Costs, Challenges, Opportunities, and Benefits of the Implementation and Disclosure ofEsg Strategies in Small and Medium-Sized Enterprises: A Structured Literature Review

RESUMOA crescente demanda por responsabilidade socioambientaltem consolidado as práticas ESG (Environmental, Social and Governance)como diretrizes estratégicas também para Pequenas eMédias Empresas (PMEs), que, embora não sejam o foco principaldas regulamentações, sofrem pressões indiretas das cadeiasde valor. Este estudo analisa custos, benefícios, barreiras e oportunidadesda adoção e divulgação de práticas ESG por PMEs,a partir de uma Revisão Estruturada da Literatura, conforme ométodo de Massaro et al. (2016). Foram revisados 29 artigos publicadosentre 2004 e 2024 nas bases Scopus, Web of Sciencee Google Acadêmico. Os resultados mostram que, apesar daslimitações financeiras, técnicas e regulatórias, a adoção de práticasESG pode gerar benefícios estratégicos, como maior acessoa crédito, mitigação de riscos, ganhos operacionais e fortalecimentoda competitividade. Conclui-se que o sucesso da implementaçãodepende do alinhamento entre capacidades internas eincentivos externos, como políticas públicas e apoio institucional.O estudo contribui para a literatura contábil ao consolidar evidênciassobre o tema e fornecer subsídios teóricos e práticos paragestores, formuladores de políticas e contadores envolvidos natransição sustentável das PMEs.Palavras-chave: ESG; PMEs; Gestão estratégica; Divulgaçãode informações; Sustentabilidade.

ABSTRACTThe growing demand for socio-environmental responsibility hasconsolidated ESG (Environmental, Social and Governance) practi- ces as strategic guidelines for Small and Medium-sized Enterprises(SMEs), which, although not the main focus of regulations, face indirectpressures from value chains. This study examines the costs,benefits, barriers, and opportunities of adopting and disclosing ESGpractices by SMEs through a Structured Literature Review, followingthe method proposed by Massaro et al. (2016). A total of 29 articlespublished between 2004 and 2024 in Scopus, Web of Science, andGoogle Scholar were reviewed. The results indicate that, despitefinancial, technical, and regulatory constraints, ESG adoption canprovide strategic benefits such as greater access to credit, risk mitigation,operational improvements, and enhanced competitiveness. Itis concluded that successful implementation depends on balancinginternal capabilities with external incentives, such as public policiesand institutional support. This study contributes to accounting literatureby consolidating evidence on the subject and offering theoreticaland practical insights for managers, policymakers, and accountantsengaged in SMEs' sustainable transition.Keywords: ESG; SMEs; Strategic management; Informationdisclosure; Sustainability.

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