A responsabilidade social empresarial e as restrições ao financiamento: análise empírica aplicada às empresas do índice Stoxx Europe 600

Ricardo Miguel, Maria João Jorge, Natália Canadas

Abstract


Objetivo: Investigar o impacto que o desempenho de responsabilidade social empresarial tem sobre as restrições de financiamento.

Desenho/metodologia/abordagem: A amostra é composta por 385 empresas não financeiras pertencentes ao índice Stoxx Europe 600 no ano de 2013. Para a especificação principal, considera-se um modelo de regressão linear, a fim de apurar se um melhor desempenho de responsabilidade social empresarial contribui para diminuir as restrições de financiamento. Considera-se também a possibilidade de existência de causalidade reversa entre estas variáveis.

Resultados: Os resultados para o modelo de regressão linear indicam que não existe evidência estatística suficiente para comprovar a influência que o desempenho de responsabilidade social empresarial tem sobre as restrições de financiamento. No entanto, através da metodologia das variáveis instrumentais utilizada para o teste à endogeneidade, verifica-se que empresas com melhor desempenho de responsabilidade social empresarial apresentam menores níveis de restrições de financiamento. Consistente com a hipótese de causalidade reversa, verificamos também que a rendibilidade influencia positivamente o desempenho de responsabilidade social empresarial.

Implicações/Limitações da pesquisa: Dificuldade em mensurar o nível de responsabilidade social empresarial.

Implicações Práticas: Sugere-se que as empresas que procuram ser líderes em responsabilidade social empresarial tendem a beneficiar de um melhor acesso ao financiamento.

Originalidade/valor: Julgamos que o contributo mais significativo deste estudo está relacionado com a amostra, que é constituída especificamente por empresas europeias.

Palavras-chave: Responsabilidade social empresarial, desempenho de responsabilidade social empresarial, restrições de financiamento, índice de sustentabilidade.


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