Estudo sobre o comportamento do acionista quanto a responsabilidade e irresponsabilidade social da empresa em relação aos demais Stakeholders

Abstract

This work investigated how shareholders react to press reported actions of social responsibility or irresponsibility of their companies. More than 64,000 news articles about public companies were researched and 1,602 texts discussing socially responsible or irresponsible actions were selected. For each event, the affected stakeholders were investigated, using the Theory of Stakeholders and the Theory of Corporate Social Performance (CSP). In addition to the stakeholders, the study also classified the events by subject related to social responsibility or irresponsibility, sector and the way the company is mentioned in the article, that is, if it was the main character of the news and if the mention occurred in the title or in the lead. With this information, the cumulative abnormal return (CAR) was calculated in different event windows and the cumulative average abnormal returns (CAAR) of each stakeholder, sector and company mention were analyzed, seeking evidence that could explain the shareholder's behavior in relation to socially responsible or irresponsible actions. The study found evidence that companies’ stock prices react negatively and more expressively in relation to socially irresponsible actions that affect the environment and the community/society.