Riscos do investimento social privado (ISP): um estudo sobre a percepção das entidades jurídicas

Abstract

Private Social Investment (PSI) is the voluntary transfer of resources in a monitored, systematic and planned way and performed through donations, sponsorships and support for social projects. It is made by individuals and corporate entities, being this research limited to corporate entities, including both private companies and third sector organizations, such as Nonprofit Organizations (NPOs). The third sector is an important field of study in this research, as NPOs act both as recipients of resources for the implementation of social actions and as investors, contributing to other entities. The sector's fundraising has been the subject of several previous studies, however, there are very few publications about the risks perceived by social investors in these transactions, denoting a gap in the literature. Applying risk management to the PSI is important to the social investor, regardless if it is a corporate entity or a NPO. In this context, the objective of this research is to investigate how the corporate entities that make social investments perceive the risks associated with its realization and to explore this identified gap. To reach the objective, an unprecedented questionnaire was applied, based on the literature and the principles and best practices of risk management of COSO 2017, ISO 31000 and IBGC, adapted to the PSI. Respondents indicated their opinion related to those principles and practices, as well as their perception of reality for those topics. Fifty-six valid responses were obtained. Exploratory qualitative analyzes and non-parametric statistical tests were performed. Among the main results, there is a high degree of agreement between the opinion of the respondents and the precepts of the theoretical framework, but there are statistically significant discrepancies between this opinion and the reality perceived by them. This discrepancy most refers to dynamism, monitoring and continuous improvements in PSI risk management. Additionally, in general NPOs have a lower score in terms of the perceived reality when compared to corporate entities. The size of the investor entity's revenue does not imply significant variations between opinion and the perceived reality. The research contributes to decrease the gap identified and provides qualitative content and an instrument (questionnaire) that can be replicated to expand the extent and knowledge on the subject.