masterThesis
A Associação entre a ética corporativa e a eficiência econômico-financeira: análise em companhias brasileiras listadas na B3
Fecha
2021-03-19Registro en:
GONÇALVES, Aline Dayane Leonêz. A Associação entre a ética corporativa e a eficiência econômico-financeira: análise em companhias brasileiras listadas na B3. 2021. 102f. Dissertação (Mestrado em Ciências Contábeis) - Centro de Ciências Sociais Aplicadas, Universidade Federal do Rio Grande do Norte, Natal, 2021.
Autor
Gonçalves, Aline Dayane Leonêz
Resumen
We aimed to identify the association between corporate ethics and the economic and financial
efficiency of companies. Based on the Signaling, Stakeholders and Agency Theories, we
inferred that the implementation and dissemination of quality codes of ethics, in addition to
being used as a risk control mechanism, is fundamentally important to present greater credibility
to the market, thus being able to influence the financial and economic results of the entities.
Therefore, we analyzed whether the implementation of a quality code of ethics could influence
the economic and financial results by using a sample of 201 non-financial Brazilian companies
listed on the Brazilian Stock Exchange (Brazil, Stock Exchange, Counter - B3). First, we
verified the quality of the codes of ethics, released by companies in 2018, based on a numerical
scoring model, resulting from the sum of the quantity compliance with the criteria established
by regulatory bodies. Then, we identified the economic-financial efficiency score using the
Data Envelopment Analysis (DEA) and information collected from the financial reports, from
2015 to 2019, released by the companies, from which we considered as Inputs - Operating
Expenses, Third Party Capital and Equity - and Outputs - Net Sales and Cash Flow from
Operating Activities. Finally, we made the relationship between the quality indicator of the
code of ethics and the economic-financial efficiency score by using Correspondence Analysis
(ANACOR). Thus, we reached the conclusion that, on average, companies had a moderate
quality indicator (QCE), with 42.78% presenting a satisfactory quality indicator. Regarding
economic and financial efficiency, only 15.92% of companies were efficient and 52.24% had
low (SE) scores. However, when looking at the association between the two variables (QCE
and SE), we did not find a positive relationship between the variables observed. Thus, we were
unable to validate the theoretical statement that the quality of the code of ethics positively
influences the economic and financial results of companies.