Responsabilidade social corporativa e estrutura de capital: avaliação dos impactos dos diferentes modelos de divulgação de RSC sobre a estrutura de capital

Abstract

This study aims to investigate whether the different types of corporate social responsibility reports affect the capital structure of companies in the Brazilian electricity sector, in the period from 2009 to 2018. The sample was composed of the companies that are part of B3's IBRx 100, and which are registered as companies in the electricity sub-sector and listed at B3. The data were collected through secondary sources, with the accounting information obtained from the Economática® databases. The information on the Corporate Social Responsibility reports was obtained from the companies' own website and the information on the disclosure of CSR reports in the GRI model obtained from the Global Reporting Initiative (GRI) website. To visualize the correlations between the control variables for the capital structure and the leverage variable, perceptual maps were constructed via Principal Component Analysis, in addition to the Hierarchical Cluster Analysis via the Ward Method from the Euclidean distance to group the companies with similar standards in relation to the control variables for the capital structure and the leverage variable. For the effect of CSR and the report on the GRI model in the capital structure, linear models of mixed effect were made, considering variation in the intercept and in the slope according to the company. The results show that Brazilian companies can be divided into two groups according to their adherence to capital structure’s theory. Smaller Brazilian companies are in line with the tradeoff theory, while larger companies are in line with the pecking order theory. The ordinary disclosure of CSR reports does not affect the capital structure of Brazilian companies of the electric sector. However, when considering only the reports in the GRI model, it was possible to see an increase in the leverage of the companies that disclose this type of report. When comparing the models, there was a greater concern in the disclosure of goals, details of actions and the impact of acts on stakeholders by the company that uses the GRI model as a parameter, when compressed to other reports. For future research, it is suggested to expand the analysis of the CSR and GRI reports, expand the study to a larger sample, with a larger number of companies and reports and use a qualitative approach with managers and stakeholders to understand how their perceptions of this relationship.