MEASURING THE SUSTAINABILITY OF CORPORATIONS WITH THE BM&FBOVESPA'S ISE BRAND, USING THE GSE GRID MODEL
Abstract
Endogenous and exogenous stakeholders are pressing corporations to implement sustainability initiatives. Thus, sustainability should reshape their activities. In Brazil, corporations regarded as examples of sustainability are associated to BM&FBOVESPA’s Índice de Sustentabilidade Empresarial (ISE). This way, this study aims to analyze corporations with the 2012 ISE brand, and evaluate the level of corporate sustainability according to Callado’s (2010) independent model Grid de Sustentabilidade Empresarial (GSE). This is an applied research with a qualitative approach; the technical procedures reflect a secondary documentary research which included 34 corporations. So it is stated that 76.53 per cent of the ISE-branded corporations fit in satisfactory sustainability, and 23.47 per cent are very close to sustainability, and no ISE-branded corporations were found to be unsustainable.
Keywords: Corporate sustainability. Sustainability index. Company sustainability indices.
Downloads
References
AKTAS, R.; KAYALIDERE, K.; KAR?IN, M. Corporate Sustainability Reporting and Analysis of Sustainability Reports in Turkey. International Journal of Economics and Finance – 5 (3): 113-125, 2013.
ANDRADE, J. M.R.; CÂMARA, R.P.B. Mensuração da sustentabilidade empresarial: uma aplicação em hotéis localizados na via costeira da cidade de Natal/RN. Revista Ambiente Contábil - 4 (2): 110 – 131, 2012.
AZAPAGIC, A. Developing a framework for sustainable development indicators for the mining and minerals industry. Journal of Cleaner Production – 12 (6): 639-662, 2004.
AZAPAGIC, A.; PERDAN, S. Indicators of sustainable development for industry: a general framework. Process Safety and Environmental Protection - 7 (4): 243-261, 2000.
BARBOSA, P. R. A. Índice de sustentabilidade empresarial da bolsa de valores de São Paulo (ISE-BOVESPA): exame da adequação como referência para aperfeiçoamento da gestão sustentável das empresas e para formação de carteiras de investimento orientadas por princípios de sustentabilidade corporativa. 2007. 148 f. Dissertação (Mestrado). Rio de Janeiro: Universidade Federal do Rio de Janeiro, 2007.
BAYOUD, N.S.; KAVANAGH, M.; SLAUGHTER, G. An empirical study of the relationship between corporate social responsibility disclosure and organizational performance: evidence from Libya. Int. J. Manage. Market. Res. - 5 (3): 69–82, 2012.
BEATO, R. S.; SOUZA, M. T. S.; PARISOTTO, I. S. Rentabilidade dos índices de sustentabilidade empresarial em bolsas de valores: um estudo do ISE/BOVESPA. RAI - Revista de Administração e Inovação - 6 (3): 108-127, 2009.
BM&FBovespa. 2014. Disponível em: <http://www.bmfbovespa.com.br/indices/ResumoIndice.aspx?Indice=ISE&Idioma=pt-br>. Acesso em: 16 Mar. de 2014.
BROWN, H.S.; DE JONG, M.; LEVY, D.L. Building institutions based on information disclosure: lessons from GRI’s sustainability reporting. Journal of Cleaner Production -17 (6): 571-580, 2009.
CALLADO, A. L. C. Modelo de mensuração de sustentabilidade empresarial: uma aplicação em vinícolas localizadas na serra gaúcha. 2010. 216 f. Tese (Doutorado). Porto Alegre: Universidade Federal do Rio Grande do Sul, 2010.
CALLADO, A. L.C.; FENSTERSEIFER, J.E. Mensuração De Sustentabilidade Através Do Grid De Sustentabilidade Empresarial (GSE): Um Estudo No Setor Vinícola - 48º Congresso Da Sober - Agropecuária, Meio-Ambiente, E Desenvolvimento Sustentável. Campo Grande-MS, 2010.
CHALMETA, R.; PALOMERO, S. Methodological proposal for business sustain- ability management by means of the balanced scorecard. Journal of the Operational Research Society - 62: 1344–1356, 2011.
CHIH, H.L.; CHIH, H.H.; CHEN, T.Y. On the determinants of corporate social responsibility. International evidence on the financial industry. Journal of Business Ethics - 93: 115-135, 2010.
