European Journal of Applied Business and Management
A responsabilidade social empresarial e as restrições ao financiamento: análise empírica aplicada às empresas do índice Stoxx Europe 600
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.
[ENG]
Title: "Corporate social responsibility and financing constraints: empirical analysis applied to companies in the Stoxx Europe 600 index"
Abstract
Purpose: To investigate the impact that corporate social responsibility performance has on financing constraints.
Design/methodology/approach: The sample is composed of 385 non-financial companies belonging to the Stoxx Europe 600 index in 2013. For the main specification, a linear regression model is considered, in order to determine whether a better performance of accountability corporate social security helps to reduce funding constraints. The possibility of reverse causality between these variables is also considered.
Results: The results for the linear regression model indicate that there is not enough statistical evidence to prove the influence that corporate social responsibility performance has on financing restrictions. However, through the instrumental variables methodology used for the endogeneity test, it appears that companies with better corporate social responsibility performance have lower levels of funding restrictions. Consistent with the hypothesis of reverse causality, we also find that profitability positively influences the performance of corporate social responsibility.
Limitations: Difficulty in measuring the level of corporate social responsibility.
Implications: It is suggested that companies looking to be leaders in corporate social responsibility tend to benefit from better access to finance.
Originality / value: We believe that the most significant contribution of this study is related to the sample, which is specifically made up of European companies.
Keywords: Corporate social responsibility, corporate social responsibility performance, funding restrictions, sustainability index.
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Copyright (c) 2015 European Journal of Applied Business and Management
European Journal of Applied Business and Management
ISSN: 2183-5594
DOI: https://doi.org/10.58869/EJABM
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