A relação entre a responsabilidade social e ambiental e a performance financeira na produção agropecuária: o caso da política de crédito de uma instituição financeira

This paper aimes to examine the relationship between social and environmental responsibility and Financial Performance of Brazilian farms from 2009 to 2013 by the logistic regression analysis. This study considers four disaggregated RSA measures: social index, waste disposal index, environmental compliance index and sustainable management index. The financial performance was measured by the farms ability to pay, solvency and liquidity. The sample comprises 1,056 observations creating a primary database. The results of the estimates show that a better socio-environmental status (SS) is associated with a better financial performance and similar effects for each of the disaggregated RSA measures. Overall, all social and environmental performance measures were significant for at least one FP measure. The social indicator showed certain instability after the self-selection control, presenting a negative relation with the financial performance, which means the worse social performance associated with better solvency. This result reveals a situation whichthe positive effects of environmental aspects are more noticeable than social factors are. The inverse verification showed a positive relation between the financial performance and socioenvironmental status. The general results show that RSA does not compromise the PF for the sample of rural properties studied.