CLARO, P. B. O.; CLARO, D. P. Desenvolvimento de indicadores para monitoramento da sustentabilidade: o caso do café orgânico. Revista de Administração - 39(1): 18-29, 2004.
DELAI, I.; TAKAHASHI, S. Uma proposta de modelo de referência para mensuração da sustentabilidade corporativa. RGSA - Revista de Gestão Social e Ambiental - 2 (1): 19-40, 2008.
DYLLICK, T.; HOCKERTS, K. Beyond the business case for corporate sustainability. Business Strategy and The Environment - 11: 130-141, 2002.
CORREIA, V. Nenhuma empresa que faz parte do ISE é sustentável: Entrevista com Sonia Favaretto, diretora da BM&F Bovespa. 2013. Disponível em: <http://isebvmf.com.br/index.php?r=noticias/view&id=263981>. Acesso em: 03 dez. 2014.
GLOBAL REPORTING INITIATIVE (GRI). The G3 Guideline. Amsterdam: Global Reporting Initiative, 2011.
HART, M. Guide to sustainable community indicators. West Hartford, CT: Sustainable Measures, 2006.
HO, F.N.; WANG, M.D.; VITELL, S.J. A global analysis of corporate social performance: the effects of cultural and geographic environments. J. Bus. Ethics - 107: 423–433, 2012.
International Institute for Sustainable Development (IISD). Business Strategies for Sustainable Development. IISD, Winnipeg, Canada, 1992.
ISE. 2014. Disponível em: <https://www.isebvmf.com.br/index.php?r=publicacoes/view&id=377>. Acesso em: 14 de Fev. de 2014.
JOSE, A.; LEE, S.M. Environmental Reporting of Global Corporations: A Content Analysis based on Website Disclosures. Journal of Business Ethics - 72 (4): 307-321, 2007.
KNOEPFEL, I. Dow Jones Sustainability Group Index: a global benchmark for corporate sustainability. Corporate Environmental Strategy - 8 (1): 6-15, 2001.
KNOX, S.; MAKLAN, S.; FRENCH, P. Corporate Social Resonsability: Exploring
Stakeholder Relationships and Programme Reporting across Leadign FTSE Companies. Journal of Business Ethics – 61: 7-28, 2005.
KRAJNC, D.; GLAVIC, P. A model for integrated assessment of sustainable development. Resources, Conservation and Recycling - 43(2): 189-208, 2005.
KRAJNC, D.; GLAVIC, P. Indicators of sustainable development. Clean Technologies and Environmental Policy - 5 (3-4):279-288, Oct. 2003.
LATRIDIS, GE. Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review - 14: 55-75, 2013.
LEE, K.H.; SAEN, R.F. Measuring corporate sustainability management: a data envelopment analysis approach. Int. J. Production Economics - 140: 219-226, 2012.
LOW, N.; GLEESON, B. (Ed.) Making urban transportation sustainable. Basingstoke, Hampshire (UK): Palgrave/Macmillan, 2003.
MACHADO, M.; MACHADO, M.A.V.; CORRAR, L. J. Desempenho do índice de sustentabilidade empresarial (ISE) da Bolsa de Valores de São Paulo. Revista Universo Contábil - 5 (2): 24-38, 2009.
MAGNESS, V. Environmental disclosure in the mining industry: a signaling paradox? In: FREEDMAN, M., JAGGI, B. (Ed.). Sustainability, Environmental Performance and Disclosures. Advances in Environmental Accounting & Management - 4: 55-81, 2010.
MARIMON, F., et al. The worldwide diffusion of the global reporting initiative: what is the point? Journal of Cleaner Production - 33: 132-144, 2002.
NGAI, E.W.T. et al. Design and development of a corporate sustainability index platform for corporate sustainability performance analysis. J. Eng. Technol. Manage -1-14, 2013.
NICHOLS, J. E., GARRICK, N.W.; ATKINSON-PALOMBO, C. A framework for developing indicators of sustainability for transportation planning. Presented at the 88th annual meeting of the Transportation Research Board, Washington D.C., January 11-15, 2008.
OLIVEIRA, N. G. I. Desenvolvimento sustentável e noções de sustentabilidade. In: INDICADORES econômicos ambientais na perspectiva da sustentabilidade. Porto Alegre: FEE, 2005.
