Responsabilidade social empresarial e criação de valor : análises das empresas integrantes e não integrantes do ISE

Abstract

The global concentration of wealth is reaching alarming levels, and great wealth is concentrated in the hands of entrepreneurs. In this context, the major role of companies in reducing inequalities is undeniable, under strong social pressures to adopt the principles of Corporate Social Responsibility (CSR). There is a global rising trend towards the adoption of CSR, with a steep increase in seals and rankings. The Corporate Sustainability Index (CSI) is highlighted in Brazil. The research is based on stakeholder theory; through a broader perspective of stakeholders, the interests of groups crucial to the organization's existence are considered. The main objective is to analyze the value creation of publicly held companies in Brazil, integrating and not integrating the CSI, checking if there are significant differences in value creation for the market and society in these groups of companies. The specific objectives are: to measure value creation for the market, through the Economic Value Added (EVA) and Market Value Added (MVA); to measure value creation for society, based on the Value Added Distribution (VAD) to the economic agents that helped to create it, extracted from the Value Added Statement (VAS); verify if companies listed on the CSI create more value for the market and society comparing to those which do not compose the CSI; and finally to verify the influence of the CSI in the value creation for the companies selected for sampling. The present moment may reveal the relevance of this research in which value creation narrowly focused on economic interests has been increasingly challenged. Therefore statistical tests for comparing means and panel data models were used, from 2011 to 2019. Considering the companies of the sample, statistical evidence showed that companies listed on the CSI created more value to the market comparing to those not listed, using EVA. Furthermore, increasing the equity results in decreasing the EVA of the companies listed on the CSI. When the value added to the market was measured by the MVA, although the statistical test for comparing means indicated a significant difference between the groups, after adding control variables, it has not been possible to confirm this result. Finally, no significant differences were found in value creation by VAD between companies listed and not listed on the CSI. However, when just those companies listed on the CSI are evaluated, companies using fewer resources from third parties create more value to distribute to society.