Análise da convergência de avaliação de índices de responsabilidade social corporativa no contexto da empresa brasileira

Maria Rafaela de Oliveira Freitas; Vicente Lima Crisóstomo

doi:10.18046/j.estger.2021.160.3955

Autores/as

Maria Rafaela de Oliveira Freitas Analista Judiciário, Secretaria de Planejamento e Gestão, Tribunal de Justiça do Estado do Ceará, Fortaleza, Brasil. https://orcid.org/0000-0002-4811-378X
Vicente Lima Crisóstomo Professor Associado, Faculdade de Economia, Universidade Federal do Ceará, Fortaleza, Brasil. https://orcid.org/0000-0002-8593-0471

DOI:

https://doi.org/10.18046/j.estger.2021.160.3955

Palabras clave:

responsabilidad social empresarial, evaluación de índice, convergencia de índices

Resumen

Este trabajo investiga si existe convergencia de la valoración de la empresa brasileña en los índices de responsabilidad social empresarial (RSE). Se realizó un análisis cualitativo y cuantitativo de 1.007 observaciones de empresas brasileñas evaluadas por estos índices durante 2013-2017: Índice de Sustentabilidad Corporativa, Empresas de Reputación Corporativa de Merco, Responsabilidad Social y Gobierno Corporativo de Merco y los índices de RSE de CSRHub y Thomson Reuters. Los resultados indican que estos índices, aunque presentan metodologías específicas, están correlacionados positivamente. Esto señala que existe convergencia en la evaluación del desempeño de la responsabilidad social de la empresa brasileña y demuestra que el proceso de evaluación de los índices parece consistente. Este hallazgo representa un aporte adicional para profundizar el debate sobre la efectividad de los criterios de evaluación de la RSE.

Descargas

Los datos de descarga aún no están disponibles.

Referencias

Antolín-López, R., Delgado-Ceballos, J., & Montiel, I. (2016). Deconstructing corporate sustainability: a comparison of different stakeholder metrics. Journal of Cleaner Production, 136, 5-17. https://doi.org/10.1016/j.jclepro.2016.01.111

BM&FBOVESPA. (2016). Índice de Sustentabilidade Empresarial - ISE 10 Anos. Recuperado em 19 de novembro de 2018, de: http://mediadrawer.gvces.com.br/publicacoes/original/ise10anos_v-03-16-1.pdf

Bouten, L., Cho, C. H., Michelon, G., & Roberts, R. W. (2017). CSR Performance Proxies in Large-Sample Studies: 'Umbrella Advocates', Construct Clarity and the 'Validity Police'. Recuperado em 19 de novembro de 2018, de: http://dx.doi.org/10.2139/ssrn.3107182

Bouvain, P., Baumann, C., & Lundmark, E. (2013). Corporate social responsibility in financial services: A comparison of Chinese and East Asian banks vis-à-vis American banks. International Journal of Bank Marketing, 31(6), 420-439. https://doi.org/10.1108/IJBM-05-2012-0054

Byrne, E. F. (2010). The U.S. Military-Industrial Complex is Circumstantially Unethical. Journal of Business Ethics, 95(2), 153- 165. https://doi.org/10.1007/s10551-009-0361-0

Cai, Y., Jo, H., & Pan, C. (2012). Doing Well While Doing Bad? CSR in Controversial Industry Sectors. Journal of Business Ethics, 108(4), 467-480. https://doi.org/10.1007/s10551-011-1103-7

Carroll, A. B., & Shabana, K. M. (2010). The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice. International Journal of Management Reviews, 12(1), 85-105. https://doi.org/10.1111/j.1468-2370.2009.00275.x

Chatterji, A., & Levine, D. I. (2006). Breaking Down the Wall of Codes: Evaluating Non-Financial Performance Measurement. California Management Review, 48(2), 29-51.

Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597-1614. https://doi.org/10.1002/smj.2407

Chatterji, A. K., & Toffel, M. W. (2010). How firms respond to being rated. Strategic Management Journal, 31(9), 917-945. https://doi.org/10.1002/smj.840

Ching Hong, Y. (2017). Sustainability reports in Brazil through the lens of signaling, legitimacy and stakeholder theories. Social Responsibility Journal, 13(1), 95-110. https://doi.org/10.1108/SRJ-10-2015-0147

Crilly, D., Zollo, M., & Hansen, M. T. (2012). Faking It or Muddling Through? Understanding Decoupling in Response to Stakeholder Pressures. Academy of Management Journal, 55(6), 1429-1448. https://doi.org/10.5465/amj.2010.0697

Crisóstomo, V. L., Carneiro, C. M. B., & Gomes, L. A. S. (2018). Analysis of the evolution of the adhesion to the Corporate Sustainability Index (ISE). Brazilian Journal of Management, 11(Edição Especial - XIX ENGEMA/I AMAS), 772-794. https://doi.org/10.5902/1983465931879

