Information entropy and ranking of IBOVESPA companies
the relevance of environmental innovation
DOI:
https://doi.org/10.16930/2237-766220223246Keywords:
Indicators, Performance, Entropy, Ranking, IbovespaAbstract
This study analyzes the weights of multidimensional performance indicators to determine the ranking of the companies listed in Bovespa index. This is a quantitative research using the multicriteria data entropy method, in which the indicators of the environmental, social, governance, economic-financial and market dimensions were obtained through the Refinitiv Eikon database. Thus, it was possible to establish the indicators weights for each year in order to determine the rankings of the companies at sector and general level. The environmental innovation variable was responsible for the greater information relevance, while the indicators such as return on net worth and financial leverage obtained the lowest weights. As for the ranking, Renner occupied the first place, which makes it possible to infer that this company has been standing out in the indicators portrayed with higher weight. In addition, the communication and public utility sectors presented the highest mean scores, while the health and energy segments had the lowest mean performances. These results indicate the relevance of providing corporate information to reach investors, increasingly concerned with good management practices and socio-environmental indicators. Moreover, the findings suggest that innovating on environmental issues does not consist of a priority for the companies in the sample, raising the question whether these organizations visualize the legitimacy or returns of successful innovations as rewards of the investments made. Research contributes by pointing out that companies with best environmental practices can obtain more benefits, as well as the society, before the quality of life and environmental preservation.
References
Almeida-Santos, P. S., Rocha, I., & Hein, N. (2014). Utilização da entropia informacional na seleção de indicadores financeiros mais relevantes para tomada de decisão no setor público: o caso dos estados brasileiros. Perspectivas em Ciência da Informação, 19(2), 83-105. DOI: 10.1590/1981-5344/1780 DOI: https://doi.org/10.1590/1981-5344/1780
Aras, G., & Yıldırım, F. M. (2021). Development of capitals in integrated reporting and weighting representative indicators with entropy approach. Social Responsibility Journal. DOI: 10.1108/SRJ-11-2020-0447 DOI: https://doi.org/10.1108/SRJ-11-2020-0447
Atan, R., Alam, M. M., Said, J. & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: panel study of Malaysian companies. Management of Environmental Quality, 29(2), 182-194. DOI: 10.1108/MEQ-03-2017-0033 DOI: https://doi.org/10.1108/MEQ-03-2017-0033
Bachmann, R. K. B., Carneiro, L. M., & Espejo, M. M. S. B. (2013). Evidenciação de informações ambientais: proposta de um indicador a partir da percepção de especialistas. Revista de Contabilidade e Organizações, 7(17), 33-44. DOI: 10.11606/rco.v7i17.56666 DOI: https://doi.org/10.11606/rco.v7i17.56666
Barbosa, I. & Cabral-Cardoso, C. (2010). Equality and diversity rhetoric: one size fits all? Globalization and the Portuguese context. Equality, Diversity and Inclusion: an International Journal, 29(1), 97-112, DOI: 10.1108/02610151011019237 DOI: https://doi.org/10.1108/02610151011019237
Beuren, I. M., Cunha, P. R., Theiss, V., & Cordeiro, A. (2013). Percepção dos discentes da disciplina de contabilidade introdutória: uma análise por meio da entropia informacional em diferentes cursos de graduação. Revista de Contabilidade e Organizações, 7(19), 70-85, DOI: 10.11606/rco.v7i19.62890 DOI: https://doi.org/10.11606/rco.v7i19.62890
Bititci, U., Garengo, P., Dörfler, V., & Nudurupati, S. (2012). Performance measurement: challenges for tomorrow. International Journal of Management Reviews, 14(3), 305-327. DOI:10.1111/j.1468-2370.2011.00318.x DOI: https://doi.org/10.1111/j.1468-2370.2011.00318.x
Brito, R. P. de., & Brito, L. A. L. (2012). Vantagem competitiva e sua relação com o desempenho: uma abordagem baseada em valor. Revista administração contemporânea, 16(3), 360-380. DOI: 10.1590/S1415-65552012000300003 DOI: https://doi.org/10.1590/S1415-65552012000300003
Cannella, A. A., Park, J. H., & Lee, H. U. (2008). Top Management Team Functional Background Diversity and Firm Performance: Examining the Roles of Team Member Colocation and Environmental Uncertainty. Academy of Management Journal, 51(4), 768-784. DOI: 10.2307/20159538 DOI: https://doi.org/10.5465/AMJ.2008.33665310
