Avaliação das reações do Mercado de Capitais no Brasil e na Austrália após o acidente ambiental da Mineradora Samarco
DOI:
https://doi.org/10.16930/2237-7662/rccc.v17n52.2659Palavras-chave:
Teoria Institucional, Teoria dos Stakeholders, Análise de Evento, Setor de Mineração, Acidentes Ambientais.Resumo
O artigo analisa a reação do mercado de capitais após o acidente ambiental da mineradora Samarco. A Samarco se organiza como joint venture societária dividida igualmente entre a empresa brasileira Vale e a empresa anglo-australiana BHP Billiton. Foi adotada a técnica de estudo de eventos para calcular o risco sistemático (beta) e avaliar as variações no retorno das ações de empresas do setor de mineração dos mercados de capitais brasileiro e australiano. Os dados utilizados na pesquisa foram obtidos no BM&FBovespa para as empresas brasileiras e na Australian Securities Exchange (ASX) para as empresas australianas, ao longo do ano de 2015. Os resultados da pesquisa evidenciam que, no mercado brasileiro, apenas a empresa Vale apresentou um declínio significante do coeficiente beta. Em relação às empresas australianas houve declínio no risco sistemático para as empresas BHP Billiton, Rio Tinto e NCM. O rompimento da barragem de Fundão da mineradora Samarco entrou para o rol dos desastres ambiental globais. No entanto, os impactos econômicos, ambientais e sociais foram rapidamente absorvidos pelo mercado de capitais, e não influenciaram o valor das ações de empresas do setor de mineração no Brasil e na Austrália a longo prazo.Referências
Aaker, D. A., & Jacobson, R. (1987). The role of risk in explaining differences in profitability. Academy of Management Journal, 30(2), 277-296. DOI: https://doi.org/10.2307/256274
Abreu, M. C. S, Cunha, L. T., & Barlow, C. Y. (2015). Institutional dynamics and organizations affecting the adoption of sustainable development in the United Kingdom and Brazil. Business Ethics: a European Review, 24(1), 73- 90. DOI: https://doi.org/10.1111/beer.12074
Abreu, M. C. S., Varvakis, G., & Figueiredo, H. S., Júnior (2004). As pressões ambientais da estrutura da indústria. RAE-eletrônica, 3(2), 1-31. DOI: https://doi.org/10.1590/S1676-56482004000200002
Alpaslan, C, Green, S. E., & Mitroff, I. I. (2009). Corporate governance in the context of crisis: towards a stakeholder theory of crisis management. Journal of Contingencies and Crisis Management, 17(1), 38-49. DOI: https://doi.org/10.1111/j.1468-5973.2009.00555.x
Bansal, P., & Clelland, I. (2004). Takling trash: legitimacy impression management and unsystematic risk in the context of the natural environment. Academy of Management Journal, 41(1), 93-103. DOI: https://doi.org/10.2307/20159562
Baskerville-Morley, R. (2004). Dangerous, dominant, dependente or definifive: stakeholder identification when profession faces major transgressions. Accounting and the Public Interest, 4, 24-42. DOI: https://doi.org/10.2308/api.2004.4.1.24
Binder, J. J. (1998). The event study methodology since 1969. Review of Quantitative Finance and Accounting, 11(2), 111-137. DOI: https://doi.org/10.1023/A:1008295500105
Blacconiere, W., & Patten, D. (1994). Environmental disclosures, regulatory costs and changes in firm value. Journal of Accounting and Economics, 18, 357-377. DOI: https://doi.org/10.1016/0165-4101(94)90026-4
Blanco, E., Maquieira, J., & Lozano, J. (2009). The economic impacts of voluntary environmental performance of firms: a critical review. Journal of Economic Surveys, 23(3), 462-502. DOI: https://doi.org/10.1111/j.1467-6419.2008.00569.x
Bonami, P., & Lejeune, M. A. (2009). An exact solution aroach for portfolio optimization problems under stochastic and integer constraints. Operations research, 57(3), 650-670. DOI: https://doi.org/10.1287/opre.1080.0599
Brigham, E. F., & Houston, J. F. (1999). Fundamentos da moderna administração financeira. Campus.
Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of management Review, 32(3), 946-967. DOI: https://doi.org/10.5465/amr.2007.25275684
Campbell, J. Y., Lo, A. W., & Mackinlay, C. A. (1996), The econometrics of financial markets. Princeton University Press. DOI: https://doi.org/10.1515/9781400830213
Clarkson, M. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of management review, 20(1), 92-117. DOI: https://doi.org/10.5465/amr.1995.9503271994
Clinch, G. J., & Sinclair, N. A. (1987). Intra-industry information releases: A recursive systems approach. Journal of Accounting and Economics, 9(1), 89-106. DOI: https://doi.org/10.1016/0165-4101(87)90018-8
Curran, M. M., & Moran, D. (2007). Impact of the FTSE4Good Index on firm price: An event study. Journal of Environmental Management, 82(4), 529-537. DOI: https://doi.org/10.1016/j.jenvman.2006.02.010
Deegan, C. (2002) Introduction: the legitimizing effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountaility Journal, 15(3), 282-311. DOI: https://doi.org/10.1108/09513570210435852
Delmas, M., & Toffel, M. W. (2004). Stakeholders and environmental management practices: an institutional framework. Business strategy and the Environment, 13(4), 209-222. DOI: https://doi.org/10.1002/bse.409
DiMaggio, P., & Powell, W. W. (1983). The iron cage revisited: Collective rationality and institutional isomorphism in organizational fields. American sociological review, 48(2), 147-160. DOI: https://doi.org/10.2307/2095101
Elliott, M. R., Wang, Y., Lowe, R. A., & Kleindorfer, P. R. (2004). Environmental justice: frequency and severity of US chemical industry accidents and the socioeconomic status of surrounding communities. Journal of Epidemiology & Community Health, 58(1), 24-30. DOI: https://doi.org/10.1136/jech.58.1.24
Espíndola, H. S., Campos, R. B. F, Lamounir, K. C. C., & Silva, R. S. (2016) Desastre da Samarco no Brasil: desafios para a conservação da biodiversidade. Journal of Social, Technological and Environmental Science, 5(3), 72-100. DOI: https://doi.org/10.21664/2238-8869.2016v5i3.p72-100
Fonseca, P. G. & Fonseca, G. I. (2016). Brazil’s greatest environmental catastrophe – Samarco’s Fundão Tailings Dam. Environmental Policy and Law, 46(5), 334-337.
Fontes, R. N. & Lopes, I. S. (2017). As representações da mídia sobre o rompimento da barragem do Fundão em Mariana, Minas Gerais. Espacios, 38(34), 32-46.
Garcia, L. C., Ribeiro, D. B., Oliveira Roque, F., Ochoa?Quintero, J. M., & Laurance, W. F. (2017). Brazil’s worst mining disaster: corporations must be compelled to pay the actual environmental costs. Ecological alications, 27(1), 5-9. DOI: https://doi.org/10.1002/eap.1461
Goebel, J., Krekel, C., Tiefenbach, T., & Ziebarth, N. R. (2015). How natural disasters can affect environmental concerns, risk aversion, and even politics: evidence from Fukushima and three European countries. Journal of Population Economics, 28(4), 1137-1180. DOI: https://doi.org/10.1007/s00148-015-0558-8
Heflin, F., Moon Jr, J. R., & Wallace, D. (2015). A re-examination of the cost of capital benefits from higher-quality disclosures. Journal of Financial Reporting, 1(1), 65-95. DOI: https://doi.org/10.2308/jfir-51322
Henriques, I., & Sadorsky, P. (1996). The determinants of an environmentally responsive firm: an empirical aroach. Journal of environmental economics and management, 30(3), 381-395. DOI: https://doi.org/10.1006/jeem.1996.0026
Hoffman, A. J. (2001). From heresy to dogma: An institutional history of corporate environmentalism. Stanford University Press.
Indrabudiman, A. (2017). Does social and environmental disclosure affect stock price? Evidence from Indonesian. International Journal of Economic Researach, 14(4), 419-428.
Jamali, D., & Mirshak, R. (2007). Corporate social responsibility (CSR): Theory and practice in a developing country context. Journal of business ethics, 72(3), 243-262. DOI: https://doi.org/10.1007/s10551-006-9168-4
Jamali, D., & Neville, B. (2011). Convergence versus divergence of CSR in developing countries: An embedded multi-layered institutional lens. Journal of Business Ethics, 102(4), 599-621. DOI: https://doi.org/10.1007/s10551-011-0830-0
Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3), 271-284. DOI: https://doi.org/10.1016/j.jclepro.2004.10.004
Jennings, P. D., & Zandbergen, P. A. (1995). Ecologically sustainable organizations: An institutional aroach. Academy of management review, 20(4), 1015-1052. DOI: https://doi.org/10.5465/amr.1995.9512280034
Karpoff, J. M., Lott, J. R., Jr., & Wehrly, E. W. (2005). The reputational penalties for environmental violations: empirical evidence. Journal of Law and Economics, 48(2), 653-675. DOI: https://doi.org/10.1086/430806
Klassen, R. & McLaughlin, C. (1996). The impact of environmental management on firm performance. Management Sciente, 42, 1199-1214. DOI: https://doi.org/10.1287/mnsc.42.8.1199
Klerk, M., & Villiers, C. de (2012). The value relevance of corporate responsibility reporting: South African evidence. Meditari Accountancy Research, 20(1), 21-38. DOI: https://doi.org/10.1108/10222521211234200
Kothari, S. P., Li, X., & Short, J. E. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review, 84(5), 1639-1670. DOI: https://doi.org/10.2308/accr.2009.84.5.1639
Kumar, R., Lamb, W. B., & Wokutch, R. E. (2002). The end of South African sanctions, institutional ownership, and the stock price performance of boycotted firms: Evidence on the impact of social/ethical investing. Business & Society, 41(2), 133-165. DOI: https://doi.org/10.1177/0007650302041002002
Laplante, B., & Lanoie, P. (1994). The market response to environmental incidents in Canada: a theoretical and empirical analysis. Southern Economic Journal, 657-672. DOI: https://doi.org/10.2307/1060574
Lin, P. T., Li, B., & Bu, D. (2015). The relationship between corporate governance and community engagement: Evidence from the Australian mining companies. Resources Policy, 43, 28-39. DOI: https://doi.org/10.1016/j.resourpol.2014.11.004
Lokuwaduge, C. S. D. S., & Heenetigala, K. (2017). Integrating environmental, social and governance (ESG) disclosure for a sustainable development: an Australian study. Business Strategy and the Environment, 26(4), 438-450. DOI: https://doi.org/10.1002/bse.1927
Magness, V. (2000). The impact of environmental accidents on the behavior of TSE traded companies. Unpublished Doctoral Dissertation (University of Manitoba).
