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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2019.tde-24072020-140237
Document
Author
Full name
Luna Miranda de Oliveira Guimarães
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Sztajn, Rachel (President)
Gorga, Érica Cristina Rocha
Pela, Juliana Krueger
Silva, Fernando César Nimer Moreira da
Title in Portuguese
Investimentos sociais e direito da empresa
Keywords in Portuguese
Deveres fiduciários
Direito da empresa
Função da empresa
Responsabilidade social Corporativa
Sustentabilidade
Abstract in Portuguese
Essa dissertação tem por objetivo analisar a relação entre os investimentos sociais e ambientais pelas empresas e seu desempenho financeiro, bem como avaliar a responsabilidade dos administradores de empresas à luz dos resultados encontrados. Para tanto, a dissertação foi dividida em três partes. A primeira parte é dedicada a realizar uma introdução sobre o tema e a tecer o histórico das iniciativas sociais e ambientais por empresas no Brasil e no mundo. São analisados casos concretos de criação de empresas que adotaram programas e investimentos de cunho social, bem como discutidos os relatórios sociais e de sustentabilidade. São ainda analisadas as razões que levam investidores a selecionar empresas sustentáveis ou socialmente responsáveis. A segunda parte aborda as doutrinas societárias que envolvem o tema em questão. Primeiramente, analisou-se as teorias a respeito da função e da finalidade da empresa, com destaque para a Teoria dos Stakeholders, a Teoria da Responsabilidade Social Corporativa e a Teoria da Firma (ou Teoria da Empresa). Na sequência são discutidas as teorias a respeito do interesse social e os deveres fiduciários dos administradores. Em seguida, traça-se um panorama dos conflitos enfrentados pelos administradores, analisados individualmente de acordo com o tipo de conflito enfrentado. A última parte desta dissertação dedica-se aos resultados de estudos meta-analíticos a respeito do retorno financeiro dos investimentos sociais pelas empresas, ilustrando-se tais resultados com situações nas quais tais investimentos reverteram-se em lucratividade, bem como casos nos quais sua ausência acarretou prejuízos para a empresa e seus acionistas. Por último, apresenta-se as principais conclusões alcançadas por meio desse trabalho, especialmente seus impactos em relação aos deveres fiduciários dos administradores.
Title in English
Social Investments and Corporate Law
Keywords in English
Corporate Law
Corporate Social Responsibility
Fiduciary Duties
Function of the Company
Sustainability
Abstract in English
The purpose of this thesis is to analyze the relationship between social and environmental investments by companies and their financial performance, as well as to assess the responsibility of business managers in light of the results presented. In order to achieve such objective, the thesis was divided into three parts. The first part is dedicated to making an introduction on the theme and to provide the history of social and environmental initiatives by companies in Brazil and in the world. Concrete cases of companies that have adopted social programs and investments were analyzed and social and sustainability reports were discussed. We also provided an overview of the reasons that lead investors to select sustainable or socially responsible companies. The second part addresses the corporate doctrines that surround the subject in question. First, the theories regarding the function and the purpose of the company were scrutinized, with emphasis on Stakeholders Theory, Corporate Social Responsibility Theory and Firm Theory (or Company Theory). In the sequence, we discuss the theories regarding the social interest and the fiduciary duties of the managers, followed by an overview of the conflicts faced by the managers, analyzed individually according to the type of conflict presented. The last part of this thesis is dedicated to the results of meta-analytical studies on the financial return of social investments by companies, illustrated with situations in which such investments reverted to profitability, as well as cases in which their absence led to losses by the company and its shareholders. Finally, the main conclusions reached through this work are presented, with special focus on its impacts in relation to the managers' fiduciary duties.
 
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Release Date
2022-07-24
Publishing Date
2020-08-03
 
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