文章基本信息

标题：Sustentabilidade e finanas: uma empresa sustentável apresenta melhor desempenho financeiro do que uma empresa no sustentável
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作者：Caroline de Santana Harfuch ; Paulo Frederico Paganini Oliveira Junior ; Marcelo Bernardino Araujo 等
期刊名称：Research, Society and Development
电子版ISSN：2525-3409
出版年度：2021
卷号：10
期号：10
页码：1-15
DOI：10.33448/rsd-v10i10.19251
语种：English
出版社：Grupo de Pesquisa Metodologias em Ensino e Aprendizagem em Ciências
摘要：This article aims to analyze the profitability of sustainable and unsustainable companies by comparing the performance of ISE and Ibovespa, which respectively, will serve as indicators of the average performance of the mentioned segments, between 2009 and 2018. The methodological design is based on a descriptive study of the average return of the stock portfolios of the ISE and Ibovespa, from 2009 to 2018. Analysis procedures considered measures of mean return, standard deviation, and Sharpe Ratio. Based on the results of the sample, the main finding is that investing in companies based on the TBL assumptions is slightly more advantageous than investing in neoclassical companies, as they return the investor higher returns for the same amount of risk. In addition, we concluded that from the beginning of 2011 the performance of ISE surpassed that of Ibovespa, and in the following years, its performance was considerably higher than the last one. The first implication or limitation is related to the possibility to isolate and analyze companies that participate in both indexes, to better evaluate the performance of each follow-up. Another implication is that no scientific reasons were found to explain why ISE performance was found as considerably higher than Ibovespa, which can open another path in order to analyze this phenomenon according to risk perception of non-sustainable companies. This paper offers specific contributions in terms of performance when comparing ISE and Ibovespa. Furthermore, our findings open the discussion of firm performance when sustainable or non-sustainable, which allows bringing theoretical aspects related to risk acceptance.
关键词：Sustainable development;Sustainability;Finance.