Avaliação de índices de responsabilidade social corporativa e conduta socialmente (ir)responsável: um estudo na empresa brasileira

Abstract

Under the theoretical framework of Legitimacy and Stakeholder theories, as well as the theoretical approach emerging in the CSR literature known as window dressing, the objective of this study is to investigate the relationships that can be established between the evaluation of Corporate Social Responsibility (CSR), socially irresponsible conduct, known in the literature as environmental, social and governance (ESG) controversies, potential for environmental aggression , adherence to the guidelines of the Global Reporting Initiative (GRI) and the tendency to convergence of evaluation of the Brazilian company by CSR indexes. The literature suggests that the evaluation provided by CSR indices acts as a benchmark of CSR performance, thus ensuring legitimacy to stakeholders. An analysis of Brazilian companies evaluated by CSR indexes in the period 2013-2017, totaling 1,007 observations was carried out. The CSR indexes used in the study correspond to those that contemplate, in the current scenario, a greater number of Brazilian companies in their assessment process: Corporate Sustainability Index, Merco Corporate Reputation, Merco Responsibility and Corporate Governance, and CSR indexes of CSRHub and Thomson Reuters. Statistical procedures were performed, such as descriptive analysis, data normalization techniques, correlation analysis and the application of differences tests between means. The results indicate that, contrary to expectations, companies that are better evaluated in CSR indexes are more involved in controversies related to environmental, social and governance issues, which demonstrates a socially irresponsible behavior of these companies, which is supported in the literature under hypothesis of window dressing. Likewise, it has been found that companies from sectors with environmental impact potential are more involved in ESG controversies. On the other hand, it was found that companies that, in addition to disseminating their CSR actions using the GRI guidelines, also adopt the integrated report format and audit their reports, are better evaluated externally by CSR índices, in accordance with the assumptions theories of Legitimacy and Stakeholder. However, companies that develop and disseminate their sustainability reports in GRI guidelines are more involved in ESG controversies, attesting to what the theoretical approach of window dressing posits, which evidences the existence of a difference between managerial rhetoric in disclosure to the public of positive CSR actions and the corporate reality of effective CSR attitudes that reflect a socially irresponsible behavior. It is also worth noting that CSR indexes, although presenting specific methodologies, are positively correlated, indicating a certain congruence in the evaluation of CSR performance of the Brazilian company by these indexes.