Sustainability report and performance of brazilian public companies
DOI:
https://doi.org/10.16930/2237-766220192779Keywords:
Sustainability report, Social and Environmental Management, Performance.Abstract
This study aims to analyze the association between the publication of the sustainability report and the performance of Brazilian public companies. Data were collected on the publication of the sustainability report from Brazilian companies listed on the Brazilian Stock Exchange (B3), as well as variables related to the characteristics of these companies, namely: performance, size and leverage. The study sample include all Brazilian public companies listed on B3 - except those of financial nature, due to their accounting specificities -, with data available in the period between 2012 and 2016, corresponding to 1,889 observations. This study shows that companies that do publish sustainability reports have better results for performance, size and leverage compared to companies that do not. In addition, correlation coefficients for the variables studied hereunder indicated, among other aspects, a positive and statistically significant association between publication of sustainability report and performance, size and financial leverage.References
Baldini, M., Maso, L. D., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of country and firm-level determinants in environmental, social, and governance disclosure. Journal of Business Ethics, 150(1), 79-98. DOI: https://doi.org/10.1007/s10551-016-3139-1
Bansal, P., & Roth, K. (2000). Why companies go green: a model of ecological responsiveness. Academy of Management Journal, 43(4), 717-736. DOI: https://doi.org/10.5465/1556363
BM&FBovespa. (2016). Relate ou Explique para Relatório de Sustentabilidade ou Integrado: um case brasileiro de sucesso. BM&FBovespa, 2016. Recuperado em 28 julho, 2018, de http://www.bmfbovespa.com.br/pt_br/institucional/sustentabilidade/nas-empresas/relate-ou-explique/
Braga, J. P., Oliveira, J. R. S., & Salotti, B. M. (2009). Determinants of Level of Environmental Disclosure in the financial statements of Brazilian Companies. Revista de Contabilidade da UFBA, 3(3), 81-95.
Buhr, N. (2002). A structuration view on the initiation of environmental reports. Critical Perspectives on Accounting, 13(1), 17-38. DOI: https://doi.org/10.1006/cpac.2000.0441
Calixto, L. A. (2013). A divulgação de relatórios de sustentabilidade na América Latina: um estudo comparativo. Revista de Administração, 48(4), 828-842. DOI: https://doi.org/10.5700/rausp1124
Conceição, S. H., Dourado, G. B., Baqueiro, A. G., Freire, S., & Brito, P. C. (2011). Fatores determinantes no disclosure em Responsabilidade Social Corporativa (RSC): um estudo qualitativo e quantitativo com empresas listadas na Bovespa. Gestão & Produção, 18(3), 461-472. DOI: https://doi.org/10.1590/S0104-530X2011000300002
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59-100. DOI: https://doi.org/10.2308/accr.00000005
Dienes, D., Sassen, R., & Fischer, J. (2016). What are the drivers of sustainability reporting? A systematic review. Sustainability Accounting, Management and Policy Journal, 7(2), 154-189. DOI: https://doi.org/10.1108/SAMPJ-08-2014-0050
European Sustainable Investment Forum. (2014). European SRI Study 2014. Belgium.
Fatemi, A., Glaum, M., & Kaiser, S. (2017). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, In Press. DOI: https://doi.org/10.1016/j.gfj.2017.03.001
Fonseca, J. J. S. (2002). Metodologia da pesquisa científica. Fortaleza: UEC.
Gil, A. C. (2002). Como Elaborar Projetos de Pesquisa (4a ed.). São Paulo: Atlas.
Gil, A. C. (2008). Métodos e Técnicas de Pesquisa Social (6a ed.). São Paulo: Atlas.
Gray, R., & Milne, M. J. (2002). Sustainability Reporting: Who’s Kidding Whom?. Accountability Transparency Sustainability, 1-5.
Halme, M., & Huse, M. (1997). The influence of corporate governance, industry and country factors on environmental reporting. Scandinavian Journal of Management, 13(2), 137-157. DOI: https://doi.org/10.1016/S0956-5221(97)00002-X
Jones, S., Frost, G., Loftus, J., & Van Der Laan, S. (2007). An Empirical Examination of the Market Returns and Financial Performance of Entities Engaged in Sustainability Reporting. Australian Accounting Review, 17(41), 78-87. DOI: https://doi.org/10.1111/j.1835-2561.2007.tb00456.x
Laskar, N. Impact of corporate sustainability reporting on firm performance: an empirical examination in Asia. (2018). Journal of Asia Business Studies, 12(4), 571-593. DOI: https://doi.org/10.1108/JABS-11-2016-0157
Magness, V. (2006). Strategic posture, financial performance and environmental disclosure: an empirical test of legitimacy theory. Accounting, Auditing & Accountability Journal, 19(4), 540-563. DOI: https://doi.org/10.1108/09513570610679128
Martínez-Ferrero, J., Garcia-Sanchez, I. M., & Cuadrado-Ballesteros, B. (2015). Effect of Financial Reporting Quality on Sustainability Information Disclosure. Corporate Social Responsibility and Environmental Management, 22(1), 45-64. DOI: https://doi.org/10.1002/csr.1330
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification?. Strategic Management Journal, 21(5), 603-609. DOI: https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33(1), 59-78. DOI: https://doi.org/10.1016/j.cpa.2014.10.003
Rover, S., Tomazzia, E. C., Murcia, F. D., & Borba, J. A. (2012). Explicações para a divulgação voluntária ambiental no Brasil utilizando a análise de regressão em painel. Revista de Administração, 47(2), 217-230. DOI: https://doi.org/10.5700/rausp1035
Stolowy, H., Paugam, L. (2018). The expansion of non-financial reporting: an exploratory. Accounting and Business Research, 48(5), 525-548. DOI: https://doi.org/10.1080/00014788.2018.1470141
Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679-700. DOI: https://doi.org/10.1108/02686901011061351
Published
How to Cite
Issue
Section
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.
