What is the Value of Corporate Social Responsibility? An answer from Brazilian Sustainability Index
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Working Paper
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2008
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This paper analyzes using a sample of non-financial Brazilian companies from 2005 to 2007 whether
corporate social responsibility has an impact on firm value. Using companies’ Tobin’s Q as a proxy for
their market value, the paper finds that firms that compose the Bovespa Corporate Sustainability Index
(ISE) are traded with a premium compared to the other publicly traded firms. The result is robust to the
inclusion of a set of control variables and the method of estimation. In addition, after controlling for
self-selectivity, the results confirm that policies that focus corporate sustainability add value to the
firm. The paper indicates that the benefits of corporate social responsibility policies surpass the
possible costs implied by the adoption of such policies, leading corporate social responsibility to exert a
positive impact on firm value.
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Inglês
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Membros da banca
Área do Conhecimento CNPQ
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