessments and obtaining certifications are examples of ways to encourage institutions to adapt their activities to emphasize environmental, social, and governance issues, always paying attention to the need for intelligent management of the risks and opportunities arising from the implementation of the system.

Regarding the reputation of companies, a notably relevant aspect for sustainability is that “[…] the value of an institution's image will be measured and accounted for in the intangible asset, making it an indicator of relevance for investors, especially those who want to make socially responsible investments” (Duda et al., 2022, p. 3). Nevertheless, when it comes to the implementation of ESG in companies, a large portion of them does not adhere to ESG policies in their sustainability principles (Cappucci, 2017).

It is possible to cite as an important factor contributing to low adoption the potential reduction of profit margins in favor of securing other values (Dey et al., 2020; Hojnik & Ruzzier, 2016). However, the literature presents an empirical gap regarding other inhibiting and driving factors for the implementation of ESG practices. Thus, for corporate social responsibility to be effectively carried out, the pursuit of profits cannot be treated as an absolute priority (Issa & Mazon, 2022).

2.3 Corporative finances

Organizational performance is characterized by multiple dimensions, implying that it can be assessed from various perspectives. However, the economic and financial perspective is recognized as the most established and consolidated due to the presence of standardized and comparable indicators (Pereira et al., 2020).

In the face of market globalization, increasing competition, and consumers becoming more conscious and demanding, organizations are committed to identifying elements that differentiate them from competitors, thereby creating a long-term competitive advantage (Santos et al., 2020; Machado & Machado, 2011).

The Signaling Theory asserts that the adoption of corporate governance mechanisms, such as voluntary disclosure of financial information, can increase the perception of credibility and the ability to generate future cash flows for the company in the eyes of market participants. This facilitates access to credit, reduces the cost of capital, and improves the market value of firms (Camargo & Carvalho, 2021; Spence, 1973). This results in a significant increase in the importance attributed to the dimension of corporate social performance as a relevant perspective for evaluating operational performance (Daugaard et al., 2023; Pereira et al., 2020).

Over the last decades, the way organizations engage with shareholders, society, and the environment has gained increasing importance, becoming a fundamental guiding factor for these organizations (Degenhart et al., 2020). As a result, external pressures drive companies to direct their efforts in a sustainable direction (Santos et al., 2020).

The elements of corporate social responsibility gain prominence in this context, opening a significant and broad debate across multiple areas of knowledge with the advancement of empirical research (Silva et al., 2014; Teixeira et al., 2011). The effects of implementing ESG pillars in companies on financial performance have been investigated for decades, with mixed results, partly due to the complexity of the relationship between variables (Matias & Farago, 2021).

According to the stockholder theory, “[…] managers should increase profit, enhance the company's value, respect the rights of capital holders, and thus indirectly contribute to social welfare” (Machado & Machado, 2011, p. 2). Within this context, a company's resources should be employed to improve its own efficiency. The results stemming from this utilization are distributed among the shareholders, who bear the responsibility of deciding how to use these returns, including for the benefit of society.

However, the stakeholder theory dictates that “[…] the responsibility of companies goes beyond profit maximization. [...] Corporations have an obligation to work towards promoting social improvement” (Machado & Machado, 2011, p. 3).

The interest of companies in ESG arises from the expectation of improving relationships and transparency with stakeholders, enhancing their reputation, and gaining greater support from the community in which they operate, thereby improving their financial performance (Matias & Farago, 2021).

Research indicates a positive relationship between ESG and financial outcomes, arguing that adopting these aspects assists in diversification and expanding market opportunities, improving stakeholder relationships, and retaining qualified workforce (Naeem et al., 2022; Qureshi et al., 2021; Friede et al., 2015).

However, there are studies that suggest this relationship is actually negative (Giannopoulos et al., 2022; Mardini, 2022; Saygili et al., 2022), and studies that have found this matter to be inconclusive or to have mixed results (Kalia & Aggarwal, 2023; Naimy et al., 2021). In the attempt to enhance their socio-environmental performance, companies divert resources and efforts from key business areas, resulting in reduced profit (Hull & Rothenberg, 2008; Ma & Yasir, 2023; Park, 2023).

Therefore, the relationship between corporate social responsibility and the financial performance of firms remains a fragmented field due to the inability to reach a consensus among the various studies conducted (Matias & Farago, 2021). Hence, the importance of further research in this area is emphasized to stimulate debates and contribute to filling the mentioned gaps.

3 Method

The research methodology adopted for this study will be a systematic literature review combined with content analysis, aiming to gather information on the effects of ESG adoption on the financial performance of mining companies and oil and gas companies through the analysis of previously conducted studies on the topic.

The method used for this research is based on the framework proposed by Okoli (2015), which proposes a 8-step approach: identifying the purpose, draft protocol, applying practical screen, search for literature, extracting data, appraising quality, synthesizing studies, and writing the review. The content analysis based on Bardin (2011).

Thus, the purpose is to contextualize the literature results in the current business scenario, discuss the theoretical and practical implications of these findings, identify existing research gaps, and suggest areas that require more in-depth investigation in the future.

In the draft protocol, the problem to be solved is defined to outline the course of actions in the research process. As previously observed, there is a connection between adherence to ESG indicators and the financial performance of companies (Fatemi et al., 2018; Flammer & Luo, 2017). However, there is still some resistance on the part of organizations to adopt these standards, with one of the main reasons being the belief that this relationship would not be beneficial (Dey et al., 2020; Friede et al., 2015; Hojnik & Ruzzier, 2016).

Therefore, the literature is searched for studies that describe the results obtained after the implementation of ESG in mining, oil, and gas sector companies, and the effects of applying these practices on the corporation's finances.

Following, the practical screen step involves the selection of the population of elements that will compose the study. The databases used for this purpose are related to publications in the fields of accounting and finance, management, business, and production engineering. Among them, Science Direct, Scopus, Taylor & Francis, and Web of Science can be mentioned. Non-academic sources and materials in languages other than Portuguese, English, and Spanish were excluded from the search.

Environmental and social issues, as well as corporate practices, can change significantly over time, and more recent studies provide more relevant insights into the current reality of companies. Additionally, in recent years, there have been significant advances in technologies and research methodologies, presenting a more advanced methodological approach, a greater amount of available data, and a more in-depth analysis of environmental and social impacts. Therefore, to ensure the relevance of the results to the current context, materials dated more than a decade ago (before the year 2013) were excluded.

In the literature search and data extraction stages, the terms to be used for the actual search are defined, considering the type of information desired. Then, after applying the selected terms to the databases, the findings are listed and enumerated for subsequent analysis.

For this research, the following search parameters were used: (“ESG” OR “environmental, social and governance”) AND (“finances” OR “financial performance” OR “finance performance” OR “financial impact”) AND (“mining” OR “drilling” OR “extraction”).

The keywords mentioned above were chosen through: a) comparing them with those found in the articles used during background research, b) identifying key topics relevant to the target sector, and c) incorporating synonyms and related terms to those already selected. Searching these criteria in the specified databases yielded 1,609 materials as of May 26, 2023.

After obtaining the mentioned results, the list of manuscripts was organized and reviewed for appraising quality. A reference management software was used for this purpose. Thus, the final selection of materials was based on objective criteria, resulting in a set of high-quality and relevant works for addressing the considered problem.

Table 1 illustrates the results of the research, specifying the quantity of results returned in each database after the search for the parameters described in Section 3.3., on the mentioned date.

Table 1
Results obtained from searched databases.

Source	Results
Science Direct	356
Scopus	1,150
Taylor & Francis	100
Web of Science	3

• Source: Authors, based on research data (2023).

The first step of the evaluation was the search and removal of duplicates. Upon analyzing the 1,609 manuscripts, 56 duplicates were found, resulting in 1,553 unique materials after their removal.

Then, the remaining findings were reviewed to verify if their contents were truly relevant for this research. The review consisted of three stages of evaluation. a) For the initial filtering, only the title and keywords of the materials were considered as inclusion or exclusion criteria, resulting in 39 outcomes (the title and/or keywords were required to contain at least one search parameter from each “AND” group of the previously mentioned search string. For example, an article that contained the keywords “ESG”, “finance performance” and “drilling” would meet the inclusion criteria, but not one that contained only “financial impact” and “extraction”). b) The abstracts of the studies were evaluated, obtaining 10 results. c) After a diagonal reading (skimming) of the remaining manuscripts' results, discussions, and conclusions, a final portfolio of 6 materials was obtained. The criteria used for this selection are enumerated below:

• Does the material comprehend and present the concept of ESG correctly?

