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Análise do retorno dos investimentos socioambientais das empresas brasileiras

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  • Orellano, Verônica Ines Fernandez
  • Quiota, Silvia

Abstract

This paper investigates the correlation between firm’s financial and social/environmental performance for Brazilian companies from 2001 to 2007; based on two types of panel data econometric models; which aim to analyze correlation and causality. The fixed effects model was used to estimate correlation; while a panel data IV model was used to investigate causality. The results how a positive correlation between corporate social/environmental and financial performance; mainly in the case of internal social investment; which is strongly positively correlated with the variable return on assets (ROA). The causality analysis also showed that the internal social investment has a positive and significant effect on ROA. This result is in accordance with those obtained by Laan et al (2008); which indicate that disregarding the wishes of the primary stakeholders (employees; consumers and investors) contributes negatively to performance measures.

Suggested Citation

  • Orellano, Verônica Ines Fernandez & Quiota, Silvia, 2011. "Análise do retorno dos investimentos socioambientais das empresas brasileiras," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 51(5), September.
    • Handle: RePEc:fgv:eaerae:v:51:y:2011:i:5:a:30923
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    Cited by:

    1. Sierra-García, Laura & García-Benau, María A. & Zorio, Ana, 2014. "Credibilidade do relatório de responsabilidade social corporativa na América Latina," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 54(1), January.

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