PEARCE, D.; MARKANDYA, A.; BARBIER, E. Blueprint for a Green Economy. London: Earthscan Publications, 1989.
PELLEGRINO, C; LODHIA, S. Climate change accounting and the Australian mining industry: Exploring the links between corporate disclosure and the generation of legitimacy. Journal of Cleaner Production - 36: 68-82, 2012.
POL, C. et al. A sustentabilidade empresarial do cemitério memorial da paz de Passo Fundo/RS. In: VIII Congresso Virtual Brasileiro de Administração. 2011.
REZENDE, I.A.C.; NUNES, J.G.; PORTELA, S.S. Um estudo sobre o desempenho financeiro do índice Bovespa de sustentabilidade empresarial. Revista de Educação e Pesquisa em Contabilidade - 2(1), 71-93, 2008.
SEARCY, C.; KARAPETROVIC, S.; MCCARTNEY, D. Designing sustainable development indicators: analysis for a case utility. Measuring Business Excelence – 9 (2): 33-41, 2005.
SEARCY, C; ELKHAWAS, D.O.A.A. Corporate sustainability ratings: an investigation into how corporations use the Dow Jones Sustainability Index. Journal of Cleaner Production - 35: 79-92, 2012.
SINGH, R. K. et al. Development of composite sustainability performance index for steel industry. Ecological Indicators - 7: 565-588, 2007.
SOUSA, V.P.C.; ANDRADE, J.M.R.; CÂMARA, R.P.B. Mensuração da sustentabilidade ambiental com vistas a ecoeficiência: um estudo de caso no Hotel Pirâmide em Natal/RN. Enfoque: Reflexão Contábil - 32(2): 67-82, 2013.
SPITZCOVSKY, D. BM&FBOVESPA anuncia empresas do ISE 2012: Planeta Sustentável. Entrevista com Roberta Simonetti, diretora do GVCes. 2011. Disponível em: < http://planetasustentavel.abril.com.br/noticia/desenvolvimento/bmfbovespa-carteira-ise-2012-empresas-indice-sustentabilidade-empresarial-647504.shtml>. Acessado em: 04 dez. 2014.
STEURER, R. et al. Corporations, stakeholders and sustainable development I: a theoretical exploration of business society relations. Journal of Business Ethics - 61(3): 263-281, 2005.
SZÉKELY, F.; KNIRSCH, M. Responsible leadership and corporate social responsibility: metrics for sustainable performance. European Management Journal - 23 (6): 628-647, 2005.
VAN MARREWIJK, M. Concepts and definitions of CSR and corporate sustainability: between agency and communion. Journal of Business Ethics - 44(2): 95-105, 2003.
VELEVA, V.; ELLENBECKER, M. A proposal for measuring business sustainability.
Greener Management International - 31: 101-120, 2000.
VELEVA, V.; ELLENBECKER, M. Indicators of sustainable production: framework and methodology. Journal of Cleaner Production - 9 (6): 519-549, 2001.
WCED. Our Common Future. Oxford University Press: Oxford, 1987.
WINDOLPH, S.E. Assessing corporate sustainability through ratings: challenges and their causes. Journal of Environmental Sustainability - 1 (1): 61-80, 2011.
WORLD BUSINESS COUNCIL FOR SUSTAINABLE DEVELOPMENT (WBCSD). Sustainable Development Reporting: Striking the Balance. World Business Council for Sustainable Developmen, Geneva, 2002.
ZHENG, J. et al. Guidelines on developing performance metrics for evaluating transportation sustainability. Research in Transportation Business & Management - 7: 4-13, 2013.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish in this magazine agree with the following terms:
Authors keep the copyrights and concede the right of its first publication to the magazine. The work piece must be simultaneously licensed on the Creative Commons Attribution Licence which allows the paper sharing, and preserves both the author identity and the right of first publication to this magazine.
Authors are authorized to assume additional contracts separately, to not-exclusively distribution of the paper version published in this magazine (e.g.: publish in institutional repository or as a book chapter), with the author identity recognition and its first publication in this magazine.
Authors are permitted and stimulated to publish and distribute their papers online (e.g.: in institutional repository or on their personal webpage), considering it can generate productive alterations, as well as increase the impact and the quotations of the published paper.
Creative Commons - Atribuição-NãoComercial-SemDerivações 4.0 Internacional.