Social disclosure and cost of equity in public companies in Brazil

Detalhes bibliográficos
Autor(a) principal: Gonçalves, Rodrigo de Souza
Data de Publicação: 2013
Outros Autores: Medeiros, Otávio Ribeiro de, Niyama, Jorge Katsumi, Weffort, Elionor Farah Jreige
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Contabilidade & Finanças (Online)
Texto Completo: https://www.revistas.usp.br/rcf/article/view/78824
Resumo: This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency.
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spelling Social disclosure and cost of equity in public companies in Brazil Social disclosure e custo de capital próprio em companhias abertas no Brasil This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency. Esta pesquisa tem por objetivo analisar a relação entre o nível de social disclosure e o custo de capital próprio em companhias abertas no Brasil. Assume-se a hipótese de que os programas sociais externos promovidos ou apoiados pelas empresas contribuem para a construção da imagem reputacional das organizações, compensando as externalidades, trazendo benefícios sob o ponto de vista econômico, pela relação negativa com o custo do capital. Para testar essa hipótese, foram coletados e analisados os relatórios de responsabilidade social de 83 empresas listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM), no período de 2005 a 2009. Para avaliação do nível de social disclosure das empresas analisadas, foi utilizado um índice composto de 13 indicadores. O custo de capital próprio foi ajustado ao risco mediante o Capital Asset Pricing Model (CAPM) e testado por meio de regressão com dados em painel com efeitos fixos seccionais. Os resultados evidenciam que há relação negativa entre custo de capital próprio e nível de social disclosure, indicando, para o mercado acionário brasileiro, uma forma semiforte de eficiência de mercado. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2013-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/7882410.1590/S1519-70772013000200003Revista Contabilidade & Finanças; v. 24 n. 62 (2013); 113-124Revista Contabilidade & Finanças; Vol. 24 No. 62 (2013); 113-124Revista Contabilidade & Finanças; Vol. 24 Núm. 62 (2013); 113-1241808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporenghttps://www.revistas.usp.br/rcf/article/view/78824/82887https://www.revistas.usp.br/rcf/article/view/78824/82888Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessGonçalves, Rodrigo de SouzaMedeiros, Otávio Ribeiro deNiyama, Jorge KatsumiWeffort, Elionor Farah Jreige2014-04-04T13:21:46Zoai:revistas.usp.br:article/78824Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2014-04-04T13:21:46Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Social disclosure and cost of equity in public companies in Brazil
Social disclosure e custo de capital próprio em companhias abertas no Brasil
title Social disclosure and cost of equity in public companies in Brazil
spellingShingle Social disclosure and cost of equity in public companies in Brazil
Gonçalves, Rodrigo de Souza
title_short Social disclosure and cost of equity in public companies in Brazil
title_full Social disclosure and cost of equity in public companies in Brazil
title_fullStr Social disclosure and cost of equity in public companies in Brazil
title_full_unstemmed Social disclosure and cost of equity in public companies in Brazil
title_sort Social disclosure and cost of equity in public companies in Brazil
author Gonçalves, Rodrigo de Souza
author_facet Gonçalves, Rodrigo de Souza
Medeiros, Otávio Ribeiro de
Niyama, Jorge Katsumi
Weffort, Elionor Farah Jreige
author_role author
author2 Medeiros, Otávio Ribeiro de
Niyama, Jorge Katsumi
Weffort, Elionor Farah Jreige
author2_role author
author
author
dc.contributor.author.fl_str_mv Gonçalves, Rodrigo de Souza
Medeiros, Otávio Ribeiro de
Niyama, Jorge Katsumi
Weffort, Elionor Farah Jreige
description This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency.
publishDate 2013
dc.date.none.fl_str_mv 2013-08-01
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/rcf/article/view/78824
10.1590/S1519-70772013000200003
url https://www.revistas.usp.br/rcf/article/view/78824
identifier_str_mv 10.1590/S1519-70772013000200003
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://www.revistas.usp.br/rcf/article/view/78824/82887
https://www.revistas.usp.br/rcf/article/view/78824/82888
dc.rights.driver.fl_str_mv Copyright (c) 2018 Revista Contabilidade & Finanças
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Revista Contabilidade & Finanças
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária
publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária
dc.source.none.fl_str_mv Revista Contabilidade & Finanças; v. 24 n. 62 (2013); 113-124
Revista Contabilidade & Finanças; Vol. 24 No. 62 (2013); 113-124
Revista Contabilidade & Finanças; Vol. 24 Núm. 62 (2013); 113-124
1808-057X
1519-7077
reponame:Revista Contabilidade & Finanças (Online)
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Revista Contabilidade & Finanças (Online)
collection Revista Contabilidade & Finanças (Online)
repository.name.fl_str_mv Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)
repository.mail.fl_str_mv recont@usp.br||recont@usp.br
_version_ 1787713776743612416

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