Sustentabilidade e o mercado financeiro: retorno de mercado e índice de sustentabilidade empresarial

Abstract

Sustainable development involves a gradual transformation of the economy and society, which includes economic advance, social and ecological. As a result, the corporate environment has faced new obstacles to know the demands of society, and to accomplish with social and environmental moral and responsibility standards. Otherwise, organizations that shows the image of sustainable, trustworthy and transparent acquire a competitive advantage over competitors, consisting of the expectation that they have a better perception in the market, and thus may have a higher potential income. In view of this scenario, the main objective of this study is to verify if the companies listed on the B3, that are included in Corporate Sustainability Index (ISE), have a higher stock return than companies that do not participate in the index. For the analysis, we used the quarterly market return of shares of companies belonging to the Corporate Sustainability Index from 2013 to 2018. A comparison was performed, through the mean difference T Test, of these companies, with companies that do not participate in this during the same period. The results indicate that there was no significant difference between the two groups of companies, and that it is not possible to affirm that there is a relationship between higher stock returns and the participation of the corporate sustainability index (ISE).