Escândalos de corrupção socioambientais
efeitos no desempenho financeiro das empresas adeptas ao ESG da América Latina
DOI:
https://doi.org/10.16930/2237-766220253606Palavras-chave:
Escândalos de Corrupção Socioambientais, Desempenho Financeiro, ESG, América LatinaResumo
Esta pesquisa teve como objetivo verificar os efeitos dos escândalos de corrupção socioambientais no desempenho financeiro das empresas adeptas às políticas ESG da América Latina. Para isso, realizou-se procedimento metodológico descritivo, quanto aos objetivos, documental, em relação aos procedimentos, e qualiquantitativo, no que se refere à abordagem. Dessa forma, a amostra para a realização deste estudo consistiu nas empresas de capital aberto da América Latina adeptas ao ESG que se envolveram em escândalos socioambientais, de modo que, para a seleção dessa amostra, foram pesquisadas notícias de jornais, por meio da ferramenta Google Notícias. Após isso, realizou-se a coleta dos dados das demonstrações financeiras das empresas identificadas, por meio da base de dados Refinitiv. Os dados compreenderam o período de 2010 a 2023. O método utilizado nesta pesquisa foi o modelo de regressão linear múltipla com dados em painel. Os principais achados da pesquisa indicam que os escândalos socioambientais podem ser capazes de melhorar o desempenho financeiro das empresas com políticas ESG na América Latina, ao proporcionar mais oportunidades de negócios, mesmo que esses comportamentos sejam inadequados.
Referências
Abbas, J., & Sağsan, M. (2019). Impact of knowledge management practices on green innovation and corporate sustainable development: A structural analysis. Journal of Cleaner Production, 229, 611–620. https://doi.org/10.1016/j.jclepro.2019.05.315 DOI: https://doi.org/10.1016/j.jclepro.2019.05.024
Aguiar, A. D. O., & Côrtes, P. L. (2014). Conflitos de transparência e confidencialidade na certificação de sistemas de gestão ambiental. REAd. Revista Eletrônica de Administração (Porto Alegre), 20, 31–63. https://doi.org/10.1590/S1413-23112014000100002 DOI: https://doi.org/10.1590/S1413-23112014000100002
Agyei-Mensah, B. K., & Buertey, S. (2019). The effect of corruption and culture on corporate social performance: An empirical study. Social Responsibility Journal, 15(8), 1071–1086. https://doi.org/10.1108/SAMPJ-12-2017-0313 DOI: https://doi.org/10.1108/SRJ-12-2017-0271
Aouadi, A., & Marsat, S. (2018). Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151, 1027–1047. https://doi.org/10.1007/s10551-016-3145-5 DOI: https://doi.org/10.1007/s10551-016-3213-8
Araújo, E. C. C., Santos Rodrigues, V. R., Monte-Mor, D. S., & Correia, R. D. (2018). Corrupção e valor de mercado: os efeitos da Operação Lava Jato sobre o mercado de ações no Brasil. Revista Catarinense da Ciência Contábil, 17(51), 41–58. https://doi.org/10.16930/2237-7662/rccc.v17n51.2626 DOI: https://doi.org/10.16930/2237-7662/rccc.v17n51.2626
Arbe, R., & Feria-Domínguez, J. M. (2022). Reputational risk on corporate corruption scandals: Evidence from Latin America. Academia Revista Latinoamericana de Administración, 35(3), 329–344. https://doi.org/10.1108/ARLA-02-2021-0149 DOI: https://doi.org/10.1108/ARLA-07-2021-0156
Ashrafi, M., Magnan, G. M., Adams, M., & Walker, T. R. (2020). Understanding the conceptual evolutionary path and theoretical underpinnings of corporate social responsibility and corporate sustainability. Sustainability, 12(3), 760. https://doi.org/10.3390/su12030760 DOI: https://doi.org/10.3390/su12030760
Assembly, U. G. (2015). Transforming our world: the 2030 Agenda for Sustainable Development.
