Critical Success Factors in ESG: Asymmetries between Corporate Communication and Investor Perceptions

Purpose: This study explores which ESG (Environmental, Social, and Governance) attributes are most valued by investors and whether they align with the priorities disclosed by Brazilian companies recognized for sustainable performance. Methodology: A mixed-method approach was adopted. First, a qualitative content analysis was conducted on the reference forms of 15 companies listed on the B3 Corporate Sustainability Index (ISE). Then, a survey with 145 investors assessed the relevance they assign to ESG themes. ESG items were categorized using the Critical Success Factors (CSF) framework. Findings: Results reveal a substantial misalignment: companies emphasize environmental and social disclosures, while investors prioritize governance aspects, particularly integrity, compliance, and cybersecurity. Gender differences emerged, with women attributing higher importance to social and environmental pillars. The findings suggest ESG communication often fails to meet investor expectations, limiting its usefulness for decision-making. Originality: The study offers a novel integration of corporate ESG disclosures and investor perceptions, structured through the CSF lens. It contributes to understanding the gaps between institutional narratives and stakeholder priorities, emphasizing the risk of symbolic ESG adoption (greenwashing). Research limitations/ implications: The study focused on companies already engaged in ESG (ISE B3), which may limit generalizability to the broader market. The investor survey was distributed through professional networks and may reflect the perspectives of individuals with a declared interest in sustainable finance. Future research could expand to different sectors, investor profiles, and data sources. Despite these limitations, the study offers relevant insights to improve ESG alignment, transparency, and stakeholder trust.