Abstract
In this chapter is presented a Brazilian capital market good initiatives and improvements: we address some stock market improvements due to corporate governance practices structure development; we discuss correlation between CSR/ESG with operating performance and stock market returns; we describe initiatives undertaken since the middle of 1990s aiming at developing a more robust capital market; we also discuss CSR in a specific sector—the electricity industry, a big business in Brazil.
The discussion of the evolution of policies, programs and practices of Corporate Social Responsibility (CSR) and Environmental Socio Responsibility (ESG) undertaken in Brazil, has raised several development issues and progresses towards growing application across companies.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bénabour, R., & Tirole, J. (2009). Individual and corporate social responsibility. Economica LSE, 77(305), 1–19.
Black, B. S., Carvalho, A. G., & Gorga, E. (2010). Corporate governance in Brazil. Emerging Markets Review, 11(1), 21–38.
BM&F Bovespa. (2017). The new exchange, Sao Paulo, http://www.bmfbovespa.com.br/en_us/
Brazilian corporate governance code listed companies – GT Interagentes, IBGC – Brazilian Institute of Corporate Governance, Sao Paulo (2017).
Brazilian Law no. 13303/16 (2016). Available at https://presrepublica.jusbrasil.com.br/legislacao/356570084/lei-13303-16
Capelle-Blancard, G., & Monjon, S. (2012). Trends in the literature on socially responsible investment: Looking for the keys under the lamppost. Business Ethics: A European Review, 21, 239–250.
Cook, K. A., Romi, A. M., Sanchez, D., & Sanchez, J. M. (2015). The influence of corporate social responsibility on investment efficiency and innovation (Working paper). Available at http://ssrn.com/abstract=2616021
Cunha, F. A. F. S., & Samanez, C. P. (2013). Performance analysis of sustainable investments in the Brazilian stock market: A study about the corporate sustainability index (ISE). Journal of Business Ethics, 117(1), 19–36.
Fernandes, N. (2016). Ultra novo mercado A and B: IMD case studies (Report IMD-7-1779). Available at http://www.imd.org/research/publications/case-studies/case/2921/
Fontes Filho, J. R., & Balassiano, M. (2015). The problem of incentives in building corporate governance models. Corporate Ownership & Control, 5(2), 352–359.
Freeman, R., et al. (2010). Stakeholder theory, the state of art. Cambridge: Cambridge University Press.
Haanaes, K., et al. (2012) Sustainability nears a tipping point. MIT Sloan Management Review, Research Report.
IBRI – Brazilian Institute of Relationship with Investors, São Paulo. (2017). http://www.ibri.com.br
Jahmani, Y., & Dowling, W. A. (2012). The impact of Sarbanes-Oxley act. Journal of Business & Economics Research, 6(10).
Kecskes, A., & York, P. A. N. (2013). Does corporate social responsibility create shareholder value? The importance of long-term investors. https://papers.ssrn/com/sol3/papers.cfm?abstract_id=2257846
Leal, R. P. C., Carvalhal, A. L., & Iervolino, A. P. (2015). One decade of evolution of corporate governance practices in Brazil (Report #421), COPPEAD/UFRJ, Rio de Janeiro, Brazil.
Lins, K. V., & Tamayo, A. (2015). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. Journal of Finance, Forthcoming European Corporate Governance Institute (ECGI) – Finance Working Paper no. 446/2015.
Lu, W. (2016). Corporate social responsibility and firm risk: Implications from employee satisfaction. Asian Finance Association (AsianFA) 2016 Conference, Bangkok, Thailand.
Macedo, F., et al. (2012). The value of ISE main studies and investors perspective. BM&F BOVESPA, São Paulo, Brazil.
Matos, P. (2017). An assessment of dual-class shares in Brazil: Evidence from the Novo Mercado reform. CFA Society Brazil.
Nollet, J., Filis, G., & Mitrokostas, E. (2015). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52(Part B), 400–407.
Oliveira, E. M. (2015). Corporate social responsibility and firm performance: A case study from the Brazilian electric sector. M.Sc. thesis, Pontificia Universidade Catolica, Rio de Janeiro.
Orsato, R. J., Campos, G., Barakat, S., Nicoletti, M., & Monzoni, M. (2015a). Why join a carbon club? A study of the banks participating in the business for climate platform. Journal of Cleaner Production, 96, 387–396.
Orsato, R. J., Garcia, A., Mendes-da-Silva, W., Simonetti, R., & Monzoni, M. (2015b). Sustainability indexes: Why to join in? A study of the corporate sustainability index (ISE) in Brazil. Journal of Cleaner Production, 96, 161–170.
Porter, M., & Kramer, R. (2011). Creating shared value: How to invent capitalism and unleash a wave of innovation and growth. Harvard Business Review, 3, 63–70.
Reverte, C. (2016). Corporate social responsibility disclosure and market valuation: Evidence from Spanish listed firms. Review of Managerial Science, 10, 411–435.
Rojas-Suarez, L. (2014). Towards strong and stable capital markets in emerging market economies (BIS Paper No. 75c). Available at SSRN: https://ssrn.com/abstract=2474016
Vasques, L. (2016). Inversiones responsables en Latinoamérica: Un modelo funcional para la región. Conferencia Latinoamericana de Inversiones Responsables, IR Latam, Santiago, Chile.
Yazbek, P., & Wiltgen, J. The advantages of being a good investor. Revista Exame, issue 31/12/2013.
Acknowledgement
We would like to thanks people from B3, FGV, and IBGC for the support on bibliographical references, especially Tiago Isaac Cury, Renato Orsato and Luis Martha.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer International Publishing AG, part of Springer Nature
About this chapter
Cite this chapter
Barbosa, C.D.F., Francato, A.L., Barbosa, P.S.F. (2019). Towards Brazilian Corporations Better Stock Price Valuation and Operational Performance with Corporate Social Responsibility and Environmental Socio Responsibility. In: Stehr, C., Dziatzko, N., Struve, F. (eds) Corporate Social Responsibility in Brazil. CSR, Sustainability, Ethics & Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-90605-8_6
Download citation
DOI: https://doi.org/10.1007/978-3-319-90605-8_6
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-90604-1
Online ISBN: 978-3-319-90605-8
eBook Packages: Business and ManagementBusiness and Management (R0)