THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista de contabilidade e organizações |
Texto Completo: | https://www.revistas.usp.br/rco/article/view/56668 |
Resumo: | The aim in this study was to identify the influence of involuntary negative environmental disclosure on abnormal returns in sectors with high pollution indices: Exploitation, Refining, Metallic Minerals, Paper and Pulp and Iron and Steel. To achieve the proposed objective, the event study method was used, based on the Efficient Market Hypothesis. The sample selected totals 29 events, referent to the period from 2007 till 2012. T statistics of different variances was used, as well as the Wilcoxon test for paired variables, with a view to detecting whether the volatility of stock prices before the event is statistically different from stock prices after the event. The results demonstrated that the disclosure of environmental events negatively affected stock prices and returns, evidencing the semi-strong form of the Brazilian stock market, that is, the stock price reflects publicly available information in a rapid and precise manner. Also, the negative reaction of investors was observed until the third day after the event for the iron and steel and paper and pulp sectors, and until the fourth day after the event for the metallic minerals and exploitation and refining sectors, after which the stock prices and returns went back to normal levels.mumente utilizadas (tamanho, rentabilidade etc.) nos modelos de análise do nível de endividamento, contribuiu para o entendimento da estrutura de capital de empresas brasileiras. |
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THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEXOS EFEITOS DO DISCLOSURE AMBIENTAL NEGATIVO INVOLUNTÁRIO: UM ESTUDO DE EVENTO NAS COMPANHIAS BRASILEIRAS COM ALTO ÍNDICE DE POLUIÇÃOenvironmental disclosureevent studyefficient market hypothesisBrazilian companies.The aim in this study was to identify the influence of involuntary negative environmental disclosure on abnormal returns in sectors with high pollution indices: Exploitation, Refining, Metallic Minerals, Paper and Pulp and Iron and Steel. To achieve the proposed objective, the event study method was used, based on the Efficient Market Hypothesis. The sample selected totals 29 events, referent to the period from 2007 till 2012. T statistics of different variances was used, as well as the Wilcoxon test for paired variables, with a view to detecting whether the volatility of stock prices before the event is statistically different from stock prices after the event. The results demonstrated that the disclosure of environmental events negatively affected stock prices and returns, evidencing the semi-strong form of the Brazilian stock market, that is, the stock price reflects publicly available information in a rapid and precise manner. Also, the negative reaction of investors was observed until the third day after the event for the iron and steel and paper and pulp sectors, and until the fourth day after the event for the metallic minerals and exploitation and refining sectors, after which the stock prices and returns went back to normal levels.mumente utilizadas (tamanho, rentabilidade etc.) nos modelos de análise do nível de endividamento, contribuiu para o entendimento da estrutura de capital de empresas brasileiras.O objetivo deste trabalho foi identificar a influência do disclosure ambiental negativo involuntário no retorno anormal dos setores com alto índice de poluição: Exploração, Refino, Minerais Metálicos, Papel e Celulose, e Siderurgia. Para atender ao objetivo proposto, utilizou-se a metodologia de estudo de evento, fundamentada na Hipótese do Mercado Eficiente. A amostra selecionada perfaz 29 eventos, contemplando o período de 2007 a 2012. Utilizou-se a estatística t de variâncias diferentes, bem como o teste de Wilcoxon para variáveis pareadas no intuito de detectar se a volatilidade do preço das ações antes do evento é estatisticamente diferente do preço das ações após a ocorrência do evento. Os resultados demonstraram que a divulgação dos impactos ambientais influenciou negativamente o preço e o retorno das ações, evidenciando a forma semiforte do mercado acionário brasileiro, ou seja, as informações publicamente disponíveis influencia de forma rápida e precisa no preço das ações. Observou-se também a reação negativa dos investidores até o terceiro dia após o evento para os setores de siderurgia e papel e celulose, e até o quarto dia após o evento para os setores de minerais metálicos, e exploração e refino. A partir desse período, o preço das ações e os retornos voltam à sua normalidade.Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto2013-07-10info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/xmlhttps://www.revistas.usp.br/rco/article/view/5666810.11606/rco.v7i17.56668Revista de Contabilidade e Organizações; Vol. 7 No. 17 (2013); 56-68Revista de Contabilidade e Organizações; Vol. 7 Núm. 17 (2013); 56-68Revista de Contabilidade e Organizações; v. 7 n. 17 (2013); 56-681982-6486reponame:Revista de contabilidade e organizaçõesinstname:Universidade de São Paulo (USP)instacron:USPengporhttps://www.revistas.usp.br/rco/article/view/56668/59700https://www.revistas.usp.br/rco/article/view/56668/62431https://www.revistas.usp.br/rco/article/view/56668/147552Fernandes, Sheila Mendesinfo:eu-repo/semantics/openAccess2018-08-28T16:39:25Zoai:revistas.usp.br:article/56668Revistahttps://www.revistas.usp.br/rcoPUBhttps://www.revistas.usp.br/rco/oairco@usp.br1982-64861982-6486opendoar:2018-08-28T16:39:25Revista de contabilidade e organizações - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX OS EFEITOS DO DISCLOSURE AMBIENTAL NEGATIVO INVOLUNTÁRIO: UM ESTUDO DE EVENTO NAS COMPANHIAS BRASILEIRAS COM ALTO ÍNDICE DE POLUIÇÃO |
title |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
spellingShingle |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX Fernandes, Sheila Mendes environmental disclosure event study efficient market hypothesis Brazilian companies. |
title_short |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
title_full |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
title_fullStr |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
title_full_unstemmed |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
title_sort |
THE EFFECTS OF INVOLUNTARY NEGATIVE ENVIROMENTAL DISCLUSURE: AN EVENT STUDY IN BRAZILIAN COMPANIES WITH A HIGH PULLUTION INDEX |
author |
Fernandes, Sheila Mendes |
author_facet |
Fernandes, Sheila Mendes |
author_role |
author |
dc.contributor.author.fl_str_mv |
Fernandes, Sheila Mendes |
dc.subject.por.fl_str_mv |
environmental disclosure event study efficient market hypothesis Brazilian companies. |
topic |
environmental disclosure event study efficient market hypothesis Brazilian companies. |
description |
The aim in this study was to identify the influence of involuntary negative environmental disclosure on abnormal returns in sectors with high pollution indices: Exploitation, Refining, Metallic Minerals, Paper and Pulp and Iron and Steel. To achieve the proposed objective, the event study method was used, based on the Efficient Market Hypothesis. The sample selected totals 29 events, referent to the period from 2007 till 2012. T statistics of different variances was used, as well as the Wilcoxon test for paired variables, with a view to detecting whether the volatility of stock prices before the event is statistically different from stock prices after the event. The results demonstrated that the disclosure of environmental events negatively affected stock prices and returns, evidencing the semi-strong form of the Brazilian stock market, that is, the stock price reflects publicly available information in a rapid and precise manner. Also, the negative reaction of investors was observed until the third day after the event for the iron and steel and paper and pulp sectors, and until the fourth day after the event for the metallic minerals and exploitation and refining sectors, after which the stock prices and returns went back to normal levels.mumente utilizadas (tamanho, rentabilidade etc.) nos modelos de análise do nível de endividamento, contribuiu para o entendimento da estrutura de capital de empresas brasileiras. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-07-10 |
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://www.revistas.usp.br/rco/article/view/56668 10.11606/rco.v7i17.56668 |
url |
https://www.revistas.usp.br/rco/article/view/56668 |
identifier_str_mv |
10.11606/rco.v7i17.56668 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rco/article/view/56668/59700 https://www.revistas.usp.br/rco/article/view/56668/62431 https://www.revistas.usp.br/rco/article/view/56668/147552 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/xml |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto |
dc.source.none.fl_str_mv |
Revista de Contabilidade e Organizações; Vol. 7 No. 17 (2013); 56-68 Revista de Contabilidade e Organizações; Vol. 7 Núm. 17 (2013); 56-68 Revista de Contabilidade e Organizações; v. 7 n. 17 (2013); 56-68 1982-6486 reponame:Revista de contabilidade e organizações instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista de contabilidade e organizações |
collection |
Revista de contabilidade e organizações |
repository.name.fl_str_mv |
Revista de contabilidade e organizações - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
rco@usp.br |
_version_ |
1797054145171030016 |