Contact us
 |
[email protected] |
 |
3275638434 |
 |
 |
| Paper Publishing WeChat |
Useful Links
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Neylane dos Santos Oliveira, Sonia Maria da Silva Gomes, Gilênio Borges Fernandes, Maísa de Souza Ribeiro
Full-Text PDF
XML 1599 Views
DOI:10.17265/1537-1506/2015.03.004
Affiliation(s)
Neylane dos Santos Oliveira, master in accounting, Anísio Teixeira Faculty (FAT), Feira de Santana, Bahia, Brazil.
Sonia Maria da Silva Gomes, Ph.D. in production engineering, Federal University of Bahia (UFBA), Vale do Canela, Salvador, Brazil.
Gilênio Borges Fernandes, Ph.D. in agricultural meteorology and statistics, Federal University of Bahia (UFBA), campus Universitário de Ondina Ondina, Salvador, Brazil.
Maísa de Souza Ribeiro, Ph.D. in accounting, University of São Paulo (USP), 3900, Sala 14C, Monte Alegre, Ribeirão Preto, Brazil.
ABSTRACT
The financial implication of the adoption of corporate social responsibility (CSR) practices is still an obscure field of study, because studies suggest controversial results. Thus, this research aimed to examine the relationship CSR and economic performance of the companies of corporate sustainability index (ISE) of mercantile and futures exchange of São Paulo stock exchange (BM&FBOVESPA). The amount of companies allowing online access to their responses of the ISE questionnaire determined the sample of this research. Thus, for the study period from 2011 to 2012, it has been possible to access the responses of 12 companies, composing the overall sample of this research. The results of the regression analysis allow to statistically assert that for the sample used, environmental performance (EP) contributes to improving economic performance, measured by all financial metrics used: return on equity (ROE), return on assets (ROA), and net profit (NP). Statistically, it is only possible to say that social performance (SP) contributes to improving NP. In terms of market metrics, none of the null hypothesis was rejected, i.e., in any cases, it has been possible to affirm, on a statistical base, that SP and EP contribute to improving the market value (MV) and systematic risk. Thus, it is understood that the stakeholder theory has potential to explain the Brazilian situation regarding the aspects of CSR and financial ones under the accounting and the shareholder theory explains this relation, when viewed with the aid of market measurements.
KEYWORDS
corporate social responsibility (CSR), stakeholder theory, social performance (SP), environmental performance (EP)
Cite this paper
References
Borba, P. R. F. (2005). Relationship between corporate social performance and financial performance of companies in Brazil (Brazil University of São Paulo (USP), São Paulo).
Campillo, A. M., Garcia, L. C., & Sánchez, F. M. (2013). Corporate social responsibility and financial performance: Evidence on the double direction of causality in the sector of savings banks. Journal of Economics and Business Management, 16, 54-68.
Carroll, A. (1999). Corporate social responsibility. Business and Society, 38(3), 268-295.
Chung, K., & Pruitt, S. W. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70-74.
Clarkson, M. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. The Academy of Management Review, 20(1), 92-117.
Donaldson, T., & Preston, L. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20, 65-91.
Field, A. (2009). Discovering statistics using SPSS. São Paulo: Artmed.
Freeman, R., & McVea, J. (2001). A stakeholder approach to strategic management. In M. Hitt, R. Freeman, & J. Harrison (Eds.), The blackwell handbook of strategic management (pp. 189-207). Oxford: Blackwell Business.
Friedman, M. (1970). The cocial responsability of business is to increase its profits. New York Times, p. 13.
Gujarati, D. (2006). Basic econometrics. Rio de Janeiro: Elsevier.
Hopwood, A., & Miller, P. (1994). Accounting as social and institutional practice. New York: Cambridge University Press.
Jaggi, B., & Freedman, M. (1992). An examination of the impact of pollution performance on economic and market performance: Pulp and paper firms. Journal of Business Finance and Accounting, 19, 697-713.
Kang, K., Lee, S., & Huh, C. (2010). Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management, 29, 72-82.
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journalof Banking & Finance, 43, 1-13.
Lo, C., Yeung, A., & Cheng, T. (2012). The impact of environmental management systems on financial performance in fashion and textiles industries. International Journal of Production Economics, 135, 561-567.
Lourenço, I. C., Branco, M. C., Curto, J. D., & Eugénio, T. (2012). How does the market value corporate sustainability performance? Journal of Business Ethics, 108, 417-428.
Montabon, F., Melnyk, S. A., Sroufe, R., & Calantone, R. J. (2000). ISO 14000: Assessing its perceived impact on corporate performance. Journal of Supply Chain Management, 36(2), 4-16.
Niitsu, F. (2012). Environmental sustainability and public companies in Brazil: An evaluation of stock performance (School of Engineering of São Carlos, University of Sao Paulo, São Paulo, Brazil).
Sundaram, A., & Inkpen, A. (2001). The corporate objective revisited (Working Paper, Thunderbird School of Management).
Wabda, H. (2008). Does the market value corporate environmental responsibility? An empirical examination. Corporate Social Responsibility and Environmental Management, 15, 89-99.
Wagner, M., Van Phu, N., Azomahou, T., & Wehrmeyer, W. (2002). The relationship between the environmental and economic performance of firms: An empirical analysis of the European paper industry. Corporate Social Responsibility and Environmental Management, 9, 133-146.