Análise da relação entre a divulgação de informações socioambientais e a composição da estrutura de capital das companhias abertas no Brasil
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Data
2017-03-08
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Universidade Federal de Goiás
Resumo
The changes in the productive means due to the unregulated exploitation of resources led companies to invest in sustainability actions in order to maintain the sustainability of the business in the long term. However, investment in these actions by companies raises questions about the benefits they could achieve in applying such resources. One of the benefits cited from investing in sustainability actions is to improve the company's image vis-à-vis its stakeholders, increasing their credibility and making them more attractive to capital providers, which could facilitate fundraising. In turn, changes in the way of raising funds, either own or from third parties, change the capital structure of the company, giving it a new configuration and many are the determining factors that influence the way the company decides for the best composition of resources to be used. In view of the above, the question has arisen: the companies that disclose information about actions practiced to meet the premises of sustainable development (environmental preservation and social development) benefit from their funding of funds in order to change their capital structure? In this sense, this paper aimed to verify the existence of a relationship between the disclosure of social and environmental reports and the configuration of the capital structure of publicly traded companies in Brazil. Methodologically, the time series study with intervention models was used to verify the effects of the disclosure of the social and environmental reports on the composition of the capital structure, through the analysis of the third-party equity participation rates on the onerous liabilities, the cost of Third-party capital and the cost of equity, calculated on the basis of information disclosed in the companies' financial statements. Fifteen Brazilian publicly traded companies with shares traded on the BMF & BOVESPA were analyzed, and they disclosed social and environmental reports based on the guidelines of the Global Reporting Initiative. The results presented suggest that there is no relationship between the disclosure of the socio-environmental reports and the variation in the composition of the capital structure of the companies surveyed
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Sustentabilidade, Relatórios socioambientais, Estrutura de capital, Custo de capital, Sustainability, Socioenvironmental reports, Capital structure, Capital cost
Citação
SILVA, Márcia Helena da. Análise da relação entre a divulgação de informações socioambientais e a composição da estrutura de capital das companhias abertas no Brasil. 2017. 147 f. Dissertação (Mestrado em Gestão Organizacional) - Universidade Federal de Goiás, Catalão, 2017.