O ÍNDICE DE SUSTENTABILIDADE EMPRESARIAL E O IMPACTO NO VALOR DAS AÇÕES: UM ESTUDO DE EVENTO

• Ano de defesa: 2010
• Autor(a) principal: Santos Filho, Oswaldo Martins dos
• Orientador(a): Bernardi Junior, Plínio
• Banca de defesa: Sanchez, Otávio Próspero , Moraes, Edmilson Alves
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Metodista de São Paulo
• Programa de Pós-Graduação: PÓS GRADUAÇÃO EM ADMINISTRAÇÃO
• Departamento: Gestão de organizações
• País: BR
• Palavras-chave em Português: Sustentabilidade Empresarial; Responsabilidade Social Corporativa; Índice de Sustentabilidade Empresarial e Estudo de Eventos.
• Palavras-chave em Inglês: Company Sustainability; Corporate Social Responsibility; Corporate Sustainability Index and Events of Study.
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS
• Link de acesso: http://tede.metodista.br/jspui/handle/tede/165

Due to the necessity of insertion of sustainable development politics within the context of organizations, companies invest in resources expecting that the adoption of these actions may bring strategic and economical benefits, reflected in the image of the organization as well as in its valorization in the market. In this setting, Sustainability Indexes were created in a global scale, and these indexes, in general, evaluate several dimensions of the organization relations with society, environment and with the suppliers of capital to companies. In Brazil, specifically in 2005, the created the Corporate Sustainability Index (ISE) to gather the shares of companies that incorporate in their business objectives, social responsibility as well as company sustainability. Due to what was mentioned above, this paper has the objective of verifying what is the impact in the actions of the sample from 43 companies before the entrance and the exit of CSI funds. The methodology of event study aimed identifies the abnormal returns after the divulgence of the CSI funds, from the editions 2005 to 2009, according to the search, the risk-adjusted return and the market-adjusted return were used. The financial data, before and after the event, were extracted from the data base of São Paulo Stock Market. The results demonstrated the positive relation among the participation of some companies in the portfolios of the ISE and the financial performance of their share value. Moreover, the results showed that the necessary investments in sustainable development did not result in loss, once it could be noticed the predominance of positive abnormal returns in all situations analyzed in this paper.