Author:
Andrade Lélis Pedro,Bressan Aureliano Angel,Iquiapaza Robert Aldo,Moreira Bruno César de Melo
Abstract
The aim of this study was to identify the variables that influence the
firms inclusion in the BM&FBOVESPA Corporate Sustainability Index (CSI),
and if such membership is correlated with the firm market value in the
Brazilian market. We collected annual data of firms for the period 2006 to
2011. The methodology included the use of methods such as regression
analysis type logit and panel data models. The results showed that companies
that have joined the ISE have characteristics distinct from those who did
not opt for membership. Firms with larger size, higher profitability and
sectors considered high environmental impact are more likely to be
classified in the ISE. When examined whether inclusion in the CSI has
relation with the metric firm value, the results did not reject the
hypothesis of positive relationship, even during the financial crisis of
2008, however, found evidence of a negative relationship in the post-crisis
period.
Cited by
2 articles.
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