Determinantes de adesão ao Índice de Sustentabilidade Empresarial da BM&FBOVESPA e sua relação com o valor da empresa

Abstract

The aim of this study was to identify the variables that influence the firms inclusion in the BM&FBOVESPA Corporate Sustainability Index (CSI), and if such membership is correlated with the firm market value in the Brazilian market. We collected annual data of firms for the period 2006 to 2011. The methodology included the use of methods such as regression analysis type logit and panel data models. The results showed that companies that have joined the ISE have characteristics distinct from those who did not opt for membership. Firms with larger size, higher profitability and sectors considered high environmental impact are more likely to be classified in the ISE. When examined whether inclusion in the CSI has relation with the metric firm value, the results did not reject the hypothesis of positive relationship, even during the financial crisis of 2008, however, found evidence of a negative relationship in the post-crisis period.

Disclosure Ambiental Negativo E Desempenho Em Empresas Listadas Na B3

“…Diante do exposto, percebe-se a importância de se analisar a influência do disclosure ambiental negativo no desempenho da empresa, principalmente devido à crescente demanda dos stakeholders por informações que possibilitem avaliar o nível de responsabilidade e o risco ambiental a que a empresa está sujeita (Andrade, Bressan, Iquiapaza, & Moreira, 2013). Nesse contexto, torna-se necessário que a divulgação de informações ambientais por meio dos relatórios de sustentabilidade, bem como o apoio da mídia, atendam à crescente demanda por informações ambientais (Bouten, Everaert, Liedekerke, Moor, & Christiaens, 2011;Nogueira & Angotti, 2011).…”

Divulgación financiera y responsabilidad ambiental social: un estudio empírico en el mercado brasileño

“…The variables that influence adherence to the CSI were the object of a study by Andrade et al (2013), who perceived that the level of environmental impacts and the size of the company are conditioning factors for listing on the CSI. Business sustainability provided an incentive for Rocha et al (2011) to investigate the evolution of environmental disclosure in the organisations comprising the CSI, arguing that investors are seeking socially responsible companies.…”

An Analysis of the Determinants of Corporate Social Responsibility of Brazilian Firms

“…As previously mentioned, the growing social and environmental demands over firms has emerged the need to assess firm's social responsibility. This has given rise to a variety of measures at the firm level (LERNER;FRYXELL, 1988;STATMAN, 2006;CHIH;CHIH et al, 2010;ANDRADE;BRESSAN et al, 2013). Examples of such market indexes are the Dow Jones Sustainability Index (DJSI) of the New York Stock Exchange, the FTSE-4Good, in the London Stock Exchange, the Johannesburg index in South Africa, and the Corporate Sustainability Index (ISE) of BM&FBOVESPA in Brazil.…”

“…Firm legitimacy, a kind of "social contract" between firm and society, is associated to proper and desirable actions of a firm within a social system (DEEPHOUSE; CARTER, 2005 1975; SUCHMAN, 1995;DEEGAN, 2002). By undertaking CSR policy and disclosing it, directly or being evaluated externally and composing CSR indexes (STATMAN, 2006;ANDRADE;BRESSAN et al, 2013), the firm signals its concern with CSR to the market and society as a whole. The way back in this process may be a negative signal with adverse consequences on the firm legitimacy process.…”

“…An important stream of research has sought to find the motivating factors for the development of corporate social concerns at the firm level (LERNER;FRYXELL, 1988;CHIH;CHIH;CHEN, 2010;ANDRADE et al, 2013). In this context, the assessment of CSR becomes relevant.…”