Ashyrov, G., & Akuffo, I. N. (2020). Dimension of corruption and firm performance: An empirical analysis from BEEPS survey. International Journal of Social Economics, 47(3), 384–403. https://doi.org/10.1108/IJSE-11-2018-0542 DOI: https://doi.org/10.1108/IJSE-08-2019-0476
Azevedo, T. C., & Cruz, C. F. D. (2007). Balanço social como instrumento para demonstrar a reponsabilidade social das entidades: uma discussão quanto à elaboração, padronização e regulamentação. Pensar Contábil, 8(34).
Bai, J., Jayachandran, S., Malesky, E. J., & Olken, B. A. (2013). Does economic growth reduce corruption? Theory and evidence from Vietnam. National Bureau of Economic Research. https://doi.org/10.3386/w19324 DOI: https://doi.org/10.3386/w19483
Barman, S., & Mahakud, J. (2024). Corruption and sustainability disclosure-firm performance sensitivity: an international evidence. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-01-2024-0040 DOI: https://doi.org/10.1108/JFRA-01-2024-0040
Barney, J. B., & Harrison, J. S. (2020). Stakeholder theory at the crossroads. Business & Society, 59(2), 203–212. https://doi.org/10.1177/0007650318796792 DOI: https://doi.org/10.1177/0007650318796792
Barros, A. N. F., Rodrigues, R. N., & Panhoca, L. (2019). Information on the fight against corruption and corporate governance practices: Evidence of organized hypocrisy. International Journal of Disclosure and Governance, 16, 145–160. https://doi.org/10.1057/s41310-019-00060-2 DOI: https://doi.org/10.1057/s41310-019-00060-2
Bătae, O. M., Dragomir, V. D., & Feleagă, L. (2020). Environmental, social, governance (ESG), and financial performance of European banks. Accounting and Management Information Systems, 19(3), 480–501. https://doi.org/10.24818/jamis.2020.0301 DOI: https://doi.org/10.24818/jamis.2020.03003
Bazanini, R., Adra, R. D., Rubeo, R. E., Lanix, T. F. C., & Barbosa, C. P. (2020). A teoria dos stakeholders nas diferentes perspectivas: controvérsias, conveniências e críticas. Pensamento & Realidade, 35(2), 43–58. https://doi.org/10.23925/2237-4418.2020v35i2p43-58 DOI: https://doi.org/10.23925/2237-4418.2020v35i2p43-58
Beckmann, J., & Rogmann, J. (2024). Determinants and effects of country ESG controversy. Energy Economics, 131, 107326. https://doi.org/10.1016/j.eneco.2023.107326 DOI: https://doi.org/10.1016/j.eneco.2024.107326
Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management journal, 42(5), 488–506. https://doi.org/10.2307/256972 DOI: https://doi.org/10.2307/256972
Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of accounting studies, 12, 443–477. https://doi.org/10.1007/s11142-007-9032-5 DOI: https://doi.org/10.1007/s11142-007-9032-5
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. https://doi.org/10.5465/amr.2007.25275684 DOI: https://doi.org/10.5465/amr.2007.25275684
Cardillo, M. A. R., & Basso, L. F. C. (2025). Revisiting knowledge on ESG/CSR and financial performance: A bibliometric and systematic review of moderating variables. Journal of Innovation & Knowledge, 10(1), 100648. DOI: https://doi.org/10.1016/j.jik.2024.100648
Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic management journal, 37(8), 1597–1614. https://doi.org/10.1002/smj.2407 DOI: https://doi.org/10.1002/smj.2407
Costa, N. S. da, & Pinheiro, C. da R. (2022). Os desafios do ESG: uma leitura a partir da teoria da agência. Revista Semestral de Direito Empresarial, 31, 63–93.
