2030 Agenda and CSI B3:
A Qualitative Analysis of Social Inequalities in the Dimensions of Human Capital and Social Capital

DOI:  https://doi.org/10.12804/revistas.urosario.edu.co/empresa/a.15832

Article Sidebar

PDF (Español (España))

Published: Jun 12, 2026
Issue: Vol. 28 No. 52 (2026)
Section Scientific and technological research article


Keywords: SDGs sustainable development corporate sustainability social commitments diversity equity

Main Article Content

Authors

  Maria Ligia Ganacim Granado Rodrigues Elias
Universidade Cesumar
  Marcos Aurélio Brambilla
Centro Universitário Cesumar

Abstract

Objective: To qualitatively analyze the conceptual convergence between the Human Capital and Social Capital dimensions of the Corporate Sustainability Index (CSI B3) questionnaire—developed by B3 (Brasil Bolsa Balcão, i.e., Brazil’s stock exchange)—and the Sustainable Development Goals (SDGS) targets 5, 8, 10, and 16 related to social inequalities, to determine whether the instrument incorporates this theme into the assessment of corporate sustainability. Methodology: A qualitative and exploratory approach was developed in two stages: (i) identification and categorization of statements aligned with the selected targets, and (ii) frequency analysis to assess the distribution and conceptual alignment between categories and SDG targets. Key findings: Twenty-two statements from the Human Capital and Social Capital dimensions of CSI B3 (2023–2024) were identified as aligned with the targets of sdgs 5, 8, 10, and 16. A higher frequency was observed in technical and operational themes, whereas topics related to equity, diversity, and inclusion were less frequent, revealing an uneven distribution in the index’s alignment with the social goals of the 2030 Agenda. Conclusions: This study advances the literature on sustainable development by focusing on the relationship between social inequalities and the SDGS. The findings may guide improvements to the questionnaire by B3 and encourage publicly traded companies to adopt practices more closely aligned with the goals of un 2030 Agenda.

Author Biographies

Maria Ligia Ganacim Granado Rodrigues Elias, Universidade Cesumar

PhD in Political Science from the University of São Paulo (USP), Brazil. Holds a Master’s degree in Political Sociology and BA in Social Sciences from the Federal University of Santa Catarina (UFSC), Brazil. Currently serves as a Professor in the Postgraduate Program in Knowledge Management in Organizations at Cesumar University (UniCesumar), Maringá, Brazil. Visiting Researcher at the Center for Social Studies (CES) of the University of Coimbra, Portugal (2026). Productivity Fellow at ICETI and Fundação Araucária. Resides in Maringá, Brazil.

Marcos Aurélio Brambilla, Centro Universitário Cesumar

PhD in Economic Theory from the State University of Maringá (UEM), Brazil. Holds a Master’s degree in Regional Economics from the State University of Londrina (UEL), Brazil, and a BA in Economics from Faculdade Cidade Verde (FCV), Brazil. Currently serves as a Professor in the Postgraduate Program in Knowledge Management in Organizations at Cesumar University (UniCesumar), Maringá, Brazil. Conducts research on social policies, income distribution, poverty, and knowledge, with a focus on quantitative methods and content analysis.

How to Cite
Ganacim Granado Rodrigues Elias, M. L., & Brambilla, M. A. (2026). 2030 Agenda and CSI B3:: A Qualitative Analysis of Social Inequalities in the Dimensions of Human Capital and Social Capital. Revista Universidad Y Empresa, 28(52), 1–28. https://doi.org/10.12804/revistas.urosario.edu.co/empresa/a.15832
References

Acker, J. (2006). Inequality regimes: Gender, class, and race in organizations. Gender & Society, 20(4), 441-464. https://doi.org/10.1177/0891243206289499 DOI: https://doi.org/10.1177/0891243206289499

Alves, M. A., & Galeão-Silva, L. G. (2004). A crítica da gestão da diversidade nas organizações. Revista de Administração de Empresas, 44, 20-29. https://doi.org/10.1590/S0034- 75902004000300003 DOI: https://doi.org/10.1590/S0034-75902004000300003

Amis, J. M., Munir, K. A., Lawrence, T. B., Hirsch, P., & McGahan, A. (2018). Inequality, institutions and organizations. Organization Studies, 39(9), 1131-1152. https://doi. org/10.1177/0170840618792596 DOI: https://doi.org/10.1177/0170840618792596

Andrade, L. F. S., Macedo, A. D. S., & Oliveira, M. D. L. S. (2014). A produção científica em gênero no Brasil: um panorama dos grupos de pesquisa de administração. ram. Revista de Administração Mackenzie, 15(6), 48-75. https://doi.org/10.1590/1678-69712014/administracao. v15n6p48-75 DOI: https://doi.org/10.1590/1678-69712014/administracao.v15n6p48-75

