Índice de sustentabilidade empresarial em bolsas de valores e a influência sobre a gestão ambiental das empresas: um estudo do ISE Bovespa

Abstract

The investors represent one of the agents who start to charge instruments to measure the economic, environmental and social sustainability of the companies. Ahead of this scene the stock-market launches the sustainability index that are composites for companies that have incorporated this indicators at the management, by using as mention the essential dimensions from the sustainability. The objective of this paper is to analyze the impact of the creation of the entrepreneurial sustainability indicators on the environmental management of the companies. There are few studies what relationship of the financial market with the environmental management from the corporations, in this paper, it was opted to the application of two distinct forms of research: exploratory with the study of the main bibliographical references and specialized publications; descriptive with documentary analyses, interview with specialist in the subject and survey with the representatives of companies listed in the Stock Exchange of São Paulo. The specific objectives are: analyze the criteria for elaboration of the ESI Bovespa, relate the methodology with others indexes of foreign stock-markets, compare the profitability, verify the interest of the companies in participating of the composition of the index and raise together to the companies the contribution of ESI for the environmental management. The results show that the ESI contain the major part of the environmental aspects necessary in the entrepreneur management but have a low adherence yet, its profitability don t overcome the traditional indexes and don t influence of the significative form the entrepreneur management.