• Is the main issue addressed by the manuscript the assessment of the financial performance of an organization in the mining, oil, and gas sector after the adoption of ESG criteria?

• Are the problem to be solved and the research objectives explicit and clearly defined?

• Is a clear and sufficient description of the methodology used presented?

• Does the material explicitly describe the evolution of its financial aspects? In other words, is it possible to clearly identify the initial financial scenario of the organization and its situation regarding these issues after the implementation of ESG?

• Are the limitations and obstacles of the conducted research presented?

As part of the synthesis phase of the framework, and as a way to organize and classify the findings, Table 2 presents the final portfolio of studies used for the composition of this literature review. Each of the mentioned titles was assigned an identifier code to facilitate referencing and presentation of the systemic review results.

Table 2
Manuscript portfolio.

N	Title	Reference	Publication
1	Antecedents of Shared Value: Perceptions Within the South African Mining Industry	Khubana et al. (2022)	Journal of Contemporary Management
2	Does Green Innovation Damage Financial Performance of Oil and Gas Companies?	Aastvedt et al. (2021)	Resources Policy
3	Increasing Quantity or Improving Quality: Can Soil Pollution Control Promote Green Innovation in China’s Industrial and Mining Enterprises?	Du et al. (2022)	Sustainability (Switzerland)
4	Responsible Investment in Indonesia Mineral Mining Sector	Kholis et al. (2020)	3rd International Conference on Law and Governance (ICLAVE 2019)
5	Sustainability and Firm Value in the Oil and Gas Industry — A Vicious Circle?	Kaupke & zu Knyphausen-Aufseß (2022)	Corporate Social Responsibility and Environmental Management
6	Which Dimension of Corporate Social Responsibility is a Value Driver in the Oil and Gas Industry?	Chowdhury et al. (2019)	Canadian Journal of Administrative Sciences

• Source: Authors, based on research data (2023).

During quality appraisal, the manuscripts that make up the portfolio are read in their entirety to identify and highlight the most relevant points for the study's objective. These points are grouped according to the most frequently addressed themes in the materials and then compiled into a table, facilitating the synthesis of the findings and providing a clear and objective visualization of the information.

The constructed table is used as a guide for developing arguments and organizing the structure of the work. Ensuring a thorough and detailed analysis of the findings is essential, as it will contribute to the quality of the study.

The points of interest highlighted in the analysis stage are collectively examined in this phase. As mentioned earlier, several studies conducted on this topic present conflicting results (DasGupta & Roy, 2023; Martiningo et al., 2023). Therefore, special attention is required to consider the specific aspects and limitations of each manuscript when interpreting the results, given the possibility that these may have been influenced by factors secondary to the adoption of ESG.

It is important to consider the individual characteristics of each study and evaluate the quality of the evidence presented to obtain a more accurate and reliable understanding of the results, taking into account possible external influences. The results (and product of the systematic review) obtained through the methodology described in this chapter are addressed in Chapter 4.

4 Results

According to the portfolio analysis, the most relevant points for this study observed in the materials are gathered and synthesized in Table 3.

Table 3
Fragments after filtering.

