Relação entre desempenho sustentável e desempenho de mercado

Janine Patrícia Jost; Adriana Kroenke; Nelson Hein

doi:10.18593/race.27352

Authors

Janine Patrícia Jost FURB https://orcid.org/0000-0001-7539-5770
Adriana Kroenke FURB
Nelson Hein FURB

DOI:

https://doi.org/10.18593/race.27352

Keywords:

Sustainable performance, Market performance, Sustainability

Abstract

Society has shown relevant attention and growing awareness regarding sustainability, but studies on the subject have controversial evidence. Thus, the present study aimed to assess the cause-effect relationship between sustainable performance and market performance of companies listed on the stock exchange of the twenty most sustainable countries in the world according to the Environmental Performance Index, resulting in a sample of 1,027 companies. Regarding the methodology, the data were collected in the Thomson Reuters® database and relate to the period from 2008 to 2017. Sustainability was measured based on the synthesis of environmental indicators (use of resources, emissions, environmental innovation), social (workforce, human rights, community and product responsibility) and economic-financial (return on assets, return on equity and return on sales) the Multicriteria Evaluation Based on Distance from Average Solution method was used for this synthesis. Market performance was measured from the synthesis of the indicators (Tobin's Q, Market-to-book, share price, earnings per share and Price / Earnings index). From the synthesis of these indicators, it was possible to apply linear regression. The results indicate the existence of bidirectionality between sustainable performance and market performance, however it is evident that the greatest explanatory power verified is in the sense that, based on good market performance, organizations are able to improve their sustainable performance. It is noteworthy in the results that over the years there has been a significant increase in the influence of sustainable performance in relation to market performance, evidencing the growing concern of investors in relation to sustainable development.

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Author Biographies

Janine Patrícia Jost, FURB

Possui mestrado em Ciências Contábeis (2018) pela Universidade de Blumenau (FURB). Especialização Lato Sensu em Auditoria Contábil e Controladoria (2015), pelo Centro Universitário Leonardo Da Vinci (UNIASSELVI) e graduação em Ciências Contábeis (2011), pela Fundação Educacional Machado de Assis (FEMA). Atualmente também participo como pesquisadora no Grupo Interdisciplinar de Pesquisas em Gestão e Desenvolvimento Regional (GPGDR - Universidade Federal de Rondônia).

Adriana Kroenke, FURB

Possui graduação em Matemática (2007), mestrado em Ciências Contábeis (2009) pela Universidade Regional de Blumenau e doutorado pelo Programa de Métodos Numéricos e Engenharia da Universidade Federal do Paraná (2014). Professora do Departamento de Matemática da Universidade Regional de Blumenau desde 2010. Atualmente é professora permanente do Programa de Pós-Graduação em Administração e do Programa de Pós-Graduação em Ciências Contábeis da Universidade Regional de Blumenau. Suas pesquisas concentram-se na área de Análise Multivariada de Dados, Análise Decisória Multicritério e Avaliação de Desempenho. Integrante do grupo de estudos MULTIVAR vinculado ao Grupo Español de Decisión Multicrierio (GEDM).

Nelson Hein, FURB

Graduado em Ciências (1987) e em Matemática (1988) pela Universidade Regional de Blumenau - FURB, especialista em Ensino de Ciências / Matemática pela Universidade Regional de Blumenau (1990). Mestrado (1994) e Doutorado (1998) em Engenharia de Produção pela Universidade Federal de Santa Catarina (UFSC). Possui Pós-Doutorado pelo IMPA - Associação Instituto Nacional de Matemática Pura e Aplicada (2003) e pela Anderson School of Management da Universidade do Novo México (EUA), concluído em 2011. É professor do Departamento de Matemática da Universidade Regional de Blumenau desde 1989. Atualmente é professor permanente no Programa de Pós-Graduação em Ciências Contábeis (PPGCC) da Universidade Regional de Blumenau. Pesquisar Produtividade (PQ2) no período 2011 a 2019. Atual coordenador do DINTER PPGCC/FURB - UFF (Macaé).Tem experiência na área de Matemática Aplicada, atuando principalmente nos seguintes temas: análise estatística multivariada e análise decisória multicritério. Coordena o grupo de Estudos MULTIVAR vinculado ao Grupo Español de Decisión Multicrierio (GEDM).

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