Relationship between sustainable performance and market performance
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RACE (Joaçaba. Online) |
Texto Completo: | https://periodicos.unoesc.edu.br/race/article/view/27352 |
Resumo: | Society has shown relevant attention and growing awareness regarding sustainability, but studies on the subject have controversial evidence. Thus, the present study aimed to assess the cause-effect relationship between sustainable performance and market performance of companies listed on the stock exchange of the twenty most sustainable countries in the world according to the Environmental Performance Index, resulting in a sample of 1,027 companies. Regarding the methodology, the data were collected in the Thomson Reuters® database and relate to the period from 2008 to 2017. Sustainability was measured based on the synthesis of environmental indicators (use of resources, emissions, environmental innovation), social (workforce, human rights, community and product responsibility) and economic-financial (return on assets, return on equity and return on sales) the Multicriteria Evaluation Based on Distance from Average Solution method was used for this synthesis. Market performance was measured from the synthesis of the indicators (Tobin's Q, Market-to-book, share price, earnings per share and Price / Earnings index). From the synthesis of these indicators, it was possible to apply linear regression. The results indicate the existence of bidirectionality between sustainable performance and market performance, however it is evident that the greatest explanatory power verified is in the sense that, based on good market performance, organizations are able to improve their sustainable performance. It is noteworthy in the results that over the years there has been a significant increase in the influence of sustainable performance in relation to market performance, evidencing the growing concern of investors in relation to sustainable development. |
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Relationship between sustainable performance and market performanceRelação entre desempenho sustentável e desempenho de mercadoSustainable performanceMarket performanceSustainabilityDesempenho sustentávelDesempenho de mercadoSustentabilidadeSociety has shown relevant attention and growing awareness regarding sustainability, but studies on the subject have controversial evidence. Thus, the present study aimed to assess the cause-effect relationship between sustainable performance and market performance of companies listed on the stock exchange of the twenty most sustainable countries in the world according to the Environmental Performance Index, resulting in a sample of 1,027 companies. Regarding the methodology, the data were collected in the Thomson Reuters® database and relate to the period from 2008 to 2017. Sustainability was measured based on the synthesis of environmental indicators (use of resources, emissions, environmental innovation), social (workforce, human rights, community and product responsibility) and economic-financial (return on assets, return on equity and return on sales) the Multicriteria Evaluation Based on Distance from Average Solution method was used for this synthesis. Market performance was measured from the synthesis of the indicators (Tobin's Q, Market-to-book, share price, earnings per share and Price / Earnings index). From the synthesis of these indicators, it was possible to apply linear regression. The results indicate the existence of bidirectionality between sustainable performance and market performance, however it is evident that the greatest explanatory power verified is in the sense that, based on good market performance, organizations are able to improve their sustainable performance. It is noteworthy in the results that over the years there has been a significant increase in the influence of sustainable performance in relation to market performance, evidencing the growing concern of investors in relation to sustainable development.A sociedade têm demonstrado relevante atenção e crescente conscientização no que se refere à sustentabilidade, porém os estudos sobre o tema apresentam evidências controversas. Assim, o presente estudo teve como objetivo avaliar a relação causa-efeito entre o desempenho sustentável e o desempenho de mercado das empresas listadas na bolsa de valores dos vinte países mais sustentáveis do mundo de acordo com o Environmental Performance Index, originando uma amostra de 1.027 empresas. Em relação à metodologia, os dados foram coletados na base de dados Thomson Reuters® e dizem respeito ao período de 2008 a 2017. A sustentabilidade foi mensurada a partir da sintetização de indicadores ambientais (uso de recursos, emissões, inovação ambiental), sociais (força de trabalho, direitos humanos, comunidade e responsabilidade pelo produto) e econômicos-financeiros (retorno sobre os ativos, retorno sobre o patrimônio líquido e retorno sobre vendas), sendo que foi utilizado o método multicritério Evaluation Based on Distance from Average Solution para esta sintetização. O desempenho de mercado também foi mensurado a partir da sintetização dos indicadores (Q de Tobin, Market-to-book, preço das ações, lucro por ação e índice Preço/Lucro). A partir da sintetização destes indicadores foi possível aplicar a regressão linear. Os resultados indicam a existência de bidirecionalidade entre o desempenho sustentável e o desempenho de mercado, porém evidencia-se que o maior poder explicativo verificado é no sentido de que a partir do bom desempenho de mercado é que as organizações têm condições de melhorar o seu desempenho sustentável. Chama atenção nos resultados que ao longo dos anos houve aumento significativo da influência do desempenho sustentável em relação ao desempenho de mercado, evidenciando a crescente preocupação dos investidores em relação ao desenvolvimento sustentável. Universidade do Oeste de