Performance sócio-ambiental e os resultados econômicos das empresas : uma análise empírica desta relação

Abstract

There is no consensus to define if and how these programs create shareholder value. There are difficulties in determining this value in the long run, being an indirect measure or simply because there is no evaluation metrics available to answer this question clearly. Faced with this difficulty and the consequent need for academic progress in this subject, this research seeks to determine whether a relationship exists between the socio-environmental performance on the one hand, and economic performance on the other. To this end, this study seeks to identify and analyze qualitative proxies that can be used as an indicator of the level of socio-environmental performance of companies, then, to perform statistical tests in order to add new information about this relationship in the Brazilian market. The dependent proxies used in this research were ROE, ROA, EBITDA, Tobin's q and the Beta 60 months. In addition, we analyzed whether the economic advantages of a higher socio-environmental performance are more relevant to manufacturing companies, as well as whether they are more relevant to companies with higher environmental impact. The study results point to economic gains in terms of company valuation (Tobin's q approximately 20% higher) and in reducing the risk of companies (beta 60 months 9% lower). At the same they did not confirm any influence based on whether the company is in manufacturing or has different levels of environmental impact