RETORNO DE LÁS ACIONES Y LA INFLUENCIA DE LA RESPONSABILIDAD SOCIAL CORPORATIVA

Abstract

Purpose: This research aimed to analyze the influence of Corporate Social Responsibility (CSR) practices on the return on shares of Brazilian companies. Theoretical framework: Stock market investors analyze the behavior of companies when making decisions (Ball & Brown, 1968). Method/design/approach: It was used the Propensity Score Matching methodology to match companies engaged and not engaged in CSR, by criteria of similarity. Results and conclusion: The findings showed a positive relationship between CSR and the return on share, which demonstrates that the fact that companies engage in CSR, specifically in environmental-related actions, influences the higher market performance in terms of returns of shares. Research implications: It contributes in social terms, by motivating companies to engage in CSR, and in economic terms, by demonstrating that CSR has a positive impact on company value. Originality/value: This result contributes by showing that the environmental pillar of CSR positively impacts the capital market, which can be useful for companies when deciding on their investments in CSR and for shareholders because they understand that CSR creates value even in an emerging scenario like Brazil.