Magness, V. (2008). Who are the stakeholders now? An empirical examination of the Michell, Agle and Wood theory of stakeholder salience. Journal of Business Ethics, 83(2), 177-1992. DOI: https://doi.org/10.1007/s10551-007-9610-2
Meyer, J. W., & Scott, W. R. (1992). Organizational environments: Ritual and rationality. Sage Publications, Inc.
Milstein, M. B., Hart, S. L., & York, A. S. (2002). Coercion breeds variation: the differential impact of isomorphic pressures on environmental strategies (pp. 151-172). Stanford University Press: Stanford.
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886. DOI: https://doi.org/10.5465/amr.1997.9711022105
Morgan, G., Gomes, M. V. P., & Perez-Aleman, P. (2016). Transnational governance regimes in the global south: multinationals, states and NGOs as political actors. Revista de Administração de Empresas, 56(4), 374-379. DOI: https://doi.org/10.1590/S0034-759020160402
Pargai, S., & Wheeler, D. (1995). Informal regulation of industrial pollution in developing countries: evidence from Indonesia. Workd Bank, Policy and Research Department Working Paper, 1416.
Patten, D. M. (1992). Intra-industry environmental disclosures in response to the Alaskan oil spill: a note on legitimacy theory. Accounting, organizations and Society, 17(5), 471-475. DOI: https://doi.org/10.1016/0361-3682(92)90042-Q
Patten, D. M., & Trompeter, G. (2003). Corporate responses to political costs: an examination of the relation between environmental disclosure and earnings management. Journal of Accounting and Public Policy, 22(1), 83-94. DOI: https://doi.org/10.1016/S0278-4254(02)00087-X
Pellegrino, C., & Lodhia, S. (2012). Climate change accounting and the Austratian mining industry: exploring the links between corporate disclosure and the generation of legitimacy. Journal of Cleaner Production, 36, 68-82. DOI: https://doi.org/10.1016/j.jclepro.2012.02.022
Siltaoja, M. E., & Onkila, T. 2013. ‘Business in society or business and society: the construction of business-society relations in responsibility reports from a critical discursive perspective’. Business Ethics: A European Review, 22(4), 357-373. DOI: https://doi.org/10.1111/beer.12028
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional aroaches. Academy of management review, 20(3), 571-610. DOI: https://doi.org/10.5465/amr.1995.9508080331
Visschers, V. H., & Siegrist, M. (2012). Fair play in energy policy decisions: Procedural fairness, outcome fairness and acceptance of the decision to rebuild nuclear power plants. Energy Policy, 46, 292-300. DOI: https://doi.org/10.1016/j.enpol.2012.03.062
Yamaguchi, K. (2008). Reexamination of stock price reaction to environmental performance: a GRACH alication. Ecologial Economics, 68(1), 345-352. DOI: https://doi.org/10.1016/j.ecolecon.2008.04.004
Zreik, O., & Louhichi, W. (2017). Risk Disclosure and Company Unsystematic, Systematic, and Total Risks. Economics Bulletin, 37(1), 448-467.
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Os direitos autorais para artigos publicados nesta revista pertencem ao(s) respectivo(s) autor(es), com direitos de primeira publicação cedidos para a Revista Catarinense da Ciência Contábil - RCCC. Em virtude de aparecerem nesta revista de acesso público, os artigos são de uso gratuito, com obrigatoriedade de reconhecimento da autoria original e da publicação inicial nesta revista. A revista permitirá o uso dos trabalhos publicados, incluindo direito de enviar o trabalho para bases de dados de acesso público. O conteúdo dos artigos publicados são de total e exclusiva responsabilidade dos autores.
- O(s) autor(es) autoriza(m) a publicação do artigo na revista;
- O(s) autor(es) garante(m) que a contribuição é original e inédita e que não está em processo de avaliação em outra(s) revista(s);
- A revista não se responsabiliza pelas opiniões, ideias e conceitos emitidos nos textos, por serem de inteira responsabilidade de seu(s) autor(es);
- É reservado aos editores o direito de proceder ajustes textuais e de adequação do artigo às normas da publicação.
Esta obra está licenciada com uma Licença Creative Commons Atribuição 4.0 Internacional.
