What is the Value of Corporate Social Responsibility? An answer from Brazilian Sustainability Index

N/D
Orientador
Co-orientadores
Citações na Scopus
Tipo de documento
Working Paper
Data
2008
Título da Revista
ISSN da Revista
Título do Volume
Projetos de Pesquisa
Unidades Organizacionais
Fascículo
Resumo
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.

Titulo de periódico
URL da fonte
Título de Livro
URL na Scopus
Idioma
Inglês
Notas
Membros da banca
Área do Conhecimento CNPQ
Ciências Sociais Aplicadas
Citação