Santa Catarina2021-08-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdftext/htmlhttps://periodicos.unoesc.edu.br/race/article/view/2735210.18593/race.27352RACE - Revista de Administração, Contabilidade e Economia; Vol. 20 No. 2 (2021): RACE maio/ago. 2021; 183-208RACE - Revista de Administração, Contabilidade e Economia; v. 20 n. 2 (2021): RACE maio/ago. 2021; 183-2082179-49361678-6483reponame:RACE (Joaçaba. Online)instname:Universidade do Oeste de Santa Catarina (UNOESC)instacron:UNOESCporhttps://periodicos.unoesc.edu.br/race/article/view/27352/16483https://periodicos.unoesc.edu.br/race/article/view/27352/16484Copyright (c) 2021 Janine Patrícia Jost, Adriana Kroenke, Nelson Heinhttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessJost, Janine PatríciaKroenke, AdrianaHein, Nelson2022-08-16T14:04:29Zoai:ojs.periodicos.unoesc.edu.br:article/27352Revistahttps://portalperiodicos.unoesc.edu.br/racehttps://portalperiodicos.unoesc.edu.br/race/oairace@unoesc.edu.br||editora@unoesc.edu.br2179-49361678-6483opendoar:2022-08-16T14:04:29RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC)false |
dc.title.none.fl_str_mv |
Relationship between sustainable performance and market performance Relação entre desempenho sustentável e desempenho de mercado |
title |
Relationship between sustainable performance and market performance |
spellingShingle |
Relationship between sustainable performance and market performance Jost, Janine Patrícia Sustainable performance Market performance Sustainability Desempenho sustentável Desempenho de mercado Sustentabilidade |
title_short |
Relationship between sustainable performance and market performance |
title_full |
Relationship between sustainable performance and market performance |
title_fullStr |
Relationship between sustainable performance and market performance |
title_full_unstemmed |
Relationship between sustainable performance and market performance |
title_sort |
Relationship between sustainable performance and market performance |
author |
Jost, Janine Patrícia |
author_facet |
Jost, Janine Patrícia Kroenke, Adriana Hein, Nelson |
author_role |
author |
author2 |
Kroenke, Adriana Hein, Nelson |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Jost, Janine Patrícia Kroenke, Adriana Hein, Nelson |
dc.subject.por.fl_str_mv |
Sustainable performance Market performance Sustainability Desempenho sustentável Desempenho de mercado Sustentabilidade |
topic |
Sustainable performance Market performance Sustainability Desempenho sustentável Desempenho de mercado Sustentabilidade |
description |
Society has shown relevant attention and growing awareness regarding sustainability, but studies on the subject have controversial evidence. Thus, the present study aimed to assess the cause-effect relationship between sustainable performance and market performance of companies listed on the stock exchange of the twenty most sustainable countries in the world according to the Environmental Performance Index, resulting in a sample of 1,027 companies. Regarding the methodology, the data were collected in the Thomson Reuters® database and relate to the period from 2008 to 2017. Sustainability was measured based on the synthesis of environmental indicators (use of resources, emissions, environmental innovation), social (workforce, human rights, community and product responsibility) and economic-financial (return on assets, return on equity and return on sales) the Multicriteria Evaluation Based on Distance from Average Solution method was used for this synthesis. Market performance was measured from the synthesis of the indicators (Tobin's Q, Market-to-book, share price, earnings per share and Price / Earnings index). From the synthesis of these indicators, it was possible to apply linear regression. The results indicate the existence of bidirectionality between sustainable performance and market performance, however it is evident that the greatest explanatory power verified is in the sense that, based on good market performance, organizations are able to improve their sustainable performance. It is noteworthy in the results that over the years there has been a significant increase in the influence of sustainable performance in relation to market performance, evidencing the growing concern of investors in relation to sustainable development. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-08-31 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.unoesc.edu.br/race/article/view/27352 10.18593/race.27352 |
url |
https://periodicos.unoesc.edu.br/race/article/view/27352 |
identifier_str_mv |
10.18593/race.27352 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.unoesc.edu.br/race/article/view/27352/16483 https://periodicos.unoesc.edu.br/race/article/view/27352/16484 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Janine Patrícia Jost, Adriana Kroenke, Nelson Hein http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Janine Patrícia Jost, Adriana Kroenke, Nelson Hein http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf text/html |
dc.publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
dc.source.none.fl_str_mv |
RACE - Revista de Administração, Contabilidade e Economia; Vol. 20 No. 2 (2021): RACE maio/ago. 2021; 183-208 RACE - Revista de Administração, Contabilidade e Economia; v. 20 n. 2 (2021): RACE maio/ago. 2021; 183-208 2179-4936 1678-6483 reponame:RACE (Joaçaba. Online) instname:Universidade do Oeste de Santa Catarina (UNOESC) instacron:UNOESC |
instname_str |
Universidade do Oeste de Santa Catarina (UNOESC) |
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UNOESC |
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UNOESC |
reponame_str |
RACE (Joaçaba. Online) |
collection |
RACE (Joaçaba. Online) |
repository.name.fl_str_mv |
RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC) |
repository.mail.fl_str_mv |
race@unoesc.edu.br||editora@unoesc.edu.br |
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