Crisóstomo, V. L., Freire, F. S., & Freitas, M. R. O. (2020). Determinants of corporate sustainability performance - evidence from Brazilian panel data. Social Responsibility Journal, 16(8), 1053-1072. https://doi.org/10.1108/SRJ-04-2018-0102

Crisóstomo, V. L., & Oliveira, M. R. (2016). An Analysis of the Determinants of Corporate Social Responsibility of Brazilian Firms. BBR - Brazilian Business Review, 13(4), 72-93. https://doi.org/10.15728/bbr.2016.13.4.4

Crisóstomo, V. L., Prudêncio, P. A., & Forte, H. C. (2017). An Analysis of the Adherence to GRI for Disclosing Information on Social Action and Sustainability Concerns. In A. Belal & S. Cooper (Eds.), Advances in Environmental Accounting & Management: Social and Environmental Accounting in Brazil (vol 6, pp. 69-103). Bingley: Emerald Publishing Limited. https://doi.org/10.1108/S1479-359820160000006002

CSRHUB. (2018). CSRHUB - Consensus ESG Ratings. Recuperado em 19 de novembro de 2018, de: https://esg.csrhub.com/about-csrhub

Čuček, L., Klemeš, J. J., & Kravanja, Z. (2012). A Review of Footprint analysis tools for monitoring impacts on sustainability. Journal of Cleaner Production, 34, 9-20. https://doi.org/10.1016/j.jclepro.2012.02.036

Cunha, F. A. F. S., & Samanez, C. P. (2013). Performance Analysis of Sustainable Investments in the Brazilian Stock Market: A Study About the Corporate Sustainability Index (ISE). Journal of Business Ethics, 117(1), 19-36. https://doi.org/10.1007/s10551-012-1484-2

Deegan, C. (2002). The legitimising effect of social and environmental disclosures - a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311. http://dx.doi.org/10.1108/09513570210435852

Delmas, M., & Blass, V. D. (2010). Measuring corporate environmental performance: the trade-offs of sustainability ratings. Business Strategy and the Environment, 19(4), 245-260. https://doi.org/10.1002/bse.676

Delmas, M. A., Etzion, D., & Nairn-Birch, N. (2013). Triangulating Environmental Performance: What Do Corporate Social Responsibility Ratings Really Capture? Academy of Management Perspectives, 27(3), 255-267. http://dx.doi.org/10.5465/amp.2012.0123

Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk of corporate responsibility - An empirical comparison of different ESG rating approaches. Journal of Asset Management, 16(7), 450-466. https://doi.org/10.1057/jam.2015.31

Dorfleitner, G., & Utz, S. (2012). Safety first portfolio choice based on financial and sustainability returns. European Journal of Operational Research, 221(1), 155-164. https://doi.org/10.1016/j.ejor.2012.02.034

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

Entine, J. (2003). The Myth of Social Investing:A Critique of its Practice and Consequences for Corporate Social Performance Research. Organization & Environment, 16(3), 352-368. https://doi.org/10.1177/1086026603256283

Espeland, W. N., & Sauder, M. (2007). Rankings and Reactivity: How Public Measures Recreate Social Worlds. American Journal of Sociology, 113(1), 1-40. https://doi.org/10.1086/517897

Fombrun, C., & Shanley, M. (1990). What's in a Name? Reputation Building and Corporate Strategy. The Academy of Management Journal, 33(2), 233-258. https://doi.org/10.2307/256324

Fowler, S. J., & Hope, C. (2007). A Critical Review of Sustainable Business Indices and their Impact. Journal of Business Ethics, 76(3), 243-252. https://doi.org/10.1007/s10551-007-9590-2

Freeman, R. E. (1994). The politics of stakeholders theory: some future directions. Business Ethics Quarterly, 4(4), 409-422. https://doi.org/10.2307/3857340

Freeman, R. E., & Phillips, R. A. (2002). Stakeholder Theory: A Libertarian Defense. Business Ethics Quarterly, 12(3), 331-349. https://doi.org/10.2307/3858020

Hedesström, M., Lundqvist, U., & Biel, A. (2011). Investigating consistency of judgement across sustainability analyst organizations. Sustainable Development, 19(2), 119-134. https://doi.org/10.1002/sd.511

Hsu, G., Roberts, P. W., & Swaminathan, A. (2012). Evaluative Schemas and the Mediating Role of Critics. Organization Science, 23(1), 83- 97. https://doi.org/10.1287/orsc.1100.0630

IBASE. (2008). Balanço social, dez anos: o desafio da transparência. Rio de Janeiro: Instituto Brasileiro de Análises Sociais e Econômicas (Ibase). Recuperado em 19 de novembro de 2019, de: http://www2.senado.leg.br/bdsf/handle/id/102804

Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351-383. https://doi.org/10.1007/s10551-011-0869-y

Kinder, P. D., & Domini, A. L. (1997). Social Screening: Paradigms Old and New. The Journal of Investing, 6(4), 12-19. https://doi.org/10.3905/joi.1997.408443

Lindgreen, A., Maon, F., Reast, J., & Yani-De-Soriano, M. (2012). Guest Editorial: Corporate Social Responsibility in Controversial Industry Sectors. Journal of Business Ethics, 110(4), 393-395. https://doi.org/10.1007/s10551-012-1488-y

Marcondes, A. W., & Bacarji, C. D. (2010). ISE - Sustentabilidade no Mercado de Capitais (1 ed. Vol. 1). São Paulo: Report Editora LTDA.

