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Authors
Abstract(s)
O estudo da relação entre a Responsabilidade Social Empresarial (RSE) e a
qualidade do relato financeiro, tem sido objeto de muita investigação num contexto anglo-
-saxónico. No entanto, no contexto europeu, não tem sido suficientemente debatido.
Por um lado, as evidências sugerem que a RSE pode melhorar a reputação, marca e
a confiança das empresas, atraindo novos clientes e empregados e, por conseguinte,
aumentar a rentabilidade e valor da empresa. Por outro, a literatura aponta que a relação
negativa entre a divulgação de sustentabilidade e a gestão dos resultados pode ser
justificada para encobrir práticas menos apropriadas dos gestores, de forma a defenderem
os seus interesses.
A principal motivação deste estudo é sustentada na dicotomia documentada na
literatura acima, analisando a relação entre a divulgação de RSE e a qualidade do relato
financeiro, através da persistência dos resultados. Para esta análise considerou-se uma
amostra de 34 empresas portuguesas pertencentes ao indicador PSI-Geral, no período
compreendido entre 2010 e 2021. Posto isto, desenvolveram-se três hipóteses de
investigação assentes no estudo de Dichev e Thang (2009) e Pereira et al. (2023),
respondidas através da estimação de regressões para dados em painel.
Os resultados obtidos sugerem que, de modo geral, as empresas portuguesas do
PSI-Geral apresentam resultados persistentes. No entanto, existe uma reduzida
divulgação de práticas de RSE por parte das mesmas, mas que mesmo assim se revela
positivamente associada à persistência de resultados. Relativamente à divulgação, a
evidência empírica recolhida neste trabalho mostra que as empresas tendem a divulgar
mais informação a nível ambiental do que social.
Este estudo contribui teoricamente para a literatura ao abordar temas bastante
pertinentes como a RSE e a qualidade do relato financeiro. Contribui igualmente para a
expansão, a nível prático, uma vez que estuda a dimensão ambiental como também a
social e a sua relação com a persistência dos resultados, havendo poucos estudos neste
campo, em Portugal.
The study of the relationship between Corporate Social Responsibility (CSR) and the quality of financial reporting, has been the subject of much research in an Anglo Saxon context. However, in the European context, it has not been sufficiently debated. On the one hand, evidence suggests that CSR can enhance the reputation, brand and trust of companies, attracting new customers and employees and therefore increase the profitability and value of the firm. On the other hand, the literature points out that the negative relationship between sustainability disclosure and earnings management may be justified to cover up less appropriate practices by managers in order to defend their interests. The main motivation of this study is supported in the dichotomy documented in the above literature, analysing the relationship between CSR disclosure and the quality of financial reporting through the persistence of results. For this analysis a sample of 34 Portuguese companies belonging to the PSI-Geral indicator was considered, in the period from 2010 to 2021. Therefore, we have developed three research hypotheses based on Dichev and Thang (2009) and Pereira et al. (2023), answered through the estimation of panel data regressions. The results obtained suggest that, in general, Portuguese PSI-Geral companies present persistent earnings.However, there is a reduced disclosure of CSR practices by them, which nevertheless proves to be positively associated with the persistence of results. As far as disclosure is concerned, the empirical evidence collected in this paper shows that firms tend to disclose more environmental than social information. This study contributes theoretically to the literature by addressing quite pertinent issues, such as the relationship between CSR and the quality of financial reporting. It also contributes to the expansion, at a practical level, since it studies the environmental dimension as well as the social one and its relationship with the persistence of results, there being few studies in this field, in Portugal.
The study of the relationship between Corporate Social Responsibility (CSR) and the quality of financial reporting, has been the subject of much research in an Anglo Saxon context. However, in the European context, it has not been sufficiently debated. On the one hand, evidence suggests that CSR can enhance the reputation, brand and trust of companies, attracting new customers and employees and therefore increase the profitability and value of the firm. On the other hand, the literature points out that the negative relationship between sustainability disclosure and earnings management may be justified to cover up less appropriate practices by managers in order to defend their interests. The main motivation of this study is supported in the dichotomy documented in the above literature, analysing the relationship between CSR disclosure and the quality of financial reporting through the persistence of results. For this analysis a sample of 34 Portuguese companies belonging to the PSI-Geral indicator was considered, in the period from 2010 to 2021. Therefore, we have developed three research hypotheses based on Dichev and Thang (2009) and Pereira et al. (2023), answered through the estimation of panel data regressions. The results obtained suggest that, in general, Portuguese PSI-Geral companies present persistent earnings.However, there is a reduced disclosure of CSR practices by them, which nevertheless proves to be positively associated with the persistence of results. As far as disclosure is concerned, the empirical evidence collected in this paper shows that firms tend to disclose more environmental than social information. This study contributes theoretically to the literature by addressing quite pertinent issues, such as the relationship between CSR and the quality of financial reporting. It also contributes to the expansion, at a practical level, since it studies the environmental dimension as well as the social one and its relationship with the persistence of results, there being few studies in this field, in Portugal.
Description
Keywords
Responsabilidade social empresarial Qualidade do relato financeiro Persistência dos resultados Índice divulgação Relatórios de sustentabilidade PSI-Geral Corporate social responsibility Sustainability reporting PSI geral Quality of financial reporting Disclosure index Earnings persistence