Sustainability and financial market: performance study of companies that composes the corporate sustainability index

• Published in: Revista de gestão 2016-10, Vol.23 (4), p.286
• Main Authors: Cristofalo, Renan Gazarini, Akaki, Alexis Shinji, Abe, Tatiana Camasmie, Morano, Rogerio Scabim, Miraglia, Simone Georges El Khouri
• Format: Article
• Language: Spanish
• Subjects: Corporate sustainability; Stock markets; Sustainable development
• ISSN: 1809-2276

In recent decades, the sustainability theme was thoroughly discussed by conferences and establishing protocols. Therefore, corporations had to adapt to the new expectations of the society and the government that seek the balance between social, environmental and economic spheres. The impact on the capital market reflects the creation of theoretical portfolios composed by companies considered benchmark in sustainable corporate management. In this context, the research's objective is to evaluate the performance of corporations listed on the Corporate Sustainability Index of Sao Paulo Stock Market (ISE), in opposition to companies of the same economic sector but which are absent from this index. Eight companies belonging to four different segments were analyzed in the 2006 to 2014-time period, considering quantitative aspects such as volatility of stock prices and profitability were evaluated. The results showed that from a strictly quantitative point of view, based on the companies that this paper have considered, those listed on the index and from Banks and Petrochemical segments had a good performance, while the ones from Electricity and Paper segment showed unsatisfactory performance. In this sense, it was impossible to determine a specific relationship between ISE and appreciation of shares or their volatility. Keywords: Sustainability; ISE; Financial market; Performance Nas ultimas decadas, o tema sustentabilidade tem sido profundamente discutido por meio das conferencias e estabelecimento de protocolos internacionais, o que obrigou o mundo corporativo a adaptar-se aos novos anseios da sociedade e do Estado que buscavam o equilibrio das esferas social, ambiental e economica. No mercado de capitais o impacto foi refletido por meio do surgimento de carteiras teoricas compostas por empresas consideradas benchmark na gestao corporativa sustentavel. Este estudo tem como proposito avaliar o desempenho de empresas que compoem o Indice de Sustentabilidade Empresarial da BM&FBovespa (ISE), em contraponto com empresas de mesmo segmento economico ausentes do indice, no intuito de observar se praticas de sustentabilidade colaboram na valorizacao das acoes das empresas. Foram analisadas oito empresas pertencentes a quatro segmentos diferentes, de 2006 a 2014. Consideraram-se os aspectos quantitativos, como volatilidade dos precos das acoes e valorizacao. Os resultados demonstraram que, sob o ponto de vista estritamente quantitativo, as empresas que compoem o ISE do