Relato integrado e desempenho financeiro das empresas listadas na B3

Helenice Souza Gonçalves; Luiz Carlos Marques dos Anjos; Maurício Assuero de Lima Freitas

doi:10.18593/race.19954

Authors

Helenice Souza Gonçalves Universidade Federal de Pernambuco https://orcid.org/0000-0003-3257-2663
Luiz Carlos Marques dos Anjos Universidade Federal de Pernambuco https://orcid.org/0000-0002-7375-540X
Maurício Assuero de Lima Freitas Universidade Federal de Pernambuco https://orcid.org/0000-0002-0437-3571

DOI:

https://doi.org/10.18593/race.19954

Keywords:

Integrated Reporting, Corporate Social Responsibility, Financial performance

Abstract

The Integrated Report proposes to create value for all its stakeholders, organized in six capitals: financial, manufactured, natural, intellectual, human, social and relationship. This research analyzed whether the companies listed in Brazilian Stock Exchange (B3), belonging to the sectors of industrial goods, basic materials, non-cyclic consumption and public utility, have their financial performance influenced by the publication of the Integrated Report. Through the Panel Data analysis, with estimation of the Fixed Effects and Random Effects it was found that there is no influence of the CSR on the financial performance in the companies that publish the document under study, this result was verified both in the joint analysis of the companies, and in the analysis by sector.

Downloads

Download data is not yet available.

Author Biographies

Helenice Souza Gonçalves, Universidade Federal de Pernambuco

Mestranda em Ciências Contábeis pelo Programa de Pós-Graduação em Ciências Contábeis da Universidade Federal de Pernambuco.

Luiz Carlos Marques dos Anjos, Universidade Federal de Pernambuco

Doutor em Ciências Contábeis pela Universidade de Brasília - UnB / UFPB / UFRN. Professor Adjunto do Departamento de Ciências Contábeis da Universidade Federal de Pernambuco (UFPE).

Maurício Assuero de Lima Freitas, Universidade Federal de Pernambuco

Doutor em Economia pela Universidade Federal de Pernambuco (UFPE). Professor Adjunto do Departamento de Ciências Contábeis e Atuariais da UFPE.

References

Alves, N. J. F., Kassai, J. R., Lucas, E. C., & Ferreira, H. M. G. (2017). Relato Integrado e o formato da informação financeira para evidenciar a criação de valor das empresas do Programa Piloto. Revista Evidenciação Contábil & Finanças, 5(3), 99-122. Recuperado de https://doi.org/10.18405/recfin20170306

Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsability and profitability. The Academy of Management Journal, 28(2), 446-463.

Baboukardos, D., & Rimmel, G. (2016). Value relevance of accounting information under an integrated reporting approach: A research note. Jornal of Accounting and Public Policy, 35(4), 437-452. Recuperado de https://doi.org/10.1016/j.jaccpubpol.2016.04.004

Baird, P. L., Geylani, P. C., & Roberts, J. A. (2012). Corporate social and financial performance re-examined: Industry effects in a linear mixed model analysis. Journal of Business Ethics, 109(3), 367-388. Recuperado de https://doi.org/10.1007/s10551-011-1135-z

Barth, M. E., Cahan, S. F., Chen, L., & Venter, E. R. (2018). The economic consequences associated with integrated report quality: Capital market and real effects. Accounting, Organizations and Society, 62, 43-64. Recuperado de https://doi.org/10.1016/j.aos.2017.08.005

Bommel, K. van. (2014). Towards a legitimate compromise? An exploration of Integrated Reporting in the Netherlands. Accounting, Auditing & Accountability Journal, 27(7), 1157-1189. Recuperado de https://doi.org/10.1108/AAAJ-04-2013-1309

Boulouta, I., & Pitelis, C. N. (2014). Who needs CSR? The impact of corporate social responsibility on national competitiveness. Journal of Business Ethics, 119(3), 349-364. Recuperado de https://doi.org/10.1007/s10551-013-1633-2

Carp, M., Păvăloaia, L., Afrăsinei, M.-B., & Georgescu, I. E. (2019). Is sustainability reporting a business strategy for firm’s growth? Empirical study on the Romanian capital market. Sustainability, 11(658), 1-21. Recuperado de https://doi.org/10.3390/su11030658

Carroll, A. B. (1991). The pyramid of corporate social responsibiiity: Toward the moral management of organizational stakeholders. Business Horizons, 34, 39-48. Recuperado de https://doi.org/10.1177/0312896211432941

Casonato, F., Farneti, F., & Dumay, J. (2018). Social capital and integrated reporting: Losing legitimacy when reporting talk is not supported by actions. Journal of Intellectual Capital, 20(1), 144-164. Recuperado de https://doi.org/10.1108/JIC-08-2018-0132

Churet, C., & Eccles, R. G. (2014). Integrated Reporting, quality of management, and financial performance. Journal of Applied Corporate Finance, 26(1), 56-64. Recuperado de https://doi.org/10.1007/978-1-4614-9173-6

Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclousures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311. Recuperado de https://doi.org/10.1108/09513570210435852

Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983-1997: A test of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 312-343.

