EFEITO HETEROGÊNEO DA ISO 14001 NO RETORNO ANORMAL

Autores

  • Carime Jabour de França Fucape Business School
  • Valcemiro Nossa Fucape Business School
  • Silvania Neris Nossa Fucape Business School
  • Bruno Funchal Fucape Business School

DOI:

https://doi.org/10.4270/ruc.2015463-81

Palavras-chave:

ISO 14001, retorno anormal, análise fundamentalista.

Resumo

Estudos empíricos indicam que as empresas certificadas pelo Sistema de Gestão Ambiental - SGA conseguem reduzir o desperdício e a poluição, resultando em desempenho ambiental e econômico superior ao grupo de empresas que não têm certificação. Ao mesmo tempo, os opositores criticam a certificação ISO 14001, sugerindo que é apenas um rótulo para a construção da imagem, com vistas somente no aumento dos custos da empresa com a certificação. Devido a este problema, tornou-se pertinente a avaliação da certificação ISO 14001 nas empresas, por meio da análise do retorno anormal das ações nas empresas listadas em bolsa. Objetiva-se, assim, examinar se há um efeito heterogêneo da implantação da ISO 14001 no retorno anormal das empresas brasileiras, considerando os fundamentos contábil-financeiros a razão para tal heterogeneidade. A revisão da literatura baseou-se na teoria da sinalização e em trabalhos anteriores que contribuíram para a análise do dilema encontrado. Os dados utilizados no estudo foram obtidos na base de dados Economática® e no site das empresas. Foram analisadas 620 empresas listadas na BM&FBOVESPA, referentes ao período de 1996 a 2013. A amostra analisada gerou 4.634 observações. A estimação da relação objetivada ocorreu utilizando-se análise de regressão em painel. Os resultados encontrados indicam que existe um efeito heterogêneo da certificação nas empresas. Empresas com certificação ISO 14001 e com melhores fundamentos têm retornos em média acima das empresas de piores fundamentos contábil-financeiros. O resultado encontrado indica que o efeito heterogêneo proporcionado pela análise fundamentalista contribui para a análise da relação entre o retorno anormal e a certificação ISO 14001.

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Biografia do Autor

Carime Jabour de França, Fucape Business School

Mestre em Ciências Contábeis

Valcemiro Nossa, Fucape Business School

Doutor em Controladoria e Contabilidade

Silvania Neris Nossa, Fucape Business School

Doutoranda em Ciências Contábeis e Administração

Bruno Funchal, Fucape Business School

Doutor em Economia

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Publicado

2016-02-11

Como Citar

de França, C. J., Nossa, V., Nossa, S. N., & Funchal, B. (2016). EFEITO HETEROGÊNEO DA ISO 14001 NO RETORNO ANORMAL. Revista Universo Contábil, 11(4), 63–81. https://doi.org/10.4270/ruc.2015463-81

Edição

Seção

Seção Nacional