N	Findings
1	“The governance of mineral resources has a negative impact on value creation in the mining industry. Although interconnected, an inherent inverse correlation exists, as excessive regulation tends to have unintended adverse outcomes.”
	“Favorable employment conditions exert a significantly positive influence on shared value in the mining industry.”
	“Automation and innovation (through value chain inclusion, automation, and innovation in business models, infrastructure development) and employment conditions are value-generating elements.”
	“By adopting a shared value strategy, mining organizations can leverage their resources to accelerate social change through automation and innovation, improve employment conditions, and simultaneously enhance their competitiveness and bottom-line results.”
2	“There is a positive impact of the innovation index on the financial performance of oil and gas companies based in the United States and Europe. This implies that efforts and investments to develop new and environmentally friendly products and processes will ensure the long-term survival of a company, maintaining its competitiveness.”
	“There are opportunities for oil and gas companies to leverage their innovations to improve their financial performance through differentiation, cost reduction, and an environmentally friendly image.”
	“In U.S. oil and gas companies, the impact of the environmental index is positive but with a decreasing rate. Previous studies suggest that an excessive focus on green innovation efforts can negatively affect other operational activities by consuming too many resources.”
	“For European oil and gas companies, the result is opposite to that of the United States, indicating that companies should commit to a minimum level of green innovation before positive effects on financial performance are perceived.”
	“In European companies, the strength of the positive relationship between the innovation index and financial performance decreases as crude oil prices increase. When crude oil prices are high, oil and gas companies should focus on their conventional businesses instead of allocating resources to green innovation practices.”
	“Due to resource limitations, when oil prices are high, the opportunity cost of investing in environmentally friendly practices is higher. Therefore, the positive impact of intensive green innovation practices on financial performance is weaker when oil prices increase.”
3	“Soil pollution control improves the quality of green innovation by reducing financial constraints on industry and mining companies.”
	“China should coordinate the Soil Plan with policies such as green credit to guide banks and financial institutions in reducing financial constraints on industry and mining companies with better environmental performance.”
4	“There is a strong indication of a positive relationship between good ESG performance regarding human rights and financial performance.”
	“PT Timah Tbk. faced accusations of contributing to environmental degradation and low health and safety standards from 2012 to 2014. This resulted in a significant decrease in the company's net profit and earnings per share ratio.”
	[After adopting sustainability reporting standards] “PT Timah Tbk. observed an increase in net profit and earnings per share.”
5	“When financial performance is solid in terms of profitability and company value, there is no incentive to invest in sustainability. However, in periods of uncertainty and financial decline, oil and gas companies may invest more in sustainability if their competitors start doing so in response to financial issues. Thus, in times of poor financial performance, these managers may seek to offset or justify their results through additional sustainability measures. This explains the vicious cycle and the difficulty in building legitimacy.”
	“Sustainability performance has a negative impact on company value; however, this relationship becomes more positive the more favorable the stance of the company's home country towards sustainability, measured by the share of renewable energy.”
	“Company value has a negative influence on sustainability performance; this relationship is more positive for exploration-only companies and becomes even more positive the more favorable the stance toward sustainability is in the company's home country, also measured by the share of renewable energy.”
	“The investments of oil and gas companies in sustainability do not pay off because they fail to gain legitimacy and accumulate shareholder influence. This is related to the choice of some managers to reduce sustainability efforts in times of financial prosperity, aiming to increase their own profits or report even better financial results.”
6	“A relevant concern is that the failure in Corporate Social Responsibility (CSR) practices not only results in financial losses but also damages corporate reputation.”
	“When managers are ethical and moral, they use CSR as a mechanism to improve the image of corporate philanthropy and transparency, sending a positive signal to the market about the sincerity of the company's CSR actions. This, in turn, results in an increase in the company's value. However, when managers act immorally and unethically, they may use CSR to improve their own reputation as socially responsible citizens, at the expense of the companies. This ultimately leads to a decrease in the company's value.”
	“The effectiveness of CSR is compromised in countries with fragile legal and political systems, cultural barriers in local communities, and lack of transparency.”
	“CSR is an initiative that drives the value of oil and gas companies; socially sustainable practices are key value elements for these companies, and environmentally and economically sustainable CSR activities do not harm the company's value.”

• Source: Authors, based on research data (2023).

In addition, Figure 1 displays a word cloud graph generated using VOSviewer software, illustrating the history of published works related to the theme of this research. The words in this graph represent the most frequently encountered terms in the analyzed research materials (regarding the initial search string results found in the databases, before the content analysis filtering). The circles in the graph reflect the frequency with which these terms appeared in the materials (with the size of the circle proportional to the number of occurrences). Additionally, the lines connecting the circles demonstrate the interrelationships between the terms. This visual representation provides an overview of the most addressed topics in the analyzed works, facilitating the identification of the most relevant keywords and their connections in the context of the researched subject.

Figure 1
Keyword occurrence. Authors, based on systematic review (2023).

The articles listed in Table 3 are referenced by their previously assigned identifier codes in Table 2. The “Findings” column presents relevant excerpts found in each article.

