Fonte: Revista Encontros Científicos - Tourism & Management Studies; PROCEEDINGS TMS ALGARVE 2012: Human Resources, Business Ethics & Governance; 657-672
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Resumo: This study investigated if variables of social responsibility and sustainability are related to value creation and financial performance of companies in the period 2005-2010. The analysis of 47 companies traded in Brazilian stock market (35 members of the ISE) indicates that social investments can impact negatively on value creation, as the companies which have invested more in the social sphere were also those that presented the lowest shareholder returns over the period analyzed. These results suggest that, at least in the short-term, investments of this nature have negative effects on company evaluation.
