Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Brasileira de Gestão de Negócios (Online) |
Texto Completo: | https://rbgn.fecap.br/RBGN/article/view/4185 |
Resumo: | Purpose – The aim of this research is to analyze whether natural resource-based view (NRBV) strategies lead to financial performance, represented by market value in the Brazilian stock exchange (B3) Corporate Sustainability Index (ISE).Theoretical framework – The NRBV foresees three green strategies to achieve sustainable competitive advantage: pollution prevention, product stewardship and sustainable development. Many studies have tested one or two of those strategies. We tested if all three strategies are related to the financial performanceof companies in the ISE index.Design/methodology/approach – We collected five years of data from 18 companies that compose the ISE index and employed panel data analysis in this longitudinal study.Findings – All three strategies of the NRBV are related to the companies’ market value in different ways. The results diverge from the current literature because we found positive and negative links between environmental strategies and financial performance.Practical & social implications of research – This study contributes with empirical results from the B3 to analyze the ISE index using the NRBV approach as a theoretical basis. It suggests that not all environmental initiatives increase companies’ market value, as some actions may end up achieving the opposite outcome. Investors and society, in general, are entitled to know how companies implement sustainable strategies that go beyond those required by law. Originality/value – The major contribution of this study is it addresses all three NRBV strategies to investigate if it pays to be green in terms of market value, by analyzing the Brazilian sustainable organizations that compose the ISE index.Keywords – NRBV, corporate sustainability, financial performance, market value, sustainable development. |
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Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability IndexAs estratégias da Visão Baseada em Recursos Naturais são lucrativas? Um estudo longitudinal do Índice de Sustentabilidade Empresarial brasileiroPurpose – The aim of this research is to analyze whether natural resource-based view (NRBV) strategies lead to financial performance, represented by market value in the Brazilian stock exchange (B3) Corporate Sustainability Index (ISE).Theoretical framework – The NRBV foresees three green strategies to achieve sustainable competitive advantage: pollution prevention, product stewardship and sustainable development. Many studies have tested one or two of those strategies. We tested if all three strategies are related to the financial performanceof companies in the ISE index.Design/methodology/approach – We collected five years of data from 18 companies that compose the ISE index and employed panel data analysis in this longitudinal study.Findings – All three strategies of the NRBV are related to the companies’ market value in different ways. The results diverge from the current literature because we found positive and negative links between environmental strategies and financial performance.Practical & social implications of research – This study contributes with empirical results from the B3 to analyze the ISE index using the NRBV approach as a theoretical basis. It suggests that not all environmental initiatives increase companies’ market value, as some actions may end up achieving the opposite outcome. Investors and society, in general, are entitled to know how companies implement sustainable strategies that go beyond those required by law. Originality/value – The major contribution of this study is it addresses all three NRBV strategies to investigate if it pays to be green in terms of market value, by analyzing the Brazilian sustainable organizations that compose the ISE index.Keywords – NRBV, corporate sustainability, financial performance, market value, sustainable development.Objetivo – O objetivo desta pesquisa é analisar se as estratégias da Visão Baseadaem Recursos Naturais (NRBV) influenciam o desempenho financeiro, representadopelo valor de mercado no Índice de Sustentabilidade Empresarial (ISE) da Bolsade Valores brasileira (B3).Referencial teórico – A NRBV prevê três estratégias verdes para alcançar umavantagem competitiva sustentável: prevenção da poluição, gestão de produtose desenvolvimento sustentável. Muitos estudos testaram uma ou duas dessasestratégias. Testamos se todas as três estratégias estão relacionadas ao desempenhofinanceiro das empresas do ISE.Metodologia – Coletamos cinco anos de dados de 18 empresas que compõem oISE e empregamos a análise de dados em painel neste estudo longitudinal.Resultados – Todas as três estratégias da NRBV estão relacionadas ao valor demercado das empresas de diferentes formas. Os resultados divergem da literaturaatual, pois encontramos ligações positivas e negativas entre estratégias ambientaise desempenho financeiro.Implicações práticas e sociais da pesquisa – Este estudo contribui comresultados empíricos da B3 para analisar o ISE utilizando a abordagem NRBVcomo fundamentação teórica. Isso sugere que nem todas as iniciativas ambientaisaumentam o valor de mercado das empresas, pois algumas ações podem acabarlevando ao resultado oposto. Os investidores e a sociedade em geral têm o direito de saber como as empresas implementam estratégias sustentáveis que vão além das exigidas por lei.Contribuições – A grande