5 Discussion

From the fragments obtained and described in Table 3, we can observe certain common points among the components of the portfolio. The highlighted points are organized according to the respective ESG component to which they are related.

5.1 Environmental component

The analyzed materials revealed diverse results regarding the impact of environmentally sustainable practices on the financial performance of companies. This diversity arises due to the lack of incentive from managers to invest in these practices when the company already shows positive performance (N5).

It was observed that many managers consider investing in sustainable practices only in times of financial uncertainty, if their competitors also do so. This creates a vicious cycle in which the potential benefits derived from the adoption of these practices are overshadowed by results that tend to be lower due to the conditions of the studied environment, hindering the building of legitimacy. From this perspective, investment in environmental sustainability would not be financially rewarding (N5).

It can also be observed that the country where the company is located has an influence on the observed results (N3, N5). In nations with a history of greater concern for sustainable development, such as European countries, investment in environmental issues tends to result in more positive financial performance. However, it is necessary to reach a minimum level of environmentally sustainable practices before positive results can be observed in these regions (N2).

In contrast, in countries historically less concerned with environmental issues, such as the United States, investment in this area has a positive influence on the company's value to a certain extent, as long as significant resources are not consumed that could be directed to other areas considered more prioritized (N2).

Finally, it is noticeable that environmentally friendly innovation increases the competitiveness of the company, while the adoption of sustainable practices reduces potential financial constraints applied to it, both factors contributing to the increase in the organization's value (N2, N3). Even considering these positive aspects, in times when the price of raw materials (crude oil) is high, the opportunity cost of investing in environmentally responsible practices can become excessively high, making it more advantageous to focus on conventional practices (N2).

5.2 Social component

In all the studies analyzed, it was found that good employment conditions have a positive impact on the financial results of the company. Additionally, investment in automation improves these employment conditions, resulting in increased competitiveness and the value of the company.

Therefore, we can affirm that investment in socially responsible practices has a positive impact on the financial results of companies in the mining, oil, and gas sectors (N1, N4).

5.3 Governance component

Similarly, to the environmental component, the country in which the company is located also influences the results observed in the governance component. In countries with weak political and legal systems, as well as cultural barriers to the implementation of ESG, the effectiveness of adhering to these practices is compromised (N6).

Although there is not a strong positive correlation between the adoption of sustainable governance practices and better financial results for companies, it is possible to observe that the lack of adoption of these principles has a significant and negative impact on these results. Furthermore, the absence of sustainable governance practices also affects the company's reputation with customers and investors (N1, N4, N6).

The impact of the governance component on corporate finances is directly related to the level of ethics and transparency of the company's managers (N6). When managers adopt ESG practices with the aim of improving the company's image, a positive impact on the organization's results is observed. However, if these practices are used solely for personal benefit, to the detriment of the company, the observed result will be the opposite.

Finally, it was observed that investment in innovation practices reduces costs and improves the company's image, positively impacting financial results (N2). Additionally, there is evidence that companies subject to excessive regulation, both in terms of internal company standards and government regulations, have more unfavorable financial results (N1).

5.4 Synthesis

The analysis of environmental, social, and governance (ESG) components reveals varied impacts on the financial performance of companies across different contexts. Regarding environmental practices, the reluctance of managers to invest in sustainability during periods of financial stability is noted, often waiting until competitors do so or in times of uncertainty. This delay perpetuates a cycle where potential benefits of sustainability are overshadowed, particularly in regions with less historical emphasis on environmental concerns like the United States. Conversely, in countries with stronger sustainable development norms such as Europe, investments in environmental sustainability tend to correlate positively with financial performance, contingent upon reaching a critical threshold of sustainable practices.

Turning to the social component, studies uniformly show that improving employment conditions and investing in automation positively influence financial outcomes in sectors like mining, oil, and gas. These improvements enhance competitiveness and company value, reflecting a clear link between social responsibility and financial performance.

In governance, the effectiveness of ESG practices varies significantly with the political, legal, and cultural landscape of the country. Weak institutional frameworks can undermine the adoption and impact of sustainable governance practices, despite their potential to bolster company reputation and investor confidence. Ethical and transparent management practices play a pivotal role: genuine adoption of ESG principles can enhance corporate image and financial results, whereas misuse for personal gain can lead to negative outcomes.