Martikainen, T., Perttunen, J., Yli-Olli, P., & Gunasekaran, A. (1995). Financial ratio distribution irregularities: Implications for ratio classification. European Journal of Operational Research, 80(1), 34- 44. https://doi.org/10.1016/0377-2217(93)E0134-J

MERCO. (2018). Monitor Empresarial de Reputação Corporativa: Qué es merco? Recuperado em 19 de novembro de 2018, de: https://www.merco.info/br/que-es-merco#!

Odriozola, M. D., Martín, A., & Luna, L. (2015). The relationship between labour social responsibility practices and reputation. International Journal of Manpower, 36(2), 236-251. https://doi.org/10.1108/IJM-03-2013-0039

Orsato, R. J., Garcia, A., Mendes-Da-Silva, W., Simonetti, R., & Monzoni, M. (2015). Sustainability indexes: why join in? A study of the ‘Corporate Sustainability Index (ISE)’ in Brazil. Journal of Cleaner Production, 96, 161-170. http://dx.doi.org/10.1016/j.jclepro.2014.10.071

Palazzo, G., & Scherer, A. G. (2006). Corporate Legitimacy as Deliberation: A Communicative Framework. Journal of Business Ethics, 66(1), 71-88. https://doi.org/10.1007/s10551-006-9044-2

Ramus, C. A., & Montiel, I. (2005). When Are Corporate Environmental Policies a Form of Greenwashing? Business & Society, 44(4), 377- 414. https://doi.org/10.1177/0007650305278120

Roca, L. C., & Searcy, C. (2012). An analysis of indicators disclosed in corporate sustainability reports. Journal of Cleaner Production, 20(1), 103-118. https://doi.org/10.1016/j.jclepro.2011.08.002

Royston, J. P. (1982). An Extension of Shapiro and Wilk's W Test for Normality to Large Samples. Journal of the Royal Statistical Society. Series C (Applied Statistics), 31(2), 115-124. https://doi.org/10.2307/2347973

Saadaoui, K., & Soobaroyen, T. (2018). An analysis of the methodologies adopted by CSR rating agencies. Sustainability Accounting, Management and Policy Journal, 9(1), 43-62. https://doi.org/10.1108/SAMPJ-06-2016-0031

Scalet, S., & Kelly, T. F. (2010). CSR Rating Agencies:What is Their Global Impact? Journal of Business Ethics, 94(1), 69-88. https://doi.org/10.1007/s10551-009-0250-6

Sharfman, M. (1996). The construct validity of the Kinder, Lydenberg & Domini social performance ratings data. Journal of Business Ethics, 15, 287-296. https://doi.org/10.1007/BF00382954

Statman, M., Thorley, S., & Vorkink, K. (2006). Investor Overconfidence and Trading Volume. The Review of Financial Studies, 19(4), 1531- 1565. https://doi.org/10.1093/rfs/hhj032

THOMSON-REUTERS. (2017). Thomson Reuters ESG Scores. Recuperado em 19 de novembro de 2018, de: http://www.esade.edu/itemsweb/biblioteca/bbdd/inbbdd/archivos/Thomson_Reuters_ESG_Scores.pdf

Vogt, M., Hein, N., Rosa, F. S., & Degenhart, L. (2017). Relationship between determinant factors of disclosure of information on environmental impacts of Brazilian companies. Estudios Gerenciales, 33(142), 24-38. https://doi.org/10.1016/j.estger.2016.10.007

Windolph, S. E. (2011). Assessing Corporate Sustainability Through Ratings: Challenges and Their Causes. Journal of Environmental Sustainability, 1(1), 37-57. https://doi.org/10.14448/jes.01.0005

Zhong, M., Xu, R., Liao, X., & Zhang, S. (2019). Do CSR Ratings Converge in China? A Comparison Between RKS and Hexun Scores. Sustainability, 11(14), 3921. https://doi.org/10.3390/su11143921

Zicari, A. (2017). Sustainability Indices in Latin America: Can Financial Markets Push for CSR? Corporate Social Responsibility and Corporate Governance (vol. 11, pp. 3-20). Bingley: Emerald Publishing Limited . https://doi.org/10.1108/S2043-052320170000011001