Responsabilidade Social Corporativa e Estrutura de Capital
DOI:
https://doi.org/10.14392/asaa.2023160207Palavras-chave:
Responsabilidade Social Corporativa, Estrutura de Capital, Produto Internacional Bruto, Índice de ESGResumo
Objetivo: Analisamos os efeitos da influência da estrutura de capital no desempenho da responsabilidade social corporativa (RSC) representado pelo índice de ESG. Estudos anteriores investigaram distintos fatores para a adoção da RSC. No entanto, ainda não se alcançou convergência na literatura sobre RSC.
Método: Esse estudo utiliza uma abordagem de pesquisa quantitativa. A amostra é composta por empresas de capital aberto dos Estados Unidos da América, China, Japão, Alemanha, Índia, Reino Unido, França, Itália, Brasil e Canadá. Estimadores aplicados no modelo de regressão, OLS pooled, IV 2SLS e GMM 2SLS.
Resultados: Nossos achados indicam relação positiva e significativa entre Estrutura de Capital e RSC. A pesquisa avalia empiricamente o impacto da estrutura de capital de uma empresa nos ratings ESG de empresas listadas nas dez maiores economias do mundo. Os resultados são compatíveis com as previsões do modelo ao confirmar que um maior investimento na estrutura de capital afeta o desempenho ESG. Constatamos que empresas de nações com maior PIB necessitam de uma estrutura de capital mais significativa do que aquelas de nações com menor PIB, a fim de obter um índice de RSC positivo. Esse contraste pode ser devido ao tamanho das empresas e à cultura da nação.
Contribuições: Argumentamos que a estrutura de capital deve ser considerada para adoção da responsabilidade social corporativa. Nosso artigo contribui para a literatura que examina os efeitos da estrutura de capital nas práticas de RSC. Embora haja um rico corpo de trabalho teórico sobre o impacto da estrutura de capital na lucratividade, retornos de investimento, valor da empresa; nosso estudo acrescenta uma vertente de literatura relativamente recente que testa as previsões teóricas da estrutura de capital nas práticas de RSC, representadas por pontuações ESG. Especificamente, contribui para duas vertentes da literatura empírica. A primeira se refere ao trabalho empírico que investiga como os investimentos por meio da estrutura de capital em práticas de RSC afetam o rating ESG corporativo, e a segunda concerne a literatura que examina os efeitos da estrutura de capital nas pontuações ESG de diferentes países.
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