Recuperado de https://doi.org/10.1108/09513570210435861

Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of Accounting and Public Policy, 33(4), 328-355. Recuperado de https://doi.org/10.1016/j.jaccpubpol.2014.04.006

Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. The Pacific Sociological Review, 18(1), 122-136. Recuperado de https://doi.org/10.2307/1388226

International Integrated Reporting Council. (2013). Business and Investors Explore the Sustainability Perspective of Integrated Reporting.

Lee, K. W., & Yeo, G. H. H. (2016). The association between integrated reporting and firm valuation. Review of Quantitative Finance and Accounting, 47(4), 1221-1250. Recuperado de https://doi.org/10.1007/s11156-015-0536-y

López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75(3), 285-300. Recuperado de https://doi.org/10.1007/s10551-006-9253-8

Magnanelli, B. S., & Izzo, M. F. (2017). Corporate social performance and cost of debt: The relationship. Social Responsibility Journal, 13(2), 250-265. Recuperado de https://doi.org/10.1108/SRJ-06-2016-0103

Malik, M. (2015). Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), 419-438. Recuperado de https://doi.org/10.1007/s10551-014-2051-9

Marti, C. P., Rovira-Val, M. R., & Drescher, L. G. J. (2015). Are firms that contribute to sustainable development better financially? Corporate Social Responsibility and Environmental Management, 22(5), 305-319. Recuperado de https://doi.org/10.1002/csr.1347

Milne, M. J., & Patten, D. M. (2002). Securing organizational legitimacy. Accounting, Auditing & Accountability Journal, 15(3), 372-405. Recuperado de https://doi.org/10.1108/09513570210435889

Miras-Rodríguez, M. del M., Carrasco-Gallego, A., & Escobar-Pérez, B. (2015). Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment. Business Strategy and the Environment, 24(8), 819-835. Recuperado de https://doi.org/10.1002/bse.1848

O’Donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344-371. Retrieved from https://doi.org/10.1108/09513570210435870

Perlin, M., Kirch, G., & Vancin, D. (2018, February 22). Accessing Financial Reports and Corporate Events with GetDFPdata. Retrieved from SSRN:https://ssrn.com/abstract=3128252

Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350. Retrieved from https://doi.org/10.1016/j.jbusres.2014.06.024

Samkin, G., & Schneider, A. (2010). Accountability, narrative reporting and legitimation The case of a New Zealand public benefit entity. Accounting, Auditing & Accountability Journal, 23(2), 256-289. Retrieved from https://doi.org/10.1108/09513571011023219

Schreck, P. (2011). Reviewing the business case for Corporate Social Responsibility: New evidence and analysis. Journal of Business Ethics, 103(2), 167-188. Retrieved from https://doi.org/10.1007/s10551-011-0867-0

Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445-453.

Retrieved from https://doi.org/10.1016/j.bushor.2010.05.006

Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institucional Approaches. Academy of Management Review, 20(3), 571-610. Retrieved from https://doi.org/10.5465/AMR.1995.9508080331

Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate Responsability and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490. Retrieved from https://doi.org/10.1002/smj

Tebini, H., M’Zali, B., Lang, P., & Perez-Gladish, B. (2016). The economic impact of environmentally responsible practices. Corporate Social Responsibility and Environmental Management, 23(5), 333-344. Retrieved from https://doi.org/10.1002/csr.1383

Testa, M., & D’Amato, A. (2017). Corporate environmental responsibility and financial performance: Does bidirectional causality work? Social Responsibility Journal, 13(2), 221-234. Retrieved from https://doi.org/10.1108/SRJ-02-2016-0031

Wen, L. P., & Heong, A. Y. K. (2017). Integrated Reporting and financial performance: Evidence from Malaysia. Management & Accounting Review, 16(2).

Yadava, R. N., & Sinha, B. (2016). Scoring sustainability reports using GRI 2011 Guidelines for assessing environmental, economic, and social dimensions of leading public and private Indian companies. Journal of Business Ethics, 138(3), 549-558. Retrieved from https://doi.org/10.1007/s10551-015-2597-1

Zappettini, F., & Unerman, J. (2016). “Mixing” and “Bending”: the recontextualisation of discourses of sustainability in integrated reporting. Discourse & Communication, 10(5), 521-542. Retrieved from https://doi.org/10.1177/1750481316659175

Zhou, S., Simnett, R., & Green, W. (2017). Does Integrated Reporting matter to the capital market? Abacus, 53(1), 94-132. Retrieved from https://doi.org/10.1111/abac.12104