DasGupta, R., & Roy, A. (2023). Firm environmental, social, governance and financial performance relationship contradictions: Insights from institutional environment mediation. Technological Forecasting and Social Change, 189, 122341. DOI: https://doi.org/10.1016/j.techfore.2023.122341
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992 DOI: https://doi.org/10.2307/258887
Dorfleitner, G., Kreuzer, C., & Sparrer, C. (2020). ESG controversies and controversial ESG: About silent saints and small sinners. Journal of Asset Management, 21(5), 393–412. https://doi.org/10.1057/s41260-020-00201-4 DOI: https://doi.org/10.1057/s41260-020-00178-x
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–560. https://doi.org/10.1162/003465398557825 DOI: https://doi.org/10.1162/003465398557825
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.12.002 DOI: https://doi.org/10.1016/j.gfj.2017.03.001
Fávero, L. P., & Belfiore, P. (2017). Manual de análise de dados: estatística e modelagem multivariada com Excel®, SPSS® e Stata®. Elsevier Brasil.
Field, A., Field, Z., & Miles, J. (2012). Discovering Statistics Using R.
Filgueiras, F. (2009). A tolerância à corrupção no Brasil: uma antinomia entre normas morais e prática social. Opinião pública, 15, 386–421. https://doi.org/10.1590/S0104-62762009000200005 DOI: https://doi.org/10.1590/S0104-62762009000200005
Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: A new perspective on corporate governance. California management review, 25(3), 88–106. https://doi.org/10.2307/41165018 DOI: https://doi.org/10.2307/41165018
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. https://doi.org/10.1017/CBO9780511815768 DOI: https://doi.org/10.1017/CBO9780511815768
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2020.101889 DOI: https://doi.org/10.1016/j.jcorpfin.2021.101889
Global, P. (2020). Rede Brasil do Pacto Global. ESG.
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777–798. https://doi.org/10.5465/amr.2005.18378878 DOI: https://doi.org/10.5465/amr.2005.18378878
Guimarães, T. M., & Malaquias, R. F. (2023). Desempenho de fundos de ações considerando investimentos ESG, restrições financeiras e a pandemia Covid-19. BBR. Brazilian Business Review, 20, 18–37. https://doi.org/10.15728/bbr.2023.20.1.2.pt DOI: https://doi.org/10.15728/bbr.2023.20.1.2.pt
Hair, J., Babin, B., Money, H. A., Samouel, P. (2005). Fundamentos de métodos de pesquisa em administração. Bookman Companhia Ed.
Harrison, J. S., & St. John, C. H. (1996). Managing and partnering with external stakeholders. Academy of Management Perspectives, 10(2), 46–60. https://doi.org/10.5465/ame.1996.9606161554 DOI: https://doi.org/10.5465/ame.1996.9606161554
Hernandez-Pozas, O., Murcia, M. J., Ogliastri, E., & Olivas-Lujan, M. R. (2021). Management and sustainability dilemmas in Latin America: Introduction. Academia Revista Latinoamericana de Administracion, 34(1), 1–17. https://doi.org/10.1108/ARLA-06-2020-0147 DOI: https://doi.org/10.1108/ARLA-06-2020-0147
Holanda, A. P., et al. (2011). O desempenho socioambiental nas empresas do setor elétrico brasileiro: Uma questão relevante para o desempenho financeiro? Environmental & Social Management Journal/Revista de Gestão Social e Ambiental, 5(3). DOI: https://doi.org/10.5773/rgsa.v5i3.368
International Financial Reporting Standards Foundation. (2023). IFRS S1: General requirements for disclosure of sustainability-related financial information. IFRS Foundation.
International Financial Reporting Standards Foundation. (2023). IFRS S2: Climate-related disclosures. IFRS Foundation.
Irigaray, H. A. R., & Stocker, F. (2022). ESG: novo conceito para velhos problemas. Cadernos EBAPE. BR, 20, 1–4. DOI: https://doi.org/10.1590/1679-395186096x
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, 101668. DOI: https://doi.org/10.1016/j.ribaf.2022.101668
Koprowski, S., et al. (2019). Influência das conexões políticas na evidenciação de informações socioambientais. Contabilidade Gestão e Governança, 22(2), 299–315. DOI: https://doi.org/10.21714/1984-3925_2019v22n2a9
Lahouel, B. B., et al. (2022). Re-thinking about U: The relevance of regime-switching model in the relationship between environmental corporate social responsibility and financial performance. Journal of Business Research, 140, 498–519. https://doi.org/10.1016/j.jbusres.2021.11.059 DOI: https://doi.org/10.1016/j.jbusres.2021.11.019
La Rocca, M., et al. (2023). From the top down: Does corruption affect performance? arXiv preprint arXiv:2310.20028.