Overall, while there are nuanced regional and sectoral differences, it is possible to underscore that strategic investment in ESG practices can enhance competitiveness, reduce costs through innovation, and improve company image, thereby positively impacting financial performance across diverse organizational contexts.

6 Conclusion

This paper aimed to evaluate the relationship between the incorporation of ESG criteria and the financial performance of companies in the mining, oil and gas sector. Based on the materials covered in this study, it can be stated that there is a positive relationship between financial performance and corporate governance criteria. Furthermore, the three components of these criteria have different weights in this relationship, indicating that each component has a variable impact on the financial performance of companies in the sector.

It was observed that the social component has the greatest positive influence on results, especially regarding the creation of a corporate environment with good working conditions. In this sense, investment in innovation also has a positive impact on these conditions, indirectly improving the financial performance of the organization.

When it comes to the environmental component, the literature presents mixed responses. However, it can be affirmed that there is a positive relationship between investment in environmentally responsible practices and corporate finances. However, to reap the benefits of these investments, there needs to be continuity and legitimacy in environmental efforts. Additionally, these benefits are more visible in contexts where the opportunity cost of investment compared to other areas is not excessively high.

Regarding governance issues, it is observed that excessive regulation of company practices is associated with negative financial results. Furthermore, although the correlation between governance practices and more positive financial results is weak, the non-adoption of these practices exerts a significant negative influence. This means that while governance practices may not be strongly linked to positive financial results, the lack of adoption of these practices has a considerable detrimental impact.

Indeed, the political and social landscape of the country and region where the company is located plays a significant role in the relationship between corporate governance and finances. Regions with fragile political and legal systems, social barriers, and a lack of history regarding environmental issues tend to undermine any positive benefits that may be obtained through adherence to ESG pillars. Therefore, it is crucial to analyze the context in which the company operates before confidently stating the effects that investment in ESG issues will have on its finances.

In conclusion, it is found that investment in social issues has a positive impact on the financial performance of companies in this sector. Additionally, investment in environmental and governance issues does not harm the financial performance of companies.

This study represents a significant contribution by filling a crucial gap in the existing literature on the relationship between the adoption of ESG criteria by companies in the sector and their financial performance. By systematically analyzing these relationships, it not only advances our understanding of how ESG practices influence corporate finances but also sheds light on the mechanisms through which sustainability initiatives can enhance competitive advantage and long-term value creation.

Moreover, the study serves as a pivotal starting point for future research endeavors in related areas, offering a robust framework for exploring nuanced aspects of sustainability impacts across different industries and regions. By providing empirical evidence and insights, this research not only promotes informed discussions but also guides strategic decisions aimed at integrating ESG principles into corporate governance and operational strategies effectively. This holistic approach contributes to shaping a more sustainable and resilient business environment while meeting stakeholder expectations and regulatory requirements.

6.1 Limitations and future research

There were found two significant limitations for this study. The first one, is the uncertainty regarding the generalization of results to companies in other sectors. Additionally, as noted, the location of companies had a considerable impact on the results, suggesting that replicating this research in a different context may lead to different findings. For a more comprehensive understanding, additional studies in different sectors and regions are necessary.

The second limitation is related to the number of materials found in the systematic review. From the 1,609 articles found, only 6 were deemed relevant for this research, which points to a gap in literature regarding this specific field. Therefore, this is a limitation for this study, since the empirical evidence that was found is scarce. However, it is also an opportunity for researchers to examine a currently unexplored theme. With this article, we hope to shed some light on this overlooked field and provide insights that can guide future studies and advancements.

Statement on Data Availability

The data mentioned in the article can be made available.

Acknowledgements

We thank the Federal Fluminense University (UFF) for providing the necessary facilities and equipment for the completion of this research.

• Financial support: None.
• How to cite:
  Bernardes, P. M. M., Brandalise, N., & Bonamigo, A. (2024). Relationship between financial performance and corporative governance of mining, oil and gas companies. Gestão & Produção, 31, e0224. https://doi.org/10.1590/1806-9649-2024v31e0224

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Publication Dates

• Publication in this collection
  25 Nov 2024
• Date of issue
  2024

History

• Received
  20 Sept 2024
• Accepted
  05 Oct 2024