Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98

Detalhes bibliográficos
Autor(a) principal: Martins, Diego Lopes de Oliveira
Data de Publicação: 2015
Outros Autores: Bressan, Valéria Gama Fully, Takamatsu, Renata Turola
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Catarinense da Ciência Contábil (Online)
Texto Completo: https://revista.crcsc.org.br/index.php/CRCSC/article/view/2086
Resumo: The growing concern about the social and environmental issues has led companies to take a more careful position on their actions, in order to leverage a good reputation, which is considered a crucial element for success in the market. Corporate Social Responsibility refers to the adoption of socially responsible practices by the authorities, aimed at providing social and economic development of the environments in which they operate. At the same time, these actions meet the organizational interests that may lead to improved corporate image, market share gains, increase in profitability and increase the possibilities of continuity. In order to verify a possible relationship between corporate social responsibility practices and the economic results reported by the companies, this research sought to identify whether disclosure of the composition of the portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA impacts on variations in stock returns of the companies that are in the index. In this sense, the share of assets in the portfolio was considered as a proxy for sustainability initiatives, and the event study method was used to analyze the effect of the inclusion or exclusion of firms in the portfolio. ISE portfolios were analyzed for the years 2011 to 2013 and the results showed positive abnormal returns of the companies included after the release of the index and negative abnormal returns of the firms that were excluded from the index. It was found also that the market behavior returns to normality after the absortion of avaliable information, which supports the semi-strong efficiency hypothesis of the Brazilian capital market.
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spelling Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98Responsabilidade social e retornos das ações: uma análise de empresas listadas na BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98Corporate social responsibilityCorporate sustainability indexEconomic resultsEvent studies.Responsabilidade social corporativaÍndice de sustentabilidade empresarialResultados econômicosEstudo de eventos.The growing concern about the social and environmental issues has led companies to take a more careful position on their actions, in order to leverage a good reputation, which is considered a crucial element for success in the market. Corporate Social Responsibility refers to the adoption of socially responsible practices by the authorities, aimed at providing social and economic development of the environments in which they operate. At the same time, these actions meet the organizational interests that may lead to improved corporate image, market share gains, increase in profitability and increase the possibilities of continuity. In order to verify a possible relationship between corporate social responsibility practices and the economic results reported by the companies, this research sought to identify whether disclosure of the composition of the portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA impacts on variations in stock returns of the companies that are in the index. In this sense, the share of assets in the portfolio was considered as a proxy for sustainability initiatives, and the event study method was used to analyze the effect of the inclusion or exclusion of firms in the portfolio. ISE portfolios were analyzed for the years 2011 to 2013 and the results showed positive abnormal returns of the companies included after the release of the index and negative abnormal returns of the firms that were excluded from the index. It was found also that the market behavior returns to normality after the absortion of avaliable information, which supports the semi-strong efficiency hypothesis of the Brazilian capital market.A crescente preocupação com a questão social e ambiental tem levado empresas a assumirem uma posição mais criteriosa em relação às suas ações, com o intuito de alavancar uma boa reputação, elemento considerado indissociável para o sucesso no mercado. A Responsabilidade Social Corporativa refere-se à adoção de práticas socialmente responsáveis pelas entidades, que visam a proporcionar o desenvolvimento social e econômico dos ambientes em que estão inseridas. Simultaneamente, essas ações atendem aos interesses organizacionais, que podem ocasionar melhoria na imagem institucional, ganhos de participação no mercado, incrementos na lucratividade e elevação das possibilidades de continuidade. A fim de verificar uma possível relação entre práticas de Responsabilidade Social Corporativa e os resultados econômicos apresentados pelas companhias, esta pesquisa buscou identificar se a divulgação da composição do portfólio do Índice de Sustentabilidade Empresarial (ISE) da BM&FBOVESPA impacta em variações nos retornos das ações das companhias envolvidas. Nesse sentido, a participação dos ativos no portfólio foi considerada como proxy para ações de sustentabilidade, e o método de estudo de eventos foi utilizado para análise do efeito da inserção ou exclusão das firmas na carteira. Foram analisadas as carteiras do ISE para os anos 2011 a 2013 e os resultados evidenciaram retornos anormais positivos das empresas incluídas após a