Lee, M. T., & Raschke, R. L. (2023). Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations? Journal of Business Research, 155, 113393. https://doi.org/10.1016/j.jbusres.2023.113393 DOI: https://doi.org/10.1016/j.jbusres.2022.113393
Lee, M. T., & Suh, I. (2022). Understanding the effects of Environment, Social, and Governance conduct on financial performance: Arguments for a process and integrated modelling approach. Sustainable Technology and Entrepreneurship, 1(1), 100004. https://doi.org/10.1016/j.ste.2022.100004 DOI: https://doi.org/10.1016/j.stae.2022.100004
Leite Filho, G. A., Prates, L. A., & Guimarães, T. N. (2009). Análise os níveis de evidenciação dos relatórios de sustentabilidade das empresas brasileiras A+ do Global Reporting Initiative (GRI) no ano de 2007. Revista de Contabilidade e Organizações, 3(7), 43–59.
Lourenço, I. C., et al. (2018). Corruption and earnings management in developed and emerging countries. Corporate Governance: The International Journal of Business in Society, 18(1), 35–51. https://doi.org/10.1108/CG-07-2017-0153 DOI: https://doi.org/10.1108/CG-12-2016-0226
Macedo, S. V., & Valadares, J. L. (2021). The Brazilian academic production on corruption: a systematic review. REAd. Revista Eletrônica de Administração (Porto Alegre), 27, 400–429. https://doi.org/10.1590/1413-2311.319.101302 DOI: https://doi.org/10.1590/1413-2311.319.101302
Machado, M. R., Machado, M. A. V., & Corrar, L. J. (2009). Desempenho do índice de sustentabilidade empresarial (ISE) da Bolsa de Valores de São Paulo. Revista Universo Contábil, 5(2), 24–38. https://doi.org/10.4270/ruc.2009211 DOI: https://doi.org/10.4270/ruc.2009211
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117–127. https://doi.org/10.5465/amr.2001.4011987 DOI: https://doi.org/10.2307/259398
Magerakis, E., & Tzelepis, D. (2023). Corruption, cash holdings and firm performance: Empirical evidence from an emerging market. Journal of Applied Accounting Research, 24(3), 483–507. https://doi.org/10.1108/JAAR-10-2021-0265 DOI: https://doi.org/10.1108/JAAR-11-2021-0310
Masocha, R. (2018). Does environmental sustainability impact innovation, ecological and social measures of firm performance of SMEs? Evidence from South Africa. Sustainability, 10(11), 3855. https://doi.org/10.3390/su10113855 DOI: https://doi.org/10.3390/su10113855
McBrayer, G. A. (2018). Does persistence explain ESG disclosure decisions? Corporate Social Responsibility and Environmental Management, 25(6), 1074–1086. https://doi.org/10.1002/csr.1689 DOI: https://doi.org/10.1002/csr.1521
Melo Neto, F. P. D., & Brennand, J. M. (2004). Empresas socialmente sustentáveis: o novo desafio da gestão moderna. Qualitymark Editora Ltda.