Antolín-López, R., Delgado-Ceballos, J., & Montiel, I. (2016). Deconstructing corporate sustainability: a comparison of different stakeholder metrics. Journal of Cleaner Production, 136, 5-17. https://doi.org/10.1016/j.jclepro.2016.01.111 DOI: https://doi.org/10.1016/j.jclepro.2016.01.111

B3 – Brasil, Bolsa, Balcão. (2025a). esg Workspace. https://www.iseb3.com.br/esg-workspace B3 – Brasil, Bolsa, Balcão. (2025b). Metodologia do Corporate Sustainability Index (CSI B3). https://iseb3.com.br/metodologia B3 – Brasil, Bolsa, Balcão. (2025c). O que é o ise. https://iseb3.com.br/o-que-e-o-ise

Bapuji, H. (2015). Individuals, interactions and institutions: How economic inequality affects organizations. Human Relations, 68(7), 1059-1083. https://doi.org/10.1177/0018726715584804 DOI: https://doi.org/10.1177/0018726715584804

Chagas, A. M. D. R. O., Salim, C. A. O., & Servo, L. M. S. O. (2011). Saúde e segurança no trabalho no Brasil: aspectos institucionais, sistemas de informação e indicadores. ipea. https://repositorio.ipea.gov.br/entities/book/37269f7b-fa59-4ba4-8757-bb639e0f6e3a

Clément, A., Robinot, É., & Trespeuch, L. (2025). The use of esg scores in academic literature: A systematic literature review. Journal of Enterprising Communities: People and Places in the Global Economy, 19(1), 92-110. https://doi.org/10.1108/jec-10-2022-0147 DOI: https://doi.org/10.1108/JEC-10-2022-0147

Collins, P. H., & Bilge, S. (2021). Interseccionalidade. Boitempo Editorial. http://www.ser. puc-rio.br/2_collinS.pdf

Costa, S. G., & Ferreira, C. S. (2006). Diversidade e minorias nos estudos organizacionais brasileiros: presença e lacunas na última década. In Proceedings of the Encontro Nacional de Estudos Organizacionais (Eneo). Dalkir, K. (2005). Knowledge management in theory and practice. Elsevier Butterworth- Heinemann.

Dodsworth, C., Bourne, E., Schlich, B. L., & Kooroshy, J. (2023). Financial, double, or dynamic? Theories of esg materiality and practitioner approaches. Journal of Impact & esg Investing, 4(2). https://doi.org/10.3905/jesg.2023.1.087 DOI: https://doi.org/10.3905/jesg.2023.1.087

Firmino, A. L., & Peixoto, F. M. (2025). The impact of esg performance on greenhouse gas emission performance in Latin America. Revista Contabilidade & Finanças, 36(97). https:// doi.org/10.1590/1808-057x20242089.en DOI: https://doi.org/10.1590/1808-057x20242089.pt

Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of esg and csr research in corporate finance. Journal of Corporate Finance, 66, 1-29. https://doi. org/10.1016/j.jcorpfin.2021.101889 DOI: https://doi.org/10.1016/j.jcorpfin.2021.101889

Glavam, R. B., de Oliveira, M. D. S., Carvalho, R. C. de S., Cerqueira, H. de G., Rodrigues, A. P., Benitz, T., de Vasconcellos Neto, J. F., Marques, F. R. V., & Pedro, A. M. (2025). Meio ambiente e marketing verde: a importância da comunicação sustentável para a geração de valor e fortalecimento da imagem corporativa. Revista dcs, 22(81). https://doi.org/10.54899/ dcs.v22i81.3131 DOI: https://doi.org/10.54899/dcs.v22i81.3131

Hirata, H. (2014). Gênero, classe e raça: interseccionalidade e consubstancialidade das relações sociais. Tempo Social, 26(1), 61-73. https://doi.org/10.1590/S0103-20702014000100005

Instituto Ethos. (2024). Pesquisa Ethos/Época de Diversidade, Equidade e Inclusão 2024/2025: Avanços, desafios e perspectivas das práticas empresariais no Brasil. Instituto Ethos. Jámbor, A., & Zanócz, A. (2023). The diversity of environmental, social, and governance aspects in sustainability: a systematic literature review. Sustainability, 15(18), 13958. https://doi. org/10.3390/su151813958 DOI: https://doi.org/10.3390/su151813958

Kulik, C. T., & Rae, B. (2019). The glass ceiling in organizations. Oxford Research Encyclopedia of Business and Management. https://doi.org/10.1093/acrefore/9780190224851.013.41 DOI: https://doi.org/10.1093/acrefore/9780190224851.013.41

Macht, S. A., Chapman, R. L., & Fitzgerald, J. A. (2020). Management research and the United Nations sustainable development goals. Journal of Management & Organization, 26(6), 917-928. https://doi.org/10.1017/jmo.2020.36 DOI: https://doi.org/10.1017/jmo.2020.36

Mattingly, V., Grice, S., & Goldstein, A. (2022). Inclusalytics: How diversity, equity, and inclusion leaders use data to drive their work. Mattingly Solutions.

