Índice de Sustentabilidade Empresarial (ISE) e o desempenho econômico-financeiro dos bancos da Bm&fBovespa

• Autor(a) principal: Palavecini, Andressa Carla
• Data de Publicação: 2018
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do UNIOESTE
• Texto Completo: http://tede.unioeste.br/handle/tede/3757
• topic: Desempenho econômico-financeiro; Instituições Bancárias; Sustentabilidade; Economic-financial performance; Banking Institutions; Sustainability; ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA

The sustainability topic has been much discussed, and the perception of the strategic position of the banking institutions for the sustainable development, has made that these organizations worried about the social and environmental aspects, besides the economic ones. Several initiatives were created in the financial sector focused on sustainability, and an important step was the creation of the Corporate Sustainability Index (ISE) by São Paulo Stock Exchange at 2005, whose objective is to be a theoretical portfolio of assets of companies with practices sustainable development, becoming a reference measure. The ISE is based on the concept of Triple Botton Line, that is, the economic, social, environmental, and other pillars that were introduced in the methodology of the index. Financial reports and the one with the most possibility of comparisons represent the economic pillar because it is mandatory disclosure. Since the creation of the index, banking institutions have actively participated in portfolio composition, showing that in addition to acting as drivers of change for sustainable development, they are concerned with adhering to sustainable practices. The objective of this study was to verify if the banking institutions participating in ISE have a higher economicfinancial performance than non-participants. In order to meet this objective, were verified the banks listed in Bm&fBovespa and, subsequently, the Corporate Sustainability Index (ISE) portfolios in the period from 2012 to 2016, to identify the participating banks in each of the periods. The sample consisted of 4 participating banks of ISE and 16 non-participating banks, totaling 20 banks analyzed for a period of 5 years, considering the years 2012 to 2016. Were calculated a total of 18 annual economic and financial indicators, which were submitted to technical Multivariate statistical analysis of Factorial Analysis aiming to identify the indicators with greater impact to carry out the performance analysis. The “Return on Invested Capital” Factor, and Participation of Loans and Profitability of Assets, which can be replaced by the Total Returned Capital Profitability Factor, identified five important indicators for the analysis of the performance of the sample banks: Financial Independence, Return on Total Investment and Net Margin that can be replaced. The original variables, which are the indicators, as well as the factors by which these indicators can be replaced, were tested using a non-parametric hypothesis test, the Mann-Whitney test, to verify which of the groups of sample had superior economic-financial performance. In conclusion, the ISE participating banks have a higher economic-financial performance than non-participants, because present higher return of total investment, highest net margin, highest net income, and highest financial independence than the institutions non-participants, indicating that about economic pillar, the participating banks of ISE have highest rating.