Degenhart, L., Vogt, M., Hein, N., & Rosa, F. S. (2016). Ranking setorial do grau de evidenciação ambiental das empresas brasileiras listadas no IBrX‐100. REGE - Revista de Gestão, 23(4), 326-337. DOI: 10.1016/j.rege.2016.07.002 DOI: https://doi.org/10.1016/j.rege.2016.07.002
Degenhart, L., Vogt, M., Hein, N., Rosa, F. S., & Brizolla, M. M. B. (2019). Disclosure ranking of environmental impacts of Brazilian companies: analysis using multicriteria methods. Environmental Quality Management, 29(1), 155-167. DOI: 10.1016/j.rege.2016.07.002 DOI: https://doi.org/10.1002/tqem.21649
Del Bosco, B., & Misani, N. (2016). The effect of cross-listing on the environmental, social, and governance performance of firms. Journal of World Business, 51(6), 977-990. DOI: 10.1016/j.jwb.2016.08.002 DOI: https://doi.org/10.1016/j.jwb.2016.08.002
Deng, H. (2015). Multicriteria analysis for benchmarking sustainability development. Benchmarking: An International Journal, 22(5), 791-807. DOI:10.1108/BIJ-07-2013-0072 DOI: https://doi.org/10.1108/BIJ-07-2013-0072
Di Domenico, D., Tormem, L., & Mazzioni, S. (2017). Nível de disclosure nos relatórios de sustentabilidade em conformidade com o Global Reporting Initiative (GRI). Revista Catarinense da Ciência Contábil, 16(49). DOI: 10.16930/rccc.v16n49.2401 DOI: https://doi.org/10.16930/rccc.v16n49.2401
Douek, D., & Angelo, C. F. (2021). Desempenho de Ativos Imobiliários: Perspectivas da Governança Ambiental, Social e Corporativa no Brasil. Latin American Real Estate Society (LARES). DOI: https://doi.org/10.15396/LARES-2021-4DQA
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315-334. DOI: 10.1007/s10551-019-04177-w DOI: https://doi.org/10.1007/s10551-019-04177-w
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. DOI: 10.1016/j.cpa.2019.102097 DOI: https://doi.org/10.1016/j.cpa.2019.102097
Esteban-Sanchez, P., La Cuesta-Gonzalez, M., & Paredes-Gazquez, J. D. (2017). Corporate Social Performance and its relation with Corporate Financial Performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102-1110. DOI: 10.1016/j.jclepro.2017.06.127 DOI: https://doi.org/10.1016/j.jclepro.2017.06.127
Freire, M. M. A., & Albuquerque Filho, A. R. (2022). Influência da responsabilidade social corporativa na qualidade das demonstrações contábeis de empresas brasileiras. Revista Catarinense da Ciência Contábil, 21, 1-17. DOI: https://doi.org/10.16930/2237-7662202232231
Furtado, L. L., Antonovz, T., Correa, M. D., da Silva, O. A. D. P., & Panhoca, L. (2019). Relação entre Sustentabilidade e Inovação: Uma análise da legitimidade organizacional das empresas do setor elétrico brasileiro. Revista Catarinense da Ciência Contábil, 18, 1-16. DOI: https://doi.org/10.16930/2237-766220192807
Hartmann, J. & Uhlenbruck, K. (2015). National institutional antecedents to corporate environmental performance. Journal of World Business, 50(4), 729-741. DOI: 10.1016/j.jwb.2015.02.001 DOI: https://doi.org/10.1016/j.jwb.2015.02.001
Hein, N., Vogt, M., Degenhart, L., Haussmann, D. C. S., & Kroenke, A. (2020). Ranking de criação de valor das empresas sul-americanas Estudo Multicritério a Partir dos Métodos DP2 e VIKOR. Desenvolvimento em questão, 18(50), 308-324. DOI: 10.21527/2237-6453.2020.50.308-324 DOI: https://doi.org/10.21527/2237-6453.2020.50.308-324
Jacintho, V., & Kroenke, A. (2021). Indicadores econômico-financeiros de empresas brasileiras: uma comparação entre setores. Revista Ambiente Contábil, 13(1), 90-113. DOI: 10.21680/2176-9036.2021v13n1ID19365 DOI: https://doi.org/10.21680/2176-9036.2021v13n1ID19365
Jakimowicz, A., & Rzeczkowski, D. (2019). Do barriers to innovation impact changes in innovation activities of firms during business cycle? The effect of the Polish green island. Equilibrium. Quarterly Journal of Economics and Economic Policy, 14(4), 631-676. DOI: 10.24136/eq.2019.030 DOI: https://doi.org/10.24136/eq.2019.030
Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research Progress and Future Prospects. Sustainability, 13(21), 116-63. DOI: 10.3390/su132111663 DOI: https://doi.org/10.3390/su132111663
Liu, X., & Anbumozhi, V. (2009). Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies. Journal of Cleaner Production, 17(6), 593-600. DOI: 10.1016/j.jclepro.2008.10.001 DOI: https://doi.org/10.1016/j.jclepro.2008.10.001
Macedo, M. A. da S., Corrar, L. J., & Siqueira, J. R. M. de. (2012). Comparative analysis of the accounting and financial performance of socially and environmentally responsible companies in Brazil. BASE - Revista de Administração e Contabilidade da Unisinos, 9(1), 13-26. DOI: 10.4013/base.2012.91.02 DOI: https://doi.org/10.4013/base.2012.91.02
Madrigal, M. H., Guzmán, B. A., & Guzmán, C. A. (2015). Determinants of corporate risk disclosure in large Spanish companies: a snapshot. Contaduría y Administración, 60(4), 757-775. DOI: 10.1016/j.cya.2015.05.014. DOI: https://doi.org/10.1016/j.cya.2015.05.014
Maghsoodi, A. I., Abouhamzeh, G., Khalilzadeh, M., Zavadskas, E. K. (2018). Ranking and selecting the best performance appraisal method using the MULTIMOORA approach integrated Shannon's entropy Front. Bus. Res. China, 12(1), 2-21. DOI: 10.1186/s11782-017-0022-6 DOI: https://doi.org/10.1186/s11782-017-0022-6
Marcos, C., Nascimento, J. C., De Nez, E., & Kroenke, A. (2018). Desempenho Econômico-Financeiro e o Grau de Internacionalização de Empresas Listadas no Novo Mercado da B3. Revista Contabilidade e Controladoria, 10(2). DOI: 10.5380/rcc.v10i2.62879 DOI: https://doi.org/10.5380/rcc.v10i2.62879
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Valente-Gonçalves, L. M. (2018). The value relevance of environmental, social, and governance performance: The Brazilian case. Sustainability, 10(3), 574. DOI: 10.3390/su10030574 DOI: https://doi.org/10.3390/su10030574
Refinitiv. (2020). Environmental, Social and Governance (ESG) scores from Refinitiv. Recuperado em setembro, 2021, de: https://www.refinitiv.com/en/sustainable-finance/esg-scores.
Ryszawska, B. (2016). Sustainability transition needs sustainable finance. Copernican Journal of Finance and Accounting, 5(1), 185-194. DOI: 10.12775/CJFA.2016.011 DOI: https://doi.org/10.12775/CJFA.2016.011
Silva, A., Sulzbach, C., Hein, N., & Kroenke, A. (2015). Estratégia mista da teoria dos jogos: formação de ranking empresarial. Revista Eletrônica de Estratégia & Negócios, 33-55. DOI: 10.19177/reen.v8e1201532-55 DOI: https://doi.org/10.19177/reen.v8e1201532-55
Tarmuji, I., Tarmuji, N. H., & Maelah, R. (2016). The Impact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score. International Journal of Trade, Economics and Finance, 7(3), 67-74. DOI: 10.1016/j.procs.2017.11.310 DOI: https://doi.org/10.18178/ijtef.2016.7.3.501
Theiss, V., Kreuzberg, F., Beck, F., & Hein, N. (2014). Ranking do Índice Brasil de Inovação (IBI) nas Atividades Industriais e Extrativas da Região Sul do Brasil. Revista de Administração e Inovação, 11(3), 79-100. DOI: 10.1016/j.procs.2017.11.310 DOI: https://doi.org/10.11606/rai.v11i3.100216
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. DOI: 10.1108/JGR-11-2016-0029 DOI: https://doi.org/10.1108/JGR-11-2016-0029
Vogt, M., Degenhart, L., Hein, N., & Rosa, F. S. (2018). Análise das informações ambientais evidenciadas nos relatórios de sustentabilidade e relatórios anuais sobre efluentes líquidos das empresas brasileiras. Revista de administração, contabilidade e economia, 17(1), 55-78. DOI: 10.18593/race.v17i1.12929 DOI: https://doi.org/10.18593/race.v17i1.12929
Zaniboni, N. C., & Montini, A. A. (2017). O efeito do ambiente macroeconômico em empresas inovadoras. Revista Pretexto, 120-131. DOI: 10.21714/pretexto.v18i1.4150 DOI: https://doi.org/10.21714/pretexto.v18i1.4150
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Revista Catarinense da Ciência Contábil
This work is licensed under a Creative Commons Attribution 4.0 International License.
The copyright for articles published in this journal belongs to the author (s), with first publication rights assigned to Revista Catarinense da Ciência Contábil. Due to appearing in this publicly accessible journal, articles are free to use, with mandatory recognition of the original authorship and initial publication in this magazine and for educational and non-commercial applications. The magazine chose to use published works for non-commercial purposes, including the right to submit or work for publicly accessible databases. The content of published articles is the sole and exclusive responsibility of the authors. - The author (s) authorize (s) a publication of the article in the journal; - The author (s) guarantee (s) that a contribution is original and unpublished and that it is not being evaluated in another magazine (s); - A magazine is not responsible for the opinions, ideas and concepts emitted in the texts, for the full responsibility of the author (s); - It is reserved to the editors or the right to make textual adjustments and to adjust the article to the publication rules.
This work is licensed under a Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0 Internacional.