Ogata, A. J. N., Malik, A. M., Camilio, A. Z., & Belinky, A. (2025). Human capital management assessed in the corporate sustainability index of the São Paulo stock exchange (B3): a descriptive study. Environmental & Social Management Journal, 19(7). https://doi.org/10.24857/rgsa.v19n7-076 DOI: https://doi.org/10.24857/rgsa.v19n7-076

Oliveira, G. C. D., Godinho Filho, M., Ganga, G. M. D., Naas, I. A., & Vendrametto, O. (2015). Princípios e ferramentas da produção mais limpa: um estudo exploratório em empresas brasileiras. Gestão & Produção, 22(2), 326-344. https://doi.org/10.1590/0104-530X1468-14 DOI: https://doi.org/10.1590/0104-530X1468-14

Pinkett, R. (2023). Data-driven dei: The tools and metrics you need to measure, analyze, and improve diversity, equity, and inclusion. John Wiley & Sons. https://doi.org/10.1002/ltl.20788 DOI: https://doi.org/10.1002/ltl.20788

Riaz, S. (2015). Bringing inequality back in: the economic inequality footprint of management and organizational practices. Human Relations, 68(7), 1085-1097. https://doi. org/10.1177/0018726715584803 DOI: https://doi.org/10.1177/0018726715584803

Saffioti, H. I. (1992). Rearticulando gênero e classe social. In A. de O. Costa & C. Bruschini (Eds.), Uma questão de gênero (pp. 45-71). Rosa dos Tempos. Santos, B. A. D., Maia, A. B. G. R., & Vasconcelos, A. C. D. (2022). Association between risk disclosure and (in) existence of corporate reputation of publicly traded companies in Brazil. Revista de Administração da ufsm, 15, 678-700. https://doi.org/10.5902/1983465969083 DOI: https://doi.org/10.5902/1983465969083

Schleich, M. V. (2022). Quais são as políticas e práticas em recursos humanos mais utilizadas pelas empresas com melhores índices esg no Brasil? Revista de Administração de Empresas, 62. https://doi.org/10.1590/S0034-759020220511 DOI: https://doi.org/10.1590/s0034-759020220511x

Setó-Pamies, D., & Papaoikonomou, E. (2020). Sustainable development goals: a powerful framework for embedding ethics, csr, and sustainability in management education. Sustainability, 12(5). https://doi.org/10.3390/su12051762 DOI: https://doi.org/10.3390/su12051762

Shayan, N. F., Mohabbati-Kalejahi, N., Alavi, S., & Zahed, M. A. (2022). Sustainable development goals (sdgs) as a framework for corporate social responsibility (csr). Sustainability, 14(3). https://doi.org/10.3390/su14031222 DOI: https://doi.org/10.3390/su14031222

Storey, M., Killian, S., & O’Regan, P. (2017). Responsible management education: Mapping the field in the context of the sdgs. The International Journal of Management Education, 15(2), 93-103. https://doi.org/10.1016/j.ijme.2017.02.009 DOI: https://doi.org/10.1016/j.ijme.2017.02.009

Teixeira, J. C., Oliveira, J. S. D., Diniz, A., & Marcondes, M. M. (2021). Inclusão e diversidade na administração: manifesta para o futuro-presente. Revista de Administração de Empresas, 61. https://doi.org/10.1590/S0034-759020210308 United Nations Development Programme (UNDP). (2025). Sustainable Development Goals. https://www.undp.org/sustainable-development-goals DOI: https://doi.org/10.1590/s0034-759020210308

Vaz, D. V. (2013). O teto de vidro nas organizações públicas: evidências para o Brasil. Economia e Sociedade, 22, 765-790. https://doi.org/10.1590/S0104-06182013000300007 DOI: https://doi.org/10.1590/S0104-06182013000300007

Weybrecht, G. (2017). From challenge to opportunity – management education’s crucial role in sustainability and the sustainable development goals – an overview and framework. The International Journal of Management Education, 15(2), 84-92. https://doi.org/10.1016/j. ijme.2017.02.008 DOI: https://doi.org/10.1016/j.ijme.2017.02.008

Query Statistics

Downloads

Download data is not yet available.
Publcation metrics

0




 

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Los autores conservan los derechos de autor y garantizan a la revista el derecho de ser la primera publicación del trabajo al igual que licenciado bajo una Creative Commons Attribution License que permite a otros compartir el trabajo con un reconocimiento de la autoría del trabajo y la publicación inicial en esta revista.