divulgação do índice, bem como retornos anormais negativos das empresas excluídas. Verificou-se, ainda, que o comportamento do mercado retorna à sua normalidade após a absorção da informação divulgada, o que suporta a hipótese de eficiência semiforte do mercado de capitais brasileiro.Conselho Regional de Contabilidade de Santa Catarina2015-08-25info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revista.crcsc.org.br/index.php/CRCSC/article/view/2086Revista Catarinense da Ciência Contábil; v. 14 n. 42 (2015): Maio-Agosto; p. 85-982237-76621808-3781reponame:Revista Catarinense da Ciência Contábil (Online)instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC)instacron:CRCSCporhttps://revista.crcsc.org.br/index.php/CRCSC/article/view/2086/1856Martins, Diego Lopes de OliveiraBressan, Valéria Gama FullyTakamatsu, Renata Turolainfo:eu-repo/semantics/openAccess2015-08-27T19:43:39Zoai:ojs.pkp.sfu.ca:article/2086Revistahttp://www.atena.org.br/revista/ojs-2.2.3-06/index.php/crcscPRIhttp://revista.crcsc.org.br/revista/ojs-2.2.3-06/index.php/CRCSC/oai||revista@crcsc.org.br2237-76621808-3781opendoar:2015-08-27T19:43:39Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC)false
dc.title.none.fl_str_mv Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
Responsabilidade social e retornos das ações: uma análise de empresas listadas na BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
title Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
spellingShingle Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
Martins, Diego Lopes de Oliveira
Corporate social responsibility
Corporate sustainability index
Economic results
Event studies.
Responsabilidade social corporativa
Índice de sustentabilidade empresarial
Resultados econômicos
Estudo de eventos.
title_short Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
title_full Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
title_fullStr Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
title_full_unstemmed Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
title_sort Social responsibility and stock returns: an analysis of companies listed on BM&FBOVESPA - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n42p85-98
author Martins, Diego Lopes de Oliveira
author_facet Martins, Diego Lopes de Oliveira
Bressan, Valéria Gama Fully
Takamatsu, Renata Turola
author_role author
author2 Bressan, Valéria Gama Fully
Takamatsu, Renata Turola
author2_role author
author
dc.contributor.author.fl_str_mv Martins, Diego Lopes de Oliveira
Bressan, Valéria Gama Fully
Takamatsu, Renata Turola
dc.subject.por.fl_str_mv Corporate social responsibility
Corporate sustainability index
Economic results
Event studies.
Responsabilidade social corporativa
Índice de sustentabilidade empresarial
Resultados econômicos
Estudo de eventos.
topic Corporate social responsibility
Corporate sustainability index
Economic results
Event studies.
Responsabilidade social corporativa
Índice de sustentabilidade empresarial
Resultados econômicos
Estudo de eventos.
description The growing concern about the social and environmental issues has led companies to take a more careful position on their actions, in order to leverage a good reputation, which is considered a crucial element for success in the market. Corporate Social Responsibility refers to the adoption of socially responsible practices by the authorities, aimed at providing social and economic development of the environments in which they operate. At the same time, these actions meet the organizational interests that may lead to improved corporate image, market share gains, increase in profitability and increase the possibilities of continuity. In order to verify a possible relationship between corporate social responsibility practices and the economic results reported by the companies, this research sought to identify whether disclosure of the composition of the portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA impacts on variations in stock returns of the companies that are in the index. In this sense, the share of assets in the portfolio was considered as a proxy for sustainability initiatives, and the event study method was used to analyze the effect of the inclusion or exclusion of firms in the portfolio. ISE portfolios were analyzed for the years 2011 to 2013 and the results showed positive abnormal returns of the companies included after the release of the index and negative abnormal returns of the firms that were excluded from the index. It was found also that the market behavior returns to normality after the absortion of avaliable information, which supports the semi-strong efficiency hypothesis of the Brazilian capital market.
publishDate 2015
dc.date.none.fl_str_mv 2015-08-25
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dc.identifier.uri.fl_str_mv https://revista.crcsc.org.br/index.php/CRCSC/article/view/2086
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dc.language.iso.fl_str_mv por
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dc.relation.none.fl_str_mv https://revista.crcsc.org.br/index.php/CRCSC/article/view/2086/1856
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dc.publisher.none.fl_str_mv Conselho Regional de Contabilidade de Santa Catarina
publisher.none.fl_str_mv Conselho Regional de Contabilidade de Santa Catarina
dc.source.none.fl_str_mv Revista Catarinense da Ciência Contábil; v. 14 n. 42 (2015): Maio-Agosto; p. 85-98
2237-7662
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reponame_str Revista Catarinense da Ciência Contábil (Online)
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