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A relação entre eficiência do investimento e a responsabilidade social e empresarial
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O presente estudo tem como objetivo principal analisar em que medida a responsabilidade social empresarial influencia a eficiência do investimento por parte de empresas cotadas no Índice STOXX600 Europe.
Como medida de eficiência do investimento, foi utilizada, como proxy, a ineficiência do investimento, relativamente à qual se empregou o modelo proposto por Biddle et al. (2009). Neste modelo, os autores estimam o valor do investimento através das oportunidades de crescimento, sendo estas medidas pelo crescimento das vendas. Em relação à responsabilidade social empresarial, foi utilizado, como proxy, o score ESG das empresas. Os modelos foram estimados através dos Modelo de Efeitos Fixos com dados de painel.
Os resultados obtidos sugerem que existe uma relação positiva e significativa entre a eficiência do investimento e a RSE (que tem como proxy os scores de ESG), ou seja, quanto maior for o score de ESG da empresa, maior será a sua eficiência na escolha de projetos de investimento. Isto pode ser explicado pelo baixo nível de assimetria da informação que existe, normalmente, em empresas cotadas, devido aos estatutos de transparência inerentes. Num segunda análise, observou-se que o score de ESG Controvérsias não só apresenta significância estatística, como também é positivo. Este coeficiente pode ser explicado pelo facto de um alto score de ESG Controvérsias conduzir as empresas a compensá-lo com projetos menos eficientes do ponto de vista do investimento, mas mais eficientes ao nível da gestão das mesmas.
The main objective of this study is to analyze the extent to which corporate social responsibility influences the efficiency of investment by companies listed in the STOXX600 Europe Index. As a measure of investment efficiency, investment inefficiency was used as a proxy, for which the model proposed by Biddle et al. (2009). In this model, the authors estimate the value of the investment through growth opportunities, which are measured by sales growth. In relation to corporate social responsibility, the companies' ESG score was used as a proxy. The models were estimated using Fixed Effects Models with panel data. The results obtained suggest that there is a positive and significant relationship between investment efficiency and CSR (which has ESG scores as a proxy), that is, the higher the company's ESG score, the greater its efficiency in choosing of investment projects. This can be explained by the low level of information asymmetry that normally exists in listed companies, due to the inherent transparency statutes. In a second analysis, it was observed that the ESG Controversies score not only presents statistical significance, but is also positive. This coefficient can be explained by the fact that a high ESG Controversies score leads companies to compensate with less efficient projects from an investment point of view, but more efficient in terms of their management.
The main objective of this study is to analyze the extent to which corporate social responsibility influences the efficiency of investment by companies listed in the STOXX600 Europe Index. As a measure of investment efficiency, investment inefficiency was used as a proxy, for which the model proposed by Biddle et al. (2009). In this model, the authors estimate the value of the investment through growth opportunities, which are measured by sales growth. In relation to corporate social responsibility, the companies' ESG score was used as a proxy. The models were estimated using Fixed Effects Models with panel data. The results obtained suggest that there is a positive and significant relationship between investment efficiency and CSR (which has ESG scores as a proxy), that is, the higher the company's ESG score, the greater its efficiency in choosing of investment projects. This can be explained by the low level of information asymmetry that normally exists in listed companies, due to the inherent transparency statutes. In a second analysis, it was observed that the ESG Controversies score not only presents statistical significance, but is also positive. This coefficient can be explained by the fact that a high ESG Controversies score leads companies to compensate with less efficient projects from an investment point of view, but more efficient in terms of their management.
Descrição
Mestrado Bolonha em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Eficiência do investimento responsabilidade social empresarial assimetria da informação Investment efficiency corporate social responsibility information asymmetry
Contexto Educativo
Citação
Rosa, Ana Rita Tavares Pires (2023). “A relação entre eficiência do investimento e a responsabilidade social e empresarial”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão