• JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
 
  Bookmark and Share
 
 
Doctoral Thesis
DOI
10.11606/T.12.2013.tde-15042013-133514
Document
Author
Full name
Suliani Rover
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2013
Supervisor
Committee
Santos, Ariovaldo dos (President)
Borger, Fernanda Gabriela
Lustosa, Paulo Roberto Barbosa
Machado, Márcia Reis
Murcia, Fernando Dal-Ri
Title in Portuguese
Disclosure socioambiental e custo de capital próprio de companhias abertas no Brasil
Keywords in Portuguese
Contabilidade ambiental
Custo de capital
Demonstração financeira
Sociedade por ações
sustentabilidade
Abstract in Portuguese
O objetivo do trabalho é investigar a relação entre o disclosure voluntário socioambiental e o custo de capital próprio de companhias abertas no Brasil. Com base na Teoria da Divulgação Voluntária, espera-se uma relação negativa entre o disclosure socioambiental e o custo de capital próprio. Para tanto, selecionou-se as 91 empresas que compõem o Índice Brasil (IBrX), consideradas como as mais negociadas na Bolsa de Valores de São Paulo (BOVESPA). A pesquisa é composta por dois períodos de análise. O primeiro compreende os anos de 2001 a 2010 e foi utilizado na análise para verificar a relação entre a publicação do Relatório de Sustentabilidade e o custo de capital próprio, enquanto o segundo período, de 2008 a 2010, se constitui na base de análise para examinar a relação entre o disclosure socioambiental e o custo de capital próprio. A métrica de disclosure voluntário socioambiental foi elaborada a partir de 20 pesquisas, na qual resultou em 80 subcategorias, sendo 40 referentes à divulgação social e 40 relacionadas ao meio ambiente. Por meio da análise de conteúdo de 272 Demonstrações Financeiras e de 178 Relatórios de Sustentabilidade, mensurou-se o nível de disclosure socioambiental das empresas. O custo de capital próprio foi estimado por uma abordagem ex ante mediante a utilização dos modelos de Claus e Thomas (2001), Ohlson e Juettner-Nauroth (2005) e Easton (2004), sendo utilizada nos modelos a média das três estimativas. No período de 2001 a 2010, considerando as 91 empresas analisadas na pesquisa, foram publicados 420 Relatórios de Sustentabilidade, sendo que 45% seguiram as orientações da GRI para sua elaboração. Os resultados obtidos com a regressão em painel logística mostraram que o início da publicação do Relatório de Sustentabilidade está relacionado com um alto custo de capital próprio do ano anterior. Constatou-se a partir da análise de dados em painel que o custo de capital próprio diminui após a divulgação do Relatório de Sustentabilidade elaborado de acordo com as diretrizes GRI. Apesar de o nível de disclosure voluntário socioambiental não possuir relação negativa com o custo de capital próprio, verificou-se que o conteúdo da evidenciação pode influenciar de maneira distinta o custo de capital próprio, uma vez que se constatou uma relação positiva entre o disclosure socioambiental desfavorável e o custo de capital próprio. Os resultados alcançados, no geral, indicam que o disclosure socioambiental impacta de maneira marginal o custo de capital próprio das empresas brasileiras, uma vez que sua influência pode ser verificada apenas com a divulgação do Relatório de Sustentabilidade elaborado de acordo com as diretrizes GRI e com o disclosure socioambiental desfavorável.
Title in English
Social and environmental disclosure and cost of equity capital of public companies in Brazil
Keywords in English
Cost of capital
Environmental accounting
Financial statement
Public companies
Sustainability
Abstract in English
The aim of this research is to investigate the relationship between voluntary social and environmental disclosure and cost of equity capital of Brazilian public companies. Based on the Theory of Voluntary Disclosure, one expects a negative link between corporate social and environment voluntary disclosure and the cost of equity capital. To this end, we selected the 91 companies in the Brazil Index (IBrX), regarded as the most traded on the São Paulo Stock Exchange (BOVESPA). The time sample consists of two periods. The first covers the years 2001 to 2010 and was considered to verify the relationship between the publication of the Sustainability Report and the cost of capital, while in the second period, from 2008 to 2010, is the basis of analysis to examine the relationship between environmental disclosure and cost of equity capital is examined. The metric of environmental voluntary disclosure was formulated based on 20 previous researches, and resulted in 80 subcategories, of which 40 related to social disclosure and 40 related to the environment. By applying content analysis on 272 Financial Statements and 178 Sustainability Reports, the level of the companies' social and environmental disclosure was measured. The cost of equity capital was estimated by ex ante approaches, using the existing models of Claus and Thomas (2001), Ohlson Juettner-Nauroth (2005) and Easton (2004). After these estimations, the average of the three estimates was used. From 2001 to 2010, considering the 91 companies analyzed in the study, 420 Sustainability Reports were published, and 45% of them applied the guidelines and standards of the GRI. Results obtained with the logistic panel regression showed that the beginning of the publication of the Sustainability Report is related to a high cost of equity capital in the previous year. It was found from the analysis of panel data that the cost of equity capital decreases after disclosing Sustainability Report prepared in accordance with the GRI guidelines. Although the level of voluntary environmental disclosure does not have a negative relationship with the cost of equity capital, it was found that the contents of the disclosure may influence differently the cost of capital, since it was found a positive relationship between unfavorable social and environmental disclosure and cost of equity capital. The results indicate that the impact of social and environmental disclosure on the cost of capital of Brazilian companies is marginal, because their influence can only be verified on the publication of the Sustainability Report prepared in accordance with the GRI guidelines and the unfavorable social and environmental disclosure.
 
WARNING - Viewing this document is conditioned on your acceptance of the following terms of use:
This document is only for private use for research and teaching activities. Reproduction for commercial use is forbidden. This rights cover the whole data about this document as well as its contents. Any uses or copies of this document in whole or in part must include the author's name.
SulianiRoverVC.pdf (1.12 Mbytes)
Publishing Date
2013-04-18
 
WARNING: Learn what derived works are clicking here.
All rights of the thesis/dissertation are from the authors
Centro de Informática de São Carlos
Digital Library of Theses and Dissertations of USP. Copyright © 2001-2021. All rights reserved.