Ojeka, S., et al. (2019). Corruption perception, institutional quality and performance of listed companies in Nigeria. Heliyon, 5(10), e02660. https://doi.org/10.1016/j.heliyon.2019.e02660 DOI: https://doi.org/10.1016/j.heliyon.2019.e02569
Olateju, D. J., et al. (2021). A critical review of the application of the legitimacy theory to corporate social responsibility. International Journal of Managerial Studies and Research, 9(3), 1–6. DOI: https://doi.org/10.20431/2349-0349.0903001
Paloviita, A., & Luoma‐aho, V. (2010). Recognizing definitive stakeholders in corporate environmental management. Management Research Review, 33(4), 306–316. https://doi.org/10.1108/01409171011030435 DOI: https://doi.org/10.1108/01409171011030435
Passos, G. de A., & Campos-Rasera, P. P. de. (2023). Do ESG controversies influence firm value? An analysis with longitudinal data in different countries. Brazilian Business Review, 21(4), e20221326. DOI: https://doi.org/10.15728/bbr.2022.1326.en
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society, 17(6), 595–612. https://doi.org/10.1016/0361-3682(92)90015-K DOI: https://doi.org/10.1016/0361-3682(92)90015-K
Sadiq, M., Singh, J., Raza, M., & Mohamad, S. (2020). The impact of environmental, social and governance index on firm value: Evidence from Malaysia. International Journal of Energy Economics and Policy, 10(5), 555–562. https://doi.org/10.32479/ijeep.9254 DOI: https://doi.org/10.32479/ijeep.10217
Sempere-Ripoll, F., Estelles-Miguel, S., Rojas-Alvarado, R., & Hervas-Oliver, J.-L. (2020). Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and eastern Europe countries. Sustainability, 12(6), 2261. https://doi.org/10.3390/su12062261 DOI: https://doi.org/10.3390/su12062261
Shaikh, I. (2022). Environmental, social, and governance (ESG) practice and firm performance: an international evidence. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202 DOI: https://doi.org/10.3846/jbem.2022.16202
Strang, K. D., & Vajjhala, N. R. (2024). Evaluating the Anti-Corruption Factor in Environmental, Social, and Governance Indices by Sampling Large Financial Asset Management Firms. Sustainability, 16(23), 10240. https://doi.org/10.3390/su162310240 DOI: https://doi.org/10.3390/su162310240
Torelli, R., Balluchi, F., & Lazzini, A. (2020). Greenwashing and environmental communication: Effects on stakeholders' perceptions. Business strategy and the Environment, 29(2), 407–421. https://doi.org/10.1002/bse.2373 DOI: https://doi.org/10.1002/bse.2373
Tran, Q. T. (2022). Corruption and corporate risk-taking: Evidence from emerging markets. International Journal of Emerging Markets, 17(5), 1238–1255. https://doi.org/10.1108/IJOEM-10-2021-1077 DOI: https://doi.org/10.1108/IJOEM-08-2019-0602
Transparency International. (2003). Corruption in political party financing and electoral campaigns. U4 Expert Answer No. 8. https://www.u4.no/publications/corruption-in-political-party-financing-and-electoral-campaigns-2.pdf
Ucar, E., & Staer, A. (2020). Local corruption and corporate social responsibility. Journal of Business Research, 116, 266–282. https://doi.org/10.1016/j.jbusres.2019.05.022 DOI: https://doi.org/10.1016/j.jbusres.2020.05.012
Williams, C. C., Martinez-Perez, A., & Kedir, A. (2016). Does bribery have a negative impact on firm performance? A firm-level analysis across 132 developing countries. International Journal of Entrepreneurial Behavior & Research, 22(3), 398–415. https://doi.org/10.1108/IJEBR-02-2015-0033 DOI: https://doi.org/10.1108/IJEBR-01-2016-0002
Wong, W. C., et al. (2021). Does ESG certification add firm value?. Finance Research Letters, 39, 101593. https://doi.org/10.1016/j.frl.2020.101593 DOI: https://doi.org/10.1016/j.frl.2020.101593
Yoon, B., Lee, J. H., & Cho, J. H. (2024). Corporate social responsibility and financial performance: New evidence from the Korean market. SAGE Open, 14(2), 21582440241255196. https://doi.org/10.1177/21582440241255196 DOI: https://doi.org/10.1177/21582440241255196
Yu, E. P. Y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004. DOI: https://doi.org/10.1002/bse.2047
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Copyright (c) 2025 Revista Catarinense da Ciência Contábil
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
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.