contribuição deste estudo é abordar todas as trêsestratégias da NRBV para investigar se vale a pena ser verde em termos de valor demercado, analisando as organizações brasileiras sustentáveis que compõem o ISE.FECAP2022-10-11info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfapplication/pdfhttps://rbgn.fecap.br/RBGN/article/view/418510.7819/rbgn.v24i3.4185Review of Business Management; Vol. 24 No. 3 (2022)RBGN Revista Brasileira de Gestão de Negócios; Vol. 24 Núm. 3 (2022)RBGN - Revista Brasileira de Gestão de Negócios; v. 24 n. 3 (2022)1983-08071806-4892reponame:Revista Brasileira de Gestão de Negócios (Online)instname:Fundação Escola de Comércio Álvares Penteado (FECAP)instacron:FECAPengporhttps://rbgn.fecap.br/RBGN/article/view/4185/1877https://rbgn.fecap.br/RBGN/article/view/4185/1878Copyright (c) 2022 Review of Business Managementinfo:eu-repo/semantics/openAccessAlmada, LíviaSimões Guimarães e Borges, RenataPérez Ferreira, Bruno2022-10-11T21:15:03Zoai:ojs.emnuvens.com.br:article/4185Revistahttp://rbgn.fecap.br/RBGN/indexhttps://rbgn.fecap.br/RBGN/oai||jmauricio@fecap.br1983-08071806-4892opendoar:2022-10-11T21:15:03Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)false |
dc.title.none.fl_str_mv |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index As estratégias da Visão Baseada em Recursos Naturais são lucrativas? Um estudo longitudinal do Índice de Sustentabilidade Empresarial brasileiro |
title |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
spellingShingle |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index Almada, Lívia |
title_short |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
title_full |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
title_fullStr |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
title_full_unstemmed |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
title_sort |
Are Natural-RBV strategies profitable? A longitudinal study of the Brazilian Corporate Sustainability Index |
author |
Almada, Lívia |
author_facet |
Almada, Lívia Simões Guimarães e Borges, Renata Pérez Ferreira, Bruno |
author_role |
author |
author2 |
Simões Guimarães e Borges, Renata Pérez Ferreira, Bruno |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Almada, Lívia Simões Guimarães e Borges, Renata Pérez Ferreira, Bruno |
description |
Purpose – The aim of this research is to analyze whether natural resource-based view (NRBV) strategies lead to financial performance, represented by market value in the Brazilian stock exchange (B3) Corporate Sustainability Index (ISE).Theoretical framework – The NRBV foresees three green strategies to achieve sustainable competitive advantage: pollution prevention, product stewardship and sustainable development. Many studies have tested one or two of those strategies. We tested if all three strategies are related to the financial performanceof companies in the ISE index.Design/methodology/approach – We collected five years of data from 18 companies that compose the ISE index and employed panel data analysis in this longitudinal study.Findings – All three strategies of the NRBV are related to the companies’ market value in different ways. The results diverge from the current literature because we found positive and negative links between environmental strategies and financial performance.Practical & social implications of research – This study contributes with empirical results from the B3 to analyze the ISE index using the NRBV approach as a theoretical basis. It suggests that not all environmental initiatives increase companies’ market value, as some actions may end up achieving the opposite outcome. Investors and society, in general, are entitled to know how companies implement sustainable strategies that go beyond those required by law. Originality/value – The major contribution of this study is it addresses all three NRBV strategies to investigate if it pays to be green in terms of market value, by analyzing the Brazilian sustainable organizations that compose the ISE index.Keywords – NRBV, corporate sustainability, financial performance, market value, sustainable development. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-10-11 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/4185 10.7819/rbgn.v24i3.4185 |
url |
https://rbgn.fecap.br/RBGN/article/view/4185 |
identifier_str_mv |
10.7819/rbgn.v24i3.4185 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/4185/1877 https://rbgn.fecap.br/RBGN/article/view/4185/1878 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Review of Business Management info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Review of Business Management |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FECAP |
publisher.none.fl_str_mv |
FECAP |
dc.source.none.fl_str_mv |
Review of Business Management; Vol. 24 No. 3 (2022) RBGN Revista Brasileira de Gestão de Negócios; Vol. 24 Núm. 3 (2022) RBGN - Revista Brasileira de Gestão de Negócios; v. 24 n. 3 (2022) 1983-0807 1806-4892 reponame:Revista Brasileira de Gestão de Negócios (Online) instname:Fundação Escola de Comércio Álvares Penteado (FECAP) instacron:FECAP |
instname_str |
Fundação Escola de Comércio Álvares Penteado (FECAP) |
instacron_str |
FECAP |
institution |
FECAP |
reponame_str |
Revista Brasileira de Gestão de Negócios (Online) |
collection |
Revista Brasileira de Gestão de Negócios (Online) |
repository.name.fl_str_mv |
Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP) |
repository.mail.fl_str_mv |
||jmauricio@fecap.br |
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